Post-Sale Update: After 46 bids on eBay, this 438 sold for $66,100.
After Indian got a wake up call with the flop that was the upside-down Four, they went back to the inlet over exhaust arrangement for their Model 438, which featured completely enclosed valve gear and aluminum heads. Some consider this to be the finest, most collectible Indian ever built.
The 1,265cc engine produced 45 horsepower, good for a 95 mph top speed once you ran through the three speeds in the transmission. This example (VIN: 438512) was acquired in 2000 as a basket case and then restored over the next 8 years. 100 testing miles were then put on the bike and then the restorer passed away, so the bike was put into storage. The seller acquired it a few months ago and he notes that everything works and it runs smooth, but the tires have some sidewall cracks. The only other issues seems to be a late model oil pressure gauge, otherwise this is a solid restored example of a desirable bike.
Find this Indian Four for sale in Peoria, Illinois with bidding up to $53,100