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I suspect that car will be for sale for a lot longer at that price. There's a difference between a car that was bought by a racing team and raced from the start, or was built specifically for racing, and one that rolled around as a passenger car and then modified later in life to be a race car. I think the car, as it sits, is being more negatively impacted by the racing mods than benefiting from them.
Next problem is this car also misses the survivor mark since it's not original paint and has a warranty (maybe) engine in it, and these aspects lower the value as well. A car that's old and dusty with a lot of patina makes big bucks these days, but only if it's nearly all original, and this one isn't. I also would have a problem with the engine. The owner says it was rebuilt, but it is incomplete. Normally when I see a rebuilt but incomplete engine, it's not installed in the car. This engine is installed and missing a lot of parts, which lifts some red flags.
Factor in the fact that the E-body market peaked a long time ago and has been declining, and I would be surprised if this car sold for more than 50% of what he's asking for it. I'm thinking $40k tops.
Agree with Bruzilla. This isn't a Sox & Martin car or a factory built race car so it's not in the same ballpark with other high dollar factory race cars. But you never know what somebody might pay for it it. It doesn't have to make sense if they decide that they want it bad enough.
It's kinda sad to see owners like this guy. They tend to hear what they want to hear, and if ten guys tell them their ride is worth X, but one says it's worth Y, and Y is more, they'll price it at Y because they're certain that buyers are just like advice givers, and while ten will say the price is too high, there will be one buyer who will take the deal. They never seem to realize advice is cheap, but money isn't.
Buy low & sell high, that's the name of the game, they will find out pretty damn quickly when/if it way to high priced... it would still be a cool car to build, especially if you could get it for the right or cheap price
I'd offer $40K for it but as you state "Bru", he is NOT going to part w/ it for $40K.
I would bet safely that it would take $40K just to get it looking and running as "Day 1"
Parts are missing, at least $10K for the body/paint...may be more.
Detail the chassis, a new interior.
It all adds up.
I bet it sells for $65K or so.