A Chance to Buy Back My K-Code (Pictures Posted)

  • Hi all,


    It's been along time since I posted here!


    About five years I sold my '66 GT Fastback because I needed to liquidate assets as my wife and I were expectng our first child, (daughter) at the age of 40.


    At the time I knew letting the car go was the right thing to do, although not necessarily an easy thing to do. I've missed her ever since.


    Recently, I've been bitten by the Mustang bug again and my thoughts turned to my old car. I contacted the individual who currently owns it and found out that he would be willing to sell it back to me. I'm ecstatic at the opportunity.


    That's the good news.


    The bad news is this. Now as a potential buyer, I have a more critical eye of the car than when I was the seller. (Isn't that human nature?)


    The current owner has generously stated he doesn't want much more that what he's put into it and has revealed that amount to me.


    Would you folks mind looking at a large number of photos I took of the car just before I sold her 5+ years ago and let me know roughly what you think of her and her current market value? I highly value the opinions of the forum members here.


    Summary of car:


    '66 GT Fastback K-code.

    Owned the car for about three years and believe to be legitimate K-code and GT based on features and speaking with previous owners including original owner.

    Non-VIN #'d block.

    This is a very clean daily driver car. Possibly a 2- car.

    Some rust concerns on front frame rails.

    Maybe rust (something..) just below disc brake reservoir on firewall.


    Anyway, please take a look and let me know what you think. Here's a link to the pictures: http://www.flickr.com/photos/59201040@N02/


    These pictures should be high resolution so you should be able to zoom in pretty good. BTW, most of the full view external pictures are on the 4th and 5th pages.


    Thank you for any input.


    I'm really really tempted to buy her back. The nostalgia factor is incredible. However, she's going to cost me a lot more the second time around. So I want to be sure that I'm doing the right thing.


    Edited by - landmissle on 02/06/2011 19:28:38


    Edited by - landmissle on 02/13/2011 10:17:55

  • Oh, I might add, that when I was the owner, the rear frame rails where rusted significantly and I had them, the leaf springs and the rear portion of the trunk pan replaced professionally.


    I know the floor pans were replaced by a previous owner and possibly a quarter panel ( I think the passenger side rear.).

  • i'll be bold and reply.

    i don't think it matters what shape this car is in

    unless he left it sit outside

    and it has had further decline.


    it is worth at least what you sold it for

    and then a 'little more!!'

    the 'little more' would be

    the interest he lost during the time he owned it

    and whatever 'blue sky' it would take for him to part w/it.


    if you try to waggle him down from your original price

    it would reflect bad on ya


    now, if he was getting a divorce and needed to get rid of it....

    (like my '56 vette i bought for 5K 30 yrs ago....)


    just my 2 cents

    iowa

  • <BLOCKQUOTE id=quote><font size=1 face="Verdana" id=quote>quote:<hr height=1 noshade id=quote>

    if you try to waggle him down from your original price

    it would reflect bad on ya.

    <hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana" size=2 id=quote>


    Hi Iowa,


    Thank you for your input.


    It's not my intention to abuse the generosity of the current owner and try to talk him down in price. I'm very appreciative of his offer to let me buy the car back. I might imagine that there is more than one previous K-code owner that would be envious of my position.


    This was the first and only Mustang I've ever owned. I have a lot of emotional investment with the car along with the sweat equity that I used to fix numerous little things on the car while I owned her. While she was in good shape when I received her, she was a better car once she moved on.


    While I'm a pretty adapt at parts replacement (unbolt something old, bolt in something new.), I've no skill in body work and my assessment to judge damage and repair is limited at best. My understanding of the topic is generally that rust is the most difficult and expensive thing to repair.


    Hence, I just wanted to get the opinion of individuals that aren't emotionally jaded with the vehicle as I am.


    Again, thank you for your input and I apologize if I've come across as being "cheap"; it's not my intention at all.

