Whats It Worth?

[MotownMadman]

I have a cousin who has contacted me for the first time in years because he was aware of the type of business I am in. He wants to know if I would have an interest in buying his car to keep it in the family. In 1964 he entered and won a contest from a radio station in Detroit, I believe it was CKLW AM, he was the lucky winner of a new 1964 GTO post car, 389 Tri-Power, 4 speed, posi, red with if I remember correctly a black interior. He has always been a street rodder and I cant remember him ever driving anything that wasnt at least 30 years old. The new Goat was of no interest to him, he put it in one of his buildings on blocks, started it a few times a year, drove it a short distance once in a while, never plated it, and as of today has 900 miles on it. The car is like new. All original paperwork including the contest documents. He asked me to make him a fair offer on the car, explaining since I was family he didnt expect top dollar. I told him I would get back in a few days. Ok guys, what would be a fair offer? He is family so I dont want to insult him, yet at the same time I would like the best deal I can get. I am looking for input as to actual market value and what you would consider fair if you were in my position. Ideas guys?
Thanks,
Motown /ubbthreads/images/graemlins/dunno.gif

[lowmile]

I would offer him 30K. You don't have his number handy do you /ubbthreads/images/graemlins/naughty.gif /ubbthreads/images/graemlins/grin.gif

[MosportGreen66]

I would actually offer him a little less because it may take a few bucks to get it going and looking right.

[Keith Tedford]

Was there a magazine article on this car a few years ago? Pontiac diehards might pay more than 30K, especially with such a low mileage car with a neat history.

[DSYenko]

I think the diehards would pay more than 30K also,maybe up to 40K with those documented miles /ubbthreads/images/graemlins/eek.gif

[olredalert]

Madman,

-------Even before I looked at the 1st post after yours I said 30 big ones to myself.Fluffed and buffed,with its history the car would bring more(marketed correctly).I dont want to get into how much more,but I think the 30 figure would be fair to you both.Wish I had a shot at it!!!!!!!!!!!!!!...........Bill S

[NEW]

I would try to agree upon this car immediatly, you know its a good deal, What a history, and so nice with so low miles!

NEW

[Charley Lillard]

50+

[Stefano]

Was the GTO sold new at Royal Pontiac?

[Bill Pritchard]

Motown,

What an incredible story! That said, I think I'd have to agree with Charley that the car is easily worth 50K given the 'provenance' (as they say on the Antiques Roadshow).

Being a family issue is where things could get sticky. If you intend to keep the car for a long time, then a 30K - 35K offer is not unreasonable. If it's only to keep a relatively short time and resell, then the price depends on what type of relationship you want to maintain with your cousin and/or other family members. If he offers you the car at a below market price with the understanding that you will keep it in the family, and you do otherwise, it may cause hard feelings. Good luck, and keep us posted /ubbthreads/images/graemlins/smile.gif

[hvychev]

I am with Charley on the 50+ figure.

Motown it seems strange that this car could have gone unnoticed for so long especially with a car person like your self in the family. Do you have any pictures to share with us?

[427450]

You buy the car for $30,000 and sell it to me for $35,000. Make a fast buck and make me happy! /ubbthreads/images/graemlins/naughty.gif I just sold my first car I had for 26 years (a Ram Air II GTO). I wish I had it back!

Keith
1969 Rally Green Yenko Camaro

[MosportGreen66]

its a tough one.... the family issue is a killer.

[Jeff H]

If his price isn't too outrageous, buy it and keep it in the family for a while. Sounds like some cool history behind it with great documentation.

[mmcporter]

[ QUOTE ]
I have a cousin who has contacted me for the first time in years because he was aware of the type of business I am in. He wants to know if I would have an interest in buying his car to keep it in the family. In 1964 he entered and won a contest from a radio station in Detroit, I believe it was CKLW AM, he was the lucky winner of a new 1964 GTO post car, 389 Tri-Power, 4 speed, posi, red with if I remember correctly a black interior. He has always been a street rodder and I cant remember him ever driving anything that wasnt at least 30 years old. The new Goat was of no interest to him, he put it in one of his buildings on blocks, started it a few times a year, drove it a short distance once in a while, never plated it, and as of today has 900 miles on it. The car is like new. All original paperwork including the contest documents. He asked me to make him a fair offer on the car, explaining since I was family he didnt expect top dollar. I told him I would get back in a few days. Ok guys, what would be a fair offer? He is family so I dont want to insult him, yet at the same time I would like the best deal I can get. I am looking for input as to actual market value and what you would consider fair if you were in my position. Ideas guys?
Thanks,
Motown /ubbthreads/images/graemlins/dunno.gif

