Projects Need a little help with how much to offer for a project car

I have been lurking here and looking for a HAMB friendly project car for the last couple of years. I lost track of how many "project" cars I have looked at, nothing has struck me as what I want and has fit my budget (the budget more the issue than not finding what I want). Anyway, In the last month or so I have escalated my car search. I have a few extra $$ without wrecking the family budget and really want a new toy.

Thursday at work I was shooting the poop with another car guy, more of a muscle car guy. I know he has interest in any older cars, so I told him about a few I had recently looked at. When he figured out what I was looking at he told me his dad had a few cars he was maybe considering selling. That is where the conversation started to get exciting for me, he has a 50' Buick he was keeping in his garage for his dad and a 53' Merc in his backyard. I asked him a few questions about both, the Merc sounded right up my alley. He contacted his dad and made sure he was interested in possibly letting it go, he had already told me that all of the cars had a lot of sentimental value to both him and his dad, especially the Merc. I was not expecting to be invited over to look at it.

Today I got a peek. The car was covered in tarps, my friends dad was obviously emotional about removing them, he said he regretted parking a perfectly good car years ago and not doing anything with it. This would be the first time the tarps had been off since the car was parked. He did not know how many years ago, his son thought 4 or 5, he was thinking more like the late 90's. I had no idea if I should expect something I would run from in horror or a gem. Underneath the very weather worn tarps was a beautiful 53' Mercury Monterey 2-door hardtop. The more we peeled back the tarps the more I knew I wanted this car. He told me the full history of the car, what he had done to it over the years, where he had traveled with it and even stories of teaching his son to drive in it back in the 70's. We exchanged some great conversation while discussing the car. Car aside, I greatly enjoyed this man's conversation and company.

I knew I wanted it, figure it was going to be out of my $2k or so max project budget, I prepared to walk away disappointed because I could not afford it. So I asked how much he needed for it, he said he really did not know and asked me if I knew what it was worth. Based on the numerous cars and piles of crap I have looked at, I had a little idea of what I thought it was worth but really wanted to know what it was worth to him. We reminisced a little more and talked about the car some more. I told him what I had in mind for the car, he seemed to approve. I brought price up again, and what he told me left me unsure where to go with this. He said he was too old to mess with these cars anymore but was reluctant to sell them to just anybody. He made comments about a few of his other cars that he constantly received offers to buy on which he always turned down. He said he wanted all of his cars, this car in particular, to go somewhere where they would be taken care of and respected for what they were. He then told me that the money did not mean anything and the cars was mine for whatever I wanted to pay him. I did not know what to say. All he asked was that I come by and give him a ride in it a year or two from now when I had it in good condition.

So this is my conundrum, what do I offer this guy? I truly believe he would happily sell it to me for $50 but I do not want to take advantage of him. And I truly do not have much of a budget for this car and, even as nice as it is, it will still be a long term project for me because of the money part. What would you guys suggest I offer? $2k max, that is all I have for this at this time.

A little more about the car with emotions and cool history aside;

1953 Mercury Monterey 2 door HT. The body was perfectly straight, slight rust bubbles above the driver rear fender and behind the passenger rear fender, otherwise nice, nice, nice. No rust in the trunk, floors seem solid. He said the car did not have any rust on it when it was repainted years ago. All of the trim is in place and in good condition. I might want to have the bumpers re-chromed at some point but they look great for a daily driver/weekend cruiser. Very nice chrome reverse wheels, says he has the original wheels and caps in very good condition too. The car was repainted in the mid 70's, sort of metallic avocado color. Except for some peeling from contact with the tarps for years in a couple of places, it is a solid 20 footer. The interior was redone at the same time as the paint in the 70's. It looks nice, tasteful hot rod style pleats with colors fitting to the car, it is in serviceable but not great condition. The dash is immaculate, not cut, nothing missing. All of the glass is good. The car still has the original flathead and merc-o-matic trans. He said the engine and trans were rebuilt in the 70's. It is very clean under the hood, appears all original with nothing missing. It is said to run and drive perfect when he parked it years ago. He also offered that he had a bunch of extra parts to go with the car, both aftermarket and OE. The parts include a brand new set of performance heads that he could not remember the brand of. The car is not perfect by any means, but nice enough to where I could get it running and re-do the critical systems and enjoy it as I do additional upgrades.

My plans would be a mild 50's style hot rod. Disc brakes, power steering, maybe a modern four speed auto and taller gears for drive-ability. Keeping the flattie for sure, maybe some period correct speed goodies on it. Some wide whites, drop her a little in the rear, return the paint to original - a turquoise color with white top and enjoy the hell out of it.

Help me out guys, where do I go with this?

