Cheap 78 LM I on Craigslist

[canuck750]

Not that $8500 isn't a lot of money but given the current asking prices of decent LM I's this is a good starting point for what could be a nice bike.

It has a customized Guzzi SP or LMII type fairing and a Corbin seat, Marzocchi forks and Koni shocks, all could be replaced with stock items.  looks a little ratty but It may be a pretty decent bike.

If I were looking for another one to restore I would give this one a look.



https://orangecounty.craigslist.org/mcy/d/1978-moto-guzzi-le-mans-1/6723577719.html

[jas67]

You gotta love statements like, "There is one for 25,000 on ebay."     Well, that one for $25k on eBay hasn't actually sold for that, and has been there for quite a while.  It also has most, if not all, of the stock bits this one is missing.    And, better paint, although, IIRC, not the correct colors on the fairing.

[yogidozer]

$8500 for a bike that could be a good starting point, looks a little ratty?
Uh....no thanks 

[blackcat]

On my early LM I project the rear shocks are in sad shape. The springs need re-plating, painting and I assume new seals.  I keep looking for a descent pair of replacements but may have tackle this one myself or find someone who restores them.

[yogidozer]

On my early LM I project the rear shocks are in sad shape. The springs need re-plating, painting and I assume new seals.  I keep looking for a descent pair of replacements but may have tackle this one myself or find someone who restores them.

Why not just buy a new set of Ikons? Come in chrome, red, black, etc.
http://www.mgcycle.com/index.php?main_page=product_info&cPath=197_200&products_id=2081

[Antietam Classic Cycle]

On my early LM I project the rear shocks are in sad shape. The springs need re-plating, painting and I assume new seals.  I keep looking for a descent pair of replacements but may have tackle this one myself or find someone who restores them.

The originals are very similar to Loopframe shocks, though some of the later dampers are non-rebuildable. Here's some info. you might find useful:
http://thisoldtractor.com/moto_guzzi_loopframe_shocks_-_tear_down_and_rebuild_of_the_stock_shock_step_1__outer.html
http://thisoldtractor.com/moto_guzzi_loopframe_shocks_-_tear_down_and_rebuild_of_the_stock_shock_step_2__inner.html

[Chuck in Indiana]

Why not just buy a new set of Ikons? Come in chrome, red, black, etc.
http://www.mgcycle.com/index.php?main_page=product_info&cPath=197_200&products_id=2081

If you are doing a real "restoration," everything needs to be original..

[blackcat]

The originals are very similar to Loopframe shocks, though some of the later dampers are non-rebuildable. Here's some info. you might find useful:
http://thisoldtractor.com/moto_guzzi_loopframe_shocks_-_tear_down_and_rebuild_of_the_stock_shock_step_1__outer.html
http://thisoldtractor.com/moto_guzzi_loopframe_shocks_-_tear_down_and_rebuild_of_the_stock_shock_step_2__inner.html

Thanks Charlie. I have the spring compressor and I'm sure that I can tackle the rest of the restoration.

[wirespokes]

Looks like he's right on the ocean. When it's that close, it doesn't matter if it's in a garage, stuff still rusts. I've gotten bikes that weren't that close (Bay Area) that needed a bunch of corrosion cleaned up, replace rusty fasteners, that sort of thing. This one looks to be in that category. The photos don't show it all that well, but consider the starter and the muffler end you can see. There's a lot more that's not obvious from the distance the photos were taken. It's possible this bike has been in that environment the whole 15 years. Seems priced high for what you're getting - maybe $5-5500 would be more realistic? Probably high miles too since they're not mentioned.

Yogi - which shocks are original? Marzocchis? 

[blackcat]

If you are doing a real "restoration," everything needs to be original..

Yeah, I have everything for this project except for one footrest from the early series. I foolishly baulked at a pair on eBay based on price and now I'm regretting that decision.

[jwinwi]

The Marzocchi forks commonly used are 38mm, right?
Also, are they conventional (non cartridge)?

[canuck750]

It�s a 40 year old motorcycle and everything is going to need attention. If someone wants to restore one look for the cheapest one available because you are going to strip it all down regardless of a little corrosion or a lot. This bike might sell for as little as $6K but I doubt any LMI is available for less.

[JohninVT]

Call me crazy ...but it’s worth it.  He’s asking about what a new V7III Special goes for.  If both bikes were side by side I’d choose this every time. 

[amamet]

seems like a good price to me I guess.  Id take this over a new bike any day, but thats just me.  if I had to sell my mk1 I wouldnt take less than 15k.  that being said mine has one of the last transmissions restored by Charlie Cole and engine work by Mike Rich.  just saying

[cliffrod]

Call me crazy ...but it�s worth it.  He�s asking about what a new V7III Special goes for.  If both bikes were side by side I�d choose this every time.

Realistically, that's the point of reference for many machines that have long since bottomed out in value and are now going to appreciate.  Great Deals will still come and go, but for normal transactions prices are always going to be up.  Smart money is usually buying someone else's too expensive restoration and saving  some money on what it truly costs to do a "correct" restoration.  You either have time or money.  Being wealthy is having both at the same time.

But- are you going to ride it like a showpiece (if at all ) or like a normal bike as intended & for the exact reasons it has become so valuable?  An LM1 just like that one is on my very very short list of probably never going to have one but.. bikes to simply have and enjoy as is, like it was before it belonged on a pedestal.  I've learned most people who like to say to me "that bike would be really nice if you fixed it up" don't actually have one. 

Very cool bike. 

