Opinion as to value, BJ8 barnfind.

[linklaw]

I found a BJ8 that has been sitting in a garage since 1985. It was "restored" in the 1970s and shows signs of the front fender bottoms having been replaced with sheetmetal, has fiberglas rear fenders and rockers. The driver's floor has been patched with fiberglas and a piece of sheetmetal and the passenger floor has been patched with fiberglas filler. The trunk floor is rotted out and has several sheetmetal patches.There is a rust hole in the body structure about 2 inches in diameter in the rear wheel well, at the end of what looks to be a square structural piece. The gas tank will need to be boiled. None of the hydraulics work, of course, and the car has had the center console modified and partially removed. The chrome looks like it would clean up fairly well. The engine turns freely but I did not try to start it. The owner reports the car needs a clutch. The interior, except the carpet, is original and useable. It has new 25 year old tires and painted wire wheels. The top is good. I have been searching for similar cars that sold recently and can't find much. I am trying to establish a value so I can make a fair offer to buy the car. What do you listers think this car is worth?

 

[Superwrench]

All those patches are fairly common. Replacing the fiberglas rear fenders with steel fenders will cost you some bucks. Without pics I am thinking $8000 to $14,000 range ? Good luck, Bob

 

[Marvin Gruber]

Agree with Bob, $8k to 15K range. I just missed a 65 BJ8 here in AL, disassembled but solid. Some new parts, rebuilt engine. It sold for $17K, I thought $12k would have been a good price. From your description, I say $8k would be a good place to start

Marv

 

[drambuie]

First thing you need to ask yourself, How much money will you have to invest in this car? Will it be a cost effective investment? Will you get your money back when it comes time to sell? Add the cost of the car and the repair cost and time invested. Then start looking at ebays current and finished auctions along with other outlets for healey's. Is it wiser to buy a healey that is already a good driver and avoide all the work and cost of restoring a barn find? Also, Fiberglass fenders turn people off big time and your price goes way down and is much harder to sell! So plan on replacing the fiberglass with steel. If the frame is rotted or bent from a wreck run away fast! If you do buy it, pull the oil pan and clean the sludge out first before you add fresh oil, No sense in moving all that harmful sludge around the motor! As long as the oil pan is off pre lube the cylinder walls and pre lube the rockers as well, It would also help to take out the spark plugs and mist the top of the cylinders as well, then turn the motor with the starter for a short time without the plugs in to work the fresh oil around before you attempt to start the motor. I would agree, $7,500 to $8,000 is about right. The motor and trans are a big unknown here and big money to rebuild aside of the body work ect...Think hard my friend!

 

[Keoke]

Linklaw, You found a BJ8 that has been sitting in a garage since 1985. It was "BODGED UP Badly" in the 1970s and If your name is not "Willie the Tin Man" leave it in the garage where you found it.--Fwiw--Keoke

 

[HEALEYJAG]

Run as fast as you can!!!

Pete

 

[dancrim]

These guys are right. I got my 65 3 years ago. Good motor, tranny and brake system, and it ran. Needed a lot of body work, but sound. Even with doing all the work including painting myself it near ran me to the poor house. You can drop 10 grand into one of these in a heartbeat.

 

[Legal Bill]

I am always amazed at what people are willing to spend for these old barn finds. Unless you are doing most of the work yourself, a good restoration will cost as much or more than the finished product is worth. Save up your money until you have $25 to $30 grand and buy a really good driver or older "proper" restoration. You will be tens of thousands ahead of the game.

 

[stevebn2bj7]

At first glance this seems to be a car that is entirely doable. However, you need to be very careful and need to assess your personal talents and knowledge of the car. If the frame is good and maybe needs only a few repairs then all the floors and sheet-metal is minor. Finding replacement fenders is not too hard either. This assumes though that you would entertain a full rotisserie restoration and not a piecemeal one. It would also assume that you are capable and have the equipment and talent to do most of it yourself. If you pay someone to do the whole restoration you could run up a tab of $60,000 for labor plus parts and materials and purchase price before you know it. I am completing my third hobbyist rotisserie restoration and it is very rewarding when they are done and far less expensive than a professional restoration.

I cannot stress how important membership in the local Austin Healey club would be for you in this endevour. There are lots of things that only experience brings and members are happy to share their insight with other members.

 

[linklaw]

Thanks for the input guys. I was thinking the car might be worth $13,500.00 but it looks like I am wrong. I spoke with the owner who indicated "the guy down at the gas station said it is worth between 18 and 20 thousand dollars." Maybe the gas station guy has a pile of cash and wants to buy it. Just as well because I would have probably been upside down in it in a matter of a couple months. I'll keep my eye out for a better car/deal as I am sure it is out there. John

 

[Keoke]

I'll keep my eye out for a better car/deal as I am sure it is out there. John

 

[Legal Bill]

Linklaw, I suggest following e-bay auctions in order to get an idea of value. Here is a barn find that did not sell. the world wide market bid it up to $9100. That did not meet the reserve. I think the seller should have been happy to get the $9100.

https://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=290496777775&ssPageName=STRK:MEWAX:IT

 

[glemon]

I just looked at a "barn find" BN1 100 that the guy had sold (but not yet had picked up) for $3500, it was rusty, bur mostly floors and outer panels, the chassis and outriggers actually seemed pretty good, the interior was shot, had supposedly run as little as a year ago.