 

Well if you only have 2k for the car then you need to take into account what you will have to spend to get it road worthy. If you spend the whole pot on the car then it will probably have to sit until you come up with some working capital to do the build. Explain to him how you are limited on funds and need to keep some to invest in the project. If he really doesn't care all that much about the money, maybe he will cut you a deal and leave you some cash.
If the car is really nice and I only had 2 grand and he was flexible, I would offer him 1500 and see his reaction. He won't give you a price, then give him an honest offer of what you can afford, not what someone else can afford.
My useless 2¢

 

Picture time !!!! Does it turn over and run ? Driver's are a plus, always......probably doesn't though. If you wanna' bring a battery, and a gas tank to drip feed....the price will go up maybe. I think two is a good place to start. He obviously likes you, and full well knows the consequence of storage. Hard to keep up a car sitting. All you can do is offer......good luck. Sounds cool.

 

Yeah, you know, sometimes people sell things at below what they might be worth just to see someone else benefit or to see them finish it up. It sounds like the guy is in that mindset, and he feels comfortable with you personally getting it.

I would say " I feel the car might be worth more, but I only have $2,000 that I can afford. Would that be acceptable?" I bet he sells it to you and will be happy with that figure, and he will feel good that he did something nice for you and that you will do right by the car.

Good luck.

Don

 

56don - I have $2k now but can throw money at it monthly. I feel that he would sympathize with my $$ situation, I just don't want to take advantage of the old guy or be treated like a charity case. I was thinking $1000 - $1500 but do not want to insult him.

Kidcampbell71 - I will pull a couple pics from my phone and post them. The motor is free but no idea if it runs. I'm happy accepting it in unknown running condition.

 

In my opinion, I'd tell him that you'd been saving for awhile and have 2k saved. That you feel the car is worth more sentimentally and otherwise but that's all that you could possibly offer. Then go on to say how once you got it home you'd put money into it every month and though it may take some time, you'd definitely like to take him up on the offer of giving him a ride and even letting him get behind the wheel once more. Just be open and honest with him. That's what he's doing to you and if you explain the situation you'll build good repoire and you can walk away feeling relaxed and calm about how you went about it. He may,on his own, drop the price so that you can keep some of your money to get it back on the road. I paid about $1700 for my 52 about 20+ years ago.

 

Tell him of you idea of how you see the car done your way and explain you financial situation see if he likes your plan for the car maybe he would want to involved in some small part and kinder his spirits again. Could be good for both of you.

 

If that car is in as nice shape as you describe and you want it, $2000 would be a bargin. You've stated that you can come up with money monthly so if you have to blow your whole budget on the purchase all is not lost, just a little further down the road to complete your vision. At least if he'll take you're offer the car is yours and the quest is over. Don't hesitate too long on this one, he's taken the cover off and no telling who might have seen it and could be over there right now with a "fist full of dollars".

Frank

 

Thanks for the continued suggestions, I'm taking all of them to heart.

A couple of crappy cell phone pics;

 

aAfter reading of your encounter with the gent and his '53, I got the immediate feeling that you're a guy who treats others well, one who respects others and their feelings.
That being said, I'm betting the potential seller of the Merc has picked up on the fact that you would provide a great home for his '53 Merc. It sounds like a good home for the '53 is at the top of his priority list.
I would certainly be open and honest with the seller, explain you're on a tighter type of budget, but the budget would be spent WISELY, to bring the '53 back to life.
If it were me, based on your description, I would offer the gent $1,500, which leaves the door open for you, if he would require more.
I'm betting the $1,500 would buy the car, plus you'd have an advisor and a "point of reference man" in that gent, if you needed the gent to fill in any blanks for you, as questions in your mind came up.
Many of us would have given ANYTHING to have the previous owner alive and well ..... to answer our questions as they arose.
Keep the gent involved in your project, invite him over, ask his opinion on this or that, share a beer or hamburger with him, keep the relationship going. You'll both be better for the effort.
P.S. Be certain to get him cruisin' with you in that '53 when it's ready. He'll never forget your kindness.
Good Luck !
P.S.S., just saw the pics, car is worth more than the mentioned $1,500, but the dollars are not as important to the gent as the next CARETAKER of his car ..... which could be you.

 

Thanks for the suggestions about letting him know my financial situation, I like the way you guys suggested I direct it at him. I did not want to let him know I was tight on money, I guess a pride issue on my part. But I think he will be a little easier understating my position and that I will take good care of the car.

And the suggestion to take him for a cruise and let him drive, I like that. When I was chatting with him today we were talking about cruising back in the day, it brought a smile to his face.

 

Other than the color, that car would be a bargain at $2000

 

I'm not real hip on the color either, but I do like the original color on the dash. I have painted a couple of cars, it has been more years then I care to admit since, but I'm game to try it again!

 

As it has already been said, make your offer before someone else approaches him! Sounds like you've bonded with him and he probably wouldn't sell to a guy with a "fist full of dollars" but may make him question why he's selling to begin with.

I'm with the guys who said be honest with him. Tell him you're interested in bringing this car back to life and preserving it for future generations. Let him know that you are going to put the time and effort into it that maybe he's not able to, but that you'd like to include him where possible. Appeal to his sense of nostalgia rather than his sentimental attachment to the vehicle.

If it were me I would probably say something like, "My budget is limited, but I'm going to invest the time it takes to get this car running. Would you accept $1000 for the Merc? That would leave me with some cash to get started."

Be sincere, he just may let you have for nothing or next to nothing...

