MGB looking for 1980 MGB limited edition informaton

[Carly]

I have an opportunity to purchase a perfect original 1980 MGB limited edition. I have driven MGs for years but never one this perfect. It has 4500 original miles. I was wondering if anyone knew what fair market value of a car like this would be. Also, is there are market for this if I wanted/needed to sell in 5 years. I would love to drive it forever but may not be able to and don't want to end up losing lots of money or hanging on to a car that no one wants.

 

[tony barnhill]

Can the owner prove it only has 4,500 miles on it? If so & you're buying it for that reason, the only way to make any money is to keep it that way....if you're buying it to drive get ready to go through all the hydraulics, brakes, hoses, etc...& after you've put lots of miles on it, its just another LE, nothing special

 

[ICESWH]

I am very familiar with a 1980 MGB LE with 300 original miles locally here near Reading, Pa. that the owner purchased about 4 years ago for $17,000.00. It is perfect in every way. I gave the Owner the name of my MG Mechanic who stated it was by far the nicest he has ever seen. I thought the $17,000.00 price tag was steep. It is now for sale for $21,000.00. It now has approximately 600 miles on the clock.
This car was 100% original except for battery. It had the original tires but they were replaced for safety reason. The Owner kept the original tires. He replaced but kept the original radio. The car even has the original jute floor matts.

I guess cars are only worth what the buyer is willing to part with. To each his,,,, or her own.

 

[R6MGS]

I've owned many LBC's in the past(probably about 60) and the LE I have is one of my favorites....I was never really interested in LE's until I got this one from Florida at a price I couldn't pass up..at 80,000 miles it's nothing spectacular but I've cleaned it up real nice and it's won a few awards, not bad for an unrestored car....When I bought it my intention was to flip it an make some $$$ but other things got in the way and it ended up hanging around...I took it to a few car shows(local cruise nights and 3 British car days) and it really attracts alot of attention due to the fact it's an LE.....Once I finally got around to advertising it for sale I set a price(competive with other LE's on the market) the price was slightly over that of regular MGB's of the same condition(buy a thousand or so) and I've had very little interest.....I refuse to sell the car if I don't feel I am getting a fair value and when I look at the prices of other LE's on the net it confirms my asking price as very fair for this model.
Basically the point of my rambling is that although you might appreciate the fact that it's an LE's thus adding value most buyers won't and if you feel you should be getting more for the car because of it's rarity you'll more than likely end up in the same situation I am in. Remember most buyers are looking for MGB's, the average buyer couldn't care less about it being an LE.

Unless that special buyer comes along that appreciates what the car is and is willing to pay for it I'll be keeping mine...Plus once i finish restoring my black MGTC it'll make for some great pics.

 

[Steve]

I bought an immaculate 1980 MGB. Admittedly not an LE, but 24k genuine miles from new, two previous owners and I paid a rather high $7,600 for it. Real super-low miles can be as bad, if not worse that, really high miles, because of reasons mentioned before. I agree that the LE designation doesn't add a lot of value to the car.

 

[R6MGS]

[ QUOTE ]
I agree that the LE designation doesn't add a lot of value to the car.

[/ QUOTE ]

true, but mostly because the majority of MGB buyers are just starting out in the MG world, I've met many that don't even know what an LE is....I can't recall the exact production number for LE's but it's less than 6000...Only 250 were imported to Canada not super rare but alot more difficult to find than a regular MGB....The way I look at it is if there is any rb MGB that is going to really be worth alot in the future it's the LE.

One thing I thought I'd mention is that there seams to be alot of really low mileage LE's around....I guess when they were introduced as the "last MG" alot of collectors decided scoop them up and hide them away.