I heard about the car a couple months ago, older gentleman showed up at our local show and was guided to me, he wanted to know what it was worth, witoout seeing it and based on the description given I said maybe $6,000 to $8,000, when I finally got a chance to look at it he told me had had just sold it for $3500, I told him if the guy that bought it decided he didn't want it I would take it for that price, as after seeing it I still think it was somewhere in the ballpark of where I originally valued it.

Point being there are still deals out there to be had, and I happened upon this one (didn't end up buying it, but did hear about the car) by being in the local club, as was already suggested, most clubs will take you in even if you don't have a car.

As a side note had I known it could be had for that money I would have pounced when I first heard about it, but it is kind of hard to lowball a guy when he has been directed to you as the "trusted expert" (and I aint really an expert, but I was the only guy at the show who had recently owned a hundred)

As far as the old, buy the best car you can afford and you will be money ahead, while thie may in some or many instances make economic sense, not all of us are in a position to lay out $30,000 or so for a fun car, or at least do so and maintain any degree of domestic tranquility, so project cars are the route to things we would otherwise never get.

As to the original question, I would put the car described at the somewhere under $10,000 range too, but as I said, I am not an expert and heven't seen the car.

There seems like there is always a local "expert" who saw "one of those cars" go for a bazillion bucks at auction so yours must be worth that much....

 

[Legal Bill]

Here is another that I would not touch with a 10 foot pole. Look at the high bid!!! I can't believe it didn't sell at that price.

https://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=370455034928&ssPageName=STRK:MEWAX:IT

 

[Legal Bill]

Now compare those two cars to this one:

https://cgi.ebay.com/ebaymotors/1966-AUST...=item19c1383637

With less than 13 hours to go, this nice looking driver is at $25,000. There is no reserve. It will be interesting to see how much it goes for in the next 13 hours, but I think you are so far ahead of the game with this car that there is nothing to discuss. Even if you do a lot of your own work, you can't fix up a rusted out, dented non running barn find to this condition for the difference between $10,000 and $25,000.

 

[Legal Bill]

Let me finish with this car, a pretty good original tri-carb with a buy it now price of $29K. The seller says it is original, but it sure looks like a respray to me. But otherwise, yeah, it does look original. And not bad at all. I bet you could buy it from him for $25K

https://cgi.ebay.com/ebaymotors/AUSTIN-HE...=item43a3782d54

 

[linklaw]

Legal Bill,
Thanks for the tips.
The seller of the first car that you post about above, the primered, almost rusted in two, putty bomb advertises in Hemmings every month to buy Healeys in any condition, anywhere. His business is buying and reselling cars which are sometimes nice but often times junk. I have followed his auctions for years and even went to his place to look at a car. I was disappointed. As far as the second car is concerned, I agree that the seller should have jumped all over a buyer willing to pay $17K for it. I had a 1966 BJ8 which was a nice driver, solid with an older repaint, no rust, black with original red interior. It had a blue top for some reason that I dyed black. I replaced the brake booster, put on new tires and cleaned it up. I drove it for a year or so before selling it in 2005 for around $21K. I sold that car, a real nice Etype coupe and a 1963 Comet convertible to buy a Roush modified Autokraft MK IV. I have a bugeye too and belong to the Healey club but don't have time to attend the meetings. Maybe I'll call the guy I sold my car to and see if he'll sell it back to me. If he won't I'll keep looking. John

 

[Editor_Reid]

Unless you really, really want a multi-year, multi-tens of thousands of dollars project, then follow the sage advice to "Buy a car that is already in the condition you want."

You can begin driving it now, not years and years from now, and you will save more money than you will ever realize.

To accurately estimate the cost of restoration, figure out the highest cost you can imagine that it would ever be - the worst-case scenario, then double that figure and you'll be getting close to the real cost. (Think I'm kidding?)

 

[why]

this thread should be immortalized and automatically linked whenever the words "barn find" come up in a post. Such cars are actually worth 0 if your intention is to restore it to at least nice driver condition, maybe the owner should pay you to take it off their hands since nice drivers cars can be found for less than the cost of your own restoration. However if you are in the business of tarting up barn finds and then selling them on to the unsuspecting, known in the investing business as the "greater fool theory," then they can be profitable I guess as long as there is a greater fool out there without knowledge of this the world's best car forum. If that is your intention why not just sell roofing repairs to seniors.
Jay, '65 3000

 

[Keoke]

However if you are in the business of tarting up barn finds and then selling them on to the unsuspecting, known in the investing business as the "greater fool theory,"

We country folk refer to that as " For every seat there be an Arse"