IsS a 1979 RX-7 worth a 4%k refurb?
IsS a 1979 RX-7 worth a 4%k refurb?
raysspl.com
Joined: Sep 2003
Posts: 3,508
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From: L.A.
wow.. looking out for the son. that's gotta be a good thing.
question is, how badly beaten is the rx7 when he picked it up for $500?
premium value for a '79 totally depends ma'm.
this one here was bought for only a mere $200 w/ great interior and flawless 26 year old paint. minus the rims and motorwork of course
question is, how badly beaten is the rx7 when he picked it up for $500?
premium value for a '79 totally depends ma'm.
this one here was bought for only a mere $200 w/ great interior and flawless 26 year old paint. minus the rims and motorwork of course
Senior Member
Joined: Apr 2004
Posts: 454
Likes: 1
From: Ottawa, Canada
Well it depends, if he is just trying to get the car running properly and looking nice to sell it again and try a make a profit, then no, he will have a hard time getting $5k+ for a '79.
If its gonna take $5000 to get the car the run, handle and look the way he wants it to so that he a drive it and enjoy it, than its worth doing.
If its gonna take $5000 to get the car the run, handle and look the way he wants it to so that he a drive it and enjoy it, than its worth doing.
My wife bought me 2 RX-7s
Joined: Aug 2001
Posts: 2,328
Likes: 3
From: Saskatoon, Saskatchewan, Canada
It is NEVER, EVER, worth it to spend money on a used car, in a strict financial sense.
However, if he wants to keep the car for a long while and enjoy it, then he should spend that money.
However, if he wants to keep the car for a long while and enjoy it, then he should spend that money.
Thread Starter
RX7 Mom
Joined: Jan 2005
Posts: 12
Likes: 0
From: San jose
Originally Posted by d0 Luck
wow.. looking out for the son. that's gotta be a good thing.
question is, how badly beaten is the rx7 when he picked it up for $500?
premium value for a '79 totally depends ma'm.
this one here was bought for only a mere $200 w/ great interior and flawless 26 year old paint. minus the rims and motorwork of course
question is, how badly beaten is the rx7 when he picked it up for $500?
premium value for a '79 totally depends ma'm.
this one here was bought for only a mere $200 w/ great interior and flawless 26 year old paint. minus the rims and motorwork of course
Thread Starter
RX7 Mom
Joined: Jan 2005
Posts: 12
Likes: 0
From: San jose
Originally Posted by RX7 Mom
body needs work, engine runs, needs headlight motors...basically he wants to bring it up to original or better...more of a hobby car. He is looking to me for a loan and my husband isn't to hot on the idea, so I'm trying to rationalize the expenditure
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I posted this in your "other" thread before I saw this one...
This is just my $0.02, but sometimes (probably most of the time), you don't look at the resale value when deciding what to do to your car. You just do it for the fun and satisfaction. I restored an MGB a couple of years ago...I put over $25k into the restore, but would be lucky to get $15k out of it. But I learned a lot, had a lot of fun, and it was very rewarding (especially when I won my class the first time I showed it!)
Anyway, that doesn't really answer your question, but it's something to think about.
Good luck!
Rich
This is just my $0.02, but sometimes (probably most of the time), you don't look at the resale value when deciding what to do to your car. You just do it for the fun and satisfaction. I restored an MGB a couple of years ago...I put over $25k into the restore, but would be lucky to get $15k out of it. But I learned a lot, had a lot of fun, and it was very rewarding (especially when I won my class the first time I showed it!)
Anyway, that doesn't really answer your question, but it's something to think about.
Good luck!
Rich
Thread Starter
RX7 Mom
Joined: Jan 2005
Posts: 12
Likes: 0
From: San jose
Originally Posted by 64mgb
I posted this in your "other" thread before I saw this one...
This is just my $0.02, but sometimes (probably most of the time), you don't look at the resale value when deciding what to do to your car. You just do it for the fun and satisfaction. I restored an MGB a couple of years ago...I put over $25k into the restore, but would be lucky to get $15k out of it. But I learned a lot, had a lot of fun, and it was very rewarding (especially when I won my class the first time I showed it!)
Anyway, that doesn't really answer your question, but it's something to think about.