[/ QUOTE ]

<font color="blue"> Sounds like a $30K and up decision, depending upon your ultimate goal for the car. It could easily go over $50K depending upon how it looks and what work is needed to make it run again. </font>

[tom406]

Wow, that would be a HOLY GRAIL kind of car for a GTO guy. Red 4sp Tripower with no miles. Charley's right on with his $50+ assessment, giving your cousin the benefit of the doubt that he's kept it dry, shaded, operable, and rodent-free.

Honestly, if it were me, that would be a car that I'd love to own and share with the world. So I'd probably offer something in the $30-ish range to my cousin. In the interest of fairness, I'd give him first rights if I needed to sell, the sell back price being whatever I was in the car at that point. Or offer him 1/3 to 1/2 of what you clear on the car, and promise him you'll find it a good home.

Neat story, thanks for sharing and keep us posted. Pics would be sensational.

[MotownMadman]

Bill, you hit the nail on the head with the family problem. When I was about 22 I went to a family reunion at his house and it was the first time I had laid eyes on it. At that time I told him if he ever sold it to give me first shot to keep it in the family. Years had gone by and I had forgotten all about it, at a family wedding last fall which was the first time I had seen him since the reunion he asked me if I still wanted the car....WOW! I had no idea he still had it but immediatly said heck yes I wanted it, he said he was tossing the idea around as he was considering selling out and moving to Arizona. Life spun ahead and I forgot about it again until yesterday when the phone rang with him on the other end saying he was ready to let it go and what did I want to pay that was fair. I am going to his house this weekend to look it over and make an offer. The problem is this, I believe his motivation for selling to me is the fact that he has the idea I want the car to keep and not to sell. He is no dummy so I am sure he is aware of what it would bring on the open market, this comes down to a family thing and a promise he made me almost 30 years ago. At the moment I really cant afford to tie up that much $$$ just to have it sit, yet at the same time I cant afford to let it get away, so I tossed this question out here as to what would be fair and resonable between two family members that is the least amount I would have to tie up. Awhile back I had another red 64 listed for sale that belonged to a cousin on the other side of my family, it was a #3 at best driver which I sold for 11K. You guys think 20K would be an insult between family? But at the same time he is a family member I have only seen maybe five times in my entire life. Red Alert Bill, it was CKLW was it not? Or was it WKNR? I cant remember which and I forgot to ask when I had him on the phone. What to do...... /ubbthreads/images/graemlins/dunno.gif /ubbthreads/images/graemlins/dunno.gif /ubbthreads/images/graemlins/dunno.gif
Thanks,
Mo /ubbthreads/images/graemlins/beers.gif

[KENNY_PASCOE]

MOTOWN,
ASK HIM WHAT HE FEELS IS A FAIR PRICE, YOU MAY BE SURPRISED AT HIS ANSWER!! VALUE... I AGREE WITH EVERYONES POST. KP

[Stuart Adams]

Matt, you said he has no interest in the car, so maybe you should ask him what is fair (NADA sais 30ish) and go from there. Would he be mad if you sold it for a profit shortly after you bought it? Tough decision, but like Kenny sais, put the ball in his court and see where HE is at on it.

[Charley Lillard]

I'm glad you Guys are not my Relatives.... /ubbthreads/images/graemlins/grin.gif

[Mr70]

I say take whatever amount of money you are planning on paying your cousin for this Car,take that amount to Wisconsin,knock on the door of that owner with the Yenko Camaro rusting away in his Yard,show him this Money,tell him it is Just a down payment,and say you will return with more Money later!
Still waiting to hear when that comes to fruition.... /ubbthreads/images/graemlins/smirk.gif

[JoeG]

What to do...... /ubbthreads/images/graemlins/dunno.gif /ubbthreads/images/graemlins/dunno.gif /ubbthreads/images/graemlins/dunno.gif
Thanks,
Mo /ubbthreads/images/graemlins/beers.gif

[/ QUOTE ]

