VR6 valuation advice

[Bodgerbedge 0]

Hi. 

I am currently searching for a VR6 to use as a daily runner and show car. 

I am in touch with an owner selling a 1994 VR6 with approx 130k miles and in beautiful condition with plenty spent on it to get it to tip top condition. It's had a full respray, new tyres, clutch, timing chain and suspension. It is completely standard with everything working. The leather may need a little rejuvenation to get it perfect. Asking price is currently around £14.5k. 

Prices appear to be all over the place but I am unsure if the asking price is correct. It's seems to of had more than that spent on it with full documented evidence. 

I am just worried that I may be paying over the odds in today's climate and I really can't afford to lose on it. Everyone says that prices are going up but it looks like the higher priced cars simply are not selling! 

Any thoughts?

Thanks.

[_Matt_ 26]

Hi,

Thoughts from me ->

1) the list of jobs that have been done to the car (chains, paint, suspension) would cost a pretty penny - I believe a full respray is now in excess of £7k for a good job. I've just had chains, head refurb, clutch done myself and it wasn't cheap. Assuming the scraper seals and other trims on the car are in nice condition too it would soon cost you more than £15k to do that to a cheaper car requiring to the work.

2) If you want a decent Corrado it's going to cost £15-20k to get one to a decent condition level whichever way you look at it (a project car you spend over years or buying one off the bat that is sorted).

If the £14.5k car is good I don't think you're in a bad place money wise (assuming nothing big to spend for a few years, obsolete parts in good condition and body work is good and not full of filler etc).

The current market could give you bargaining power to make a lower offer and bare in mind Corrado's are niche and not easy to sell, which goes both ways as be prepared yourself that getting your money back out again isn't as easy as other cars.

Also a consideration, if not wanting to lose:

-in the late 90s classic car values dropped to buttons and nobody wanted them. That could happen again and all things considered is more likely than not with cost of living, interest rates, affordability etc.

-the recent covid boom on prices isn't normal and do expect prices to be less than recent history.

-it costs more to renovate and maintain these cars than they are worth as an asset.

Personally I keep these things in mind and balance that against jobs I want to do to my car i.e. don't go too mad spending as unlikely to see it back. I do what I consider is needed to make a decent, useable example & do modification I personally want (i.e. don't expect to see that cash ever again). I don't look at the car as place to put some money and flip in a years time for example else i'd be sorely disappointed!

Feel free to PM me the advert for comment and thoughts