Good luck!
Rich
This is just my $0.02, but sometimes (probably most of the time), you don't look at the resale value when deciding what to do to your car. You just do it for the fun and satisfaction. I restored an MGB a couple of years ago...I put over $25k into the restore, but would be lucky to get $15k out of it. But I learned a lot, had a lot of fun, and it was very rewarding (especially when I won my class the first time I showed it!)
Anyway, that doesn't really answer your question, but it's something to think about.
Good luck!
Rich
raysspl.com
Joined: Sep 2003
Posts: 3,508
Likes: 0
From: L.A.
rx7mom, i say use the $500 rx7 as a parts car. seems like a lot of work is needed to put it back in shape. probably more than 5k.
if you look @ right place, u will find a good condition rx7 for less than 1k or less than 2k
here's wackyracer rx7 driven by his cousin 2 7stock.. was bought only for $500 and in good condition w/ running motor
here's mine.. bought for $1800 running GSL-SE w/ couple of mods done to it alreayd, rims, and IMSA kit w/ fresh paint
web777's turbo FB
if u want to save money, just look for a different and much better rx7 all together and start over. just my 02 cents
if you look @ right place, u will find a good condition rx7 for less than 1k or less than 2k
here's wackyracer rx7 driven by his cousin 2 7stock.. was bought only for $500 and in good condition w/ running motor
here's mine.. bought for $1800 running GSL-SE w/ couple of mods done to it alreayd, rims, and IMSA kit w/ fresh paint
web777's turbo FB
if u want to save money, just look for a different and much better rx7 all together and start over. just my 02 cents
Last edited by d0 Luck; Jan 20, 2005 at 12:12 PM.
Junior Member
Joined: Jan 2005
Posts: 43
Likes: 0
From: Houston
$5000 can buy a lot of drugs and alcohol. So the question is, is it worth it to you to know your son will be broke and not be able to afford drugs because he has a nice car?
On the down side, once the car is all repaired, he will have alot of sex!!!
On the down side, once the car is all repaired, he will have alot of sex!!!
Senior Member
Joined: Apr 2004
Posts: 454
Likes: 1
From: Ottawa, Canada
Well, if he is looking for a hobby car, than thats apparently what he has found and he should get. It'll get the him out of trouble if hes working on the car
However, i didint realize that he was getting the money from you before i first posted on this. If it was me, i give him half that, $2500. For $2500 in parts he could get that car running like new. Then Id tell him while he was working on the car to save up the rest to put his final bodywork and paint job on the car himself. Make him earn it, the saying is true, he'll appreciate the car more if he earned it.
However, i didint realize that he was getting the money from you before i first posted on this. If it was me, i give him half that, $2500. For $2500 in parts he could get that car running like new. Then Id tell him while he was working on the car to save up the rest to put his final bodywork and paint job on the car himself. Make him earn it, the saying is true, he'll appreciate the car more if he earned it.
Whack 'em and stack 'em
Joined: Mar 2003
Posts: 1,373
Likes: 0
From: Clarksburg/Bridgeport WV- North Central Appalachia
Also another way to look at it- Do the cost of use math. Lets say your son intends to keep AND use this car for 4 years and use the $4,000 to put the vehicle back in tip-top shape, take care of it and he avoids major mechanical issues, doesn't wreck it and manages to average 18mpg ( :giggle: )
$4,800 total vehicle cost +
$1,500 p/yr annual maintenance (worst case) +
$1,250 annual fuel costs +
$750 p/yr insurance? (just guessing on that)=
$18,800 total cost to use / 48,000 miles (avg. 12,000 miles p/mo)=
.39 cents p/mile cost or about $390 a month
By comparison, the cost/use of my brand new, reliable 1996 Subaru Impreza in the first 4 years was:
$13,500 total cost
$1,300 interest
$2,600 insurance
$5,000 fuel
$1,000 total maintenance =
$23,400 total cost to use. My real mileage was around 66,000 miles at that point so that equals .35 p/mile or $481 p/mo
Now that the car is 9 years old, and I've taken care of it and have over 150K on the odo, my average p/mile cost has decreased to .22 cents p/mile or $302.50 p/month. Not bad for a beater (and I intend to keep it as long as it costs this little to operate it).
