Hello friends,
I’ve done several quality restorations in the past: e-types (2), healey, mini, mercedes, etc, and always broke even or came out ahead (as long as I didn’t factor in the thousands of labor hours).
I just like to bring forgotten cars back to life and I enjoy all the challenges that implies.
With this 1964 MK2, I had to overcome a lot of hidden rot, a full mechanical rebuild, a complete new interior and 20 pages of new parts. BTW I found body parts to be insanely expensive.
I’m into this resto for more than 45k$ now and still have to get 5 new tires before going for the DOT inspection.
Here’s the rub; I’ve been keeping an eye on MK2 sales on the ‘Bring a Trailer’ site.
I keep seeing what look like very nice examples of MK2 cars sell for mid teens to low twenties $.
Is this apathy towards MK2s an American condition only, or are those prices reflective of reality?
I bought this car because there were very few available in Canada and it was cheap. I had parts pricing in the back of my mind from restoring e-types a few years back (big mistake).
Anyway, the goal was always to keep it and enjoy driving it, but I’m just wondering what I will be able to get for it if I somehow need to sell it.
I would classify it as a ‘very nice driver’ condition.
I love the look of the car and I don’t think I will be disappointed driving it.
Thanks for your thoughts on this.
John G.
The operative phrases here are:
*I just like to bring forgotten cars back to life and I enjoy all the challenges that implies.
*I bought this car because there were very few available in Canada and it was cheap.
*Anyway, the goal was always to keep it and enjoy driving it
*I love the look of the car and I don’t think I will be disappointed driving it.
It is extremely rare to get back what you’ve sunk into a classic car restoration. As for its value, as always, it’s worth what someone is willing to pay for it. I think you’re seeing that reflected in BAT and eBay sales. I don’t think they’re terribly desirable cars, at least not in the US, but we tend to only value 2 door models. Like you said, the appeal of saloons is that their initial buy-in is low, even for nice examples…
Most of the BAT MK2 cars i have seen lately are just not any quality at all, have rust which as you know is expensive to fix. Most have been neglected and are not worth more than the $10-20,000 range. Truly nice one should be well into the $50,000 range or more for a really nicely done car.
I’d say they’re averaging around $25-$30k US on BAT, with some nice examples a little below that. $15-$35k seems typical.
Current asking prices are even lower in eBay, without bids, which says a lot about the market. Ebay doesn’t show any recent sales for comparison.
John,
Thanks for an honest post…assessment. Vicki and I are also…trying to catch a falling knife…by the blade…I might add. Truth is, we all are…all.
Since 2011 all assets have gone up 5 fold…including my car collection (I have many)…We are on the way down…catching a falling knife…the bloom is off
Mitch
ps…wealthy folks have staying power…not counting dying…nobody stays beyond death
I bought mine for £22k - but bought a lemon. It ran, had an MOT and looked ok, but under the surface there was a bag of horrors. Less than 6 months in, I needed a full engine rebuild (kept blowing head gaskets). Not a lot of change from £12k. I’ve just paid £20k for a back to metal respray (and uncovered a host of rust related issues that needed sorting). I’ve had the brakes, front suspension, rear suspension and axle overhauled (and other £4k). I’ve probably spent another £6k on chrome, rechroming, seals and a host of other bits. So I’ve sunk another £42k into it…… and could easily spend another £8k on a new interior. Is it worth £60k - who knows? But it looks and drives like it just came out of Coventry 57 years ago - and I’ve no intention of selling it.
I have a fully restored 1960 MK2 done by Jag specialist Terry Lippincot. Ground up done for another customer for his wife many years ago, wife died and car sat unused. I bought it, had Madera Concepts redo the wood as it needed that, Terry refreshed it, but all only had 1500 miles on it since complete resto. Modernized with rack and pinion steering, modern 3 speed automatic, a/c, modern brake vacuum system, but all else appears stock. Have about $75-80,000+ in it, but could not replace it for that today. Everything done/every nut and bolt, full overhaul of motor,9:1 as original, was done, underside not even dirty, all like new.
I am deep into it but replacement of this caliber if nearly impossible today.
Not many of us would sell these special cars, nothing in the U.S. in 1960 compared to these back in the day. Disc brakes? Not in U.S. cars then. Mine are still stock original type. Wood interior trim in U.S.?
I could go on and on. And I have had many cars, mostly 60’s/70’s sport cars of all types. Nothing compares to the class of the Mk2 sedan.
Classic!
I see one advertised locally for $A75K (about US50k)
Fully restored.
If there is nothing left to do, that is what it would cost to restore an ok one including purchase price. I would be surprised if it sells for that
I personally think the market will probably trend down for most older vehicles.
Try a 420G, you could not get back half the resto costs for one of them
Even on my daily driver SUV, which is 26 years old, in the last year, I have had to do mechanical repair work that would have cost $10k, more than the vehicle would sell for, but I had parts on hand for a few hundred $, just for such emergencies
It would cost me more than $10k to actually get another vehicle that would do all the things I want, and it would still need work. I do nearly all vehicle work myself
It’s truly magnificent, Brian. There are always buyers for really lovely cars as they are rare. I’ve no doubt that someone would pay +60K GBP for your car.