[PeteS]

Realistically, that's the point of reference for many machines that have long since bottomed out in value and are now going to appreciate.  Great Deals will still come and go, but for normal transactions prices are always going to be up.  Smart money is usually buying someone else's too expensive restoration and saving  some money on what it truly costs to do a "correct" restoration.  You either have time or money.  Being wealthy is having both at the same time.

But- are you going to ride it like a showpiece (if at all ) or like a normal bike as intended & for the exact reasons it has become so valuable?  An LM1 just like that one is on my very very short list of probably never going to have one but.. bikes to simply have and enjoy as is, like it was before it belonged on a pedestal.  I've learned most people who like to say to me "that bike would be really nice if you fixed it up" don't actually have one. 

Very cool bike.

Well said. I never understood the attaction to bikes restored to original. Bits were changed out over the years because they were junk. That includes the suspension and the seat. The exhaust was highly restrictive. The flywheel was too heavy for a sport bike, maybe OK for a touring bike. The fairing is useless.
If you want to ride one of the best sport bikes of the '70s get this and make the necessary changes if they haven't already been made. If you want living room art then just restore it.

Pete

[Perazzimx14]

If you are doing a real "restoration," everything needs to be original..

Restoration is a word with many meanings.

To some it means painstakenly dissassemling the bike bolt by bolt and screw by screw and refinishing/refurbshing them to look like new. But now the "originallity" of the bike is no more. So "all" parts must be original is not reality and most likely an impossibility.

Others consider a restoration puting new tires on, fix what's broken, change the fluids and ride.

Still others yet fall somewhere in between.


Having revived a few specimens in the the past one thing is for certain. Its by far less expensive to buy a bike already done then try to do it yourself. The bike LM1 in th e1st post to make it look and act like factory new even if the seller gave it to you in the end you'd be upside down if you wanted to sell it.

 

[blackcat]

I got this "box" of Lemans for $3,500, which included nos switches,vapor blasting of engine,etc., a nos seat, barells machined and one over pistons,rings and some other stuff that I can't remember right now.




Now I'm here:







I haven't started on the engine or transmission but everything has been vapor blasted clean except for the carbs which have to be done too.  Little by little it will get done, but with work this may take awhile.

One problem is the barell, it's been (both) bored but due to a loose pin it was scored at the bottom of the skirt. In the end I will probably send it out and have it fixed instead of putting it together and seeing what the compression says, but that is down the line.

[Antietam Classic Cycle]

Beautious. 

[blackcat]

Beautious. 

I haven't done anything except drop stuff off and spend money, but thanks I can't wait until it is done and sorted.

This is the problem, more money will probably be the answer.

[PeteS]

This happened to mine but rebore to +.020" fixed it. At the time, about 25 years ago, I was unaware of Gilordoni. Maybe they weren't around then. In any event Guzzi pistons and rings cost nearly as much as one their Nikasil kits.

[JohninVT]

I appreciate “riders” as well as full restorations.  Blackcat’s bike is going to be a stunner.  It’ll also be a $20,000 bike when it’s done.  This bike is $8,500.  $7,500 might buy it.  That’s what I paid for my California Touring.  That’s what a new small block costs.  It’s a unique “rider” that’s fun to ride and has massive charisma.  I just don’t think that’s a ton of money for a bike that you can thrash without remorse but keep forever.  If it wasn’t on the Left Coast I’d go look at it and consider buying it.

[blackcat]

This happened to mine but rebore to +.020" fixed it. At the time, about 25 years ago, I was unaware of Gilordoni. Maybe they weren't around then. In any event Guzzi pistons and rings cost nearly as much as one their Nikasil kits.

This is rebored to I believe .20 over, and I have new matching pistons which came with the bike. Matt Forslund had it machined and sourced the pistons for the previous owner, Tod Shuls.  I was thinking of just send it out and having the barell fixed and rebored.

[wirespokes]

blackcat - You could have them nikasil plated to the dimensions of your pistons.

I guess my estimation of the bike, and LM series 1, was off a bit. I had no idea they were worth that much.

[Chuck in Indiana]

Yeah, I have everything for this project except for one footrest from the early series. I foolishly baulked at a pair on eBay based on price and now I'm regretting that decision.

I've run into this on antique aircraft restorations. The time to buy an antique part is when you find it.. you'll forget about the cost eventually. 

[bigbikerrick]

It made me laugh when I read this part of the Craigs list add..."It had a bronze racing clutch in it that I didn't like so cycle garden put in a brand new stock clutch. I accidently did a wheelie when I picked it up. Awesome."  That sounds to me like a bullshit story you tell a cop, if he pulls you over for popping a wheelie..."But officer, I just got a new clutch put in it, and I wasnt used to it...It just did a wheelie un intentionally....It scared the beejesus out of me....I am going to have to return it to the shop and have it checked, this could be dangerous!                                                       
                                                                         Rick.

[cliffrod]

I've run into this on antique aircraft restorations. The time to buy an antique part is when you find it.. you'll forget about the cost eventually. 

I've found the bigger problem after I get is is forgetting where I put it........

[Cam3512]

Damn Tom, looking good!  Ice Blue is my favorite color.

[Antietam Classic Cycle]

Yeah, I have everything for this project except for one footrest from the early series. I foolishly baulked at a pair on eBay based on price and now I'm regretting that decision.

How does one distinguish and "early series" footrest? I have a pair of Le Mans footrest mounts that are surplus to my needs.

[blackcat]

How does one distinguish and "early series" footrest? I have a pair of Le Mans footrest mounts that are surplus to my needs.

Charlie, the early ones did not have a ribbed rectangular plate as a shoe kick.  I have the stock ones from my CX but I'm reluctant to grind off the mounting bosses to make it work, but that is another option.  I might be interested in purchasing yours.