So this is my first post... my name is Louie, I've been lurking on & off for years. I've been a huge fan of Fieros since they came out when I was a kid. I'm now 31 (going on 32!) and recently got a big promotion at work. So I'm thinking it's time for me to finally make my Fiero ownership dream come true. I'm not new to classic car ownership- I've owned 2 DeLoreans & continue to stay active in that community though I sold mine years ago. Anyway, I hope to put enough money aside to buy my own Fiero sometime within a year.
In any event, I'll want to pick up the most pristine, bone stock '88 Formula I can buy. I've seen a few come up over the past several months in conditions similar to this one:
The asking price of that car is pretty similar to the other cars that I've seen in comparable condition. But I guess what I really want to know is: what is such a car actually worth? The obvious answer is of course what someone will pay for it. I guess I'm just seeing conflicting things all over the internet. The Fiero.net price guide says it's worth less than $6k; while Haggerty's guide says it can be worth $16k. I'm guessing the true value for such a car is somewhere in between. Y'all have any thoughts?
Here is another price guide you can throw into the mix. http://www.paulvargyas.com/Price%20Guide.htm Keep an eye on cars that actually sell on ebay and see what they are going for.
Here is another price guide you can throw into the mix. http://www.paulvargyas.com/Price%20Guide.htm Keep an eye on cars that actually sell on ebay and see what they are going for.
Thanks for the quick response. I had a feeling that typical '88 asking prices weren't in synch with their actual values. Thanks for the confirmation!
A car is worth what someone will pay for it. If you really value a Formula in that condition enough to approach that asking price, then it is worth that much. However, I think you would find it extremely difficult to find a buyer willing to pay anywhere near that if you were to sell it.
In any event, I'll want to pick up the most pristine, bone stock '88 Formula I can buy. I've seen a few come up over the past several months in conditions similar to this one:
They look like the keys from my 130,000mi. Fiero... Although, the number of times the keys have been inserted in to the cylinder doesn't necessarily correlate with mileage...
A car is worth what someone will pay for it. If you really value a Formula in that condition enough to approach that asking price, then it is worth that much. However, I think you would find it extremely difficult to find a buyer willing to pay anywhere near that if you were to sell it.
I personally would keep looking.
I definitely wouldn't pay anywhere near that asking price. That's why I was asking what you experts thought it might realistically be worth. I was thinking more in the $5k-$8k range. This definitely isn't the one for me- the asking price is unrealistic, I'm not ready to buy, and I'm leaning towards a 5-speed. I'm just trying to get together a plan so I can budget myself for a future purchase, hopefully late this year.
If I were going to buy an 88 Formula I would get one with a 5 speed in it, no auto trans. I own a Formula 5 speed and it is fun to drive, also the Formula does not always have alot of options on it as say an 88 GT. Still a blast to drive!
------------------ 1984 Indy Pace Car\1988 Formula Custom\1986 turbo GT Founder of Mason Dixon Fiero Owners Group NYFOC Member
If I were going to buy an 88 Formula I would get one with a 5 speed in it, no auto trans. I own a Formula 5 speed and it is fun to drive, also the Formula does not always have alot of options on it as say an 88 GT. Still a blast to drive!
I also own a Formula with the 5 speed its a blast to drive, definitely a true drivers car. I picked mine up very clean with 49k miles. Good deals come if you look for em
I'm going to throw something out there that I think doesn't get mentioned a lot. Do not let mileage be your overall deterrent towards buying a particular car. I've seen Fiero GTs with 50,000 miles end up in salvage yards and my current GT is nearing 300,000 miles and I'd bet money is in a lot better shape than a good deal of Fieros out there. I say this because often a vehicle's "value" tends to increase or decrease in the monetary sector relevant to mileage on the car. If your ultimate goal is to obtain a incredibly good conditioned stock as possible '88 Formula, you can find them and not completely break your bank. And if you're willing to wait I would even venture to say you can find them with 50,000-75,000 miles on them in incredible shape for -$4,000. Just wait and look.
I have owned an '88 Formula also - a white one. It was one of the most enjoyable Fieros I have owned. It is not only a good 'entry' Fiero, but also one of the most unique; only one year production, GT running gear using all the '88 upgrades, with a base body. They're a blast to drive.
