68 Cougar value question

Hi, folks! I’m new to the community and have been searching for a 67 or 68 Cougar to restore. I’m not planning on a concours restoration, more of a mild restomod. Anyway, I went to look at a 68 Cougar and found it to be anything but “as described” to me over the phone. The asking price was $6000. It is an XR-7 and is far from original, including a non-original motor. The original motor was a 302, but this one has some unidentified big block. I believe it was a 390. Also, the car is not road worthy and, though the motor started up, it struggled to stay running and sounded like it was running on about 6 cylinders. The mounts were worn out and the engine seemed to be tilted slightly forward and leaked oil badly. The intake manifold had also given up the ghost and passed into the great beyond. A questionable 5 speed had been put in the car, also. Clutch felt good, but the gears didn’t shift well (car off and shifting into each gear).

The entire car was coated with about an eighth of an inch of bondo which was starting to peel off all over the car, but I couldn’t find significant rust anywhere but the floor pans. (Floorpans were rusted out and someoen had put a new pan in, but screwed it to the old floorpan with metal screws…about 3 dozen of them!) Torque boxes, frame rails, wheel wells, trunk, shock towers, door corners, etc. all looked solid. But who knows what the bondo was covering? The car would have to be ground back down to the metal. Media blasting wouldn’t get all the bondo off it.

The suspension was not original and looked completely shot, particularly the front suspension. Basically, there was no functional front suspension in the car. It was there, but not working as it should. The rear suspension still had leaf springs in it and the whole car was almost sitting on the ground.

The exhaust system was totally rusted out. Someone had put on full length headers that weren’t made for the car and the exhaust was underneath the frame. Mufflers were all dented up and bashed in and from the headers back would drag on the slightest irregularity in the road.

Disc brakes all around, but the master cylinder was done and brake fluid was leaking everywhere. Needless to say, the car was in no way roadworthy.

Interior was decent. Most gauges seemed to work, though not the speedo. The levers for the AC were there, but the AC had been removed from the engine compartment. Split in the passenger’s seat and the PS floorboard was totally wet due to a sunroof that had no seals. Headlights and tail lights worked as they should. Power windows didn’t work. PS door only opened by using key.

From my inspection, the car is a category 5 vehicle. It was all there and could be restored, but certainly not a driver in its current condition.

As I said, the car was not as described to me by the owner and I was very disappointed in the condition. However, I would still be willing to purchase the car if he took a fair price. That being said, what would be a fair price for this vehicle? According to collectorcarmarket.com, the car is worth about 1100-1200, but I would like your educated opinions on it.

Thanks, guys!

Based on that description, it certainly doesn’t sound like a 6k car…for 6k, you should be able to get a lot more car with a lot fewer issues, in my mind.

Offer him 1k, all he can do is say no.

My description is accurate. I spent about an hour with a friend going over the car. Definitely not a 6k car! I think I insulted him when I offered him $1500, but I felt pretty pissy at being misled about the car’s condition, so I didn’t really care. If any of you guys knows of one or has one that you would like to sell, I’d be willing to consider it. I’m trying to get a feel for the actual market value of the 67-68 in category 4 or 5, so I’ll know what is fair to offer.

Unsure of how far you’re willing to go for a Cougar but here’s a '67 that condition-wise beats the '68 you just described and the asking price is $2k lower…

http://minneapolis.craigslist.org/hnp/cto/3170175462.html

Welcome, and post your location which would be a big help in finding a Cougar. Unless you want a full blown project there are better Cougars for sale which would be a more solid starting point for that kind of money. Even at $1,500 the bondo all over would scare me away unless you see the value in parts.

Thanks for the welcome, BossElim!

My bad. I should’ve posted my location. I live in the St. Louis area. I don’t want a full blown project car, but I will probably replace/rebuild/stroke the engine, add disc brakes, better suspension, and a 5 or 6 speed manual transmission. I’d prefer to start with a car that can at least get on the road when I buy it.

