Bill,
I can't speak to the condition of the bugeye and it's value, but I can tell
you from my recent experience with a local bank (is the actually such a
thing as a LOCAL bank anymore?) that the banks are not much interested in
any car over 7 years old as collateral. They will make you a signature
loan, or if interest rates don't scare you, use one of those handy checks
your gold or platinum visa is always sending you in the mail.
Good luck and good hunting. Don't be rushed. I looked for 2-3 years to
find a 74 Midget in fair shape for half the price most previous sellers had
been asking. There are still bargains out there.
I had to pass on a 53TD last month for $7500 (asking!)....my wife has
limited vision, or limited tolerance for "honey, just one more car..." This
MG was an older restoration and very driveable.
Regards,
Robert Houston
74 Midget, Katy
-----Original Message-----
From: The Flowers <wflowers@gte.net>
To: spridgets@autox.team.net <spridgets@autox.team.net>
Date: Monday, October 19, 1998 12:05 PM
Subject: Bitten by the bug(eye)
>Someone I know is selling his '60 Bugeye. Until this weekend I didn't know
>he had it, that it was for sale, or that I even wanted it.
>
>Now I've seen it and I want one ... bad!
>
>Problem is this would be my first foray into a "collectible" and there is
>much I don't know. For example, how hard is it to get a bank loan on one?
>I don't have that much ready cash at hand. Other information is vehicle
>specific.
>
>This vehicle was fully restored in '80, but has deteriorated a bit since
>then. At that time most of the floor pans were replaced, but the 1 not
>replaced is now rusted through in spots. Problem? Minor paint bubbling in
>one spot only. Drivable, but tranny locks up in 1st and reverse (this
seems
>to be most serious problem). Rebuilt master and slave cylinders recently
>installed. Appears to have much original equipment including extras
>(original rims I think, tonneau, ragtop AND hardtop). Carpeting is gone
>(ripped out). Original 948 plus a 2nd 948 for spares.
>
>The gentleman is asking $6500. It sounds a bit high for a deteriorated
>renovation, but there are lots of extras and original, so I don't know if
it
>is fair or not. He may be on this list which could make negotiations based
>on replies "interesting".
>
>I need to learn quickly and make a decision soon. The car went into the
>newspaper on the weekend.
>---
>Bill Flowers
>Clearwater FL
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