My 85 SE has the V-6/auto and it runs great with 178k showing on the odometer. Engine and trans weren't taken well care of either but I've brought it back stronger that ever and they still have yet to be rebuilt. That's pretty good in my book!
Hey Louie, I sent you a PM. Hope you find something you like soon. I have seen Tom's T-Top in person and it's a nice ride. If I could afford it myself I would pick it up!
At the end of the day, I would not want a $12k Formula unless it was loaded with accessories that matter. Who wants to crank windows in a pricey Fiero with bare bones? Might as well look for a low mileage GT at that price. I like Formula but not when comparable GT's have amenities. Keep looking, deals are out there.
At the end of the day, I would not want a $12k Formula unless it was loaded with accessories that matter. Who wants to crank windows in a pricey Fiero with bare bones? Might as well look for a low mileage GT at that price. I like Formula but not when comparable GT's have amenities. Keep looking, deals are out there.
I definitely wouldn't pay $12k for this car. I saw one recently in identical condition where the asking price was $5k. However, having an original car in pristine shape will be important to me. Speaking of overpriced Formulas, this one takes the cake:
Regarding a GT... I prefer the notchback style. As far as options, as long as it has a sunroof, those don't matter to me. It's a 26 year old car- it's period appropriate for it to be a bit basic. Plus, here in Texas things like leather are torture devices. Crank down windows are just fine too- most of the time it's too hot to cruise with windows down. Whatever Fiero I buy will just be a weekend toy to replace my motorcycle.
At the end of the day, I would not want a $12k Formula unless it was loaded with accessories that matter. Who wants to crank windows in a pricey Fiero with bare bones? Might as well look for a low mileage GT at that price. I like Formula but not when comparable GT's have amenities. Keep looking, deals are out there.
The whole point of the Formula was 'bare bones'. If you want an electric trunk popper,mirrors, windows, back skratcher..etc etc.. Get a GT!....The value of a Formula is that it did not have all that junk.
I'm definitely not interested in engine swapping, modding, or upgrading/updating of any kind. I just want a clean, low mileage Formula that's in as close to factory fresh condition as possible. I saw one for sale recently with 32k miles, very clean, and the asking price was $5k. That's more along the lines of what I'll want. All this is premature, anyway- gotta bulk up the Fiero Fund first.
While I might be in the minority around here, I like the idea of being as close to the way it rolled off the production line as possible. I spent about a year doing nationwide searches on Craigslist, as well as watching eBay listings, and the "For Sale" area here. What I ended up buying was far from pristine, but it hadn't been "upgraded" by anyone either. The headlight motors needed to be rebuilt, the front side markers were cracked on one side, and missing on the other, the clear coat had failed on the top panels, but the frame was rust free, and the engine was tight. 2 years later, I've got the little stuff cleaned up, and it should be time for paint this summer. For $1200.00, it's been a fun project, and the 88 Formula is a huge improvement over the 84 SE I had before it. Take your time, find a 5-speed, and you'll be happy.
Before you spend a bunch of money on a Formula, or any Fiero for that matter, take into account what you want to do with it. If it's very expensive, you may not want to drive it. Unless it's covered with collector insurance, most insurance companies will only pay "book" in the event of a total loss.
Having said all that... I suspect that you can find a nice Formula for $2-4K. Or a very nice one for another $1-2K. T-tops will tend to push the price up, because they are relatively uncommon and "more desirable". (I had a T-top Formula. Traded heads-up for a sunroof Formula. YMMV.)
I'm also one of those people who can't leave anything alone. (See sig.) But I have to have respect for the "purists" who want to keep things stock, because they like their cars to be rolling time capsules.
OTOH, the people who want to keep their cars stock because they think they'll be worth more money when it comes time to sell, are likely to be disappointed, unless their car is seldom driven and kept in a garage under a cover. But that would be a shame, because these cars are too much fun to NOT drive.
------------------ Raydar 88 Formula IMSA Fastback. 4.9, NVG T550 Praise the Lowered!
[This message has been edited by Raydar (edited 03-23-2014).]
Although, the number of times the keys have been inserted in to the cylinder doesn't necessarily correlate with mileage...
