Member Needs Help On 1976 Eldorado Estate Pricing

[Jack Miller CLC# 24441]

Hi All,

I need help please. I just lost my dad last week. He had a 1976 Cadillac Eldorado Convertible in his garage (it is still there).
My mother wants either me, my brother or my sister to take the car but to pay the other 2 the value of the car.
Can I please get a real price as to what this car is worth in today's market?
It is a white car with a white top with a red interior. The car has boxes stacked all over and around  the body (no real dents that I can see) there is surface mold on the seats front & back. The car has not been started in about 10 years and there was at least a half a tank of fuel when it was pulled into the garage. (I know that it was not treated and it has to be drained and cleaned out). Carb on the motor with most options. There is about 70k original on the odometer. The paint is not original but it was white (I remember when my dad had it shot) lacquer.
I do not know if the brakes work as I can't get into the car as  there are boxes in front of the door and I cannot get in. The windows were left open in the garage and there are records and other things stacked on the seats.
I do know that my dad had some minor problems with the car and that is why it was parked but I cannot remember what they were. (air suspension I think)
If I can get a rough idea I will appreciate it.
My mom (who has no idea what a car is worth) thinks that she could get 25 grand. I do not think so.
I want my dad's car but there will be a lot of work to get it running. Please feed some real thoughts as we are going to keep it in the family. Any price quotes from here will stop a major family fight.

Thanks
Jack Miller

[RobW]

Jack
First let me say I'm sorry to hear about your dad.

Here's a link to NADA http://www.nadaguides.com/default.aspx?LI=1-22-1-5013-0-0-0&l=1&w=22&p=1&f=5014&y=1976&m=1032&d=1778&c=14&vi=65059&z=10465&da=-1

Use that to get some realistic ideas about value. White with red is always a sought after combo. But judge the car by what it is now not what you envision after repairs. Check ebay to get some ideas of what similar cars are selling for.

Why not get it out of the garage wash it up and get an appraiser to give you an idea of what it's worth. Maybe you could also get a mechanic and bodyman to give you some estimates as well.

[DaveW]

Jack,

Sorry to hear of your father.

I am not an expert on 1976 Eldorados, but have followed the market for some time as I have thought of purchasing one some day.  The color combination you describe is a desirable one.  However, the condition you describe would concern any potential buyer.  As you might expect, condition is the most important factor in determining whether you get high or low market value.  Without inspecting the car, you will have trouble getting anything more than a very "ballpark" estimate on the value.  Considering the potential problems that might be encountered in restoring this car I personally would not offer more than about $3,000 for it, if that, based on your description.

The car very well may require improvements to almost every system.  The car might need an engine rebuild, maybe even transmission rebuild once you have gone that far.  Probably needs a new interior.  You don't mention the cosmetic or functional condition of the top, but I would assume the worse.  Based on the storage conditions, it probably needs a new paint job and some minor body work.  This is probably just the start of a list of improvements probably needed.

If your mother can get $25,000 for the car, that might be an offer to accept.  If I paid $25,000 for this year and model I would expect to turn the key, drive away, and do very little else other than maintenance.

Some of the real '76 Eldorado experts may very well chime in.

Dave

[Otto Skorzeny]

Hi Jack,

Below are two links to antique car appraisal sites that may give you a ballpark. I cut and pasted the info but you may wish to visit the sites yourself. At the first one, click on the heading below the value chart that says "Condition Guide". This will help you more accurately determine the current condition of the car.

In my opinion, the second site, Manheim Gold, frequently overstates the value of many cars. Using both of these and others as guides, you should be able to come up with a good estimate of the car's true value. Regardless of what you eventually determine the value to be, in reality the only figure that matters is the price that someone is willing to pay.

Based on your description, My opinion is pretty much in line with Dave's, above. $25K should by a nearly flawless example. If your mom can get that for it, I think you should take it.

Having gone through all of this, I will give you some unsolicited advice. Instead of keeping the car and paying the other two for it, I would sell it and split the money and forget about it.

Some friends I know inherited a vacation home from their parents. It was extremely run down and a day's drive from all the brothers and sisters. None of them except my friend wanted anything to do with the place and wanted to sell it. They had it appraised and my friend paid his brothers and sisters for their share of the property based on that appraisal.

My friend and his family spent many long hours and a decent amount of money renovating the house and grounds. The house is now worth a lot more and is a desirable place to stay.

Suddenly, the other siblings who wanted nothing to do with it and who were paid to walk away from it insist that it's really the "family retreat" and that mom and dad would want the families to share it. They've even insisted they be given keys to the place.

