Pile Of Rust Sold For $152,000

[Vince G, CSN MFT]

Some things (like this Porsche frame) shouldn't be considered restorations. How can you call something a restoration when it looks like they will have to source 99% of the car from somewhere else. It becomes a Frankenstein car at that point.

A vin number and a rusty frame (that they will add artificially to) does not make the car authentic to me. You could flip it around, and add the original headlights from this car to a complete replica, and claim the same thing.

I guess you can do/claim anything you want if you have enough money to burn.

Exactly.  A Picasso painting sold at auction for over 107 million dollars....if people have money to buy a drawing on paper, then they'll buy a car because they have money to burn.  There are plenty of people with billions of dollars to where they can't spend it fast enough...dropping 500,000 dollars on a car is nothing when you can make that amount in just a day

[funk51]

I'll give ya $30 bucks, take it or leave it

i'm addicted to that show as well as storage wars...always hoping something iron related walks into the pawn shop..occasionally when storage units go abandoned and the contents go up for sale a barbell might be in the unit,but it's usually oh look a barbelll ho hum..

[Palumboism]

Some things (like this Porsche frame) shouldn't be considered restorations. How can you call something a restoration when it looks like they will have to source 99% of the car from somewhere else. It becomes a Frankenstein car at that point.

A vin number and a rusty frame (that they will add artificially to) does not make the car authentic to me. You could flip it around, and add the original headlights from this car to a complete replica, and claim the same thing.

I guess you can do/claim anything you want if you have enough money to burn.

Actually, Vince is right.  The Vin number and photos of how the car was found are very important.  It's all part of documenting this is a legit and rare (1 of 1700) 1955 Porsche 356.  You are also right, when it's done, probably 40 percent of the body will be completely new. 

When people say older cars were better than newer cars and they point to a Chevelle that has a new frame, new suspension, new breaks, new engine, new transmission, and the body has been repainted using modern techniques, it just baffles me.  To me that's a brand new car.

[MAXX]

So let me do the math. $150k for the car.  At least $100k to restore and he can maybe sell it for $250k.  Sounds like a wise business decision

restoring would cost more than 100k

Too much rust. Would need to replace every single bodypanel. With that much rust there is nothing to save.

[Parker]

Actually, Vince is right.  The Vin number and photos of how the car was found are very important.  It's all part of documenting this is a legit and rare (1 of 1700) 1955 Porsche 356.  You are also right, when it's done, probably 40 percent of the body will be completely new. 

When people say older cars were better than newer cars and they point to a Chevelle that has a new frame, new suspension, new breaks, new engine, new transmission, and the body has been repainted using modern techniques, it just baffles me.  To me that's a brand new car.

The AC Cobra A98 Coupe was a one off Le Mans racers. It got into an accident and basically burned to the ground (if I remember the Motortrend Classics Article). So, one was built off of the plans and some molds they found.
https://www.gtplanet.net/forum/threads/ac-cobra-coupe-a98-le-mans-1964.313001/
http://saacforum.com/index.php?action=printpage;topic=15840.0

[/youtube]

[Mr Anabolic]

Exactly.  A Picasso painting sold at auction for over 107 million dollars....if people have money to buy a drawing on paper, then they'll buy a car because they have money to burn.  There are plenty of people with billions of dollars to where they can't spend it fast enough...dropping 500,000 dollars on a car is nothing when you can make that amount in just a day

There are bubbles in many "asset" classes right now.  Art, collector cars, real estate, stock market.  Bubbles always pop sooner or later.  It won't be pretty when it does.

[funk51]

This 1955 Porsche 356 Speedster just sold for $152,000.  It's unbelievable that a car in this condition could be worth that much, but when it's restored it could sell for $250,000.

http://www.carscoops.com/2015/12/somebody-just-bought-this-pile-of-rust.html

give it to danny he can resurrect it...

[obsidian]

Its not that bad....take the whole car apart and get rid of the rust and patch it up. The biggest cost is finding all the stuff that its missing like the dashboard, engine, controls, etc.  

Not that bad?? In many spots the metal is gone with holes in it! That is not an easy restoration and it will not have a lot of original parts left after the restoration either. Best thing to do is put it in a museum to prevent further decay and call it a day.

[obsidian]

Exactly.  A Picasso painting sold at auction for over 107 million dollars....if people have money to buy a drawing on paper, then they'll buy a car because they have money to burn.  There are plenty of people with billions of dollars to where they can't spend it fast enough...dropping 500,000 dollars on a car is nothing when you can make that amount in just a day

yes, but is anybody going to paint over that Picasso? No, the paint on canvas is original. This car will not be original after restoration.

[Las Vegas]

A thing of extreme beauty.

[Marty Champions]

not a good investment

[Lustral]

Exactly.  A Picasso painting sold at auction for over 107 million dollars....if people have money to buy a drawing on paper, then they'll buy a car because they have money to burn.  There are plenty of people with billions of dollars to where they can't spend it fast enough...dropping 500,000 dollars on a car is nothing when you can make that amount in just a day

Not to libel anyone but a lot of it (art and classic cars) is fancy money laundering. A Hong Kong billionaire indicted on fraud in Macau just bought a $10m diamond for his 7 year old daughter.

Money laundering and "investment" - ie believing at some point someone will pay more for it than you paid. These items have far less or no intrinsic value. The car won't be driven and the paintings will be in a vault and the daughter won't wear the diamond.