Affordable project candidates are always tempting but often raise the question of whether you are getting what you pay for. By that, I mean, is the initial purchase price the mere tip of the iceberg? Interested parties must consider that before pursuing vehicles like this 1974 Alfa Romeo 2000 Spider Veloce. It is an original and complete car that could be ideal for the right person, although its rust issues may have others running in the opposite direction. However, it is undeniably cheap. The Spider is listed here on eBay in Sacramento, California. The seller set their BIN at $3,200, so let’s look closer and see whether the new owner might be biting off more than they can choose.

Alfa Romeos attract a dedicated group of enthusiasts, and this is understandable. They are wonderful cars that often feature interesting styling and one of the most engaging driving experiences in the automotive world. The trade-off is that many of these classics succumb to severe rust issues, which is a shame. This Spider is finished in a shade called Giallo Oro and isn’t immune from tin worm. It has impacted the floors on both sides, although the trunk pan and rockers are solid, and the car is structurally sound. Some enthusiasts shudder at the thought of rust in an Alfa, but it isn’t the end of the world. Complete replacement floors are readily available, typically retailing for around $240 per side. That is relatively cheap, and addressing the problem won’t be difficult if that is the only rust. The panels have a few minor bumps and bruises but are generally pretty good. Assessing the Alfa’s needs to this point suggests that the new owner should probably undertake a nut-and-bolt restoration, as this is the best way to ensure corrosion doesn’t make a return visit. The trim and glass look acceptable for a driver-grade build, with the seller including a spare rear bumper and a new soft-top.

If we must isolate one aspect of an Alfa Romeo that endears most models to enthusiasts, the engine is typically the culprit. The company has a history of producing fabulous small-capacity twin-cam fours that deliver relatively modest power and torque quite eagerly. This Spider is no exception, with its engine bay housing a 1,962cc four-pot. It produced 129hp and 130 ft/lbs of torque in its prime, which was fed to the rear wheels via a five-speed manual transmission. These classics are surprise packets, delivering a ¼-mile ET of 16.4 seconds. That isn’t startling by modern standards, but it is noteworthy. The secret is the vehicle’s weight, with that little four only needing to shift 2,403 lbs. The seller indicates the Spider doesn’t run or drive, and it is unclear when it last fired a shot in anger. They confirm that it wasn’t parked due to a mechanical failure, meaning revival may not be complicated. It has a claimed 80,000 original miles on the clock, although there is no mention of verifying evidence.

Rust isn’t the only weakness with older Alfas because interior trim can suffer if exposed to harsh UV rays. This Spider has spent years under the Californian sun, which has taken a toll on the dash top. It has cracked in several spots, and replacement would seem the obvious choice if the buyer plans a high-end restoration. I dreaded the prospect of locating one of these because I expected them to be quite expensive. However, reproductions retail for around $590, including a new glovebox door and the surround for the center gauge cluster. The console is in good order, as are the door trims. The wheel has some wear, and the seats may need new covers, but returning this interior to its former glory may not cost a fortune.

A few readers will see the words “Alfa” and “rust” in the same sentence and immediately ignore this 1974 Spider Veloce. However, I wouldn’t dismiss it lightly, but I do recommend an in-person inspection. That will confirm the extent of its issues and whether it is a genuinely viable project. Spotless cars often sell for over $25,000, while you can add a further $10,000 for a perfect example. That leaves a lot of room to move on this build before it becomes questionable, especially if the new owner is hands-on with much of the process. That makes it worth a close look.