 

i can't believe you did'nt buy it when you were there. If you had the $2,000 cash you should of started talking money when you had the opportunity. Hear stories like this all the time. You snooze and your gonna loose. Now please go back over there and bring that merc home instead of asking questions here. Please update us if you get it and more photos!

 

I'm going to pay him a visit tomorrow and see what I can do to make it mine

 

If the mechanicals are as tidy as these pics, I agree 2k would be a bargain on such an uncommon car. Something to be said about buying from 1. a known acquaintence, and 2. buying from a particular car oriented owner. Wish every car I had purchased had those two criteria.....I would always have room to pay more to those kind of guys. Pretty cool old car.

Are the door jambs blue ? Good gawd it would be nice if that funky green could easily disappear....if so. Good luck bud.

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Maybe, possibly, show him this thread?

 

If you were going to flip it, I would say you are a asshole for taking advantage of an decent old guy. BUT you are not flipping it so , I say go for it and if you get it for $2000 you will be able to sleep just fine
( Before you guys who flip cars get too excited about my asshole comment, Im talking about people who take advantage of the elderly, not car guys who drive a hard bargain.)

 

I would go all in and "humbly"offer him the $2000.

 

I agree with others here who have expressed the opinion that you come across as a very decent fellow and so is the Seller. The car is a highly desirable model, even has factory tinted glass!

I would not show him this thread, totally unnecessary, but I would suggest you consider the recommendations to share your budget issues with him and offer as much as you have (the 2k) for the car and let him decide. This is a rare occurrence, the convergence of a highly desirable car, a buyer and seller in personal harmony, not the time to 'chisel' or second guess the 'right thing to do'........you already know what that is.......just do it! And best wishes for the future.

Ray

 

I'm with low budget, I would be honest and humble, offer him everything you have available and let him know that's the case.
The car is worth quite a bit more than $2k and the owner likely knows that (he and his son are car guys). Anything less than 'all-in' shows a lack of commitment/sincerity on your part and may be insulting to the seller.
Don't blow the relationship, lose the car and the opportunity, for the sake of holding back a few hundred bucks, like you said, you can afford to put more in it over time.

 

The fact that you are here asking these questions shows me that you have a heart and are a decent person. Be up front with the guy and tell him your situation (limited cash, looking for a project, willing to take care of the car and not destroy it with weird changes, you know it is worth more but all you can provide is $2000). Let him take it from there. It is a very cool car, in great shape, and worth more than the $2K. You probably could get it running easily with new tires, brakes, and a tune up and then just clean it up a bit. Also feel him out about the color. Maybe ask if it would be okay to change the color in the future to what the inside color is on the dash and door panels so that it is not too far off from what it is now. Good luck and good on you for considering the man's feelings.

 

just do it... if it is not a rust bucket...2k is reasonable.

 

That car in running condition is $4500-5500 all day, anywhere, even more at a major meet. $2000? You better hug and kiss the ol feller if he lets you have it for that. If you doubt what I say then go here:

http://www.cars-on-line.com/mercury.html

Don't like that one? Try here:

http://www.hemmings.com/classifieds..._time_desc&page_size=15&modelFacet[]=Monterey

I'd pay $5k in a heartbeat for it, get it running and drag it to Hershey where I'm sure to do more than 50% on my investement. I only say that to drive home how valuable the car is, not because I'm encouraging flipping it. Do you want it? Are you sincere about finishing it and using it? Is it long term for you or is it a stepping stone to something else? $2k is a smokin hot deal and a rare instance where someone is willing to trust you and your intentions. It's possible the community here would kick your ass if you took advantage of the old guy and sold it off. Is the message clear? So when do we see pics of you and the old man at the local cruise night?

 

You seem to have some feelings about being only able to pay $2000. Hell, most of us on here have tight budgets too, it is just part of life. There is no shame in it whatsoever. I have missed out on a lot of cars over the years because I didn't have the money to buy them, and some of those were only $500............or less.

Nice car, go get it.

Don

 

that's a 5 k car easy........very nice... at 2k you would be steeling it, but if you are truly going to keep it there is a chance he will do it

 

Pay the guy the 2000 ,and a cold beer ,shack his hand keep him inform on the updates ,then the ride .


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2 words BUY IT !!!!!!!!!!!!!!!!!!!!!!

 

Hi. I had a 53 Ford convertable back in late 50's early 60's & absolutely loved that car. Sure wish I had it back today. Go buy this Merc now. Looking at the pics if that is slight rust showing on bumper below right headlight try this. Wad up a fistful of aluminum foil & just rub the heck out of the bumper & watch the rust dissapear. Not a permanent fix but if you do it several times a year you will keep it looking great. I havenot tried it but after using the foil maybe wax the bumper??? Just to warn you about green cars - My 53 convertable was green & I got married while I had that car. Lost my wife in 2004 & bought me a Hummer H2 for car therapy & screwed up & bought it in green. Danged if I did not get married again. Lost my second wife last year & bought my 46 Chevy for a therapy cay shown in my Avatiar. Scares the heck out of me thinking about the green curse now.

Good luck & let us know what you do. Jimmie