(And before anyone asks- yes I'm a numbers and budget geek)
Personally, my rx-7 is a hobby car, so technically speaking it is simply a money pit, plain and simple. I pay for the pleasure to own it, drive it and fix it if necessary. So you really have to decide is this a mode of basic cheap transportation first, or is it a purchase of the heart (a hobby or passion), or is it a combination of both. Option 1 should be as cheap as possible, option 2 is waaayy more expensive and subject to available and tolerable disposable cash and option 3 is some kind of acceptable balance of both.
Good luck, Mom!
$4,800 total vehicle cost +
$1,500 p/yr annual maintenance (worst case) +
$1,250 annual fuel costs +
$750 p/yr insurance? (just guessing on that)=
$18,800 total cost to use / 48,000 miles (avg. 12,000 miles p/mo)=
.39 cents p/mile cost or about $390 a month
By comparison, the cost/use of my brand new, reliable 1996 Subaru Impreza in the first 4 years was:
$13,500 total cost
$1,300 interest
$2,600 insurance
$5,000 fuel
$1,000 total maintenance =
$23,400 total cost to use. My real mileage was around 66,000 miles at that point so that equals .35 p/mile or $481 p/mo
Now that the car is 9 years old, and I've taken care of it and have over 150K on the odo, my average p/mile cost has decreased to .22 cents p/mile or $302.50 p/month. Not bad for a beater (and I intend to keep it as long as it costs this little to operate it).
(And before anyone asks- yes I'm a numbers and budget geek)
Personally, my rx-7 is a hobby car, so technically speaking it is simply a money pit, plain and simple. I pay for the pleasure to own it, drive it and fix it if necessary. So you really have to decide is this a mode of basic cheap transportation first, or is it a purchase of the heart (a hobby or passion), or is it a combination of both. Option 1 should be as cheap as possible, option 2 is waaayy more expensive and subject to available and tolerable disposable cash and option 3 is some kind of acceptable balance of both.
Good luck, Mom!
Thread Starter
RX7 Mom
Joined: Jan 2005
Posts: 12
Likes: 0
From: San jose
Originally Posted by Halenstone
$5000 can buy a lot of drugs and alcohol. So the question is, is it worth it to you to know your son will be broke and not be able to afford drugs because he has a nice car?
On the down side, once the car is all repaired, he will have alot of sex!!!
On the down side, once the car is all repaired, he will have alot of sex!!!
Mystical wings guide me~
Joined: Jun 2004
Posts: 898
Likes: 0
From: Olympia, WA
Yeah keep looking for a car... i bought a '82 for $500, and then am dumping another $500 into it to make it nice (new battery, interior, doors, battery, misc plastic pieces, and new clutch). Its all about finding a car that has a nice motor and not that much that needs to be done to it. Beauty is in the eye of the beholder, I saw that car that i bought has a great drivetrain and now i am just basically working on asthetics.
Thread Starter
RX7 Mom
Joined: Jan 2005
Posts: 12
Likes: 0
From: San jose
Originally Posted by Tom
Also another way to look at it- Do the cost of use math. Lets say your son intends to keep AND use this car for 4 years and use the $4,000 to put the vehicle back in tip-top shape, take care of it and he avoids major mechanical issues, doesn't wreck it and manages to average 18mpg ( :giggle: )
$4,800 total vehicle cost +
$1,500 p/yr annual maintenance (worst case) +
$1,250 annual fuel costs +
$750 p/yr insurance? (just guessing on that)=
$18,800 total cost to use / 48,000 miles (avg. 12,000 miles p/mo)=
.39 cents p/mile cost or about $390 a month
By comparison, the cost/use of my brand new, reliable 1996 Subaru Impreza in the first 4 years was:
$13,500 total cost
$1,300 interest
$2,600 insurance
$5,000 fuel
$1,000 total maintenance =
$23,400 total cost to use. My real mileage was around 66,000 miles at that point so that equals .35 p/mile or $481 p/mo
Now that the car is 9 years old, and I've taken care of it and have over 150K on the odo, my average p/mile cost has decreased to .22 cents p/mile or $302.50 p/month. Not bad for a beater (and I intend to keep it as long as it costs this little to operate it).
