Randy pretty much nailed the analysis. Another thing to consider is how much do you really WANT to do on the car (regardless of cost - and I mean you doing the work)?
I know this will ellicit a few groans but I would say if you can get it for maybe $7k AND have the mechanical experience to pull out the motor and refresh it (seals, gaskets, rings, bearings, mounts), AND you assume the tranny is basically good (might want to consider doing the clutch, and might need to rebuild the translator or the shifter cables), then you are looking at about $1K in engine parts maybe $1.5k if you do a complete clutch.
Now you have a decent engine and tranny. How about suspension? Can you replace the bushings yourself? If so, then bushings and wheel bearing are not too bad) add $500 in parts. You do the all the work. If you need shocks then add another $500 or so - of course you can spend triple that if you Bilstein's or an equivalent. You'll need tires (not immediately if you are just going to take the car straight to your shop or space) but before it is ready for road you'll need tires. Assume the wheels are straight and you can live with them aesthetically. Assume the brakes are OK but will require pads (not expensive $200 for all four wheels), you might need rotors (fronts are cheap, rears expensive), you may need to rebuild the various hydraulic cylinders(brake, clutch, and the clutch slave). The rebuild kits are not too pricey if you can do the work yourself.
Paint? If you're losing clear coat (and that is not at all unusual given the age) you can either paint it yourself but the prep work will be a huge effort (sand all the clearcoat off). A decent paint job by a pro will be at least $7k - easy to spend more. It also will vary by whether there are gel coat cracks that have to filled,
Interior: you can pull out the seats and them redone - in leather figure $500 a seat. A carpet set is another $400 (you remove and install) Dash and binnacle I have never had to do or have done, but the professional replacement of the dash leather will require the windshield to be removed to be done properly. That alone will be $200 or so. Getting the binnacle out is not too bad - you could take it to your upholstery shop and see what they would want to recover it, likewise the door cards, It would be easy to spend $3k on the interor. You may also have to replace several instruments - the basic monitoring onbes are not expensive ($30-50) but the tach and speedo are more.
I have pretty much done all this stuff to several Esprits - much of it to my personal '89, but Randy and I have been rebuilding Esprits for a couple of years now so we have a pretty good idea of what these things generally are going to cost. And we have done this with project cars with varying issues. We have done total renovations of Three Esprits, and made serviceable two others that required serious labor.Every project Esprit we have done also involves repairing or replacing the fuel tanks (that can be as cheap as $150 if you do it yourself) or triple that to have it done professionally,
You will not get your money out the car. Forget that. Do it cause you love the idea of restoring the car, the car will become a part of your life and lead you to meet all sorts of interesting people. Do it because you are preserving a beautiful car which will never be made again, Do it cause I can assure you you will experience a tremendous amount of pride in accomplishing this goal, You will learn a lot, a lot about the Esprit and a lot about yourself.
You will love driving this car - and when restored properly a very dependable and fuel efficient car which goes pretty damn fast,
The car fully restored in the current market would be worth $20, Maybe a little more. There is always a possibility that Esprits will appreciate, especially as they get rarer and rarer. A well sorted car costs in the $20k or more, So you will recoup some money if you decide to sell the car, very unlikely you will make money or break even, You certainly are not going to get the labor paid if you go the DIY route (which I advocate - it's the most sensible way to approach ales-than sensible situation),
But you will own and drive an Esprit. You will know everything about the car and you will connected to that car in a special way.
These cars cost a hell of a lot of money when purchased as new, For a relatively tiny percent of the original cost you can (with a lot of sweat equity) own one that in all appearance looks and drives like new car.
I've never met a previous Esprit owner who ever sold their car because they didn't like it, Growing family, car had to go, lost job, car had to go, got divorced had to sell the car, got shipped to Alaska for a job, car had to go , etc. etc......
What I have never heard (and I'm not saying it's never been said) but what I have never heard is "God I hated driving that car and I am so glad it's gone! What a PITA!".... Nope, people come up to me and talk about the car, ask about the car -they have all kind of questions. The truth is that it is an outstandingly beautiful car. And that pretty much makes up for everything else. Oh and it goes fast, very fast. Safely fast.
Nope people love the car. And every now and then when I run across a previous owner, they don't say bad stuff about their Esprit experience, They look at the Esprit like it's the beautiful girlfriend they once had and who got away.
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