VCCA Home Forums GENERAL DISCUSSION General Discussions Valuation of a car

I have a 1948 Fleetmaster convertible that I may be posting for sale. This car is one of the collection from my fathers and grandfathers cars. I recall the car running in the early 60's. Dad had replaced the top and was putting the car back into storage at that time. Basically the car is in in survivor condition with 100000 miles on the odometer. It is however showing the typical signs of long term storage. Mice have been in the interior. Engine is free and the car does roll. All glass is good , but the once new top has rotted away. All the body and sheet metal is in tact and I don't see any rust to speak of. I have not had the car elevated to see the frame. Is there a guide to pricing this car or is it simply what the seller and buyer agrees upon? I don't own this car, It has been placed in my brothers possession but he doesn't have the funds to have the car moved across the country to his residence and is seriously considering selling it.

Value of a car depends on how bad a seller wants to sell and a buyer wants to buy. Since I'm not in the market for one it's worth nothing to me but someone who's been looking for a car like that since they were a kid would pay up for it. Geographic location also plays a part. Barn & garage "finds" are more valuable on either coast. Photos showing the car in it's current condition would help. You might consider checking ebay and hemmings to see what similar cars are bringing.

...condition, condition, condition.

I agree with Achipmunk. Condition is everything for a given car. And Tiny is correct that the sell price is the result of a willing buyer and willing seller reaching an agreement.

I often use the Hagerty Valuation tool as a starting point. The limitation in this case is that they do not present a value for non-running cars. The lowest value they show for a 1948 Fleetmaster convertible is $9400 for a condition #4 car (Fair).

You asked so I will be so bold as to state that you would be doing well if you get $5000 for the car. My realistic estimate is $3000.

While this car is not quite a parts car it is a long way from being a drivable vehicle. With that many miles the engine is ready for its second rebuild. You can quickly spend $15,000 - $20,000 just to get it on the road comfortably and safely. That will be even higher if the new owner pays for all the labor as well as parts.

I've settled the question on my own after speaking with a collector here at home who is all Dodge and Studebaker. When I mentioned figures he said what he would be willing to pay for the car and I went from there. I know the car. I rode in it when it was last running many years ago. The car was sold new by my grandfather and resold as a used unit to the second owner and then to my father when it came back to the dealership for the third time. It is a complete "barn find" and now it is my 2nd car along with the 29 which was the first car grandpa sold as a franchised Chevrolet dealer. I look forward the task ahead of me and feel that in time this will be a beautiful car. I'll keep you informed as I make progress in it's restoration and someday the car will win it's Junior plaque.

Glad you decided to keep it in the family vs selling it and having it end up as a rat rod or worse.

As others have mentioned, typically a car needing restoration is worth only as much or little as someone else is willing to pay. Show cars and nice drivers may be the exception, and hiring an appraiser may be your best bet in determining value once you complete your restoration. This can be useful for insurance purposes, etc.. Good luck and enjoy the restoration.

Finally, do some long thought out strategic planning and decide how and what type of restoration you will do. Don't get ahead of yourself. Many folks tear into a project until they are left with a heap of disassembled parts, and then feel overwhelmed. More than one ambitious project has been known to end up for sale after that happens.

My immediate plans are to merely add some Marvel Mystery oil to the cylinders and spin the engine over for now. Probably will wash the years of dust off the lower body and get a good look at the paint quality at 72 yrs of age. Also want to jack it up and get a good look at the frame. Hopefully all is well down under. Next summer I'll work at seeing if it will run and go from there.

Don't forget the gas tank and lines. Those should get a thorough flushing/replacement to get all the old gas out. After you determine the engine is free, you might do a compression check, which will give you a good idea what shape the internals are in.
Good luck and keep those critters out of the car up there in the North Country.

Yes, gas tank and lines along with the fuel pump as well. Thanks Rick, and yes the critters like autos in the winter.

If you do the job right for show quality, as you suggested when you said "Junior" award, then you may end up having more in it than it is worth.

How rust-free the under-pan, etc, is will make a huge difference and how much of the work you can do will impact have a relative impact on dollars spent, as well.

Can't get Hampton Coach kits anymore, so that is a consideration also.

Heirloom attachment often leaves us with a distorted or unreasonable attraction to something. 100K on it then you are looking at a overhaul/rebuild on the engine and transmission (at least a synchronizer) and maybe not much in the differential except seals, shoes, drums, etc. Front end rebuild, body work, prep for paint, cost of paint and materials, etc can really add up. Top and upholstery, woodgraining, etc. Lots of things to consider.

My advice: Get a box of Kleenex and wipe your eyes as you see it's going down the road. Grandpa and Dad will likely nod in agreement.

Good luck and have fun.

Best,

Charlie

We'll have to see what the future holds. For now I'm intent on doing this car as my grandad did his, one of which has already taken a junior first.

Well the worst has happened, before I was able to pay my brother for the 48 he changed his mind and decided not to sell it. I'm rather disappointed to say the least but I understand why he wants to keep it. It was going to be such a sweet car but now, anyways, I may be able to afford the Corvette I have always wanted. Ah hah! There is a silver lining!!

Thanks for Sharing us with the same. I know one company which evaluates cars and offers the best price. If you are interested then kindly have a look: https://www.worldwideautomobile.com/

For your brother to change his mind now that you want the car is interesting. Would he have changed his mind if some totally stranger had been willing to buy the car?

I think the car is worth 10-15K. Just take a look at Dale's 48 convertible and you will realize the beauty and desirability of the 47-49 convertibles.

Forget the Corvette. Tell your brother that you will give him 12.5K for the car, cash on the barrel head, as is.

Then freshen up the engine, brakes, front end, get a cheap paint job, new tires and enjoy it.

a. Engine cost: $50-100 for miscellaneous stuff. Like oil, spark plugs, hoses, etc.

b. Brakes cost. $100/ Some brake fluid, shoes and turning of the drums. Hone and Master and wheel kits. Less than $100.

c. Front end: Rebuilt shocks, bushings, and upper and lower pins. $800-1k. (rebuilt shocks are rather expensive. Someone may have a NOS set that will still be in good condition.

d. Tires: 1.2K Expensive,

e. Gas tank. $3-400,

e. Fuel pump: $100.

f: Over all misc:: For odds and ends; $500.

g. Top and seat covers: $2k.

h. Paint joy. Use a discount paint company. Slip the painter and extra hundred bucks and he will try to take pride in the job. At a quarter of a mile you won't be able to tell the difference between it and a 5K job. Maybe even shorter distance than that.

Total: To have it enjoyable. Between $4 and 5K, assuming you can do most of the mechanical work yourself. Including maintenance manual so you can do most of the work yourself. I'm 85 and last year and just recently I rebuilt two 41 front ends from the shocks down. Follow the book. Exactly.

Best.

Charlie

BTW: I am aware that I took certain liberties concerning you and your brother. I apologize for that. I have been around for awhile now and I know how some things work when families are involved. Settling an estate is one of the hardest things to accomplish without someone feeling that they are leftt sucking on a hind teat. You know. Again, I stepped on toes here. I'm sorry and I do sincerely apologize. Especially if it was not warranted in the instant case. I just didn't know how to put it if that were indeed the case.

Not to worry Charlie. He was willed the car, I hadn't sent him the money, it's still his in my eyes, and the car is in a much better building in the interim.