Lotus Elan

S3 Basket case project value

PostPost by: bitsobrits » Thu Nov 29, 2012 1:21 am

I've decided to list one of my long time owned but never started projects for sale, and was looking for some input on what might be a reasonable asking price. It's an airflow S3 FHC RHD (Elan of course) that is in large bits. The body and interior are complete and intact, but the chassis was removed for replacement. The suspension is in assemblies for each 'corner', and the engine and gearbox are assembled but separate. The original chassis is gone (scrapped i was told due to corrosion) but it has a new, undrilled, Lotus replacement chassis. It needs absolutely everything done, but to me seems to be a great restoration project. Ideas?
Steve

Elan S1 1963-Bourne bodied
Elan S3 1967 FHC pre airflow

Formerly:
Elan S1 1964
Elan S3 1966 FHC pre airflow
Elan S3 1967 FHC airflow
Elan S4 1969 FHC
Europa S2 1970
Esprit S2 1979
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PostPost by: Tonyw » Thu Nov 29, 2012 1:39 am

Steve,

We would need to know where you are in the world to help you out. I bought basket case DHC in Australia for 8k and have spent three times that getting it finished doing much of the work myself. I think the FHC while not as popular as the DHC would in my view be a more desirable car. No engine is a bit of a problem for the people who are looking for orginality but there are a number of engine options. You do not mention the diif and or gearbox?

If you cam upload some photo's and let us know where you I am sure others will jump in and give you some help.

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PostPost by: bitsobrits » Thu Nov 29, 2012 2:00 am

Tony,

The engine (matching number) and gearbox (semi-close) are with the car (but separate from each other), as is the differential, which I believe is a 3.77 ratio. The car is very complete, just in chunks. It will be a few weeks before I can get the pieces rounded up for photos. I'm in the central U.S. btw.
Steve

Elan S1 1963-Bourne bodied
Elan S3 1967 FHC pre airflow

Formerly:
Elan S1 1964
Elan S3 1966 FHC pre airflow
Elan S3 1967 FHC airflow
Elan S4 1969 FHC
Europa S2 1970
Esprit S2 1979
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PostPost by: gjz30075 » Thu Nov 29, 2012 1:26 pm

Can you post some pics?

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PostPost by: cal44 » Thu Nov 29, 2012 2:40 pm

How much does a good driver cost that needs nothing? Then, start subtracting the cost of what your car needs.
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PostPost by: 1964 S1 » Fri Nov 30, 2012 3:55 am

Hello Steve, as cal says, start at the top and subtract. You described the vehicle well but as you can tell, everyone wants photos. Engine condition is a major factor in determining the value, is it safe to assume it would need "rebuilding" ? And whether or not the new owner can do a lot of the work will play a big part in the final selling price.
Elans are no different than other "classic collectible automobiles" (except they're the best) so the same rules apply. Ask yourself, what's the LEAST I'd sell this car for?
If someone came up to you with the money at your door, I think you could come up with a number. Whatever that is, try to get as much more and see what happens. Maybe a Best Offer Over auction kinda thing here in the For Sale section.
Good Luck, the value is always changing, and I'll be watching this unfold. Where in the mid USA are you?
Eric
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PostPost by: twincamman » Fri Nov 30, 2012 4:04 am

I paid 4500 cdn dollars for a very complete pile of bits less motor ....ed
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PostPost by: gearbox » Fri Nov 30, 2012 6:03 am

Steve, there is no formula, rather just market demand. As a buyer, I use to look at what a perfect car goes for and subtract, but that doesn't work very well as the things I do in a restoration, just counting parts and no labor, often tells me that the owner has to pay me to take the car. Then there is the parts value less discount for the "package" deal. This method would put your car at, say, $10K in parts and a $2K discount, so $8K. But as a buyer, it would be more economically viable to buy a done car. Best thing to do is to put the car on ebay with a starting bid of $1K and see where it goes and let the market find the value. Good luck, Allan
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PostPost by: Robbie693 » Fri Nov 30, 2012 10:01 am

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