Want some advice on should I buy this?

[3xpendable]

I know this is a 'How long ids a piece of string?' question, but some input would be much appreciated.

As most of you know, I'm not living in the US. The MK1 and MK2 Capri were sold here under the Mercury badge, and I have been casually looking for a MK1 model with the idea of eventually putting a Ford 302 V8 in it (as per the Capri Perana). Despite being quite rare, they don't fetch high premiums but don't come up often. Anyway, talking recently to a colleague on Facebook, he has a 1983 MK3 2.8i that was imported from the UK in the late 90's. I've owned a few MK3's and they are my favourite, but has resigned myself to getting a MK1 here.

Anyway, the guy has expressed an interest in selling it and while he is in no rush, he has asked if I'm interested. The issue with it is, is that it is a bit crusty and tatty. He hasn't said what he wants for it but to make him an offer and it is a bit tatty. The main reason I'm interested is that firstly it's a MK3 (ultra rare here) and that I know some people have looked for years out here for Mercury variants and not found one.

So, given that it would need work, it would be a long term project really, but I'm undecided given my last long term project swore me off anymore but as I say above it's probably the only chance I'd ever get of having a MK3 in the US. I'll attach some pics and let you guys comment. Should I wait for a MK1 or go for this and if so, what is it worth bearing in mind it needs work, but on the plus side would be fairly unique on this side of the pond?

Thanks

[rich.]

i love old capri's, buy it....even though its very crusty....

[Classic Microcars]

The 2.8i kit would be very saleable in the UK.

[Grumpy Northener]

Firstly I don't know of any Capri of that era (or any other) that has been actively put to use that has not suffered from rust issues, although looking tired the car looks pretty straight and not messed about with (one of my golden rules for potential purchases) - parts availability is strong and there is nothing that I can see on the car that can't be sorted for sensible money - I would thoroughly check the front floor pans, inner & outer sills, front valance and the front cross member which should give you a fair indication has to just how much work it will require - looks like the front inner wings will repair up ok but also check the A posts and the boot floor for rot. It should make a decent car and if you require a bit more speed they are quite tuneable in the right hands - you could have the best of both worlds here in the respect that you point out that are very rare in the US but does the rarity equate to price that they realise when sold in the US ? - failing which given that it's RHD spec it would be worth shipping back to the UK as good examples are currently £9 - £14k UK sterling (I recently witnessed an identical project car change hands at auction for £6k) - With the fast / sporting Ford market significantly strong, the investment market flat and lots of blokes in their 50's having seen the kids off and the mortgage paid off willing to spend strong money on the car that they always wanted in younger years - expect these prices to double over the next 5 years - I personally don't think you can go wrong

[3xpendable]

Thanks guys. Like I say I won't be pulling the trigger soon as I need to get a job first (hopefully by Feb) and if it is still available I might go for it. I know the boot floor is good, as I have seen photos of it, it's about 2hrs from me so when the weather warms up a bit I'll go take a look at it.

So if a similar project sold for £6k n the UK, what do I offer here?

[Grumpy Northener]

'So if a similar project sold for £6k n the UK, what do I offer here'
So this is how I do it - I check a couple of price guides
Practical Classics Guide lists the following: £14,000 concours / dealer sale - £9,000 good / well presented & no faults - £4,000 fair, running & complete but needing work - £1750 basket case

Hagerty valuation tool lists: £22,100 concours - £15,700 excellent / well presented & no faults - £10,600 good - £7,500 fair usable car

I then scan auction results for the last few months and check what is currently in the market both private & dealer offerings via websites / E bay / Car & Classic / Classic Cars for Sale etc - sounds complex but not really - although a couple of exceptionally low mileage out of the box Capris have changed hands at auction for £50k + in the last six months - I don't see any MK3 2.8 making £20k at present - but the good ones are certainly £12 / 14k - my gut feel with the one you are being offered is that providing you do not find any further major rot in the bodyshell and that the engine is strong, is that it would be fair at £4 - £4.5k - not every vendor sees that way though but you could easily spend twice that getting it to something like decent nick using professional services - however if you can undertake much of the work yourself then you could make yourself a decent car and still not be out of pocket should you ever have to sell it.

[3xpendable]

Thanks GN, I figured about the 4k mark, which sounds in line with your estimates. I'll do some more research.

[3xpendable]

Decided against getting this guys, as it's too much work for me at the moment and I'd rather save up for a better example, but thanks for the input.

[Grumpy Northener]

Wise enough choice - I would always advise on buying the very best that your money can afford - buying something that requires work is always difficult and mostly ends up having more work / more expenditure than originally planned - we can all dream about purchasing something cheap - doing a few repairs and being well in pocket with the outcome but in reality it rarely stacks up

[3xpendable]

Thanks GN, Yes I agree. Like I say what has really put me off is the 6+ years working on my MGB project and never even hearing it run, let alone driving it before I had to get rid of it. I now very much want something I can at least enjoy for a while before doing any major work, and that Capri doesn't fit the bill sadly. Though I will admit it has gotten me looking at examples in the UK to import one day