repair or move on?
Discussion
It usually the case that if you can't carry out the body repairs yourself, then you'll be spending more on your Mini than it'll be worth. Mini-ing is a labour of love.
For example, I went to look at a 1994 Cooper which a friend of mine owns. It needs a lot of bodywork plus a new rear sub-frame and, at 90,000 miles, one might guess that the engine could need a re-build. To pay for what it needs would be around £400 in body panels, plus, say, £200 for a sub-frame. To do that work without the painting would be around 45 hours at £40 per hour, which is £1800, plus final painting in a profession al paint shop at another £800. That is £2600 (without any engine or any other work). The car after that could be worth about £2750 to £3000.
However, if you could do it all yourself except the painting, it would be £1200 (again without any engine work). Value of the car without the work doing is about £1100. So if you can do the work yourself, it will add value, but if you can't you'll have 'negative equity'. What you won't have, if you look after the car, is depreciation.
If you can't do the work, sell it to someone who can and buy one that has no rust.
For example, I went to look at a 1994 Cooper which a friend of mine owns. It needs a lot of bodywork plus a new rear sub-frame and, at 90,000 miles, one might guess that the engine could need a re-build. To pay for what it needs would be around £400 in body panels, plus, say, £200 for a sub-frame. To do that work without the painting would be around 45 hours at £40 per hour, which is £1800, plus final painting in a profession al paint shop at another £800. That is £2600 (without any engine or any other work). The car after that could be worth about £2750 to £3000.
However, if you could do it all yourself except the painting, it would be £1200 (again without any engine work). Value of the car without the work doing is about £1100. So if you can do the work yourself, it will add value, but if you can't you'll have 'negative equity'. What you won't have, if you look after the car, is depreciation.
If you can't do the work, sell it to someone who can and buy one that has no rust.
O/P work out what it will cost to repair vs what it will cost to change cars. Cooperman makes a good point about negative equity but what price do you put on the value of the car and how long, if repaired, would you consider to run it for?
We bought our mini, needing work, for 2300 but he was in actually very good condition for the age and had no previous bodywork repairs barring some oversills. This was vital for us. Currently being restored the price is running at approx 3400 which is still a lot cheaper than Somerford who are renound for good work but at a price. Overall when complete the car will have stood us for nearly 6000 which will probably be the resale value if a little bit more than resale, but we plan to keep the car for many years and enjoy rallies in it.
We bought our mini, needing work, for 2300 but he was in actually very good condition for the age and had no previous bodywork repairs barring some oversills. This was vital for us. Currently being restored the price is running at approx 3400 which is still a lot cheaper than Somerford who are renound for good work but at a price. Overall when complete the car will have stood us for nearly 6000 which will probably be the resale value if a little bit more than resale, but we plan to keep the car for many years and enjoy rallies in it.
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