Buying old muscle/investment - HELP!

[echo5delta]

Hey gang - I'm off-and-on posting here, but it occurred to me that I'm in the middle of something right now that I could really use some TFP gearhead advice with. Fast!

I'm in the middle of negotiating and possibly buying a 1968 Pontiac GTO as a second car. I'm not totally hung up on this particular car or even the model, but my whole intent was to get something fun and fast to have in addition to my daily driver.

What I want is a 2009 Dodge Challenger, but I can't quite afford that, not by a long shot. I figured old muscle would be the next best thing, and likely cheaper.

Anyway, here's the car I found, before I go any further:







Pretty nice, eh?

The dealer selling it was asking $25k, but snatched up my offer of $22k, max. I asked him by email how long it's been in inventory, and he ignored the question. Hmmm.

Also, he represents it as a total "numbers match", meaning the 400ci engine in it is original, with 113k miles on it.

I've already paid (at a decent expense!) for a pre-purchase inspection and appraisal through a separate company nearby. The owner is going to the dealer tomorrow and will put the GTO on a rack, check the undercarriage, check the frame alignment, research the "numbers match" on the engine, rear end, etc., compression check on each cylinder, and tons of other crap. He'll then do a 30 minute test drive and call me with what he's found out. I'll have that written report, plus 200 photos, in hand about a day or two later.

So basically, I've already bought 'the engagement ring', but I'm not married to this thing yet.

My biggest question at this point: Assuming that it is what's been represented, is there a market out there where this thing will/could sell for $25k or more? How much would each of you say this thing is worth, basically - in general or specifically in your local area?

Once the written report is back, I'll have to make a decision on it one way or another, I'd say no later than Thursday or Friday. I want this car, and it'll be a big expense to me... but I need to feel really, really good about resale value (in a year, two, three), among other things, before I can commit.

WWTFPD?

[jewels]

Have you checked it here?

From my zip it shows:

Low Retail Average Retail Value High Retail
Base Price $13,800 $29,500 $57,000
TOTAL PRICE $13,800 $29,500 $57,000

It would ultimately depend on what you really want and what it would cost you to maintain. MSRP of a new one begins at $22K. Can't you negotiate?

I can vouch for the back seat of that particular model, though. Sounds great with a hemi, too.

PS I know nothing about cars.

[echo5delta]

Hmmm.

Although that's not quite what I was looking for, I do appreciate and value your assessment also, jewels. After all, I don't intend to be driving this thing alone all the time.

Sadly, The new Challenger is just impossible for me right now. I refuse to buy a cheaper one with a V-6, and if I ever own one it will be the top-end SRT8. I just can't afford that price for a good while yet.

[Ilow]

I am a little unclear if you are trying to make a sound investment or just want a cool car to cruise around in. The reason I as is because I am sure that you could get a really fun, classic car for less than $25k. So, does it matter to you that the numbers match on car you own, or are you just trying to not get taken advantage of. It's just my opinion, but I think that if you're going to pay good money for a fun, classic car that you should be seriously passionate about it. This whole "im not hung up on this particular car" thing doesn't do it for me. Cars like this are meant to generate passion and irrational thoughts about souping it up, drag racing and doing burnouts in empty parking lots. Just my $.02

[newtx]

I'm thinking its an OK deal but certainly not a great deal. I think you will be happier in the long run with a classic muscle car compared to a new one. A classic will hold its value or maybe even appreciate in value whereas a new one will almost certainly drop in value. IMO the cheapest way to go fast is a mid 80's Mustang with a 5.0. It doesn't have to be a GT as long as it has the 5.0 engine. A friend of mine found a tuned port injection mid 80's Camaro for $3000. Almost like having a corvette engine and still averaging 18 MPG. I would think the mid 80's Mustang would get similar mpg's. Do a little research before dropping that many $'s in a classic car. On the other hand if the goat aka:GTO checks out and you can afford it, I say go for it. Much better investment than the new one. Just my 2 cents worth.............................

[cj2112]

Numbers matching does not necessarily mean that any part on the car is original. It could mean that the parts in the car are correct for the date the car was manufactured.

[Bear Cub]

Unless that thing has been restored appropriately for correctness, I doubt you'll get that $22k back. If you do, you'll probably wait a long while before it sells. Not a particularly popular year, vinyl top not a very popular option, 400's were standard equipment. Much of it will depend on the history/correctness of the car.

[Scorps]

I would buy it for that much, but I love that year of GTO