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MG MGB Technical - Your car's worth?

In reading a response to another thread, and talking to a co-worker about what his car was worth, I wondered what others have spent on their cars.
The other thread:
"I've spent about $17,000+ US on mine and most of it was done around six years ago and I've done all the labor except the paint."
My co-worker said he would not sell his for less than $90K, because of sentimental value. 1967 B that is a well driven driver.
That's a huge variation. I, for one, haven't got that much money into it, but have a great MGB that's a pleasure to drive. Plus, I love to do all the work myself, which is another aspect of the experience... like a hobby, or doing Sudoku puzzles. With a base price of $3,500, new seat covers, twin SU's, and the various (countless, actually) maintenance stuff, I'm thinking there's no more than $5K in it. Of course, it's worth more than that!
What about your costs. How do they compare?
Randy
1977 MGB

randy olson

Randy

I would say I have about $5,000 into my 67 B GT to include price I paid and restoration (all work done by myself). I have not done the motor yet, but it has 80000 original miles and mechanicals all check out fine.

It may be worth a bit more than this, but it is probably close to what I have in it. But then, I did not restore it to sell. Just to have a fun car to own and drive

Bruce Cunha

I always think of the money spent as not just being on parts but also hours of entertainment for me. Compared to spending the $14NZ to go to a movie for 2 hours it is great value. I'd much rather be lying on my back under the car scraping off 30 years of oil and grease and dirt than having to sit through the latest piece of crap starring Tom Cruise for example :)

I am guessing that with a $6000NZ starting price I have probably put in around $15000-20000NZ in the last couple of years and I'm not done yet. Currently $1.00NZ is about $0.61US.
Simon Jansen

I paid $4800 for my '72B in July of 2001. For the first few years, I kept track of receipts for parts, and did most of the labor myself, except for paint & wheel alignment. I would guess that I have $4500 in parts into it, and still haven't opened up the motor with 104K miles. I know I will always have more into it than it is worth, but the joy it has brought me is well worth the expense. Just think what many spend for a vacation for a week, or the depreciation of a new car out of the show room and my MG expenses are put into perspective.
Joe

Family Heirloom. Will Never Sell!!!!!!!!!

Supercharger: $3,000.00
5-Speed T-9: $2,400.00
Peco H/Exhaust: $500.00
Deluxe Interior $1,495.00
Minlite Wheels $1,000.00
195/65 15 5 ea $300.00
wood Dash Kit $290.00
Hi Torque Starter $280.00
Gm Delco Alter $120.00
Heat Shield S/C $145.00
Lthr Steer Wheel $200.00
Power Windows $400.00
Empr 3 pc Matts $100.00
Trunk Carp Kit $150.00
Power Mirrors $100.00
VDO Gauge Set $350.00
S/s Lic Frame 2ea $80.00
Push Fan 14 inch $80.00
Front Air Dam $90.00
Boston Speakers $300.00
Rear Tube Shocks $90.00
Sterio Pioneer $400.00
Tripod Head lamps $170.00
Body Work & Paint $2,500.00
_____________________________
Ok. That is $14,500 just here.

I also stripped my car completely and purchased all new parts from Front to Rear bumpers ($1,700.00),new gas tank, radiator, brake and fuel lines, new dash cover, fuel pump, stage 3 engine rebuild kit, all new nuts and bolts (many are stainless steel),windshield, and what ever you can think of. There are more little arts to a MGB than you would think. All labor was free and by me.

I would say easily over $20,000 just on parts. You don't want to know what it cost to ship. A Lot.
Why? This MGB has been in our Family from the begining and will be forever so no amount of money would stop me from making this car look and drive like it is brand new.

Ray 1977mgb Supercharged
Ray 1977mgb

Come on Ray - Comparing your car to ours is like comparing a Yugo to a Rolls Royce. Your car is fabulous and none of ours compare.

For everyone out there that has not seen Ray's car, here is the link. Be ready to drool.

http://www.treasure-island-jewelers.com/_private/1977mgbSupercharger.htm

Robert
Robert Browning

Not for sale, period. Of course some will say "You'd sell it for a million dollars". Well, maybe I would and maybe I wouldn't. But no one would ever offer that amount. So, for the amount someone would actually offer, even a very rich person, I would not sell my B. It was my first car and I'm a 3rd generation family owner.
Steve Simmons

I'd sell mine if someone offered a good price. I'd just get a new project. I keep wanting to restore a classic old British bike. Of course I haven't actually driven the car yet so maybe that will change after we've had a chance to bond!
Simon Jansen

OK, I just looked at Ray's list and found about $8700 worth of stuff he did that I didn't do to my '73 GT. I've owned that car for 20 years and it appears that I'm not about to sell it. I'm not sure, but my total investment has got to be under $10K, including A/C.

