Value speculation

[drew944]

Break out your divination rods! It’s time for some speculatin’

 

 

Long time lurker, finally joined up. I’m not an ‘02 owner (yet) but would like to become one, so I’ve been learning what I can. I’m finally seeing the light at the end of the tunnel on an MGB project, so hopefully I’ll be ready to move into something else sooner than later. 
I’ve found a car and need some opinions on what a fair price might be. Owner has indicated he may be interested in selling but it depends on the price, so I’d like to make him a fair offer. If you know this car, please keep the location to yourself. 
 

The car is a 74 tii. A rebuild was started in the late 90s/early 2000’s. Owner said it was on a rotisserie for metal work/paint.  Car was put back together enough to start/run/drive some and the reassembly stalled when his helper passed. It’s been sitting in an open carport since. I believe he last started it in the early 2000’s. I gave it a decent once over a couple years ago (this has been a long process) and didn’t see anything egregious as far as rust or anything goes (but I’m no expert on these). He has all the parts that were removed. 5 speed swapped. Color is Carmine Red from a later BMW (original was brown or tan, I believe).
 

Any initial thoughts/prayers? Run? Towards? Away? 

Edited February 21 by drew944

[resra]

I would say $5-$7k the way it sits. Not knowing if the engine has seized up? Surely the entire fuel system needs to be gone through (If not the entire engine). Barkes, clutch etc. Did any rodents make their way to the wiring harness anywhere? How is the interior? Mold on the headliner? Mold on the carpet? Door panels? 

Ofcourse the non original color will hurt the overall value no matter how Purdy the new paint job is! Even if the original color was brown it's always a good idea to go back to original unless it was pink from factory! 

[2002iii]

To get a realistic price your going to need to clean the car and get it out in the sun and get a lot more pictures.

[JsnPpp]

Agreed that more photos are needed. Looks clean/straight. Nice style 5s (I believe). Sunroof (a plus to me but not to all).

 

That being said, if it's been sitting for that much time then basically all engine and drivetrain rubber bits/seals/gaskets/etc will need to be replaced. Rust can be in many places simply from humidity and lack of use.

 

Thats part of the fun, I'm going through that all right now in my '73 that has sat for 10 years. The good thing is that most parts are available. Am assuming you will do the labor.

 

Probably was Sienna (brown) which is very period and nice when fresh IMO. Brown isn't for everyone.

 

I don't have a price in my head tho.  It looks like you could start from a worse candidate (but need more photos).

 

Jason

 

 

[drew944]

I’ll make sure to get some more pictures next time I’m in the area (when I found the car, it was up the street from me, but I’ve since moved ~2hrs away). Certainly agree with all opinions so far. It’d be a long-ish, but fun and worthwhile voyage to get this back on the road

[72pdx02]

I see rolling shell's for sale at 2002ad for 3K. This car is a Tii, and looks pretty complete, so added value. With prices today I would guess between 10-15.  Maybe more if interior in good shape, and no rust.  Today's market does not reflect what I would pay for a project though. 

Edited February 21 by 72pdx02

[bergie33]

It also depends A LOT on how the body and rust work were done and how extensive it was and maybe still is.  Crappy rust repairs decrease the value a ton in my opinion.

 

Also, does it have the original engine and Tii injection system?  To me, the engine being original is nowhere near as important to value as having all of the Tii injection system in place.

[drew944]

Definitely has the original engine/k-fish setup still present (checked that early on, if it weren’t injected, my interest level decreases pretty significantly)

Edited February 21 by drew944

[Mike Self]

Look carefully at the following:

1.  does the engine turn over?  Pull spark plugs and see if you can get it to move; remove the valve cover and check for rust.  Look at the oil and the antifreeze.  A stuck engine really drops the car's value--it could be an easy fix or a solidly rusted mess.
2. Check engine # and VIN--they should match
3. does the car itself move--air the tires and see if you can push it back and forth.  Stuck brakes and/or the parking brake set for the past 20 years can make it difficult to move or even get on a trailer
4. check the entire back portion of the body--backlight to rear bumper--that was the end exposed to the most weather and there may well be hidden rust in the trunk (and under the wood floorboards) from a leaky trunk or even tail light lenses.  And while you're at it, check the rear wheel arches in the trunk for those classic rust lines.
5. crawl around under the car and check for rust.  At least it was sitting on concrete and not dirt, but humidity in the air can really rust the underside
6. Check the nose panel below the grilles for a rust line.  Dirt, leaves, squirrel nut hoards etc build up between the radiator support and the outer sheet metal and will rust out the outer sheet metal
7. As has been mentioned, check interior for mouse/vole./squirrel nesting--especially under the seats, in the glovebox and the heater.  How's the dash?  all cracked and crumbling or in nice shape.
8. Look under the carpets--especially the driver's side floor and under the rear seat.

More pictures, and let us know whatcha find.  I went through this with a friend back in 2015--a car that had been sitting outside for 16 years!  The engine turned over by pulling on the fanbelt (plugs removed)!  Brakes were frozen solid and the tires split all the way through--amazingly no structural rust, just surface.  Main difference:  my friend got it free...

 

mike

 

 

[JQ02]

Welcome!

Is the headliner out?

This is what I recently found lurking on the underside of my roof on an otherwise decent looking car. I'm guessing a lot of sunroof cars that look good otherwise may have this issue from clogged drains and water sitting on the headliner / in the fiberboard.

Also, if you can pull one of the door cards back from the bottom to see if the inside of the doors are rusty (other place mine had rust hiding)

Edited February 21 by JQ02

[BimmerRover]

If you could actually talk the seller into $5 or $6k he has no idea what he has and you won the lottery! 

 

It’s all about rust, and then after that, rust, and then thirdly, rust. Engine work is cheap when compared to GOOD bodywork! If it is a Tii - even in a softening market - it still holds a bit more demand. If it’s dry and was truly “restored” and done so well, AND has everything to put it back together AND the decent trim (to include interior), it’s a $10k car. Hell, if you bought it at $10k you’d get your money back next week from some dummy on BAT. 

[tech71]

Based on available data.... $3000 to $10,000. Need way more data, and pics

Edited February 22 by tech71

[Joesprocket]

Ahhh I love this part of the search. I would guess if you’re just “seeing the light” at the end of an MGB build you’re either a glutton for punishment in looking at this car or ready or hoping it just needs a light refresh and ready to drive. Any car sitting covered outside for 20 years is gonna need serious attention especially if it’s been sitting full of gas and coolant. Mold, Mice & Moil
 

tii tho is worth the research in my book.

[BimmerRover]

I want to live in a world where 2002 Tii’s kept under a roof cost $3,000!!!!!!!

[tech71]

1 hour ago, BimmerRover said:

I want to live in a world where 2002 Tii’s kept under a roof cost $3,000!!!!!!!

 Me too! Also want to live in a world where rodents dont completely destroy 2002s (under a roof or not) Sticking to my assessment until cars actual condition can be better established😉

Junk is junk regardless of year or pedigree.

Edited February 22 by tech71