My friend has stood his ground but it has caused a lot of tension in his family.

Since you have already suggested that this car could become a point of contention, imagine what will be the result when you turn the car into a show piece and your siblings think you swindled them while they were in the throes of sorrow after your father's death.

Good luck with whatever you decide.

http://www.collectorcarmarket.com/menus/ccmprcs/76caeldo.htm

Collector Car Market Review Value Report
1976 CADILLAC ELDORADO 500-190hp (8cyl-4V) AT

                              #5       #4       #3        #2        #1
2dr Conv                    1050     3150     6725     11550     19475
2dr Hdtp                     600     1425     3875      7425     11125

Add:
500-215hp (8cyl-FI)                 10%
Sunroof-power                       10%

http://www.manheimgold.com/car_lo.html

CADILLAC ELDORADO (fwd)   Dsp/HP    Eng      Fair            Good   Exc                Show                Loan
2D COUPE 1971-76         500/200     V8      4,000    6,500   11,000          16,000               6,000
2D CONVERTIBLE 1971-76   500/210   V8      8,500   16,000   29,000          54,100               14,000
Add:  '76 Bicentennial $1k

[TJ Hopland]

Just based on that description I would be thinking that DaveW is in the ballpark.  I have 3 73's.  One was in very good condition, I paid $3500 10+ years ago and it came with a ton of spare parts (like engines and chrome).  One was pretty much complete and did run well enough to get it on the trailer but the top was in rough condition so the interior was rough and moldy. It also had rust in the usual spots.  I paid $1200 for that because I thought it was rare to see one that cheap so I bought it for parts.   The last one had a fairly new top.  Looks great from 20' away but you could see that it did have some rust that was painted over.  Interior would likely clean up enough to be a driver.  Ran when parked but could not get it started when I got it.  Paid $1500.  Fuel pump got it running .Found front end to be completely worn out (tie rods, ball joints, wheel bearings, cv's).  Something popped in the brakes last time I moved it. Fuel tank leaks.  Transmission slips bad.  So this one now sits as a parts car also because it would take too much to get the drive line in running order and then I would still be left with body and interior issues. 

Since those I have run out of space and had to cut back but I still keep an eye out just to see what they are worth.  The last year or so I have seen 10+ 71-76 converts for sale all in my general area in driving / easily restorable condition in the $2000-5000 range.  I have not looked at many of them in person but they for the most part did not stay advertised for more than a few weeks.  The ones priced over that tended to stay up for a long time and some of them took big reductions.  I have also seen cars that started at started at that $5k price and got down under $1000 before they sold because they all needed quite a bit of work to even be 'drivers'. 

[Ted in Olympia WA]

I agree with TJ and I have seen the same trend in the Northwest.  In the shape you are saying this is in I would say $2000 tops  I have seen several running and driving cars in the last year go in the 3,000-4,000 range.  I bet prices dropped to about 75% in the last quarter of 2008 vs the first 1/2 of the year.

I'm very sorry to hear about your dad and I hope that everytihing goes well.

My dad passed away amost 2 years ago and don't go a day without thinking about him.  He lieft my mom and very nice restored 1931 Model A coupe that my mother thinks is worth 20k.  I advertised it for her but the only persons that called were people who wanted to sell it for us.  I know it only a 12-14k car but I cannot convince my mom this.  I hope you can convince your mom that this is not a 25k car.

TED

[76eldo]

I am also sorry to hear about your father passing.

$3000.00 is right on the mark.  A friend of mine bought a similar car 3 years ago for $3000.00.  It was parked in a garage, an inch of dust on it, 4 flat tires, dead battery, and the person's heirs didn't want anyone "fiddling around with the car on their property".  He bought a non running car, offered $3000.00 and the offer was accepted the next day, if he removed the car right away.  With some elbow grease, and about $1000.00 in parts, it's running great.

Figure on a full tuneup, with new wires, new battery, new belts and hoses minimum.  All of these parts are available at NAPA and other auto stores.  You may want to check with Coker tire for correct width whitewalls for the car if you get new tires.

Once you get the hood open, look for any possible mouse damage.  They love to chew on wires, and other insulation under the hood, and under the dash.
Also, do not put the top down without first checking the well behind the rear seat for objects, and make sure that the front part of the trunk is not stuffed with things.  The back window needs to drop down into that area when you lower the top, and will break if it hits or binds on anything.  If and when you do lower the top, put it about halfway back and make sure that the back window area is moving around and is not stiff or stuck which can also lead to a broken window.  Tops should never be lowered in temps of less than 45 to 50 degrees because the vinyl and edge bindings get hard and brittle, and can crack or split.

