First, i apologize if this isn't where i should post this but i noticed someone else do it so...

Here's my question: I'm thinking of buying a red 1989 Formula 350 with 45k original miles on it. The thing looks amazing inside and out, with T's and all available options available in 89. All original. It has never been driven in the winter (it's from a guy in NH) and is always garaged. The lowest he will go is $10k. It sounds fair considering how nice it is, but i wanted to check with all of you here at thirdgen since there seems to be some very knowledgeable people around this forum.

thanks in advance.

 

Welcome to the forum

Consider the car was about 16-18k new, I don't think 10k for a 45k Formula in perfect shape is bad. If the guy is firm don't insult him with a lower offer.

If YOU think 10k is resonable, and you have the money, then I would buy the car. Ask yourself what would 10k buy you in today performance cars..

Good luck, and post pixs if you buy it

 

I've rarely seen these cars eclipse 5-7K, so IMHO it is not priced market correct. There are alot of resources out there such as the bay and auto trader to see what else is being offered...the most difficult aspect is finding out what cars are sold for -- not asked.

At the end of the day it is worth what the buyer is willing to pay for it...Personally believe you can find a pretty nice car for ~ half that price if you're willing to look.

Post some picts...would help.

Here's a pretty sweet car to compare with...

https://www.thirdgen.org/forums/fire...ula-5-7-a.html

 

OBTW...here is a 3rd Gen Formula that was for sale in the recent past that was a very low-mile example...note that post indicates was bid to 10K on e-bay. Don't get caught up in the miles 40K, 60K, 80K -- critical is the individual selling and condition.

https://www.thirdgen.org/forums/fire...html?highlight=

 

Yea, I don't know. $10K sounds a bit high for almost any third gen. I love these cars to death and think they should be worth more than they are, but for whatever reason they are not. For $7K you should be able to get a car nearly perfect, low mileage or dealer saved storage kept condition. It really depends on if this particular car is the exact color scheme, options, etc car you want over a better condition, cheaper car that does not match your liking as well. Again, it comes down to you. But if you just want a nice clean third gen, you should be able to find one for less.

I also agree on the miles. Low miles means little if the car wasn't stored properly for those miles to mean anything. If it sat in a storage unit for 10 years with fuel, oil, tires, etc never being maintained, change, adjusted, etc. the car will have all the same problems a car that has been sitting for a long time would have...minus the rust. You have to remember, these cars are almost 20 years old...some are over that. 150K miles is not the end of the world if it has a new driveline, interior restoration, tires, brakes, suspension, etc to make it like brand new so long as it was all done properly.

 

thanks everyone. It's hard when you get emotional involved, i love the friggen thing so much but making a "bad" purchase might make me as nuts as not getting it. If i cave and buy it i'll post some photos.

Oh, couple things i didn't mention. It had the rubber wing replaced with the fiberglass version and he has records of all the maintenance done to the car.

PS - i live in the Northeast so it's slim picking up here trying to find one without rot. Stupid snow.

 

Here is my $.02. The car has very low miles and to find a car in the condition that you say it is in is going to be very tough. A lot of realy nice cars you find are going to have an issue here and an issue there but still look really nice. You buy this car for 10K and you have something special. There arent that many around and it is in a short time going to bring more money. The investment is what you have to look at. My uncle's 89 Formula 350 with 21K has had offers of $15,000. Take that however you want. I personally would spend the money if I had the opportunity, oh yeah... and the money. You'll make the right decision

Brandon

 

To be honest, if you buy a 100K car and pay only $3000 for it you will be hard pressed to recondition it for less than $10,000, After you paint it , new interior etc, rebuilt engine & trans, replace tierods you will be about $10,000. You might get by cheeper, but you will have to do the work yourself and it will take you about 2 years to get a "Perfect" car...

If I had to do it all over I would consider a better car to start with, BUT I cannot replace the experience I gained by doing it myself. If you bought the car I would not use it as a driver either, the miles are on a bubble, its not incredibly low, but not incredibly high either. If you said 15,000 miles I would say jump on it like a fly on poop... Since 1989 was the only year with any kind of numbers for the T-top and 350 your only option would be to look for a 91-92 Formula 350... I figure with that kind of information, and I have been told about 1030 Formula 350 T-top cars were made in 1989 it makes it reasonably unusual...