Hi all, first post on here, just trying to get some more information. I took a look at a 1978 Corvette Pace Car (replica, of course). The car overall was in fair condition. I noticed some corrosion underneath, but wheel wells are fairly clean. The interior was also about fair, and the guy had seat covers on it which makes me worry[>:]. Didn't get a look under the hood, but the paper said it was a 350 cu. in. L48, 120,000k on the odo. 7k since motor rebuild, 3k since transmission work. I'm assuming it runs, because I've seen it parked in about 3 different places in the past week. The paint on it is, im assuming, original. It's old, and had cracks and a couple minor chips on it. No obvious cracks/dents in the body, but I didn't get a chance to look real closely around wheel wells and such because I was in a hurry. It said it had a new T-top, new dual exhaust, and new rear spring.

The guy was asking $9,500. I know the final decision is up to me and what I want/am willing to pay, but I have a few questions about this vehicle...

Any idea on what this car in this condition should cost? A brief estimate would be of some help, for i've tried to look on my own, but with these pace cars the price varies alot, and there aren't that many out there. Apparently only 6502 made. Restore/Resell value very high to make it a good restoration investment?

Any advice at all?

Sorry if the information is too brief, going to take a look at it again on monday. Thanks for reading, like I said, anything would be helpful.

 

Yeah, the value of the car is whatever it is worth to you. There are a decent number of pace car edition 78's out there, and they come up for sale fairly often (even on ebay). You didn't say whether the car had the decals on it, or (if not) whether they are included. 120k isn't bad mileage, but definitely shows that the car isn't in "trailer queen" condition... and from your description, that is true. The pace car edition was a nice little set of options and a pretty cool (in my opinion) paint and decal scheme. They aren't really "collector" valued yet from what I see, but that might change as they pass 30 yrs old.

Figure a late C3 in semi rough cosmetic condition at anywhere from $5-10k with that mileage. If the pace car edition pieces were primo condition, it might add something, but... for you to make it nice, and keep it fairly original, you will need the right paint, decal sets, seats and interior trim pieces, etc.. If you plan on making it into a nice driver, you are looking at additional cost over doing up a standard late model C3. Then again, if you really dig the pace car over the standard color and trim... go for it.

My neighbor has a pace car edition, decals never applied by the dealer, with 11k original miles on it. I want that car. Then again, I want to put an RQ9 escalade motor into my 81 vette too. I'm a twisted individual.

bill.

 

As I understand, the L-48 is a 2 bolt main engine. You can build for horses, but if you pump it too high you can blow the bottom out of the block. When you go to look at it again, copy down the vin, from that you can determine the L-48 or L-82 (which is a 4 bolt).
To maintain value, keep it a numbers matching car. There is a lot of research involved to validate this.
Unless you bring it to showroom condition, you're not goin' to get the big bucks for resale value.
80% of the time, you'll invest more than you can sell it for. Cars that sell on Barret Jackson have big prices, but also big investments. [&o]
So, if you're lookin' for an investment, you'll have to spend more for a Vette that is in better condition. If you want a driver, I feel the price is not too far off from value.
I have $10,000 total investment in the "Starship", and she still isn't drivable,..... yet!
$5000 Car cost
$4000 for all new suspension and rear end
Did some bartering and got a $3000 engine for about $230.
Another $1000 for stock rims and tires.
I still need to completely redo the interior, paint, and body work.
I'm prob lookin' at a total investment of around $20,000, and still won't have a valued numbers matching car. Right now, I'd be lucky to get my money back, if I were to sell.
This is a labor of love, soresale is not an issue to me. Offer me $15,000 and I wouldn't sell.

Example:
$9500 for purchase
$2000 for paint
$700 to $1000 for interior
That's say, almost $13,000.
Now if you add a frame off resto, ya might tack on another 2 to 3 grand. Now you're at say, $16,000, and that's if you do all the work yourself. Pay someone else for the labor and ya might as well add another $6000 to $10,000.
O. K., you're up to $22,000 for a $17,000 resale value car, with high miles on the OD. Investors do look at the OD, reguardless of the work done.

(These are my "guestimates", or opinion, strickly for example sake)

So if ya want an investmet, (trailer queen),find a car in better condition with lower miles.
Hope this helps.

And yes bill, you're "twisted"!!!!

 

Your guys' input has helped a bunch, thanks. If I look this car up and continue to pursue it, I'll definitely search for one with lower miles... 120,000 is daily driver status. And because I'm pretty unskilled in the ways of the restoration mechanic (A few Model A's but that's it), to do a frame-off I'd have to have to pay for labor for people.

As far as the resell value goes, is the frame-off restoration necessary to get a good resell price for it? And/Or do you think I would cover cost by selling to someone with just new paint/interior/fixing any major problems/cleaning up engine?

Again thanks a ton for your input.

 

You can do some minor resto, and get some money back, but you're not goin' to make a killing.
It's tough to make money buyin', fixing, and reselling any car. Personally, I just prefer to build my own and keep it.
A frame off is more for the "big money" investers. It's always a gamble as to weather you can get your money back, much less make a big profit.
My opinion, don't cha know.

 

Great post, bro, as always!

Me, I always consider cars like ours to be in one of two camps: 1) the investment piece, or 2) the car you lovebeyond wordsand want to drive it each and every day.

Regarding type 1), cash paid for car, and all the things pointed out in this thread are very very true.

Regarding type 2), money don't matter, in my books. We are gonna have well north of $20k into ours within 10 years, but I doubt I could sell it for $35k (including original purchase price)... for me, I don't care what it's worth, I don't care how much we have to spend on it... I just want my Corvette!

But, yeh, if you are looking at it from the angle of a long-term investment (which is not a bad idea, IMHO) you need to be very very careful in your selection of car. The one you mention here sounds a bit high on mileage to be considered a good long-term investment, but then again.... you just never know.

Good luck, and keep us posted!

 

I'm with you on number 2.This girl will be with me till I die.I'm still trying to figure out how to take her with me,along with my 59 Kenworth,76 Blue bird bus,85 GM deisel pick up etc. I told the wife when I go she is going to have to dig one big hole cause I'm taking them all with me.

 

And then maybe you could use one or more of them as tombstones like Cadillac Ranch.
Sorry, that's kind of morbid.

 

.......or a coffin! Hmmmmm.....!

 

I have found a pace car never been titled with 17,000 original miles driven under dealer tags. Shes an L82 with decals still in the box. Original tires and rims. Clothe inserts in the leather seats. All components are reported to work. Asking price is 25K. Paint has some cracking around the doors. The silver stripe on the hood is somewhat faded and has some crazing. Car is reported to have been in storage for 30 years. It does run. My friend who is a classic car guy said I should get new tires, have carburater taken off and serviced or rebuilt, check brakes and lining, have radiator taken off and inspected and or repaired or replaced. Check for rust and oil leaks. Remove all old fuel. Any other recommendations if I buy the car?

Ed Harbour