(And before anyone asks- yes I'm a numbers and budget geek)
Personally, my rx-7 is a hobby car, so technically speaking it is simply a money pit, plain and simple. I pay for the pleasure to own it, drive it and fix it if necessary. So you really have to decide is this a mode of basic cheap transportation first, or is it a purchase of the heart (a hobby or passion), or is it a combination of both. Option 1 should be as cheap as possible, option 2 is waaayy more expensive and subject to available and tolerable disposable cash and option 3 is some kind of acceptable balance of both.
Good luck, Mom!
$4,800 total vehicle cost +
$1,500 p/yr annual maintenance (worst case) +
$1,250 annual fuel costs +
$750 p/yr insurance? (just guessing on that)=
$18,800 total cost to use / 48,000 miles (avg. 12,000 miles p/mo)=
.39 cents p/mile cost or about $390 a month
By comparison, the cost/use of my brand new, reliable 1996 Subaru Impreza in the first 4 years was:
$13,500 total cost
$1,300 interest
$2,600 insurance
$5,000 fuel
$1,000 total maintenance =
$23,400 total cost to use. My real mileage was around 66,000 miles at that point so that equals .35 p/mile or $481 p/mo
Now that the car is 9 years old, and I've taken care of it and have over 150K on the odo, my average p/mile cost has decreased to .22 cents p/mile or $302.50 p/month. Not bad for a beater (and I intend to keep it as long as it costs this little to operate it).
(And before anyone asks- yes I'm a numbers and budget geek)
Personally, my rx-7 is a hobby car, so technically speaking it is simply a money pit, plain and simple. I pay for the pleasure to own it, drive it and fix it if necessary. So you really have to decide is this a mode of basic cheap transportation first, or is it a purchase of the heart (a hobby or passion), or is it a combination of both. Option 1 should be as cheap as possible, option 2 is waaayy more expensive and subject to available and tolerable disposable cash and option 3 is some kind of acceptable balance of both.
Good luck, Mom!
Rotary Enthusiast
Joined: Jun 2004
Posts: 1,081
Likes: 2
From: Richmond, VA
I recently bought a 79 and a 84 parts car for $500 and have been working on it with my grandfather. I'm only 15 and I have learned so much about diagnosing and sloving problems associated with fixing a car. So far I've spent 1200 on it (including trailer from NH)and its almost done. (can't wait to drive it) :-) I don't have any plans for selling it anytime soon, but I've seen a 79 with about 30,000 mi on the odometer go for 8000. Hope this helps
Lives on the Forum
Joined: Jun 2004
Posts: 11,359
Likes: 14
From: Grand Rapids Michigan
My first question would be, why 5 thousand bucks just to get it back into nice shape? This doesn't sound like he's intending to do the work himself, but rather intends to drop it off somewhere and pick it up in finished condition later. Is that the case?
If so, I don't know if I would spoil my own son that way (and he's a 1st rate kid(not to imply that your son isn't
)). I think it would be better to have him take some initiative and do the work himself.
If he doesn't know how to do something, then he can learn what he needs for free at sites just like this one (if he wants it badly enough, that is). I would consider financing the parts (junkyard parts if at all possible), but I don't think I would pay to have someone do all the labor for him. That way, at least you know he'll appreciate it and take very good care of his (your) investment.
If so, I don't know if I would spoil my own son that way (and he's a 1st rate kid(not to imply that your son isn't
)). I think it would be better to have him take some initiative and do the work himself. If he doesn't know how to do something, then he can learn what he needs for free at sites just like this one (if he wants it badly enough, that is). I would consider financing the parts (junkyard parts if at all possible), but I don't think I would pay to have someone do all the labor for him. That way, at least you know he'll appreciate it and take very good care of his (your) investment.
I bought my RX-7 for $500. It has a beat up body with a mis-matched paint door. It Ran very good. Had some minor electrical problems. Very Rough Shape.
I put about $4000 into it so far. This included:
New engine - 13B engine from later model. Brand new intake and exhaust as well as some other things - About $3000
The rest went to Brake Rotors all the way around, A new Rear Axle, Windows because of vandalism (one of which is still not repaired.) As well as some other little things.
