What's a 1981 Coupe worth with issues?

I'm looking at a 1981 coupe that failed it's Colorado smog check. It has a clean carfax otherwise. It has some surface rust on the sway bar and stuff like that. Spent time on the East Coast. Some small rust bubbles on the bottoms of the doors. Driver's seat leather has some splits. Rest of the interior is very nice. Rest of the paint is nice. Good panel fit, etc. Rosso red. Does run good. No obvious smoke. Good trans, brakes, etc. Only real issues are the smog (a biggie), rust bubbles and seat. Otherwise it's a nice car. All stock. Any body want to throw out a guess what it's worth?

 

Real world?

Retail = $13k

Dealer to dealer auction = $8k

Flippers dream?

$28k

 

I think a well sorted Mondial 8 is worth around $20k.

For comparison - I bought my 85 QV in Jan of this year for $25K. Mechanically perfect, cosmetically not so much. Exterior is a 15footer, with lots of rock chips on the front, bumpers need refinishing, and a few very small door dings. Nothing visible from about 15 feet away.
Interior - on a scale of 1 to 10, with 10 being perfect - my interior is about a 4. Leather needs restoration due to cracks, hardening and discoloring (no splits or holes).

Where I live (Texas), smog testing isn't required of cars more than 25 years old. Only a yearly safety check (brakes, lights, horn). Costs $25.

Here's another example from Beverly Hills Car Club (a reseller of "project" cars). 1982 Ferrari Mondial | Beverly Hills Car Club
Note that $17.5K is the asking price. I don't think I'd pay more than $12k for this example.

Good Luck. These Mondials are fantastic and fun cars. They drive great, sound great, and are head turners. I love mine.

Sid

 

I'd put the number slightly higher than Wade or Sid. I just bought an 83 QV coupe for $23k. Cosmetically it's pretty good. Exterior probably 7/10. From 10ft away it's perfect. Up close some very small dings and fine scratches, with a repaired rust area by the gas port. Interior is great. 9/10. Mechanically, 6/10- while it runs just fine it's got a lot of money now going into undoing years of owner serviced shortcuts and MacGyver'd fixes. When I'm done it will be more like a $40k car, which is high but I'm not flipping it and I'm doing a lot of long term fixes/upgrades.

I think $20k for a very nice 8 is very low these days. One just sold on eBay for $35k, and the former owner (who sold to the seller) chimed in here afterward to say that the car wasn't as perfect as the seller had indicated. Another 8 is for sale in VT at $32k. While they'll likely take less I doubt they'll go down to $20k.
I'd say a nicely sorted 8 should be more like $25-$30k. $30/$35k for a QV. Then figure out what needs to be done and subtract 50-60% of the repair costs from the sale price (as you can't expect the seller to eat it all). That's your number.
Mondials are going up. Not skyrocketing, but definitely going up.

 

OK. Do you have any examples of recent cars that have changed hands for prices like these? Other than the 28K, of course.

I think I can get this car for $17.5K. Maybe too much?

 

You need to think about it the other way around, IMO. First ask yourself what condition car do you want? Then ask how much you're willing to spend to get it there. Then ask yourself if you're ok with it going $10k above that number. If you can reconcile all that with paying $17,5k, then it's the right price. You've got paint & body, interior, and engine work. It's not going to be cheap. But in the end it's worth what you're willing to pay to have it. No more, no less.

 

What kind of smoke comes out? Grey or black blueish? and pull the spark plugs this will tell you also something on how this baby is running.

Let's say it is grey.. then it is a fuel issue, usually to reach. Vacuum leaks, bad injectors etc. Not really shocking of a Mondial this age.

Black/blueish, is oil.. usually you will smell it. Head rebuild or worst case piston rings would need to be done sooner or later.

Spark plugs will tell you a lot. and I would do a leak down and compression test. Depending on this base your price I would say.
Image Unavailable, Please Login

 

I understand that logic and it makes a lot of sense. However, in this case, I'd like to try not to be in it for more than it's worth. I've seen high prices on some Mondials lately. Obviously that doesn't mean they change hands for that much. I do all my own work. I did an engine out on my previous 348 myself and fixed/re-engineered a dead HVAC unit (way more than just a fuse!).
I'm hoping the CIS is the main culprit for the smog and that I can fix it pretty cheap. I plan to put on some 360 wheels and put in some ebay Recaro type seats that I can take back out when I'm done. With a purchase price of 17.5K I hope to have less than 20K in it when it is done, including tax and everything else. I'll touch up and buff the paint on the bottom of the doors myself.

I see you paid $23K for yours. I'm sure the QV's are worth more. How about coupe vs. convertible? How does that affect value?

If you can get a nice running, clean, non QV coupe for $20K then I'm paying too much. If you'd have to pay $25K for that then I think I'm good.

 

OK thanks I'll do that. If it's fuel related and no internal engine work is needed, what do you think it's worth?

