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M38 Project Questions

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48cj2a View Drop Down
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    Posted: 14 Jan. 2020 at 4:13am
I've been approached about interest in what appears as an M38 Jeep salad project from a guy at work...I always wanted an M38 but don't want to let emotions cloud a purchase.

Guy knows nothing about what it is or its history but of course its overpriced so need to give him a bottom dollar interest price.

I think the engine is a 4.3 V6, not sure what the trans is but looks like maybe a car muncie or saginaw and I do see the Dana-18 with a OD. Not sure if it runs or not. He says he does have a title which helps the value on his part but again its a project and running condition unknown. Has a couple hoods, the grill, gas tank and a bunch of misc parts too. Not sure on seats original rims yet.

Can anyone ID the engine and tranny for sure and see anything I'm missing in the pictures or want to give an opinion on value to purchase?




Art C

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Post Options Post Options   Thanks (0) Thanks(0)   Quote 64CJ5 Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jan. 2020 at 11:54am
I can not help id. any hard parts,  but I sure like the tires.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nick_ Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jan. 2020 at 12:33pm
I believe this is a unique situation where if you're looking to build a highly modified Jeep, you would be inclined in paying some decent money for it - because you are buying expensive adapters anyways. If looking to restore as original, it's not worth as much to you - because adapters are a harder sell.

It's difficult to ID any parts due to pictures. There is at least (1) adapter of value here. It's either a Chevy engine/trans with D18 adapter ($578), or a Jeep trans/D18 with bellhousing adapter ($250). Either way that's value.

V6 is worth about $300. 
If it has a standalone wiring harness (considering its CPI not TBI) and not a hacked up factory one, that's $250.

Either trans is worth $150.
D18 $100 unless it has Tera-Low then $800.
Overdrive in good condition is an easy $750.
Axles if stock are worth nothing, maybe $200 if you're lucky. If it's a flanged offset D44 from the 1970-1971 CJ5, that could be worth approx $400 alone. Stock front locker is $250 to buy new, and rear depending what is installed $250+.
Frame in good shape $100.
Body is at least $300.
Tire/wheel combo $200.
Historical document alone is $200, but paired with a chassis makes an easy $500.

There's an easy $2,300 in value of parting it out if it doesn't have anything special. You can buy a nice M38 without touching a wrench or paint gun for $7,000.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote mbullism Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jan. 2020 at 12:47pm
Originally posted by Nick_ Nick_ wrote:

I believe this is a unique situation where if you're looking to build a highly modified Jeep, you would be inclined in paying some decent money for it - because you are buying expensive adapters anyways. If looking to restore as original, it's not worth as much to you - because adapters are a harder sell. ...

I'm going to piggy back on this a little... it depends on where you want end up, and military anything ups the price.  If you want to end up with a motor pool resto you're quite a ways off, and all the bits are going to add up fast.  Anything you don't want will take time to move, and there's always an unwanted pile at the end.  If you want to build a v6, big tired homage to the m38 that might be a decent start, but it almost assuredly won't end up worth what even a motorpool would be.

(if you WANT an M38 there are better starting points out there)

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Post Options Post Options   Thanks (0) Thanks(0)   Quote 48cj2a Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jan. 2020 at 1:08pm
Thanks for the feedback so far and especially Nick for putting the value on the parts. Keep them coming while I wait on more pictures.

I should have said - I've always wanted an M38 but...I'm not looking for a 100% restore, I just like the features it has compared to the CJ-3A. I'd like to build something I could drive everyday on the road at 40+ (modern drive train) if I wanted to and be fun to play with off road too.


Art C

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lee (MN) Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jan. 2020 at 6:41pm
Art, it looks like it’s what your looking for Someone else made-the sacrifice, so you couldn’t be accused of chopping up an Icon of the Willy’s Jeep world!.... 😁 That being said, the list of “What Iffs” could be long, Why is the body off the frame ?. In the world of modifying, someone else’s dream project could be your nightmare or become a money pit. Setting a fair value is the problem, IMO add up the parts value, the tub looks decent in the limited view photos, that could be a plus 👍 Hard to set value from the photos.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Flatfender Ben Quote  Post ReplyReply Direct Link To This Post Posted: 14 Jan. 2020 at 10:41pm
It’s got Desert Dog Tire’s!!! BUY ITClap
Although I only see threeOuch
It looks like it’s got an open top valve cover on it, for adjusting valves.... that might not be a good sign. Confused
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Post Options Post Options   Thanks (0) Thanks(0)   Quote 48cj2a Quote  Post ReplyReply Direct Link To This Post Posted: 15 Jan. 2020 at 2:19am
Originally posted by Lee (MN) Lee (MN) wrote:

 Why is the body off the frame ?. In the world of modifying, someone else’s dream project could be your nightmare or become a money pit. 
Lee

Lee thanks for the input - probably will not know why the tub was off but IMHO with the shiny adapter after the bell housing and that odd tranny would be easier to perform that work while fitting those parts together, but again thats just MHO.

He's being very slow to respond with more pictures.

Art C

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