Here’s why
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The selling price for this MG sports car classic is $16,000 in Canadian Dollars. As of June 1, that was US$15,860
Here's why that's a deal.
When it comes to restoring old cars, the accepted wisdom is your car is worth what you are putting into it – forget what you paid for it originally. So in this case, since I paid just under $20,000 to have it fully renovated and restored, this is an excellent price.
Now, I can hear you already: “I’ve checked out the listings. I can get an MG BGT for $5-$6,000. Why should I pay three times as much.”
Because a BGT for $6,000 is clapped out. A classic MG sports car tends to have lived one of TWO lives. A loving, cared-for existence with someone who appreciates it, or driven into the ground by people who could care less.
Cheap sports cars are generally bought by those who run them hard and don't take very good care of them. And, with each successive owner, the value of these cars diminishes further and further. Without exception, these beaters will need everything from front-wheel bearings to new gas tanks.
At $16,000, this MGB GT should be considered well-priced for a serious investor. The car has been garaged all its life, has only had one owner, has very low original mileage and has travelled under 2,000 each summer since its restoration, being put away again in the Fall.
If you continue a similar usage pattern, there is no reason why this superb car should not continue to remain in exceptional shape for another three decades.