Actually the one that I was talking about was in central Pennsylvania.
I understand how rare they are, but that still doesn't warrant spending $20k for the car, another $20k to restore it and ending up with a $30k car. Plus there's a fair number of clone or "made" cars out there which only compounds the problems.
re: the car in PA, I had a good friend of mine look at it and he makes his living restoring old (like pre-WW II) English cars. He also maintained and taught me a lot about my '66 Lotus Cortina. It was his opinion that the car wasn't worth the asking price.
Like I said, this was several years ago and I'm sure that the market has gone up on them, but in a market like the one we are in now, it could just as easily turn down.
As with anything, fair market value is what a buyer is willing to give to the seller, and what the seller is willing to accept.
Real race cars don't have fenders or doors..... O.K., maybe fenders!