I am looking at a 66 401 that is said to have @ 48,000 original miles on it. It comes with a tranny, but I'm not sure exactly what 1. It looks to be complete. The motor was last run 9 or 10 months ago. What is the motor worth. Thanks, Dan
I was offered a 401 with slightly more mileage and guaranteed not to knock or smoke for $350 about 6 months ago. I would say that's the most you should pay, with $250 being the lowball number.
Dan- I think mileage is secondary to condition/history. I would verify that it turns happily and follow with a compression test. I'd look for things that indicated past work done- I have a '66 425 sitting around with a 914 head on one side and a 603 the other-things like that. If it is in a car or on a stand, I'd see if you could then run it. If the accessories are on and it checks out well-I think $5-700. Otherwise a couple hundred as a core (it turns-not locked up)-and probably lots more $ spent later-good luck!
If all of the above mentioned works out (motor spins, looks complete) a good rule of thumb, not just for Nailheads, is a $1 per cubic inch. From your write up it looks as if the tranny is involved too. Depending on if you want it and he or she wants to get rid of it, I would suggest using it as a bargaining tool. I want the motor but not the tranny. As soon as the seller hears this they want to bargain to get rid of it all. I scored a complete LR code 65 401 for $200. Good luck.