Motown ,
On my way out on a trip for a while-----Just do the right thing--- .Family in most cases is forever--business deals are over after the exchange of money and everyone concerned signs on the dotted line---IMO. /ubbthreads/images/graemlins/beers.gif

Take Care,
JoeG--------------

[MotownMadman]

Charlie, I get the idea you understand my dilemma, Stuart, you would trade your first born for a dark tanned Havasu hottie in a napkin sized bikini! /ubbthreads/images/graemlins/grin.gif If I sold the car I would be writing off a relative and all those that would find out about it. I do like the idea of finding out what he feels is fair, it just might surprise me. Sometimes these cars turn into a absolute case of pure Drama. /ubbthreads/images/graemlins/dunno.gif Mr70, I have very rarely ever said this in my life, but as for the Wisconsin Yenko, I surrender. Short of physical force or flat out grand theft I dont believe that car can be had at any price. 1000 years from now that car will be a roped off archeological dig site, a dinosaur from the Yenkoassic period. /ubbthreads/images/graemlins/grin.gif
Thanks,
Motown /ubbthreads/images/graemlins/beers.gif

[hvychev]

Mo what ever the case may be pull the trigger before the masked man from the east coast swoops in and gets it like those Berger Plate frames &amp; emblems from the junk yard! /ubbthreads/images/graemlins/grin.gif

[MotownMadman]

Frank,
I still think you were the masked man, not from the east, but from the west giving misinformation, my guess is you took all the profit from the Mach I you stole from that guy and used it to by Berger Memoribilia. /ubbthreads/images/graemlins/grin.gif /ubbthreads/images/graemlins/grin.gif
Motown /ubbthreads/images/graemlins/beers.gif

[BBIGG BLOCK 396]

Mo,FIRST look at the car! before you talk about price.I am like Kenny,I would let him know it is hard to just shoot a price to him because you would not want to insult him in any way.I would let him know what the NADA book says the car is worth and see if he will not set a price on the car.As far as FAMILY,seems to me he is wanting it to stay in the FAMILY that is why he has contacted you,I think he would be upset if you turned the car into profit for yourself in a short period of time.I would buy the car only to keep it for YOURSELF.Now things always change in time and if you need to sell the car a few years down the road then so be it.I would let my Cousin know this in advance that you will keep the car as long as possible!

First: Go see the Car in person,you may not want to pay 30ish for the car after you see it!

Second: try to let the Cousin set the sale price based on the information you provide him,that way he certailny would not or should not be insulted!

Third: Let him know that you will keep the car in the FAMILY as long as you can! And if possible you will keep it many many years as he has.

Fourth: If you guys reach an agreement then neither can be insulted or mad about the deal! and you shall remain Family forever without any problems.

Like someone else stated it may take a FEW BUCKS! to get the car in nice shape to where you could turn a nice profit if and when you decide to resale the car.You have certainly seen vehicles stored improperly for long periods of time and what can happen,not saying your Cousin has had it stored improperly but YOU NEED TO SEE THE CAR!

Just my 2cents worth /ubbthreads/images/graemlins/beers.gif

Bobby

[MosportGreen66]

[ QUOTE ]
I'm glad you Guys are not my Relatives.... /ubbthreads/images/graemlins/grin.gif

[/ QUOTE ]

haha!

[Charles]

Motown that GTO was likely given away by an American station WKNR? CKLW or the "The BIG 8 " as it was known was across the river in Windsor Ontario. Back in 1964 GM did not import many American Pontiacs to Canada. They were too expensive with import taxes; this was before the Auto Pact. Canada had to make do with Pontiac's that had Chevy RAT motors. They had funny names like Beaumont and Parisienne Custom Sport. There was no "wide track" Pontiac as they all used Chevy platforms.
I would go look at the GTO for the sake of seeing it but if I wasn't going to keep it, then I'd go buy another Chevy instead...

