What is a restored M37 worth?

[retiredguy]

I was just on facebook and there was a lot of "discussion" about restoring to original and saving these trucks they way they were. I am in the car business and Sometimes a car needs to be customized to be worth something. I don't know what a M37 with no special history behind it is worth. I have a custom M37 which had no special history to it that I customized. I was offered 65,000.00 for it in the form of a new truck swap. My truck appraised at 90,000.00. So if I did an original restoration would it be worth 100,000.00 or 25,000.00? Oh ya just saying, I turned the new truck offer down.

[greencom]

I was just on facebook and there was a lot of "discussion" about restoring to original and saving these trucks they way they were. I am in the car business and Sometimes a car needs to be customized to be worth something. I don't know what a M37 with no special history behind it is worth. I have a custom M37 which had no special history to it that I customized. I was offered 65,000.00 for it in the form of a new truck swap. My truck appraised at 90,000.00. So if I did an original restoration would it be worth 100,000.00 or 25,000.00? Oh ya just saying, I turned the new truck offer down.

[Murf]

Pics?

Unless it's gold plated.... If it were me I would be calling the guy who offered 65k to ask him if he wants a full tank of gas in it.

[retiredguy]

The build is here under the builder forum called "Building a retro M37".

[w30bob]

Hi Retired,

I was just on facebook and there was a lot of "discussion" about restoring to original and saving these trucks they way they were. I am in the car business and Sometimes a car needs to be customized to be worth something. I don't know what a M37 with no special history behind it is worth. I have a custom M37 which had no special history to it that I customized. I was offered 65,000.00 for it in the form of a new truck swap. My truck appraised at 90,000.00. So if I did an original restoration would it be worth 100,000.00 or 25,000.00? Oh ya just saying, I turned the new truck offer down.

Your simple question of what's an M37 worth is one of those that makes people cringe......for various reasons. If someone offered you $65K for your modified M then I guess you have your answer, as a meticulously restored to original condition M37 won't bring that kind of coin. Also depends on what it cost you to modify your M when all was said and done. But to say it has to be modified to be worth something implies "worth" only relates to money. I'm restoring my M because I feel military history, ie, vehicles, need to be preserved for future generations........I never once considered resale value when I bought it...and I don't now. So there's a big difference between those who think like me and others who see an M37 as just a cool truck to modify. Neither of us is wrong, it's just a different viewpoint. But from a monetary viewpoint.........looks like modified trumps original.

You also have to be careful with appraisals. To properly appraise they are supposed to look at previous sales of the same vehicle and also take into account condition and what the market is doing. I'd be curious to know what they chose as being comparable to your M when they came up with $90K? Not saying it's not worth that..........if you have a Agreed Value insurance policy on it for that amount it surely must be. Otherwise, it's only worth what someone will pay you for it, and I doubt it will be appraiser. I've had vehicles appraised in the past and the number they came up with was always more than the market was willing to pay. Not sure exactly why they do that. Reminds me of the diamond market. You'll always pay exactly half of what a diamond appraises for unless you're an idiot. But for some reason that's the way that market works.

But your truck is awesome.......no doubt about that. Good luck with whatever you do with it.

regards,
bob

[retiredguy]

Hi Bob.

You have a very good point. Myself, as same as you in one point, is that I didn't build this truck to sell. If I did I may have sold it then and there. I have said to my family that I will never sell this truck for whatever money, Unless it's stupid money. We do have people up here that cash don't matter. If it's cool and they want it, they pay. I built it to enjoy it and then when I can no longer drive it, it will be handed down to my family who I hope will enjoy it as I did and cherish it as something Dad built. The same goes for my other "toys" also. So the question wasn't really about my truck but all M37's in general. Some say they are worth a lot more original than a custom one and some say otherwise. I know when I talk to customers about doing a car up I always ask how rare is it, or does have a specific attachment to you. If its not a desired car and you just want a cool driver, then by all means, make it more user friendly. I like the cummins engine and auto trans with power steering and brakes, but that is for me, to make my drive more enjoyable and I am not a hinderance on the hiway.

I'm just looking for the words to use to answer some of the arguments I see on social media and I think I'm getting some ideas on how to put it as not to offend others. Thanks.

Harry

[rickv100]

But if your Dodge M37 is modified, is it still an M37 or just a Dodge chassis with a M37 body grafted on?

If someone offers more then 30K for your truck take it and run. You can build more modified or stock for that price. I think Bill Lammer's truck used to be the gold standard for restorations and that went for maybe $50K several years ago?

I agree with w30Bob's outlook and like the truck as is. Many modify them for various reasons, but to me it is a time capsule of what people did\worked with 40-50 years ago.