  • mr. missle

    no, no, i didn't mean to imply you are cheap!

    i didn't get that impression of you at all.

    now if he were to offer it for less

    that'd be okay

    but........ if it were me,

    and especially if i knew he was under

    a little $ hardship

    i'd give him what he bought it for regardless.

    iowa


    PS

    i really hate to go forward posting as this is my

    289th post!!


    Edited by - iowa on 02/08/2011 18:59:56

  • Hi Iowa,


    Hey, thanks for the follow-up. Between the lack of responses and my misunderstanding of your post, I was really feeling like I "farted in a crowded elevator.".


    I was kind of expecting a "welcome back" or "hope it goes through" beyond the examination of the car via pictures.


    Oh well. Different times maybe different folks. Or maybe I didn't make clear what I was asking....


    Again, thanks for the follow up. I feel a little less like a heel now.


    I wouldn't want to take your 289 away so don't feel the need to reply. But....you're going to post sooner or later. Besides, did you relish your 271 post number? Yeah, of course that wouldn't have been very long ago.

  • I replied, but now it's gone....?


    Generally, I agree with what has been said on this one. You really can't offer less than what you got unless the car has been used hard and shows wear beyond light use/proper storage.

  • Hi all,


    Ok, we have a serious misunderstanding and it's probably my wording that caused it.


    I am NOT asking about the possibility of making an offer less than what the current owner has into the car. I think doing so would be an insult and lacking a lot of class.


    When sold, the car did not go from me to the current owner. There was an intermediate owner (actually a dealer..)and hence the difference in price between what I sold it for and what the current owner has into it. The sum is not huge, but it is significant. Compared to what I originally paid for the car back in 2001/2, the price is up nearly 50%. It's that fact that is making me look at this offer long and hard. I offer all this just for history and framing the situation.


    What I am most interested in knowing is if the possible rust issues I tried to point out were severe enough both structurally and economically to make the car a money pit. Again, I'm really kinda' of ignorant on the topic. I don't "think" it is, but I guess I was looking for validation or a "wake up" call because I'm too emotionally attached. I realize you can only discern so much from older pictures, but it's all I have for now.


    Secondly, I was curious what the general consensus was as to the current market value of the car. If it's less than what the current owner has into it, so be it, but I wouldn't offer him less than what he has into it.


    If I had to hazard a guess, I would say the car is worth $35K + based on NADA values and what I've seen lately posted here and elsewhere. It actually could be significantly more, but I'm not really sure.


    Anyway, I hope this helps, and again, thank you for the input thus far.


    <BLOCKQUOTE id=quote><font size=1 face="Verdana" id=quote>quote:<hr height=1 noshade id=quote>

    You really can't offer less than what you got unless the car has been used hard and shows wear beyond light use/proper storage.

    <hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana" size=2 id=quote>

  • I looked for a few years off and on at various years (65-67) and models. Then about 6 months before I bought mine I really started looking, almost to the point of obsession. I will not claim in any way to be an authority on K codes or Mustangs for that matter, but I did physically drive out and look at over 75 differnet cars in the course of about 6 months. Just looking at the pictures, and knowing about what the market is here in Texas, I would 35-38. It really does look in great shape, so it could even go higher than that here. I wouldn't offer over 40.


    I know a lot of people don't like to talk money or prices or anything like that, but it doesn't bother me. I know what I paid for mine, and what time and money I have invested in it at this point. I know I will make back at least 3 times my current investment if I do want to sell it, I've been offered 4 times what I paid for it, and it is litterally in pieces.


    I guess what it comes down to is what are you willing to buy it back for, and is he willing to sell it at that price?


    Edited by - markforsythe on 02/09/2011 00:02:42

  • oh, here i go on to post 290!!

    i have bought things in the past

    and have told the seller

    that if it turns out

    that i sell it for more profit than expected

    i'll give him 25% of that 'unexpected' profit

    this always eases their mind..

    it's called the 'ahrens honesty factor'

    and in all cases when that has happened

    they have refused to take it!!

    everyone is happy!!

    iowa

  • What work still needs to be done? Did the new owner fix any rust issues that you were worried about. How much more did he put into the car to ask a higher price? I think if you buy a different car that you would grow an attachment to that cat too? Look around to see what's out there. How much is he asking?