Zack

 

[tony barnhill]

6,682 built, actually.....4,177 of which came to North America

 

[DrEntropy]

Re: looking for 1980 MGB limited edition informato

This will likely be considered completely off-base and I will be chastised for it, but: I could not view any MGB as anything other than a stout, relable daily transporter for those who'd rather not "settle" for driving mundane vehicles for that task. There were enough made that they're available for reasonable money, parts are "around" affordably, they handle well... so far they may be the most easily "renewable" true English sportscar on the planet. I see no reason to put the last of the line on a platform. By the time the LE was made it had become a grotesque harlequin of what it had been designed to be. Better to find the EARLIEST of the B models in a low mileage condition, preserve them, and just DRIVE TH' WHEELS OFF the LE's... then lighten 'em up and take 'em back to CB spec's. Make 'em "honest" and drive 'em some more.

DISCLAIMER: This is just ~MY~ personal opinion. I'm an OldFart, bitter over the demise of the "Safety Fast" paradigm, likely to be buried in an English sportscar of some sort. /ubbthreads/images/graemlins/grin.gif /ubbthreads/images/graemlins/cheers.gif /ubbthreads/images/graemlins/england.gif

 

[tony barnhill]

Re: looking for 1980 MGB limited edition informato

Hey, Doc...I once got in trouble on another MG BBS for saying "Hey, they're just MG's. I only put liability insurance on mine and if I wreck it, I'll build another. Geez, they're not rare or anything!" You wouldn't believe the hate mail I got.

 

[Bugeye58]

Re: looking for 1980 MGB limited edition informato

You guys are both 100% correct.
Jeff

 

[DrEntropy]

Re: looking for 1980 MGB limited edition informato

Well, I did say: it ~is~ only MY opinion... and apparently shared. THX fellas. /ubbthreads/images/graemlins/wink.gif

If we were talkin' Maserati 151's I'd be on a diff'rent tack entirely.

 

[jsneddon]

Re: looking for 1980 MGB limited edition informato

[ QUOTE ]
I have an opportunity to purchase a perfect original 1980 MGB limited edition. I have driven MGs for years but never one this perfect. It has 4500 original miles. I was wondering if anyone knew what fair market value of a car like this would be. Also, is there are market for this if I wanted/needed to sell in 5 years. I would love to drive it forever but may not be able to and don't want to end up losing lots of money or hanging on to a car that no one wants.

[/ QUOTE ]

If you are paying a premium for a 4500 mile car AND you would love to drive it forever then you WILL LOSE MONEY. If you buy it, put it in a hermetically sealed garage, and never drive it then you MIGHT make some money.

In my opinion if the price is anything more than the nicest trailer queen on the market LE or not LE then I'd walk away. If you are looking for an investment go get a nice low-load mutual fund. If you are looking for fun go get the nicest earlier MG you can find for your budget. Unless your idea of fun is dusting a 2000 lb paperweight in your garage. /ubbthreads/images/graemlins/smile.gif

and of course... if you are REALLY looking for fun... a TR4 or TR6 will run circles around an LE.... /ubbthreads/images/graemlins/smile.gif

I will now crawl back under my rock and hide from the flames.

 

[Bruce74B]

Re: looking for 1980 MGB limited edition informato

Look at it this way...you pay $15,000 for a car and drive it for 5 years and sell it for $5000...it costs $2000 a year in depreciation. That is a lot less than some cars, which are not nearly as fun to drive, neat to talk about, or controversial about "ruining a perfect collector car". Now ask yourself, "How many times in my life will I be able to have so much fun for $10,000?" /ubbthreads/images/graemlins/devilgrin.gif

I say buy the baby, live your life and learn to say "bite me" to the crictics. /ubbthreads/images/graemlins/driving.gif

Rant over /ubbthreads/images/graemlins/blush.gif

Bruce /ubbthreads/images/graemlins/cheers.gif

 

[R6MGS]

Re: looking for 1980 MGB limited edition informato

On the investment topic...I bought my two 78 in the early ninties at very good prices...perfect low mileage cars..orignal paint etc....I've made more just keeping those cars preserved than I ever would have investing the money somewhere else....I'am not saying thats the best thing for everyone to do...especially if your the type of person that really wants to enjoy the car but it's alot more interesting than mutual funds.