You could only hope to get $25K for an absolutely mint, super-low mileage example, and even then, with the current economic conditions, it might only bring $20,000.
Based on your description, it's not one of the last 200, which were identical Bicentennial models.  They were all white, white top, white interior with red piping on the seats, and seem to command higher prices when in excellent condition.

These cars are very well built mechanically.  The seats will probably clean up, but with all of the stuff sitting on and around the car, you make have some blemishes in the paint that may not rub out.  The urethane bumper fillers, front and back may be cracked or brittle, and cost over $1000.00 to purchase (only repros are available), paint and install.  Mint hubcaps with the correct black inserts are expensive, so if any of the caps are damaged, consider that as well.

Mechanically, you will need to drop and clean out the tank, probably have some exhaust parts to replace, new battery, flush out the brake fluid, and the rear calipers are probably frozen (the car has 4 wheel disc).

It's a great car to work with, and there is probably some sentimental value, so if you can resolve the financial part with your family, based on about a $3000.00 value, as-is, it would be a great car to get and with a little work, you could be driving a nice car.  If you have a fiberglass parade boot, that's a nice feature, and adds some value to the car.  You can tell if there was one previously installed if the receiving hardware is on the upper interior parts that curve around between the rear armrest area and the back seat.  Look on the simulated wood areas for a chrome part with a hole in it, and a rivet on each side of the hole.

You listed all of the important info in your post.  Please let us know how you make out if you get the car, and get it running and cleaned up.

Good luck,

Brian

[Bill Hedge CLC 14424]

Jack: 

First, my condolences upon the loss of your father.

I agree with most of the comments that have already been made concerning the condition and value of the car.  The only other thing that I would add is to check for the existence of rust.  These Eldos of 70's  that have been up north often have rust in the rear quarters and the seam on the rear deck just in front of the trunk lid. 

Several times I have had the opportunity to purchase a car from the spouse of a deceased friend, acquaintance, from an estate, or from a client.  I have ALWAYS run from those situations.  If I purchase the car for what they or their friends/relatives (“experts”) think the car is worth, I generally would have overpaid by at least a factor of two.  If they would have sold it to me for what it was truly worth, I am sure that I would have been accused of stealing the car from them.  My reputation in the community is too valuable to become involved in that type of situation.  The ONLY way I would become involved in purchasing this car if I were you would be to take it to antique car auction where your siblings can also bid.  Since I suspect that the car has sentimental value to you, you will probably be the high bidder since you are willing to pay a "sentimental premium” and will end up owning the car for less than $5,00.00.  If somebody goes crazy and bids the price up too high, take your one third and buy a better example if this is the year and model you really want.  Hiring a professional appraiser is another option.  If you go the appraisal route, it would be best if your siblings selected the appraiser.  Just keep in mind that you do not want to do anything to jeopardize your relationship with your mother and siblings.  Life is too short for that.  Good luck.

[anthony20485]

I am also sorry to hear about your father passing.
I would put it up on Ebay with a high reserve and full disciption. Let your familly know and see where it tops out. You can then get a good guide of it's value.

[The Tassie Devil(le)]

Ebay is not the place for such comparisons, as pictures NEVER tell the full description of anything.

Jack knows from experience when he purchased his own '75 Eldo Convertible and it turned out to be a bucket of rust.

Bruce.

[76eldo]

I think Jack got some good info here, so hopefully if he wants to own the car and get it on the road, I wish him luck.

I bought an Allante a while back.  It was a 91, Pearl White with black interior, hardtop, true Dayton wire wheels, and about 59K miles on it.  Super clean car, no problems, issues, codes, brake problems, a really nice car.

I was thinking of keeping that one, and selling my 92, which has more miles, but I really like my 92, and prefer the natural interior to the black.  I bought it from an ad in the local paper from the widow or a man with 3 Cadillacs.

They were fairly reasonable on the Allante, so I bought it.  I also bought some spare parts that I thought were included, but when I picked up the car, she said they were not included.  Rather than hold her up, I gave another $300.00 for some stock rims, a few books, an aftermarket hardtop cart, which was what she wanted.

Parked in the same garage was (and still is) a 1969 DeVille convertible.  Red, white and white.  It's a little beat, has a huge CB antenna on the decklid, extra emblems and scripts that he added, has not be run in years, and sitting on 4 flats.  It has a little of the normal rust in the lower front fenders, and a little on the quarters.  Interior needs attention, and a mic holder for the CB is screwed into the dash.  I forget the exact mileage, but it's over 100,000.