Brian and John’s cars look absolutely beautiful!
My project is going in to paint today.
I will strive to bring it close to their standard, and be satisfied owning a car that will make me happy, no matter what other people think it’s worth. 
I’ve never driven or experienced a ride in a MK2, but I expect it will not disappoint.
Thank you all for your uplifting thoughts 
!
John G.
Best wishes, John. I still have a lot of bits and pieces, and some big chunks too, from a Mark II I parted out 35 years ago. A lot of them would need some TLC but at this point I am giving them away for price of shipping so let us know if you are missing anything.
This one will stay in the family - so no intention of selling it; I suppose the value is only relevant from an insurance perspective.
It really needs a new front drivers seat (poor repairs again), new door cards and new carpets. Some of the wood will need sorting in the next few years. I’ve spent a couple of weeks putting the inside back as it should be; new escutcheons for the clock and speedo reset, got the clock working. Correct screws for the sun visors, new indicator switch and steering column shrouds. So it’s getting there slowly - but still draining ££££s
Re Mk 2 worth,
As those with an XKE age they find getting in and out a problem.
A Jaguar MK2 is the answer. quote=“John_G, post:1, topic:434083, full:true”]
Hello friends,
I’ve done several quality restorations in the past: e-types (2), healey, mini, mercedes, etc, and always broke even or came out ahead (as long as I didn’t factor in the thousands of labor hours).
I just like to bring forgotten cars back to life and I enjoy all the challenges that implies.
With this 1964 MK2, I had to overcome a lot of hidden rot, a full mechanical rebuild, a complete new interior and 20 pages of new parts. BTW I found body parts to be insanely expensive.
I’m into this resto for more than 45k$ now and still have to get 5 new tires before going for the DOT inspection.
Here’s the rub; I’ve been keeping an eye on MK2 sales on the ‘Bring a Trailer’ site.
I keep seeing what look like very nice examples of MK2 cars sell for mid teens to low twenties $.
Is this apathy towards MK2s an American condition only, or are those prices reflective of reality?
I bought this car because there were very few available in Canada and it was cheap. I had parts pricing in the back of my mind from restoring e-types a few years back (big mistake).
Anyway, the goal was always to keep it and enjoy driving it, but I’m just wondering what I will be able to get for it if I somehow need to sell it.
I would classify it as a ‘very nice driver’ condition.
I love the look of the car and I don’t think I will be disappointed driving it.
Thanks for your thoughts on this.
John G.
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The old saying ‘if you want to make a small fortune from classic cars start with a large fortune’ is sadly generally true.
I’m just coming to the end of a 5 year project to see how cheaply I can restore a MK2 (its a 2.4) to a good standard for and its looking like around 12.5K (GBP) but i’ve done everything myself, bodywork, painting, veneering woodwork etc.
I’ve scoured e-bay for new parts from other peoples failed restoration project and generally saved where I can without compromising quality, it has a rack and pinion steering converstion, a dual circuit X300 master cylinder, 420 front and rear callipers, an uprated heater, stainless exhaust and a few other bits and pieces.
I don’t think with the way parts and materials prices have increased that I could do it again for a similar figure.
Does a top notch restoration pay you back? Financially, not in the short term. My Mk2 has been in the family since a year after it was made. It’s had a hard life and never had a good restoration; it’s had a couple of bad ones. It’s now worth no more than a few thousand, far less than if broken for parts. How much did a quality rebuild cost three or four decades ago, ten to fifteen thousand? If it had received that and been well cared for since, the car would be worth twenty or thirty thousand now.
A restoration can pay you back financially, if you wait long enough. More than that, what’s better than owning and driving an old Mk2 in beautiful condition? It’s value is beyond money.
another thing to keep in mind is that after good resto work, the car will last well for more than 20 years, maybe much more, before needing serious money to be spent on it
If you consider that against a new 45k vehicle, most wont last 20 yrs, so you have to turn them over which incurs a lot of costs
You will always see some advertised for less than you have spent, but who knows what the body metal is like, and you generally just work with the car you started with anyway
Very hard to predict values of most IC vehicles in the future, except as long as petrol is readily available, I am fairly sure “vintage” vehicles will still be able to be enjoyed
FWIW, $10,000 to $15,000 US in 1990 (3 decades ago!) is the equivalent of $23,800 to $35,700 today. So, if that restored car is now worth 20,000-30,000, have you gained or lost money or remained neutral?
Car restoration for profit rarely has success stories, unless you can buy a desirable car cheaply that does not require much work and all parts are available in the aftermarket. We restore cars for the love of the work and the car.
Source of calculations: https://www.bls.gov/data/inflation_calculator.htm
What you write is completely true, Joe, but what could I have done with that money to keep pace with inflation? Not much, not a bank savings account, and certainly not (as Tony pointed out) blowing it on a new car. Old car restoration is no way to make money (unless you do it working on other people’s cars and can charge a lot), but it’s far from the worst way of spending/investing/blowing your cash.