New Guy w/ an Opportunity to buy a $6k 66 GTO - help needed - Pontiac GTO Forum
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post #1 of 5 (permalink) Old 07-12-2009, 08:04 AM Thread Starter
 
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New Guy w/ an Opportunity to buy a $6k 66 GTO - help needed

Hello,

I stumbled across a guy yesterday about his 66 GTO in his driveway and as it turns out he's down on his luck and wants to sell his GTO very quickly due to some cash issues. He's asking $6k for it but I am very uneducated about GTO's in general.

Here are the details of the car:

1. 1966 GTO, all numbers match. VIN: 242176Z1XXXXX
2. Tranny is a factory manual 3 speed, no console.
3. Motor was rebuilt after just 62k miles, and spun a bearing 200 miles after the rebuild. It has never ran since, and this was 23 years ago. The motor is out and the bottom end is ripped out, but all intact. In fact it just needs a new crank and I can have it put back together again. All original.
4. Missing front and rear bumpers, and hood.
5. Missing headliner.
6. Sheet metal is in great shape, except bad rust on the passenger side piece behind the rear window. You know the "wing" section.
7. It has only 62k original miles.
8. The son of the original owner still owns it, and it has an interesting past.
9. For all intents and purposes, this is unmolested.

Is this a great starting point and price for a 66 GTO? I'm heading back over to his house today to discuss buying it. If times got tough for me, could I easily sell it for what I am paying for it?

I appreciate anyone's responses.

Thanks, Joe
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post #2 of 5 (permalink) Old 07-12-2009, 10:24 AM
 
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Joe, Look inside the trunk, and under the carpet...if the trunk extension panel is rusted out (very common), there is a GOOD CHANCE that the trunk floor, package shelf, and pass compartment floors are rusted also. Not the end of the world, but work+time= money. I don't know where you live but a good rotesserie (body off) resto job is about 12,000 here on Long Island. That is just body and paint. $ 6000 is a little high, unless the car has all original stuff in it ...engine, nice interior, transmission, rear etc. Eric



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post #3 of 5 (permalink) Old 07-12-2009, 10:40 AM
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I'd pull the rest of the motor apart too and have the heads fluffed up and the rings renewed as well. 23 yrs is a long time, rust can form on some of those parts. You don't want your new GTO engine to blow again in another 200 miles!!
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post #4 of 5 (permalink) Old 07-12-2009, 10:55 AM
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Originally Posted by Eric Animal View Post
Joe, Look inside the trunk, and under the carpet...if the trunk extension panel is rusted out (very common), there is a GOOD CHANCE that the trunk floor, package shelf, and pass compartment floors are rusted also. Not the end of the world, but work+time= money. I don't know where you live but a good rotesserie (body off) resto job is about 12,000 here on Long Island. That is just body and paint. $ 6000 is a little high, unless the car has all original stuff in it ...engine, nice interior, transmission, rear etc. Eric



I would not buy the car without hearing it run, sure he claims it has a spun bearing but why didn't he repair the engine 23 years ago. Now the inside of the block probably has severe pitting that may not be removed with a cylinder boring.

Bumpers and hood with probably cost 1,200 to 1,500, as Eric said paint and body 12,000 and in my opinion may go higher. The interior kits go for 2,000 to 3,000, engine rebuild 3,500 to 4,500, Other items can easily cost a few thousand more.

You can have $20 K into the restoration before you know it and then ad in what you paid for the car. If the car was complete and there wasn't a problem with the block $6,000 may be a good price.

I wouldn't offer more than $3,000, if you can take the block to a machine shop and get a clean bill of health then offer a little more.

Randy


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post #5 of 5 (permalink) Old 07-13-2009, 12:06 PM
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It would be worth the 6k if it had been left alone after the engine spun a bearing. But somehow, it got canabalized. If it's the original family, then WHERE are the bumpers, hood, etc. ?? A complete, blown up GTO in restorable condition would easily be worth the 6k. A disassembled and unfinished basket case, with missing parts, is another story.
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