The body is still in rough rough shape. I was told for $2000 I could cure all rust and make the paint look good as new.
Everything is still in rough shape. My goals were a little different. I wanted it to be reliable and go fast before it looked good.
Should you decide to invest the money into the car with your son, I'd suggest finding an RX-7 worth $4000 and buying that one. Not only will it be a later model 84' or 85', in the states, that can get you a very nice respectable RX-7 that you wont even need to turn a wrench on (hopefully). Parts will be easy to find. 1979 and 1980 are identical. I have a 1980. 79/80's are different from 81-85. 79/80's are quite difficult to find parts for. All the parts I usually get I have to modify in small ways to make it fit.
Get a nice one that already has all the work done. I've been at it for a year and my car doesnt even compare to ones you can buy for $2000, let alone $4000.
Restoration has alot of un-accounted costs. Example: I spent $500 in tools alone to put my engine and axle in. The tag will quickly escalate above $4000 before anything promising really starts to show (other than the body work).
I put about $4000 into it so far. This included:
New engine - 13B engine from later model. Brand new intake and exhaust as well as some other things - About $3000
The rest went to Brake Rotors all the way around, A new Rear Axle, Windows because of vandalism (one of which is still not repaired.) As well as some other little things.
The body is still in rough rough shape. I was told for $2000 I could cure all rust and make the paint look good as new.
Everything is still in rough shape. My goals were a little different. I wanted it to be reliable and go fast before it looked good.
Should you decide to invest the money into the car with your son, I'd suggest finding an RX-7 worth $4000 and buying that one. Not only will it be a later model 84' or 85', in the states, that can get you a very nice respectable RX-7 that you wont even need to turn a wrench on (hopefully). Parts will be easy to find. 1979 and 1980 are identical. I have a 1980. 79/80's are different from 81-85. 79/80's are quite difficult to find parts for. All the parts I usually get I have to modify in small ways to make it fit.
Get a nice one that already has all the work done. I've been at it for a year and my car doesnt even compare to ones you can buy for $2000, let alone $4000.
Restoration has alot of un-accounted costs. Example: I spent $500 in tools alone to put my engine and axle in. The tag will quickly escalate above $4000 before anything promising really starts to show (other than the body work).
Burning Oil-Grinding 3rd
Joined: Apr 2002
Posts: 4,094
Likes: 1
From: Union Mills NC
Very hard question to answer.
Here is my take on it.
I would not loan money on a car that will not be worth what is being put into it. He could make the car nice and it would be a $1k to $1500 car. But if you put much over that then you will never get it back except with driving it. Also if ever wreked you have a hard time getting full value from insurance.
I would let him put his own money into it if that is what he wants to do.
The way my wife and I work cars is.
IF what is needed is a part to repair or keep the car running then we spend the money out of our joint accounts. If it is a dress up or performance part then we each have to pull the money from another source. We both buy and sale and part cars for our extra cash. Point of this is, a new starter you take care of. New Radio and Speakers, Body Kit, He pays for from his mcdonalds money.
Here is my take on it.
I would not loan money on a car that will not be worth what is being put into it. He could make the car nice and it would be a $1k to $1500 car. But if you put much over that then you will never get it back except with driving it. Also if ever wreked you have a hard time getting full value from insurance.
I would let him put his own money into it if that is what he wants to do.
The way my wife and I work cars is.
IF what is needed is a part to repair or keep the car running then we spend the money out of our joint accounts. If it is a dress up or performance part then we each have to pull the money from another source. We both buy and sale and part cars for our extra cash. Point of this is, a new starter you take care of. New Radio and Speakers, Body Kit, He pays for from his mcdonalds money.
if hes into mechanics i say its a great start, starting a project like this will give him mechanic skills he can use for the rest of his life. but why does he need 5k? he should really just look around for a newer Rx7 in better shape and spend the money on that.
you also have to factor in that the rotary engine isnt exactly the most reliable engine out there, specially after all these years. he could end up with a $5500 paper weight if he doesnt find one thats been treated properly.
you also have to factor in that the rotary engine isnt exactly the most reliable engine out there, specially after all these years. he could end up with a $5500 paper weight if he doesnt find one thats been treated properly.