[MotownMadman]

Charles, It was either WKNR known as "Keener" 13, or CKLW. I will post for sure when I find out. Bobby, your 2 cents sounds like good sense to me. Heck, by now the thing could be a Flintstone mobile with no floors, but not likely as it has been in dry storage and cousin has descibed it as like new to me on the phone. I will know soon enough. Thanks for the advice guys,
Motown /ubbthreads/images/graemlins/beers.gif

[tom406]

I've been thinking about this some more, and I think in this situation you have to keep everything on the level. So you just tell him like it is. Say a fair price is probably about 30 grand, but that in the circles you deal in, you might very well be offered more than that. Then just be real honest about your situation. Tell him that if he's really interested in having you keep it in the family for the forseeable future, that you're only comfortable/capable having X amount ($10K, 20K, whatever) of dollars tied up in it. He's not in the car a hell of a lot, so its possible that he'll be fine with that. If not, ask him if he'd like you to help him market the car. You could super detail it, run it to a few shows to get some exposure, then sell it to the best home you can find. I'm confident that your marketing efforts will easily bring more money for the car than the 10 or 20% you'd likely arrange for your cut. So it would be a win/win for the two of you, and the car as well. Good luck!
TOM

[olredalert]

Madman,

-------Keep it in the family.Let your "other" cousin "Ol Red" keep it a nice,healthy,dry environment.You know "your other cousin".The one from East China.You see that cousin even less than you see the one with the GTO(like never)but lets not quibble!!!!!!!Awaiting your decision,Cuz..........Ol Red.......Bill S

[MotownMadman]

Bill,
It just amazes me when it comes time for family to part ways with cool stuff, or when an estate is being divided up how many family members pop out of the woodwork! Right Cuz? I have been doing a bit of research, seems the sedan GTO in 64 was less produced then the hardtop? Anyone verify that?
Motown /ubbthreads/images/graemlins/beers.gif

[tom406]

My "BIG LITTLE GTO BOOK" shows 1964 production at 7384 pillared coupes, 18422 hardtops, and 6644 converts, for a total of 32450. Of that total 8245 were factory Tripower cars.

This is a case where I don't think rarer is more desirable. Usually, hardtops bring more, but in the case of this car, I think its a wash, value-wise.

[TimG]

I thought the car they featured in MCR was a 1967 GTO, did they have this prmotion more than one year? Was this the Tom McCan Shoe car?

[MosportGreen66]

Hold on one second. You stated in your opening post that your cousin disliked the car to a high extent. Does he know the market value of a no mile GTO? I agree, go see the car, and make your chioce from there.

[MotownMadman]

Tim,
The Thom McCaan shoe car was on a different radio station if my memory serves me correctly, but I do believe you are correct that it was 1967 on that car. The 64 was a radio station promotion, something to do with "Wide Track" or "Tiger", I will know more after the weekend, but it gave a ton of advertisment for Pontiac and the participating dealer. Mo, he wasnt excited about the car at the time of delivery as at that time it was just another "new car" and he has been a lifelong street rodder, which are a whole different breed. In this day and age you would have to live in a cave to not know the value of this low mile goat, if it hasnt turned into the largest mouse nest in the midwest. /ubbthreads/images/graemlins/grin.gif It is just too bad it is not something along the lines of a 67 Z-28, or a Z-16 Chevelle! I dont think I would be able to contain myself if that were the case.
Thanks,
Motown /ubbthreads/images/graemlins/beers.gif

[Charles]

For comparison on the "what's it worth?" question I noticed a red 1964 GTO with a black convertible top. It was for sale at a dealer in NJ. It was a tri power, 4 speed car totally restored. Asking price 32,000USD.

[BBIGG BLOCK 396]

Mo,Being your Cousin is an old street rodder,and us old street rodders usually like keeping our investments in really good shape! You may not be able to contain yourself when you see the old GOAT.It is pretty easy to find plenty of nice 64,66,and 67 Goats but 1965's are a different story.They are usually harder to come by than the others and around here usually bring a few more bucks .At least that is the way it is here in Texas.I know the GTO you are going to be looking at is a 64 but I am sure it is well worth over 30K due to the mileage and History of the car if he has kept it really nice, myself I would love to have a nice Yellow 65 Goat,I remember my brother in law bought my sister one in very late 64 and gave it to her.Man that was a fine car,389 tri power with a 4 speed and that sucker would scream.I remember going for many rides in that GTO.Good luck on your road trip and I hope it turns out to be SUPERFINE and you can get it at a price to where you can keep it many many years.When I get my old 64 Sports Fury completed I think I will be looking for a Yellow 65 goat /ubbthreads/images/graemlins/3gears.gif

Bobby /ubbthreads/images/graemlins/biggthumpup.gif