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Market value for an unrestored BJ7 ?

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Brinkerhoff

Brinkerhoff

Jedi Knight
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I just stumbled on a 63 BJ7 that needs a full restoration. Its an original car and it looks to have most of its original Colorado Red paint on it but it is rusty down low on the sides and in the trunk . The shrouds looks ok. Partially disassembled. Stored inside , off road for 40 yrs. at least. The orig. engine and OD box are out . The main frame rails are straight and are only rusted through where the trunk ( boot ) floor panels attach . It hasn't been hit hard in the front , rear or sides. It needs major restoration but all the outer panels are very usable. I just finished a restoration on the exact model and I can tell this looks to have all its original pieces. Any ideas to value? Any help would be appreciated. Kevin
 
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.$70,000 - Cost of professional restoration
.$35,000 - Value in fully restored condition
-$35,000 - Current value

Just thought I'd get the ball rolling on some discussion. I guess if you do the entire restoration yourself you can save half the cost of a professional restoration, so that works out to a current value of $0.

Other opinons invited.
 
A freshly restored BT7 would be worth about $50,000 in the UK. A full blown professional restoration never makes financial sense on a Healey but if you are doing it yourself then its possible. I'd say the car is worth around $15,000. Offer $10,000.
 
I have recently seen a BT7 that has been bought for a full retoration, probably in a similar condition to the BJ7 that you have seen and ÂŁ18,000 was the cost, in that state - apparently cars for restoration on this side of the pond are getting as rare as hens teeth, hence the price. Not sure what the situation is your side, but Editor Reed's pricing seems about right in comparison - ish.

:cheers:

Bob
 
Reid you are a tough crowd , all by yourself. I'm thinking around 10 grand just cause someone will feel compelled to save it.
 
Brinkerhoff said:
Reid you are a tough crowd , all by yourself. I'm thinking around 10 grand just cause someone will feel compelled to save it.
Click to expand...

All I see is RUST_RUST_RUST... Thinking 5 G's.......


Pete
 
I like how you guys think. I have a couple of A/H 100's squirreled away, figured they were better than money in the bank. I would have estimated the BJ7 at $8 to 10K in value if pretty solid.

Marv
 
I'm afraid Reid is being brutally honest. BJ7s are the red-headed step-child of convertibles. (Don't throw rocks at me, I own one) With the prices that BJ8s are bringing now, even if you got it for free and did a full restoration you'd be in worse financial shape than if you paid $10,000 for a project BJ8 and did an equal restoration. It's not that the BJ8 is that much better than the BJ7, but that wood dash just really speaks to people. As Reid is fond of saying, "The market has spoken." I checked the Barret-Jackson archives and couldn't find a BJ7 that sold for more than $50,000. I tend to agree that $5k-6k is about right for this car in the condition you've mentioned.
 
Thanks for the input. I agree with everything which is unusual. There are two cars this BJ7 and a BJ8 that is complete but needs chassis replacement. I have to buy both but feel the BJ8 is the one to restore. I'll flip the other one. I think the BJ7 is worth 7500 with the engine in it and all its parts tagging along.
 
Good problem or curse? I can't decide. I've got a few cars piling up and really wasn't looking for more. He either sells them to me or I get the impression he's going to go with one of the big " buying all Austin Healeys dead or alive" dealers. If that happens nobody wins in my opinion because they'll be misrepresented and oversold . Just my opinion.
 
Brinkerhoff said:
Reid you are a tough crowd, all by yourself. I'm thinking around 10 grand just cause someone will feel compelled to save it.
Click to expand...

This is what makes it so difficult to place a value on these cars, especially the "project cars": the emotional factor, such as feeling compelled to save one. It is virtually impossible to assign a dollar figure to the value of the pleasure that someone might derive from performing a restoration, or from showing a car that he restored himself, or from enjoying a father-and-son project to restore it, etc. If it were a simple mathematical calculation, then my earlier simplified equation would be the end of the story, but there are so many intangibles and so much human emotion involved in these cars that almost all of us do things that don't make financial sense because the heart often trumps the wallet. Personally, I wouldn't have it any other way, and I hope that the BJ7 gets saved. They're not making any more of them.
 
Just for another comparison, I found my complete '63 BJ7 about 12 years ago with terrific mechanicals that had been stored well for 15 yrs. But the body was a complete bust. Frame, toe boxes, floors, trunk, all rusted thru. I was able to put quick patches on it an run it for 7 yrs. But now I am doing a complete restoration on it. I paid $10k for it. And that price was from a very knowledgeable PO. I believe I paid a premium for it back then but I knew the mechanicals were excellent. I've restored other cars before, ex: '32 ford original, '65 GTO, 56 Ford Victoria, My high mark for an unrestored car is still around $10k. But I believe the Healey is somewhat more exotic. And that puts a premium on it. Today for a "very complete" unrestored Healey I might go as high as $20k max.
 
Hard to find comps right now as there aren't any. None. Not even overpriced comps. A lot of guys can come up with 10 grand but not as many can come up with 40 grand that would be better spent. I like your logic Reid , but all the free ones ( or the ones that the owners paid to have taken away ) have been snatched up ! No doubt about it, the supply is drying up and they aren't making more. My hobby has a simple business model that seems to satisfy the IRS. I buy high , sell low and make it up with volume. If I have to go clean this guy's barn out and organize the mess into simple chaos for a new Healey owner than so be it. Wish me luck. I'll take pictures.
 
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