Is this rare ?

Interesting side note, the Pinnin produced Peugeot 404 cabrio shared some body panels with the 1200/1500 Fiats. Mainly stuff you didn’t see.
 
I would…but I’m a little crazy. Remember the rust, there are some relatively complex layered stampings in the chassis and suspension pick up points. If it’s too bad, walk away. It is a New England car.
 
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Rough, but not unrestorable. European side repeaters, but I can't see the speedometer to see if it's miles, or kilometers. The headlamps look flat, so they are probably not sealed beams.
I don't see a radiator, but I have some old ones (I think).
You could easily be into it for more than it's worth.

I will soon have Brookie's 1200 Cabriolet up for sale. It's been to lots of Freak Outs, runs well. I've just done everything needed to make it a daily driver, except the new battery it needs. Waiting for the body man to complete a repair to a boo boo I did while constructing a garage.
It's good for an east coast car, with sheet metal floor covers (courtesy of Charlotte Transit) under the carpets. It has a non professional interior reupholstery done, and a home done body preparation for an inexpensive paint job. A real nice canvas top, and OK tires (but old). She had the bumpers, and some other chrome work, done 20 + years ago (or so). Won't win an award at a show, but it will drive you there, and back. Brookie had a guy in Charlotte that builds NASCAR engines do the motor. He did an exceptional job.

There are still some rust free cars out there. Last year I completed a patina restoration for a guy in the north east (he found it in the SF bay area with a blown motor, it had been sitting decades). I am just completing one from Southern California that is also rust free. He says 18 years in his garage, also with an inexpensive paint job that shows it when you get close.

If you want one that's a project, fly in and take a look at the Facebook car.
Or, pray that another rust free car appears, and that you get to it before anyone else.
 
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