She said the last time they had it out for a drive (I am guessing 10 years ago) a toll taker on the PA Turnpike offered $20,000 for it.  Probably in quarters.  I figure that a really nice 69 convertible is worth $15,000 to $20,000.  More people seem to like the 70's, and I had a 70 back in the day that I loved.  In fact I have owned 4 of them, and they are great cars.

So if you figure $15,000, deduct at least $5000 for a nice paint job, $1000 for a new top, $1000 for some nicer bumpers, about $3000.00 in new battery/tires/tuneup/brakes/fuel pump/exhaust/ gas tank service/etc...  What is left is about what the car is truly worth.

My math tells me it's a $5000.00 car at best, as it sits, therefore, it would be nice to get it for $3500.00 or so, because there is always more to do and fix.

She was told by the expert in the tollbooth that it's a $20,000 car, and seems to think that all she needs to find is the right person.

I think it will be sitting for a long time.  Nice 76 Eldo convertibles can be bought from $10,000 to $15,000 for really nice cars needing nothing all day long, so I would base any offer on the car on that $3000.00 figure that was mentioned.  Just an opinion.

Brian

[Jack Miller CLC# 24441]

Ebay is not the place for such comparisons, as pictures NEVER tell the full description of anything.

Jack knows from experience when he purchased his own '75 Eldo Convertible and it turned out to be a bucket of rust.

Bruce.

Bruce my friend,

That was a $300.00 joke. It still runs great, excellent interior,  but I have to replace a front brake caliper ($25.00 at NAPA) as it is sticking. I am able to fix the frame with a few weld patches. it is not a trailer queen but a nice road driver. I started it right up 2 weeks ago when it was 15 degrees outside. Anyone here would have bought it with the parade boot for the $300.00 too......................you too bro.  Jack

[Jack Miller CLC# 24441]

Hi All,

Thanks for your help. There is no rust on this car the filler panels are perfect (I can only see one side). There is a parade boot. I want this car because it was my dad's.
It has been sitting in a pretty dry garage, I can't figure out why the seats are moldy. Maybe some water was spilled inside?
It hasn't ran in about 10 years.
I want to show this post to my family so they can see experienced Caddy people's values put on this car and not a BS appraisers over appraisal.
I know that the tank has to be dropped as there is vinegar now in the tank or whatever the fuel turned into.
To send out the car to drain the tank and clear out the line and carb, tune the car, battery, new belts & brakes (master, lines, calipers, fix the air ride, new tyres, check out the electrical, clean the interior and paint and more, it will cost at least 3-4 grand for repair to farm it out. Maybe more if there are body problems, from boxes sitting on it. The top looks good but I know that from sitting once it goes down it will crack.
These cars in this economy are sitting and not selling except for very low prices. I follow and buy classic cars and the only cars that are really moving are cars that will do better for a person's money than the stock market. Even Packard's slowed down, the muscle car market took a beating.
Please let me know if you think that I am right on with my thoughts. I don't want my mom or my siblings to think that I am trying to get one over. That's not my nature.

Thanks
Jack

1961 Cadillac 62 Convertible
1975 Cadillac Eldorado Convertible

[Jack Miller CLC# 24441]

Hi Jack,

Below are two links to antique car appraisal sites that may give you a ballpark. I cut and pasted the info but you may wish to visit the sites yourself. At the first one, click on the heading below the value chart that says "Condition Guide". This will help you more accurately determine the current condition of the car.

In my opinion, the second site, Manheim Gold, frequently overstates the value of many cars. Using both of these and others as guides, you should be able to come up with a good estimate of the car's true value. Regardless of what you eventually determine the value to be, in reality the only figure that matters is the price that someone is willing to pay.

Based on your description, My opinion is pretty much in line with Dave's, above. $25K should by a nearly flawless example. If your mom can get that for it, I think you should take it.

Having gone through all of this, I will give you some unsolicited advice. Instead of keeping the car and paying the other two for it, I would sell it and split the money and forget about it.

Some friends I know inherited a vacation home from their parents. It was extremely run down and a day's drive from all the brothers and sisters. None of them except my friend wanted anything to do with the place and wanted to sell it. They had it appraised and my friend paid his brothers and sisters for their share of the property based on that appraisal.

My friend and his family spent many long hours and a decent amount of money renovating the house and grounds. The house is now worth a lot more and is a desirable place to stay.

