Is this Contemporary worth 40K?

[baypally208]

I'm in Southern Calif and looking to purchase a RTR cobra. A local dealer recommended Superformance, Contemporary or ERA as the best kit manufacturers with the best long-term values. Based on this, I have limited my criteria to those builders and and across this:

1965 Contemporary Classic Cobra. Rangoon Red/white stripes. Mt. Vernon plant badge #3141--the cream of the crop! Immaculate condition throughout, completely redone $20,000 paint job, All black interior is flawless and authentic, 5-point Simpson harnesses. Less than 100 miles since completed. Big-block 469 Chevy powerplant, Edelbrock, Holley, professionally built and prepared Tremec T-5 gearbox, Jaguar rear end, custom front suspension. Powder-coated frame. This is a driver's car, very fast--former record holder in its class at Willow Springs International Raceway, yet in pristine condition today. Centerline-type wheels. Seller is unable to keep the car and is motivated to sell. Car is in storage, under cover, California registration. Over $65,000 invested, Asking price $39,500.

The two main concerns I have are that it has a chevy BB engine and that two contemporaries went in the low twentys at the recent auction.

Let's assume that the car is in "new" condition and near flawless. Is it worth forty grand? It's a general question and I'd appreciate everyone's feedback. I took a HUGE bath on both my last 911 and my XJS HE... I'd like to be able to sell it for about what I paid. Any opinions or comments???

Thanks

-Drew

[baypally208]

Pic 2

[baypally208]

Pic3

[Mark Roe]

Drew--

1st--a Chevy in a Cobra--Not

2nd--a Chevy in a Cobra

[KobraKarl]

BP,

Tough question from here. It looks like a nice car, but chev powered replicas sell for for a lot less , especially those that were built to model the originals as closely as possible... like the Contemporary, ERA, or high tech.....scuse me guys if I miss a couple others..

Also does not have knock- offs ....That and the engine choice suggest to me that the build budget may have been limited.

The car at the BJ auction was a heck of a deal....even with a few shortcomings.....I dont expect to see many like that ...(I hope)

Best guess if the rest is great......high 30's

KK

[baypally208]

Thanks, KK. These were my thoughts as well. If I swap the engine for a 427 Side oiler and replace the wheels, maybe high 40's? Or is it worth the effort?

Thanks again for the feedback. I really appreciate it.

-Drew

[mrmustang]

Drew,

The market is going to be soft on this car no matter what you do. With the correct engine and wheels, expect $32,500-$42,000 for the car............


Bill S.

[baypally208]

Thanks Bill.... I appreciate it...

-Drew

[KobraKarl]

BP,

If it isnt the car you want , dont buy it thinking you can save money converting it. an FE ,toploader, hubs and wheels will cost you more than just raising the bar a bit a paying for the car you really want.

As Bill pointed out, it is a buyers market.

KK

[baypally208]

Got it Karl... Thanks. There's a Superformance #052 w/ a 501 and knockoffs available in LA for 35K although it's not as clean as the contemporary and several superformance cars in the low forties at House Of Cobras which I assume can be had for the high 30's or 40K even. Would these be a safer bet? Thanks for saving me five to ten grand, by the way...

-Drew

[badrich]

Drew: Do check out the Cobra Country web site. When I was looking for my car I found many more "correct" cars and useful information there than the other sites. One can get carried away with this correctness thing, but it is nice having a car that one has to look closely to tell if it's "real" or not. Also, when it comes time to sell, the cars closer to the originals have much higher resale value. Just my opinion. Rich

[baypally208]

Hey Rich,
That's great advice... I actually did... that's where this car came from... It seems that unlike doing a buy-it-now on ebay (which I did on my Suburban), the variety in builders and build quality requires a first-hand visual which almost eliminates out-of-state purchases. I called house of cobra's and was given some good advise about the various builders but it seems that it's somewhat more complicated due to the "correctness" factors you mentioned above. Another thing I'm running into is a huge range in price based on the recent market slump. People have invested 50-70 and are taking an absolute beating on these cars.

I've looked at everything internet-available in Southern California and am going to House of Cobra's on Thursday. I've also left a "wanted" post here in the event that any Club Cobra members are selling in the area.

Thanks for the advice, though. I'm getting up to speed quickly thanks to all you guys.

-Drew

[mrmustang]

Drew,

More advice from me on buying a Cobra on Ebay......Make sure that the seller offers a full detailed description of the car...If not, email him/her and ask for it in writing....Especially with the Cobras...............


Bill S.

[RACER X #99]

Did you guys notice the lack of a perky butt on this Contemporary? That's because the builder did a little homework and installed the correct rear springs. Too bad he installed the wrong moder, at least as far as resale goes.

Cranky

[Cracker]

Just to add some additional info. regarding buying Cobra's. I wouldn't think "this" Contemporary is worth that but not all that far off but to second an earlier thought buy a car that has nearly everything you want at time of purchase. I paid mid-forties for mine but have since spent well over 20K sorting the car out - the result - a great car, great engine, refined driver, and like new condition (minus paint which will be addressed). I'm one of the fella's that definitely is in well pass my resale value. If I was to sell (or attempt) and I may some time soon I absolutely will not take a total bath on the deal. Accurate, sorted fine cars are just not as plentiful as I ever expected them to be and I value those qualities! This stance will also most likely make ME my cars permanent owner but you never know an educated buyer with an eye for quality and uniqueness always exist. Best wishes!

[TampaFla]

Figure 1/2 the price is for the paint ($20k), maybe you could find one as nice with a cheaper paint job (say $5k), afterall you want to be able to drive it not park it.

[clayfoushee]

FWIW, there is a nice Contemporary at a dealer in the Wash, DC area with a 427FE side-oiler with an asking price of $49.9K

[baypally208]

Thanks everyone for the posts and the help.

I just bought a clean '97 Superformance with a Butler Racing 351W for 28K. I found it on Ebay and the previous owner is a great guy. It's in excellent shape.

I'll post another couple of questions in the appropriate forum...

Thanks again. You guys saved me from making many semi-fatal mistakes....

-Drew

[Excaliber]

Whoa!!!! bypally208 you done good!

Here I was crying the blues that such a NICE Cobra like this Contemporary could be SO brutalized with a Chev engine. The HORROR!

Ernie

[misfit41]

nice car,,but for 40k u can do MUCH better,,