To Buy or Not To Buy...Part 2

[Mewhead]

Hi guys, so following on from my previous thread about the '73 FJ40 in Denver, I thought I'd share some pics of the '82 FJ40 I've been driving around in and fixing up. The CO bought it a year and a half ago, and although on the outside it looks pretty tidy, the 134k miles on the clock had taken a toll on the un-maintained vehicle. It has no chassis rust but a little body rust here and there and a 100% complete 2F with all of the Smog system intact. Some of the issues it had when I took it on were a siezed on rear left e-brake mechanism (wouldn't do more than 40mph and I fear the overheating from the brake has caused the grease to 'cook' out of the wheel bearing and create what sounds like the bearing failing "rumble"), leaking fuel pump (massive fire hazard!), a MAJOR tune up was required, holey muffler, various exhaust leaks, leaking A/C, worn syncros on gearbox, rear crank seal or gearbox seal leak, etc etc...even after the CO had been driving it about for a year!
It basically needs the love and attention from an owner that appreciates it. The CO actually collected it on a flatbed when they purchased it as it wasn't even drivable...
Anyway, so hopefully I will end up in a position to purchase it, but I do wonder what it's actually worth, because the CO paid $35k+ for it...a year ago...and had to take it home on a flatbed...is it really worth that much? As I said, it is a 100% original truck (apart from the wheels I guess) but it does need a lot of love and work. Points of view and comments welcome. Thanks guys.

White Austin FJ40

• Mewhead
• Jan 12, 2015

White Austin FJ40

• Mewhead
• Jan 12, 2015

White Austin FJ40

• Mewhead
• Jan 12, 2015

White Austin FJ40

• Mewhead
• Jan 12, 2015

White Austin FJ40

• Mewhead
• Jan 12, 2015

White Austin FJ40

• Mewhead
• Jan 12, 2015

White Austin FJ40

• Mewhead
• Jan 12, 2015

White Austin FJ40

• Mewhead
• Jan 12, 2015

 

[ErikinSC]

That is a really nice truck to start with - despite the fact that the CO did not recognize (or at least address) all of the mechanical issues that you are now taking care of for them. He's probably looking at the actual truck, and it's physical condition - and assuming that he's got a jewel that he can cash in NOW. And he might very well. The market trend seems to have peaked with these trucks, and the peak is for the most complete, closest to original trucks that are available. IMO, $35k is a REALLY strong value to put on the truck - unless ALL of the mechanical issues have been resolved.

That being said: The truck is only worth what a buyer is willing to pay. Now, somewhere, out there, there is probably a man with a pile of cash burning a hole in their pants - and they just might be willing to pay that kind of money. BUT there are still other clean trucks, unmolested trucks with good foundations that you could buy for less than half (maybe less than a 3rd) of that - and use your mechanical skills to make a really nice truck.

Maybe you can negotiate based on your relationship with the CO; if not, don't worry. You seem to have the mechanical abilities to polish the next 'diamond in the ruff' into a better value...

 

[TheHardWay]

Buy it? NO NO NO NO NO

 

[Mewhead]

Wise words ErikinSC. I am really good friends with the CO and can say that they are that person that likes to burn money, and even though I'm an FJ newbie, I do feel they overpaid for the truck when they bought it, and even though they now realize that, they are reluctant to sell it at a loss, even though they have zero interest in the FJ itself (mind blown!!!). I've only taken care of the simple things so far (I only had a month), so it still needs the gearbox rebuilding, carb tuning, steering box rebuilding (manual steering), window seals replacing...the list goes on, as the guys say, a good place to start from. How does the mileage (134k) affect the value or what things would I expect to be starting to fail at this mileage seeing as it hasn't really received much "preventative maintenance" in the past? Just wondering.

 

[Ambrew]

Saw an fj55 go at auction for 85k, sold privately fro 50k a year later. It's only worth what you want to pay. Mileage is second to condition on these older vehicles IMHO.

 

[ErikinSC]

Mileage is YOUR negotiating tool. There are many* parts available - so you can rebuild a trans, steering components, carbs, suspension, etc. I dont have any motor knowledge - i would suspect that is going to be the more questionalbe area for all of us. Luckily, Toyota built the rigs well and if kept with oil you should be OK.

If you even want to consider THAT truck, compression test it, check your diff fluids, and get out a light and start LOOKING for frame / rust problems. I got bit by the bug, and researched prices and conditioons of rigs I considered that would be acceptable to me. Look at as many as you can. Search CL, Google for them on the net, & look thru the MUD classifieds.

And finally, like @Ambrew pinted out, what one ASKS for a rig, and what one SELLS a rig for are two different numbers. There are not likely that many 30yr old truck buyers out to that you are competing with... but there probably are a few kids with their parents CC that you might be.

Good luck, and here's to finding the rig you are looking for!

 

[Fast Eddy]

(1) I am really good friends with the CO and can say that they are (2) that person that likes to burn money, and even though I'm an FJ newbie, (3) I do feel they overpaid for the truck when they bought it, and even though they now realize that, (4) they are reluctant to sell it at a loss, even though they have zero interest in the FJ itself (mind blown!!!).

Four facts leading me to think you should walk away from this one.

it still needs the gearbox rebuilding, carb tuning, steering box rebuilding (manual steering), window seals replacing...the list goes on, as the guys say, a good place to start from. How does the mileage (134k) affect the value.

Mileage is about meaningless. Everything can be rebuilt and apparently needs it. It might be 235k by your description.

If that's original paint, it might be worth something approaching $20k. $35k is ridiculous. Even if you fix that entire list above, it's not going to be worth $35k unless you do a frame-off, rebuild everything, full pro respray and replate all the cad hardware.

 

[Mewhead]

Thank you guys. I really do appreciate the advice. It is the original paint and the roof has never been off of the truck. I most certainly won't pay over the odds on it, if it does come up for offer, but after working on it and spending a lot of time looking at it in detail, I do have faith that it's a perfect starter truck for me...at the right price of course! I'll see how things progress and keep looking elsewhere at the same time, and I'll keep you all posted.