Need help/advice on setting a price on a 1995 MX-5 with bad engine

[mrushton]

Hi Guys,

I bought my 1995 MX-5 in 17 years ago as a temporary car (my only vehicle died suddenly) and discovered I enjoyed it so much I never bothered to replace it. It now has 106,500 miles on it and the engine is basically dead. (Two cylinders are losing compression, and it smokes so badly I think NOAA has me on its most wanted list.) My mechanic thinks it's not worth fixing and has advised me to get rid of it, and buy a new (to me, anyway) car. The problem is that I can't figure out what a fair value for it is. The engine needs replacing, and the radio is worn out. Kelly Blue Book and Edmunds don't seem to cover this situation. My first though was that it was only worth the scrap value, but I now understand the body (in good shape) and the parts have value. I'm asking this group if you could help me with advice on what's it's worth. I have a potential buyer for it, but I'm having a LOT of trouble trying to figure out a fair price for it. I'm trying to find a fair market value for this car to be fair to both of us; I'm not trying to squeeze the last dollar out of him, but I want to be fair to myself also.

Any advice on the value of repairing this Miata versus buying a new (or used) replacement would also be appreciated. (Yes, I did decide the replacement would be a Miata, preferably the Club variant, although I will need to get an automatic transmission.)

I appreciate very much any advice you can offer. I can be reached via this thread or by private email to [email protected]

[Stealth97]

Pics would help. The car won't be worth near the sum of its parts, because no one wants a car that doesn't run. likely won't bring much more than a couple grand even if it's in really nice shape... a $600 used motor could make the price go up by couple thousand dollars...

[mrbill]

Hi Guys,

I bought my 1995 MX-5 in 17 years ago as a temporary car (my only vehicle died suddenly) and discovered I enjoyed it so much I never bothered to replace it. It now has 106,500 miles on it and the engine is basically dead. (Two cylinders are losing compression, and it smokes so badly I think NOAA has me on its most wanted list.) My mechanic thinks it's not worth fixing and has advised me to get rid of it, and buy a new (to me, anyway) car. The problem is that I can't figure out what a fair value for it is. The engine needs replacing, and the radio is worn out. Kelly Blue Book and Edmunds don't seem to cover this situation. My first though was that it was only worth the scrap value, but I now understand the body (in good shape) and the parts have value. I'm asking this group if you could help me with advice on what's it's worth. I have a potential buyer for it, but I'm having a LOT of trouble trying to figure out a fair price for it. I'm trying to find a fair market value for this car to be fair to both of us; I'm not trying to squeeze the last dollar out of him, but I want to be fair to myself also.

Any advice on the value of repairing this Miata versus buying a new (or used) replacement would also be appreciated. (Yes, I did decide the replacement would be a Miata, preferably the Club variant, although I will need to get an automatic transmission.)

I appreciate very much any advice you can offer. I can be reached via this thread or by private email to [email protected]

Interior condition
Exterior condition
Interior and exterior color combination
Options
General upkeep of the rest of the car, chassis, interior, top, tires, brakes, all will play a factor in to what the rolling chassis with the bad motor is worth. A car with dents, dings, a worn top, needing major mechanical work is a parts car to some, while the same car, in excellent condition, minus the need for a motor could easily be brought back to running and driving condition for someone not looking for a show car, but a nice reliable driver. Then there are some like myself, looking for one specific color (in my case Laguna Blue) roller for his next V8 conversion project.......Then again, a few here will want to just part it out, they do it often, and are quite successful at it, so if you have the time, space, and tools, you too could do the same............However, without knowing a bit more as I listed above, you'll never be able to maximize your profit potential as it appears you came here to do........


Ball is in your court, a much better description, and pictures will go a long way to helping us help you in your goal.


Bill S

[mrushton]

Guys,

Your responses are very helpful. I will post pics and a more thorough description within a few days. (I am dealing with medical issues which slow me down.) I look forward to your comments after they're posted.

[mrushton]

Bill and Stealth97,

I think the pictures are attached. (I'm still learning to use this site.) I included the original sticker from the car to resolve questions.

External color: Montego blue
Interior: Black

Body has a few minor dings but nothing serious. Paint job is in good condition, except for some deterioration on rear of trunk lid. Interior is in good condition. Engine is losing compression in two cylinders and smoking, the radio is almost dead, and the top is pretty worn. Otherwise the car has been conscientiously maintained for the last 80,000 miles, and I don't think it has any other substantial problems. I have maintenance records dating back to the original purchase. Brakes will probably need new pads relatively soon, but currently work fine. I'm only selling because my mechanic didn't think it was worth fixing, but I'm not sure he's right.

History:

Car was totalled around 23,000 miles and rebuilt. I've driven it another 80,000 miles, and the only issue from the original accident is that the headlights won't fully align. This has been a minor nuisance only when driving outside cities at night.

Please let me know if I've omitted any useful information, and I'll add it. I look forward to your comments.

Thanks.

PS. Any advice on where to find a good used or new engine, and what one should cost?

[mrbill]

So the car has a salvage history and a rebuilt titile, I see it as a $400-$500 car in my mind, you could part it out for more and get $1,500+ out of it, or throw a $500 motor in it and continue to drive it for years to come.

After it was totaled, who did the repair work, you or a qualified body shop? Did it go through Virginia's reconstructed certification process?

[ScratchNSniff]

Should be able to toss on CL and easily get $1500 as it is, easily...

[metalman]

One could get a much better example for $1500
A more realistic value for a car with its history and issues is $600-900
Even with repairs and a motor you still have a $2500 car on a good day so it is what it is.