I’m desperate to get my hands on a cheap NSX, with that said I would run as far away from this car as I can. It’s going to be money pit to restore.
I'm like Mark Worman on Graveyeard Carz- I see cars like this and I feel like...I can save it. LOL
It all comes down to a math problem. Before you buy it, you need to price out what you would have to do and then see if it makes sense. A properly documented OEM-quality repair can actually add value back to a car, but you have to follow Honda's method, which is labor intensive. (drill out all the spot welds, cut the proper section, etc.) Most shops won't do it. For my 92, I did all the math with my project goal and budget in mind and came up with $25k as my max. I scooped up my AT car for $21k.
With this car, the first decision would be is it going to be my forever NSX or will I probably sell it someday? If it's the former, then depending on the price I would move forward. If the latter, probably not unless I'm willing to take a loss.
If I move forward, then it would be a process of defining my project goal (restore to OEM, convert to S or R, resto mod, track car, etc.), setting a budget and then pricing out what I think it would take. In this car's case, assuming an OEM-style refresh, I'd look at:
- Replacement of a major rear structural member (trunk panel, rear frame rails, etc.). This means sourcing a donor section consistent with what the Honda repair manual specifies, i.e., not just a "rear clip" like you always see. Then finding a shop that can repair it based on the Honda method. I think total cost here would be $10k-$20k. It would mean a complete teardown of the car to the bare chassis and measuring the control points to see what needs to be replaced.
- Repaint body to original color or color change. This means sourcing OEM body panels to replace the hideous aftermarket junk on there and prep/paint. If you do a color change, you'll also have to paint the chassis. Again, $10k-20k.
- Restore or replace mechanical components. $5k-$10k.
- Restore interior. $5k-$10k. Parts are getting harder to find these days, though you could re-cover all of the interior parts with OEM-matching vinyl instead of trying to buy used ones.
- Engine refresh. $2k if you DIY. $5k if you pay someone. This car is supercharged, which means the engine was likely slammed and abused constantly and has had a hard life.
- Add a "cushion" of $10k to cover things you discover on teardown or things you didn't anticipate.
Thus, on the low end, my back of the napkin math says you're looking at $42,000 and a high end of $75,000 to get this NSX back to respectability. It will take years of work but at the end you'll have a NSX that will be gorgeous, structurally sound and likely will fetch reasonable money if you have to sell it. Looking at the market tool, a 1996 NSX-T with 67,000 miles currently fetches around $90,000 on average. The math tells us, on the low end, you should pay no more than $48,000 and assuming the high end you should pay no more than $15,000.
Given what a train wreck this car is, I'd probably say the actual cost would trend closer to the high end, meaning I'd try to pick it up for $20k to $25k max. You'd be in for a multi-year project. You could approach the seller with $20k in cash in hand and say I'll take this turd of a car off your hands AS-IS no questions asked.
The primary key for me more than anything for a car like this is finding a body shop that I trust and that will be willing to work on a project like this.