  • I can't open the link to the pictures but will make a comment anyway.


    We have all probably bought cars and parts at different times, sometimes under "market" value and sometimes we pay more than "market" value. Just the way it is. Many things go into the decision on the price, motivation of seller/buyer, location, etc.


    You just have to decide how much "sentimental" value this car has to you over and above the market value. I had a k-code fastback in High School and I know I would pay quite a bit over market value just to have my original car back.


    With that being said, and I can't see the car, 35-40 for a car with a lot of sheetmetal replaced and a non-matching engine, seems on the high side.


    My two pennies.


    Steven

  • Hi Stevea,


    The car has not be altered in anyway since it last belonged to me a little over five years ago.


    The difference in price between what I sold it for and what he purchased it for is due to the fact that there was a short-term owner in between us ( a dealer). I sold the car in 2005 for $28k. The current owner purchased the car shortly thereafter from the dealer for $33k + . Hence the difference in price. Of which, I guess in this case,you could consider a storage fee.<img src=images/icon_smile_wink.gif border=0 align=middle>


    I originally purchased the car in 2001 for $19.5K. So, buying her the the second time around would be a bit more expensive.


    As regards to the engine, it does not have a VIN # on it that I can tell despite my best efforts to find it. However, all the date codes on the engine, carb, transmission, and differential are proper. Based on my conversations with the majority (but not all..) of the previous owners, I think it could be the original engine unless it is a known fact that ALL K-codes came from the factory with a VIN stamp. I know there are two schools of thought on this topic. Honestly, I don't know..


    You and all the responders have brought up great points.


    I guess this is also a case of the "devil you know vs. the devil you don't.." With this car, I know what I'm getting (mostly) or maybe I should say, I'm familiar with.


    BTW, I've altered the link in my first post, but now on a Windows system it wants to launch Outlook (I assume because of the @ symbol in the link.) The best way to get to the link, is the old fashioned way of cutting and pasting the entire link path into the browsers' address field. Sorry for the complication.


    <BLOCKQUOTE id=quote><font size=1 face="Verdana" id=quote>quote:<hr height=1 noshade id=quote>

    What work still needs to be done? Did the new owner fix any rust issues that you were worried about. How much more did he put into the car to ask a higher price? I think if you buy a different car that you would grow an attachment to that cat too? Look around to see what's out there. How much is he asking?

    <hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana" size=2 id=quote>

  • Maybe I'm to sentamintal, but have regreated selling every car I have ever had.


    Things may get cheaper if the recovery from the GFC doesn't pickup. But ~33K for a fastback doesn't sound bad with every thing you have mentioned about the car so far.


    All you need to decide is if you want a blue k code fastback. Them by all means push the current owner on the currently falling prices because of the GFC and be happy with what you pay as you will recover the cost if you keep it for a while.


    Cheers


    Ben

    Cheers

    Ben

    66 GT Koupe, May San Jose build.

  • I think you should pull the trigger before someone else does.....


    It looks like a heads up Kar by the pics, especially since you owned it before. I had to do a double take as our Kars are identical except mine doesn't have a console - right down to the blue balancer, GT wheel and Black Rally-Pac. Mine is a 26D '66 Dearborn build with it's original interior, rebuilt original drive train, and a 30 yr. old repaint that's about due again. Nightmist Blue code-K is really hard to beat and has become my favorite.


    The rust mentioned is minor and very repairable. I wouldn't take $33k for mine so I think the asking price would be considered 'well bought' IMHO.


    Best of luck on your decision!


    Mark

  • I can understand your reasoning for the price now. It does sound like a nice car and the pictures looked pretty good.

    When I found the vin on my motor I had to really scrub to find it. I took all the grease AND paint off to find the vin#


    I think there is a real mixed message about if there is a vin or not on ALL the hipo motors? These guys here would probably know better than most. The vin is very lightly stamped on my block so it took a lot to find it.


    Good luck with the car, I hope you buy it!

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