Tough decision - sell or invest? 2000 X plate Cooper S.
Discussion
Hello to all you Classic Mini PH'ers and thankyou for (at least starting to!) read my first post on this Classic Minis forum.
My 22 y.o. daughter left for New Zealand for what was a year of travelling in September 2012. She always had designs on being away for just a year, and as a result left me with her pride and joy. An October 2000 year 'X' plated blue with silver stripes Mini Cooper S, essentially to store' for er...a year. She's now decided that she loves NZ so much, that she's staying for another 12 months and has successfully obatined an extension visa. You'll get the drift by now......
So I have just pulled the car out of said storage, and spent £1,300 or so on having it MOT'd, serviced, replacing 2 rear tyres (how expensive are they!?) replacing the exhaust back box, new brake pads and discs and an array of other not particularly 'must do' but moreso 'nice to have' work. The car now drives like a beauty, and as a Mini that cost her a fiver short of £7k in November 2009, having covered at that point only 32k miles withn two previous lady owners, frankly it should do.
It should be noted that when it was bought nearly 4 years ago it was in effectively 'concours' condition. Right now, I'd say it was clean and that's because it now has the clear signs of the onset of the scourge of all classic Minis. Rust. The lower front wings, parts of the lower door skins and under and around the headlights are all affected, and of course without remedial works being undertaken, this will inevitably just get worse.
So to my question - in the opinion of the people in the know, yes that's YOU guys, and without a real need to keep the car for either my daughter, or for me to use until (and if) she ever comes back from her travels - should I put it up for sale and take an inevitable hit on her investment, that thought coming from a review of PH Classifieds giving me an idea that it'd maybe now fetch something like £4.5 to £5k, or....should I bite the bullet and invest some more of my own money in it as a bodywork only project - very much farming it out to a body shop mind as I have absolutely no skills in this respect, and of course the 64,000 dollar question - would it be worthwhile?
It's worth bearing in mind that it's carrying entirely original paint just now, so again, another part of my question would be - if I am going to get it sorted, does 'spot' work suffice, or will that just cause the car value to stay static and / or perhaps even put potential buyers off? Or, do I go the full hog and have it returned to 'concours'....and if I do, how much is that likely to cost me, and will it make financial sense, taking a car which as I've said I'd like to think will fetch maybe £5k max, back up to the £7-8k mark? Or more....he says hopefully?
Any advice would be greatly appreciated.
Rgds,
Shaun+
My 22 y.o. daughter left for New Zealand for what was a year of travelling in September 2012. She always had designs on being away for just a year, and as a result left me with her pride and joy. An October 2000 year 'X' plated blue with silver stripes Mini Cooper S, essentially to store' for er...a year. She's now decided that she loves NZ so much, that she's staying for another 12 months and has successfully obatined an extension visa. You'll get the drift by now......
So I have just pulled the car out of said storage, and spent £1,300 or so on having it MOT'd, serviced, replacing 2 rear tyres (how expensive are they!?) replacing the exhaust back box, new brake pads and discs and an array of other not particularly 'must do' but moreso 'nice to have' work. The car now drives like a beauty, and as a Mini that cost her a fiver short of £7k in November 2009, having covered at that point only 32k miles withn two previous lady owners, frankly it should do.
It should be noted that when it was bought nearly 4 years ago it was in effectively 'concours' condition. Right now, I'd say it was clean and that's because it now has the clear signs of the onset of the scourge of all classic Minis. Rust. The lower front wings, parts of the lower door skins and under and around the headlights are all affected, and of course without remedial works being undertaken, this will inevitably just get worse.
So to my question - in the opinion of the people in the know, yes that's YOU guys, and without a real need to keep the car for either my daughter, or for me to use until (and if) she ever comes back from her travels - should I put it up for sale and take an inevitable hit on her investment, that thought coming from a review of PH Classifieds giving me an idea that it'd maybe now fetch something like £4.5 to £5k, or....should I bite the bullet and invest some more of my own money in it as a bodywork only project - very much farming it out to a body shop mind as I have absolutely no skills in this respect, and of course the 64,000 dollar question - would it be worthwhile?
It's worth bearing in mind that it's carrying entirely original paint just now, so again, another part of my question would be - if I am going to get it sorted, does 'spot' work suffice, or will that just cause the car value to stay static and / or perhaps even put potential buyers off? Or, do I go the full hog and have it returned to 'concours'....and if I do, how much is that likely to cost me, and will it make financial sense, taking a car which as I've said I'd like to think will fetch maybe £5k max, back up to the £7-8k mark? Or more....he says hopefully?
