Thoughts on old cars . . .
Wanting a big car is better than wanting a ponycar or muscle car when it comes to getting a good car in your price range. I’ve meddled around with old cars for nearly thirty years and pretty much without exception sports cars and sporty cars command the highest prices, whether you’re talking Fords or Mercedes-Benzes. After that comes luxury cars. This means you may be able to get the best deal on a nice big comfortable convertible which is far from sporty but also not a full-fledged luxury make like Cadillac or Lincoln.
In the US performance cars were standard size until the intermediate or mid-sized cars came out around ‘64. That year GM introduced the Chevelle, and made the Tempest, F-85, and Skylark large enough to take a standard V-8 in lieu of the small aluminum Buick (and later Range Rover) V-8. Ford enlarged Fairlane shortly thereafter, Chrysler brought out the Plymouth Satellite and Dodge Coronet and by ‘66 most every make had an intermediate sized car. In the same era came the first ponycars, the Mustang and Barracuda, then in ‘67 the Camaro and Firebird. All of this action took some of the sexiness out of full-sized cars, and is why prices for a late ‘60s big car are usually less than for an early’60s model.
I’d suggest looking for a big Ford or GM car from the late sixties through the early ‘70s. Ford made full sized convertibles through ‘72, while GM took them through ‘75 (‘76 for the Eldorado). By the early ‘70s a lot of people feared that legislation would outlaw convertibles totally. The ‘76 Eldo was often believed to be the “last American convertible”. This eventually proved untrue, but it did mean that those early ‘70s convertibles kept their value pretty well for years and some of them became collector cars early instead of being driven into the ground. Now the big money goes for earlier cars which makes them a good value. Later cars also have disc brakes on the front and were designed and supplied with seat belts, which makes them safer than the ‘50s and early ‘60s cars.
Buick LeSabres and Centurions and Olds 88s might be real sleepers, in that they are still good collectibles but Fords and Chevys usually generate more interest. The Pontiac Catalina is worth considering, but remember that an early to mid ‘60s Catalina with a big engine is of definite interest to the muscle car crowd and prices rise accordingly. A Mercury Monterey or Marquis could be another sleeper. All of these cars should seat five easily and six in a pinch.
Parts supplies are all over the place with old cars. Fords, Chevys, and Cadillacs are the best served American makes, although the year and model can make a lot of difference. Pontiac, Buick, and Olds are a little harder. Mercuries are of course mechanically identical to Fords with rare exceptions, but body parts and trim are usually different and can be difficult. Chrysler products are in a similar situation in that basic mechanical parts aren’t so hard because they were usually shared by Chrysler, Dodge, and Plymouth and in production for years and years, but body and trim parts varied from make to make and year to year. Best advice: don’t buy a car that needs any new trim items, even little ones like sun visors, as they can be unique to one year and even to convertibles.
Be careful about the word “restored”. To fully restore a car is to take it all apart, inspect the components, replace any that don’t meet factory standards, and then reassemble it and refinish it to factory (or often better) standards. Very few cars of any sort (including lots of exotics) are worth the huge expenditure required for this. An acquaintance of mine recently had the engine rebuilt in his ‘65 Catalina convertible. It wasn’t blown, just worn from over 40 years of use. The rebuild cost was about $6000 from a mechanic experienced in old Pontiacs. Figure that for a basic bare metal paint job you’d spend $7500 or more, and once a car has been repainted more than once this is about the only way to get a factory-quality finish. Add in rebuilt steering and brakes, interior, electrical, tires, etc. and you can see why it is pretty much impossible to restore an entire car for $15,000, let alone buy one, do the work, and sell if for a profit. For that reason I’d be suspicious of anyone selling a car that looks to have new paint and interior and engine, etc, for that price.
Every once in awhile someone will spend a lot more on a car than it’s worth, and then have to sell it at a loss, which is great if you’re the buyer. More likely a car with new everything has a lot of stuff that has been poorly done. A buddy of mine bought a nice ‘60 Coupe de Ville a few years ago. Luckily for him he grew up with those cars and knew from the moment he sat on the new-looking upholstery that it wasn’t right, and negotiated accordingly. It turned out that the previous owner had had the upholstery redone, but didn’t have the seats restuffed. When they were finally redone correctly the shop found all sorts of random foam padding stuffed into the worn-out original seat, which of course made the feel of the seat anything but Cadillac quality. The same sort of thing can happen with engines that need an overbore and new pistons, but instead get only new rings. The rings may seal up fine for awhile, but won’t give a good service life because the engine internals are out of spec. Convertibles are especially vulnerable to this kind of messing around because they are worth more and easier to sell than hardtops and sedans and thus tempting targets for budget restorations.
Some warning signs:
-Wildly uneven panel gaps. You can’t expect credit-card thin Lexus panel gaps on a forty year old car, as standards were different then, but they should be consistent and even. Big gaps on one side of the car and small ones on the other, or gaps that go from thick to thin usually mean poorly repaired accident damage. Likewise, bumpers should fit evenly.
-Shiny paint with lots of overspray in door jambs and on rubber sealing strips - if the painter couldn’t be bothered to mask correctly why would he bother to take the time to prep correctly before painting? Non-period colors are another issue.
-Upholstery that looks good but fits poorly. Either this a poor installation, or as noted above the seats themselves needed rebuilding and didn’t get it.
-Convertible tops that fit poorly, especially around the windshield. Eventually the frame of the top will get worn from going up and down, and won't fit right. My sister's '66 Corvette has this trouble, and you don't want to know the rebuild cost! I've also heard of problems with some shops used to working on Miatas and small BMW convertibles that just don't have the expertise to install and adjust a new top on one of the old big American convertibles.
-Incorrect whitewalls. I’ve seen lots of mid to late ‘60s cars with huge, ‘50s style whitewalls instead of the smaller whitewalls that came in about ‘61-‘62. It looks bad, and tells you that the seller cares little about originality.
-Modern radios - there are some retrofit kits for certain old cars that allow a modern radio to fit correctly in the dash, but often new black plastic radios just look awful in an old dashboard. And, once the old radio is gone it may be hard and expensive to replace. New radios are best under the dash, with the old one still in place even if it is disconnected.
-Engines that run roughly and are too loud and/or smelly. When new, most American V-8s were smooth and quiet, excepting a few rare super high performance models,. They also didn’t stink of unburned gas from the tailpipe. Poor running may just mean a new carburettor is needed, or it may mean the engine is plain worn out. If the seller says it just needs a tune-up, get him to do it! If possible, have a mechanic who knows old cars run a compression test on the engine.
Overall, I’d hunt for a good, original car with a history which has clearly been well cared for over the years. I think that for your budget you should be able to find a good selection of cars to suit your needs. As noted by others here, Hemmings is a great source, not only of cars for sale but also parts and information. For instance, if you find a ‘68 Delta 88 that looks and runs well, but has some pitted chrome that bugs you, you can always look in the Oldsmobile section and see what vendors handle this kind of stuff. A couple of phone calls and you’ll probably have a good idea of whether that part is available or if you should just pass on the car. Happy hunting!