Suddenly, the other siblings who wanted nothing to do with it and who were paid to walk away from it insist that it's really the "family retreat" and that mom and dad would want the families to share it. They've even insisted they be given keys to the place.

My friend has stood his ground but it has caused a lot of tension in his family.

Since you have already suggested that this car could become a point of contention, imagine what will be the result when you turn the car into a show piece and your siblings think you swindled them while they were in the throes of sorrow after your father's death.

Good luck with whatever you decide.

http://www.collectorcarmarket.com/menus/ccmprcs/76caeldo.htm

Collector Car Market Review Value Report
1976 CADILLAC ELDORADO 500-190hp (8cyl-4V) AT

                              #5       #4       #3        #2        #1
2dr Conv                    1050     3150     6725     11550     19475
2dr Hdtp                     600     1425     3875      7425     11125

Add:
500-215hp (8cyl-FI)                 10%
Sunroof-power                       10%

http://www.manheimgold.com/car_lo.html

CADILLAC ELDORADO (fwd)   Dsp/HP    Eng      Fair            Good   Exc                Show                Loan
2D COUPE 1971-76         500/200     V8      4,000    6,500   11,000          16,000               6,000
2D CONVERTIBLE 1971-76   500/210   V8      8,500   16,000   29,000          54,100               14,000
Add:  '76 Bicentennial $1k

Manheimgold is over quoted. NADA is closer.

Thanks
Jack

[Jack Miller CLC# 24441]

Jack,

Sorry to hear of your father.

I am not an expert on 1976 Eldorados, but have followed the market for some time as I have thought of purchasing one some day.  The color combination you describe is a desirable one.  However, the condition you describe would concern any potential buyer.  As you might expect, condition is the most important factor in determining whether you get high or low market value.  Without inspecting the car, you will have trouble getting anything more than a very "ballpark" estimate on the value.  Considering the potential problems that might be encountered in restoring this car I personally would not offer more than about $3,000 for it, if that, based on your description.

The car very well may require improvements to almost every system.  The car might need an engine rebuild, maybe even transmission rebuild once you have gone that far.  Probably needs a new interior.  You don't mention the cosmetic or functional condition of the top, but I would assume the worse.  Based on the storage conditions, it probably needs a new paint job and some minor body work.  This is probably just the start of a list of improvements probably needed.

If your mother can get $25,000 for the car, that might be an offer to accept.  If I paid $25,000 for this year and model I would expect to turn the key, drive away, and do very little else other than maintenance.

Some of the real '76 Eldorado experts may very well chime in.

Dave

The $25k is a number that came out of her head and she might think that is what it is worth.
Thanks
Jack

[Otto Skorzeny]

Hi Jack,

Would it make your life easier if I edited my first post to leave out the story of my friend and his vacation home? Just let me know and I'll clear  that out and delete this post.

[76eldo]

Jack,

I would show your family the posts here, and go over some completed items on ebay with them.

It's clear that you are a car guy, and want to keep the car as a connection to your dad.  I totally identify with that, I did that myself, but ended up losing the car.  It's a long story for another time, but truly, it's a $3000 to $5000.00 car.

I would offer your siblings $2000.00 each, and that's being generous.

Good Luck,

brian

[buicksplus]

These cars in this economy are sitting and not selling except for very low prices. I follow and buy classic cars and the only cars that are really moving are cars that will do better for a person's money than the stock market. Even Packard's slowed down, the muscle car market took a beating.
Please let me know if you think that I am right on with my thoughts. I don't want my mom or my siblings to think that I am trying to get one over. That's not my nature.

Jack, I couldn't agree with you more.  I think a large front drive Caddy Eldo gas guzzler is especially vunerable in this market.  It isn't a muscle car, nor is it nifty fifties nostalgia mobile.  There are a few collectors of these cars out there, but there are still plenty available.  I think your dad's estate would be doing fine to get 2000 for this car in its current condition.

[Otto Skorzeny]

Right. Brian suggested giving your siblings $2k each, making the overall value of the car $6k. He's right, that is being generous. In fact I think it's double or more than what the car is worth.

Buicksplus suggests $2k. I agree. Each sibling should get $1000, valuing the car at $3000.

[Jack Miller CLC# 24441]

Thanks all for the thoughts and kind words.
Being in New York or Eastern USA it is cold right now. I am going to wait till it comes up in a family meeting and then I will let them all read these posts from all of you. The initial pain will be easier in another month or so, It still hurts a lot. In the spring it will be easier to remove it and work on it.

Thanks again
Jack