Any advice would be greatly appreciated.
Rgds,
Shaun+
Having spent the last 4 years doing body work and mechanicals on my sons Cooper MPI, you will never get your money back you spend on it. Generally the MK3 max out at a price, unless they are original and very low mileage. I've spent £1000's on body work and re-sprays etc, just keeping it in a good road worthy state. It is not an investment. Things wear out if the car is used. If it was me, sell it for what you can get, bearing in mind what the seller will have to do to it, if anything. Or run the car and enjoy it, and fix things as required :-)
Sorry to burst a bubble but I bet the 'spot' rust on your MPi covers a multitude of corrosion sins. They (late MPi's) are complete rotboxes. Proper body restoration will hit your wallet to the tune of 3K+.
Depends on how committed you are to keeping the car in the family and perhaps for your daughter's return?
Depends on how committed you are to keeping the car in the family and perhaps for your daughter's return?
It really boils down to the sentimental attachment. The cost will considerably outweigh the value of the car in the Market. You could sell then buy one when your daughter returns for less than the refurb costs as some poor sod will have spent a fortune then had to sell.
If your attitude is to use and enjoy, accepting the nil investment value then you will be happy. Or, consider a newer car with the annual depreciation but without the fun factor and you could probably convince yourself it is worth keeping and spending.
I am currently restoring an RSP Cooper S which has considerable sentimental value, and the final bill will be eye watering. However, it doesn't owe me anything and it will be with me until I can't drive it anymore and it will then go to my son.
S.
If your attitude is to use and enjoy, accepting the nil investment value then you will be happy. Or, consider a newer car with the annual depreciation but without the fun factor and you could probably convince yourself it is worth keeping and spending.
I am currently restoring an RSP Cooper S which has considerable sentimental value, and the final bill will be eye watering. However, it doesn't owe me anything and it will be with me until I can't drive it anymore and it will then go to my son.
S.
If the car is showing the signs of rust that you have mentioned,it will probably require:
Wings x 2
A Panels x2
Front Panel
Scuttle
Door Posts/Inner wings
Sills
Inner Sills
Lower Body Sides (where sill meets rear wing)
Door Skins
Possible Rear Wheel Arches
Possible Boot floor
Probable Rear Valence
Probable Rear Valence Closing Panels
Usually pricing up the panels is enough to scare most people off.....
As previously mentioned these late MPI cars are horrendous for body rot...and for absorbing money.
One thing I would suggest is if you wish to keep the car don't attempt the "We'll do it on the cheap"
approach as it will bite you hard! Sell it and let it be someone else's problem. If you want a Mini,buy something made before 1984......
Wings x 2
A Panels x2
Front Panel
Scuttle
Door Posts/Inner wings
Sills
Inner Sills
Lower Body Sides (where sill meets rear wing)
Door Skins
Possible Rear Wheel Arches
Possible Boot floor
Probable Rear Valence
Probable Rear Valence Closing Panels
Usually pricing up the panels is enough to scare most people off.....
As previously mentioned these late MPI cars are horrendous for body rot...and for absorbing money.
One thing I would suggest is if you wish to keep the car don't attempt the "We'll do it on the cheap"
approach as it will bite you hard! Sell it and let it be someone else's problem. If you want a Mini,buy something made before 1984......
In in the middle of doing a resto on the wife's 2000 mpi, we got a heritage shell hers was so bad. But we only did that as it worked out cheaper than getting all the crusty bits replaced, however the shells have shot up since we got ours. But we only took the plunge as the car is a keeper
Thanks to you all for your help and advice, it's been greatly appreciated.
This particular little Mini Cooper will be marked for sale sometime during the course of this week. I'd love to be able to spend the time and money it requires to bring it back to it's prime, but alas I just don't have the inclination.
It will however be priced competitively in order to sell quickly and I'm sure will make someone a cracking little car. Someone with time, and just a little money....
ATB and thanks again.
Rgds,
Shaun+
This particular little Mini Cooper will be marked for sale sometime during the course of this week. I'd love to be able to spend the time and money it requires to bring it back to it's prime, but alas I just don't have the inclination.
It will however be priced competitively in order to sell quickly and I'm sure will make someone a cracking little car. Someone with time, and just a little money....
ATB and thanks again.
Rgds,
Shaun+
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