I saw a peugeot 505 it was going for 200k the owner said the engine is still good, but the down side is it still needs body work and the inside is nothing to write home about infact when I saw it I was like I couldn't even take the pix sef but I love the 505 and I am hoping to restore it to look like a 505 evolution all black color. Now my dilemma
1. I am not financial buoyant currently but do you think I should buy now and keep because such opportunity may not come again

2. I am not even mechanically educated on engines so should I bump in hoping to learn

3. Can I buy it and keep for a long time (2 to 3years) won't it become a lemon or depreciate by then.

Your recommendations and comment will be appreciated note the op just finished school but has a business investment already but no financial burden at present. So gurus help me see the good side and downside to this project I want to embark on

You can definitely learn to fix any thing in your car as long as you have the desire to learn. There is more than enough info on the internet to help you with that.

If you are thinking of a restoration project, then try to beat the price down as much as possible. 200k seems a bit high for a car you are going to take apart

Make sure you have a place to store/ work on the car. Try not to leave it exposed to the elements.

Do not leave it in a mechanics workshop!

Make a list of all the things wrong with the car. I would say that in Nigeria bodywork welding/ spraying is cheaper /easier than sourcing genuine parts

As far as value is concerned, the value can only go up. If your car is in good condition, you can make money by hiring it out for period films etc,

Best of luck!

The car is junk or did u crank the engine, price it accordingly, post pictures so we can advice u if its worth 50k or less.
cheers

What engine is in the car? XN engine?

The most important thing in a Peugeot 505 is the body. If the body is still minty or in tact, but has dead engine or no engine at all, I would suggest you go for it, even if at a reduced priced.

But if the body is on its way to the grave, but with a brand new engine in it, I would strongly recommend you stay away from it. No matter how new or good a 505 engine is but with a dead body, you wont enjoy the Lion. Take it from me, if you would listen.

Look for one with a body in good body, irrespective of the condition of the body. You can easily rebuild the engine or replace the engine with a good one. But with a dead or rusted body, you don't want to go down that road.

Ikenna

Ikenna351:
What engine is in the car? XN engine?

The most important thing in a Peugeot 505 is the body. If the body is still minty or in tact, but has dead engine or no engine at all, I would suggest you go for it, even if at a reduced priced.

But if the body is on its way to the grave, but with a brand new engine in it, I would strongly recommend you stay away from it. No matter how new or good a 505 engine is but with a dead body, you wont enjoy the Lion. Take it from me, if you would listen.

Look for one with a body in good body, irrespective of the condition of the body. You can easily rebuild the engine or replace the engine with a good one. But with a dead or rusted body, you don't want to go down that road.

Ikenna

Ok I would check the level of the rust and also try to post pix, but with that I saw the body has structural rust and not just surface rust but the kind of rust that has chipped away important metal parts example the head light sides have rusted and chipping, one door has a gash that's kinda rusting but the rest of the body looks deformed minimally but no rust and still intact

A complete waste of time and money.

You do this kind of work on iconic cars that are no longer being produced. You can import a in nice running condition 505 from France. Heck you can maybe even drive it down yourself.

Restoring a car is not a piece of cake.