Topic: 1971 CB500 KO, Worth keeping?

[Easy E]

I have a "hangar find" 1971 Honda CB500 in my garage right now. The original owner who is 82 yrs now has had it parked in his rural, small aircraft hangar since 1991 when he last rode it. It is Candy Garnet brown with 8500 miles. He asked me to take it, get it running and make him an offer. The first weekend was dedicated to cleaning out etc. of the fuel tank, petcock, fuel lines, carb bowls, changing oil/filter, new battery and wouldn't you know it fired right up! Ok.....Can't resist now and on to the second weekend of stripping off dirt, grime, rust, (not major) and polishing, lubing and checking out cables, chain, lights etc.
All pretty good with exception to top side of the fuel tank with some rot through the top of the tank and some paint deterioration and some minor pitting on chrome and dry rot on tires. The tank should be hot tanked, have the rot repaired, tank creamed and painted and new tires. The fork boots are cracked and the forks have a small leak. There is also a small oil leak that appears to be coming from the shifter seal. The exhaust is a 4 into 2 that the original owner got from Honda in 1972.The rest of the paint is in good condition overall on the bike.The seat cover is new but not original in appearance. I will attach some photos. The bike took a maiden voyage this morning. It starts, idles, runs, shifts and stops well. I really like it and would appreciate any advice or input in regard to what it's value is current and future.
Thanks a lot!

[Don R]

I'm not sure but you have a nice investment in time and energy, hope you work something out.

[goldarrow]

In my part of the country, $1k would be a steal deal.

[Airbusboy]

Hate to admit I had similar find on my '74 550. Sat in private hangar for 35 years. Similar condition. All fluids were left in it and it was a mess, plus covered in 35 years of dust. I gave $1200 for it, then put at least that much again into it but now she looks and runs like new. Only had 4500 miles on the clock so nothing was worn out. Even the paint was near perfect. Considering the condition, the paint and the work you've done, giving him $500 would be tops in my opinion.

[Schnell]

Pretty cagey of the seller to have you fix it up before purchase. Now he can say its a running bike!

[Stev-o]

$600 would be a good deal.  The paint and non-original exhaust are big negatives. 

[goldarrow]

Don't make it run, and give him your offer.  To make it run, at the very least $60 out of your pocket for battery

[trigger]

This one sold in the UK on the 5th of August 2014 for $10,000 >>>  http://www.ebay.co.uk/itm/331276440972?_trksid=p2055119.m1438.l2649&ssPageName=STRK%3AMEBIDX%3AIT

[rocs]

Give him $700 I would say

[Easy E]

Thank you all for the information. I will let you all know how it ends up.

[Gordon]

I moved this thread back to the Tech forum.  The Feedback section is for feedback about the forums themselves.

[volare71]

I am curious.  Did you buy the bike?  I had a similar deal and it took 1 1/2 years and $3600 to get it into shape for riding regularly.

[Duanob]

I am curious.  Did you buy the bike?  I had a similar deal and it took 1 1/2 years and $3600 to get it into shape for riding regularly.

Wow $3600? I had a basket case that had been dumped on both sides, needed a complete top end, and all cosmetics and upholstery and I didn't have half that much into it. That 500 here is pretty sweet looking and wouldn't take much to get it back to original. The paint job will be the most expensive thing.