Yep, the bondo was really bizarre. I’ve never seen a coat of bondo like that on a car before, but I couldn’t find any rust in the usual areas, either. Weird.

67catman, I’ve been on a couple of five or six hour (one way) trips to look at cars that haven’t panned out. My wife is starting to get a bit peeved about my taking trips and coming home empty-handed! How would I go about finding an objective, knowledgeable person local to a car I have interest in and having them check it out and reporting back to me on its condition? I have heard this is not uncommon, but I’ve never done it myself.

Many people on this board would be willing to take a peek at any prospects for you. If you see any in the Tulsa area, I’ll gander at them. Haven’t seen many lately around here, though! Good luck, and welcome aboard!

I’m far from an expert but I’d be happy to check out any that look good to you in the Chicago area. There are other people around here that know way more than me, on this forum, also. Good luck in your search. Finding my Cougar right here in town is one of the greatest things that’s ever happened to me, no doubt.

Thanks, guys! That’s really generous of you to offer.

There’s one on ebay in Oklahoma, mo2872, but it is Oklahoma City.

Tmh, the one I describe in this post is actually in Chicago. Went to look at it this past weekend.

First off let me say welcome to the Classic Cougar Community. You have picked a great car to consider buying. With your search I would say be patient. If you are you will find a car that fits your needs and budget. Don’t settle for a car that’s loaded with body filler. Any seller that misrepresents their car is usually hiding something so don’t worry about hurting their feelings. Good luck with your hunting for that Cougar project and enjoy. It’s great to have you here.
Steven

Thanks, Steven! I agree totally. The Cougar (in my opinion, particularly the 67 and 68 models) are great looking and wonderful cars. I’m definitely trying to be patient, but I’m not known for that particular quality! I’ve basically been searching Craiglist and ebay for cars, so if you guys have any other suggestions, I’m all ears.

No it doesnt sound like a $6000.00 car at all. More because i got a 68 now 8 weeks ago Texas car completely stripped With a 1965 stright 6 out of a 65 mustang. The body is so soild that all im doing is mild skim coat after its been sanded and cleaned and 3 small holes the size of a quarter are patched. Plus the car came with 90% of the parts to put it back together and about 40% more extras. My projected time to have it resotred as a mild custome 3 years and thats only because of Cash flow. When its complete ill have many many parts of sale including a full set of clear glass Because the second set of glass is Factory tint green. Its my first mercury/ford project so Ill be learning as I go.
But I myself wouldnt give 6k for what it sounds like.
Just my opinion.

Oh I forgot to say I payed $800.00

Sounds like you got a pretty good deal, Dave. Congratulations! I hope your build moves along smoothly.

I’m in the Western WI/Mpls/St. Paul area and could check out any local Cougars for you. Just give a hollar!

Thanks, 67catman. I appreciate the offer and I may take you up on it!

Did you look at this one local to you?

http://stlouis.craigslist.org/cto/3152612520.html

More of a project in TN and looks like it has rust.

http://northmiss.craigslist.org/cto/3077022139.html

Alanta GA area.

http://atlanta.craigslist.org/sat/cto/3089862886.html

BossElim, I’m not sure how I missed that one locally. It has never come up in my searches. What do you guys think would be a reasonable offer for that car, assuming it is in decent shape (and it looks like it is)? I could even take my wife to look at that one! Ha!

A good indicator for how much the price should be…ask about the minor repair stated in the ad. 8k is the asking price and even though the pictures aren’t great quality it looks like a good car. Just ask the seller detailed questions then go from there on price based on the answers you receive. Another indicator for price look at ebay a click on completed auctions and see what Cougars like this XR7 bring in the same condition. Just a thought.
Steven

1967 S Code, I will definitely go have a look at it (and under it, and in it) and make an offer from there. That might actually be a good price for that cat and, if so, is a little more than I want to spend to start out. If there is very little that needs to be done to it, it wouldn’t be much of a project! I’d like to get one I could drive away in, but had enough to do to keep me busy and start teaching my son (he’s only five, but he’s interested) about cars while I’m doing it.