 

Sorry Brian, I do not really know US prices. Europe is a totally different ball game regarding prices on Mondials and especially on parts. Mondial 8 has not the favor for Mondial buyers, so I guess Wade's estimate gives you a good indication. Knowing this I would not pay more then 15k I think, depending how badly you want the car. Anyway don't listen to me for prices as I live on a different continent I do know that a major service on a Mondial can cost you 10k if you are not a DIYer.

HTH
all the best Tijn

 

Just FYI.. Forum member "Mondial83" het one last year. Not sure what he paid though.

 

Here are some pictures of the object of my affection.
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login

 

more
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login

 

more
Image Unavailable, Please Login
Image Unavailable, Please Login
Image Unavailable, Please Login

 

I called a guy who parts our Ferraris. Based on my description over the phone he said he would probably offer 13-15 for it as a parts car.

 

In this condition I would not pay any more than 8 k for this Mondial. It will cost every bit of 20 to bring it back if you can not do ALL of the work yourself. Your looking at 10 k easy for the paint. It must have a major service 10 k the interior at least 6 k. Tunnel hoses for radiator 2 k and the list goes on and on and on. Mine was a mess like this one is. I paid 15k for mine I have 13 k getting the engine straight and another 12 k in paint and body and another 1,300 for headliner I still need new exhaust I still need new interior I still need a few odds and ends. All total I will have close to 40k in my Fcar. Yes it will be like new however I could have bought a better example and spent half that. Again this Mondial is worth 8k at best. Be ready to dig deep and then just a bit deeper than that. My Fcar is still at the paint shop. Once stripped they found some old repair etc. that had to be fixed the right way. It's been a year long journey and over 20 k.

 

It's worth more in parts than it sits in its current condition. Parting it out will take some time. I need all sorts of things I'm your first customer buy it for parts.

 

Do a completed listing search on eBay. I think a lot of the valuations you're getting here are about a year of so behind the times. That said, it's a Ferrari. Very expensive just in parts alone. But it because you love it or are excited to dig into it and make it new again, not to make financial sense.

 

It sounds like you've had a bad experience. I'm sorry to hear that. What do you see here that I'm not seeing? I will, indeed, do everything myself. I don't see it needing a complete paint job. If I did, that would be a deal breaker right there. I've yet to see the car in person, but from what I can tell the bottoms of the doors need to be repaired and that's about it. The interior looks really nice to me, save for the driver's seat. Does a driver's seat cost 6k?

There is a big difference between doing your own work and paying others. Labor is generally the lion's share of repairs. I did my 348 engine out service for about $1800 in parts. That was belts, seals, tensioner bearings, new AC compressor and most of the other things you do in a major. I haven't checked but aren't mondial8/308 parts cheaper than 348 parts?

Having said that, if I do take the foolish plunge and buy it, then later realize my folly and part it out, I'll be in touch!

 

If you can do all the work and you know Ferrari engines. You can do paint and body. Buy and you will have 10 k in it after purchase and you will be right in line with what it is currently worth. Mine had no visible rust no visible wear on the body however when the body shop started to take it apart and strip the old paint. They found lots of hidden areas that were poorly repaired years ago. Rust just scares me however I am not a paint and body man nor a Ferrari mechanic. My interior is in a lot better shape than these photos. A driver seat would run deferent prices depending on how nice you want it. I want mine to be like new and look new so I spent the farm on redoing it all.

 

That's always the problem with valuating Mondials, there isn't enough of them in the first place, and changing hands, who knows?

Based on the condition, and the fact that it's a Mondial 8 (which I love, btw), I think that $17.5 is full retail. But we're still bubbling...

And don't forget, that car is running TRX tires/wheels as well. So, all things considered, go for $15k if you really want it. Personally, I think that red devalues this particular model (too "common"). Hmm... is red the original color?

Also, take a close look inside the left and right trunk wells as they're prone to rusting out.

 

Sounds like you will have a really nice car when it's done. Where do you see flaws in the interior besides the driver's seat? I don't see any. Then again, love is blind

Also, to be clear, are you saying that a clean, well running, relatively low mileage mondial8 coupe is worht 27K?

 

Rodney's post is pretty much on target for cars with deferred maintenance and lacked true ownership. His quotes are in the ballpark as well (food for thought, overall). In other words, $6k would be a full interior refurb/restoration thus bringing the car back to "Ferrari" standards. But as a driver, which is what I'd do for starters, then redoing one seat is obviously less.

 

Oh I do t see any real flaws I would just speaking about making it all new again and paying a third party as I have done. I'm with wade but I would still offer about 13 k depending on the how the engine runs.

 

OK cool I will. BTW, do you or anyone else have any data to support the 17.5 being full retail?

I just looked at ebay completed listings. Not too many early coupes but it looks like you can get a pretty good car without too many issues for 20 ish and something pretty nice for 25K.

Convertibles quite a bit more. I'd rather have a convertible but don't want to spend that much.

Pretty sure red is the original color. I saw the color tag.