Comparing the costs with owning/driving a modern car, you have to consider that a lot of what we call "restoration" is just "maintenance" and all cars require it sooner or later. With modern cars, most of us calculate depreciation by subtracting the selling price from the buying price with no consideration for what has been spent in between. If we're talking about a level playing field, we ought to figure it the same way for both types of cars. And any way you slice it, running an MGB has got to be much cheaper than running a modern car. Little or negative depreciation, cheaper insurance, no car payments (except for all those online orders on the VISA card!), and no shop charges for those of us that do our own work (and we all should).

As I drove my B back from Michigan to Virginia last Saturday, again I was struck by the observation that there was nothing, absolutely NOTHING, that could go wrong with this car that is not worth fixing. Forget the fun, forget the collector value, forget the clubs; just intrinsically, it pays to buy a well-designed, well-built, modestly appreciating antique car and USE it. Outside of a bunch of dispensible bells and whistles, and non-user-serviceable components, what do the newer cars offer? Maybe a smoother idle... I got 32 mpg at 70-75 mph and thoroughly enjoyed driving this smooth, comfortable, car.

FWIW,
Allen

FWIW,
Allen
Allen

Interesting thread. A Norwegian perspective:

I paid NOK 130.000, that equals USD 21.000, for my 64 MGB four years ago. The body had been down to the bare metal, interior, wires etc. were new, but engine and gearbox had not ben touched.

Since then I have spent about USD 6.500 on it. Rebuilt engine and gearbox, new springs/bushes, new wheels and hubs.

Today, the market value of my car is about USD 23.000. There are lots of MGBs on the market here, so it is quite possible to give a "list price".

You will never make money on your MGB, but for most of us that is not the idea anyway!

Tore
Tore

I've got about $7500 in my '72 B with bare metal respray, new interior, engine rebuild, new wiring, on and on. It might bring that much in a re-sell.

Then, I have a '67 B GT Special with less than $100 in it. It might bring that in a re-sell :)

David
David Steverson

I'll put it this way: it is worth more to me than it is to most other enthusiasts. It is paid for, costs me little for continuing maintenance, and after almost 20 yrs of ownership, restoration, and daily driving, I have way more invested than I will likely ever get out of it. But on the other hand, it still hasn't come close to costing me what a new Miata or Honda S2000 costs right out of the chute.

I have a feeling that some of the cars above probably started off in better shape than mine as I had $7500 into it for a total rebuild back in 1989 doing all my own labor. Adjusting for inflation, I would imagine doing the same project in the same way would have cost significantly more than that by now. And certainly, if someone else was doing at least some of the work.
Bob Muenchausen

Gooday all.

I guess i was lucky. i was given my 69 roadster as it was in a thousand pieces and suffered from bad rust on a shed floor for 20 years . Amazingly, the only nuts and bolts i had to buy were the engine mounts. the car was complete but needed all parts refurbished. All the work ,except for the seat reupholstering was done by myself including paint. The mechanicals were all fine with only 68thousand miles on it. Replaced sills and floors and rebuilt the plenhum chamber (major job) but the rest was repairable. Total costs excluding my labour of love...3500 aust. I have been offered 25ooo by three different people and have it insured for 23 agreed value. i use it for every day driving.. Just goes to show that with perseverance and some mechanical ability, you can make money on an mg.Not that i will sell it, i love driving it. Oh, three months labour to build it from scratch..

cheers
Cactus

I'm the guy thats spent over $17,000 on his B at the top of the thread.

The car was given to me as a freebie. I can't list what I had to replace as theres not much room and time. lets just say that if I had to do it again I'd have gladly given a couple of thou to start with a good body.

I'm now at 18K+ miles and the car is still as brand new. I used it as a daily driver for two years and its now relegated to only a couple of days a week. Extremely dependable after all the bits were changed and uprated.

Whats it worth? Probably not much over $10,000 at auction, but its priceless to me. Sure, I'd sell it or trade it, but the money better be in Jaguar XK territory and thats not likely to happen.
Luigi

This thread was discussed on 23/05/2006

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