280SE 3.5 cabriolet for sale- most of it, anyway

[Jim Rosenthal]

Some of you all may have seen the 3.5 cabriolet which just sold on BaT for $425,000:

https://bringatrailer.com/listing/1971-mercedes-benz-280se-3-5-cabriolet-3/

It was bought on BaT about two years ago and given a "cost is no object- how do you spell 'cost'?" restoration, very well documented, and represented very ably by Alec Cartio, who also presented a fully restored 280SL (manual) in the same colors for the same seller.

The 3.5 was actually bought on BaT about 2 years prior. It was a running and driving car when it changed hands.

Today, Gullwing Motor Cars in NYC emailed me (and a few million other people) about a 3.5 cabriolet project. It is the worst-condition one I have ever seen. It appears to be missing the left front fender, the front seats, and God knows what else. It does not run. No info as to whether the engine will even turn. Asking $167,000.

I love these cars, and have one, but I could not afford this one as a gift. I hope someone CAN and that it gets restored. It's difficult to look at this one and remember that in 1971 it was one of only 1232 3.5 cabriolets and that there was a day when it was someone's pride and joy.

 

[Harv]

It certainly seems like the 280SE 3.5 Cabriolet is one of the few cars "worth" dumping a pile of money into. People are still willing to pay for good examples despite their under-the-radar status which the majority of the population would think is just an old Mercedes convertible. In a world of shouty modern exotics in a rainbow of colors, a $430,000 old Mercedes convertible is still a desirable car.

 

[alabbasi]

Is any car worth dumping money into right now? I don't think the trajectory of values is what it was last year.

 

[AMG5PT4]

So, that Seller paid $225k for the car off BaT, restored it and sold it for $420k, a diff of $195k for the restoration and ownership costs. Unless he got a very discounted package deal for the 3.5 and the SL, he lost money. That level of restoration cost more than $200k, especially on a vintage MB and a convertible. We all know how expensive MB parts are and he did none of the work himself. Parts alone would be $50k. Bare metal paint and body work $50k minimum, soft top and interior leather/carpet/wood $40k, all other labor had to be 1,000 hours over 2 years @ $100/hr (bargain basement rate) or $100k. That’s $240-$250k restoration not counting miscellaneous costs for shipping, insurance, other of another $10k. Most high end resto shops charge well over $100/hr labor rate. As a matter of reference, high end 300SL W198 complete restorations, such as Hjeltness, cost $500-$600k. The W111 280SE 3.5 cab is the same league as a Gullwing roadster.

It’s not like he restored the car and enjoyed it for a few years - showing it and driving it. Once the restoration was done, he sold it - most likely for a loss. Now, if he had bought that car years ago for $100k, then he would have made a profit, but he paid top dollar for the car 2 years ago.

Some people like the challenge of finding a car to restore and enjoy the process of bringing a car back to glory. But, that had to be a financial hit and I bet he took a bigger hit on the Pagoda.

The Buyer on BaT got a fair deal, with no waiting. The $425k price is fair for that car, great colors and #1 condition.

 

[Jim Rosenthal]

Exactly so (the 280SE 3.5 cabriolet sold on BaT was an automatic, though, I'm pretty sure. In these cars manuals are usually worth a little less, because they are always ROW cars, sometimes lacking power windows or AC. All USA cars were automatics)

The restoration of the blue car on BaT was very thorough, and even with a discount for two cars in there, I can't imagine that the owner made any money on the 3.5 cabriolet. He might have made a few dollars on the 280SL; they are a little simpler and smaller. But I agree with you, if he indeed made anything it can't have been much at all.

I went back and looked at the 3.5 cabriolet at Gullwing. It is also lacking its hood as well. Finding all these sheet metal parts isn't going to be easy. The new owner, if Gullwing finds a buyer, will have to find a good restoration shop in his area, and then hand the shop his kids' college funds and maybe a few other cars in the bargain. And two years, minimum, to get it completed.

 

[Bogeyman]

I'm always amazed when I see "restored" cars on BAT or high end auctions where the owner/restorer didn't bother to research originality. I don't mean color changes, I've done that myself, but the hundreds of small details that really bring back to original condition.

 

[daantjie]

Very hard, I would say pretty much impossible not to end up upside down on a little caper like trying to fully and correctly restore a limited run classic Benz. You may as well grab a big pile of money and have a nice bonfire in your Weber kettle

 

[alabbasi]

Imagine saying "I always a W111 Cabrio but I couldn't afford it so I bought a Rolls Royce Corniche instead"

 

[Jim Rosenthal]

A Corniche or a Continental is really not an alternative. Among other differences, when you fix something on a Mercedes, it usually stays fixed.