Rick

[m37jarhead]

Over the many years and the many vehicles that I've restored and put on display, I'm always surprised by
the comments from "experts" and idiots. Some like to point out, like "I'm" the idiot, that the mirror,
reflector, gauges, paint, tires, brakes, seat belts, safety glass, or one of a thousand changes are not
correct as supplied by the manufacturer. So I usually reply with something like: "Gee thanks, I didn't know that,
always happy to hear an "expert' opinion." Then I think, "let it go Jerry, let it go."

I'm a restorer with kinda' a street rod mentality. Keep 'em looking pretty stock, if possible, but also
make improvements for performance, safety, comfort and looks. After all, it's my butt on the line when
driving down the freeway and I want old Jerry to have another birthday next year.

So the bottom line here is that ANY vehicle that has had minor or major restoration done to it within the owner's
financial and mechanical abilities is a plus. It's a piece of history, it's running or will be soon and it's not
rotting away in some farmer's field. It should be enjoyed more by the owner than the mindless critics.


Keep 'em rollin' .

Jerry

[tbone1004]

I think Jerry nailed it as far as why he may have been offered that trade. A. no one knows how much was really paid for that truck and simultaneously if the guy that wants it has the money to spend and/or knows how much a project like that would cost to have done to an unrestored truck he may value the longevity of the M37 while subsequently ignoring the dollar value.

I.e. I get a really good deal on a $60k pickup, get it for $45 k or so, and I see a truck that had been restomodded by Mseries Rebuilds. I know that the dollar value that went into the truck was likely around $100k but the truck is still only "worth" $35k/$40k. I may offer a $60k truck for a $45k truck knowing that I can get 20+years out of the M37 where as a Dodge 1500 would be lucky to last 10. Long term the cheaper truck is more valuable especially as depreciation has already impacted the M37. You need the right buyer to see that type of investment and that usually means one that does have a good cash flow and you will likely never find someone in that situation.

I think the dollar value of M37's depends greatly on what work was done, who did the work, and because the trucks are "rare" in that while many of them were build and many of them remain, relatively few of them are in drivable condition and even fewer come up for sale post restoration it is almost impossible to put a dollar value on them because they'll go all over the maps at auction.

[k8icu]

We have two themes going on in this thread.

First one is What is it worth? The answer to that question is what ever the buyer is willing to pay for it. IMHO a truck that was ground up restored, where every nut and bolt piece and part was repaired or replaced to new condition so that the restored truck was identical to the mythical time capsule truck that just rolled out of the factory and was placed in the time capsule I would estimate that truck to sell between 15K-30K. Again depending on what the buyer is willing to pay. A slightly modified truck like Jerry's and many others would come in a little bit lower. A truck like retiredguy's (which is a very nice truck) has it's own category and again I believe price is what the buyer is willing to fork over. Congrats on getting a $65K offer. Even better for turning it down.

Second is the idea of To modify or no modify. I've been in the hobby actively for 28 years and I've been interested in it for over 30. I've seen a lot, done a lot and owned a lot. I've done pure restorations, safety modification and I'm in the process of building a concept MV. All have their good and bad points. I have done historically accurate restorations and have enjoyed them and been proud of them. It's great to bring one of these old soldiers back to life. I understand safety mods. I was in a semi-bad accident in a M151A1 that had the original tail lights. Guy didn't see my turn signal and hit me trying to pass as I was turning. Wasn't fun. Ever since every MV that I've owned that I was going to drive on the road has had the large composite lights on them. M151s, Duces, trailers and so on. Only the CUCVs didn't because they had the original manufactures lights. So I understand and applaud anyone who puts safety features into their MV especially if they have plans to drive it more than on and off the trailer and in the parade. My current project was a M37 that was to far gone to restore back to original. To many bubba modifications to count plus the rust on the cab...so that's why its getting modified.

I think a person who is going to modify a truck beyond basic safety needs to evaluate the truck and decide if the truck is better served being modified or being restored to original or original with safety mods. For example on Steel Soldiers there is a user that just got a GMC K18 Commo truck. Now if that person took that rare truck and threw a 500 crate motor in it with a 4L80E trans and built a camper in the back I would probably lead the pitchfork gang to hang them. That being a rare vehicle in the hobby needs to be preserved and restored to the best of their ability. The many M35a2s out there that have been bobbed and modified don't bother me because M35A2s are a dime a dozen. I think you get my point. One must weigh the situation.

Sorry to be long winded....I don't always get so verbose. Thanks, Joe

[JimC]

I've owned my 37 since 1962. It is modified but looks stock except for the Warn hubs, dual exhausts, white paint, and dual headlights.

I've owned my rare XM708 since 1972. It is bone stock and will remain so.