1978 Corvette Pace Car - What is it worth?
10-23-2008, 06:50 PM
#1
Melting Slicks
Thread Starter
1978 Corvette Pace Car - What is it worth?
Ok Guys,
Here is the deal. I found a local 78 Pace Car that I can buy. I have always liked the pace car style but never made a move on one. The car is a 4 Speed, L-82. PW, PS, PB, PL, A/C, Cruise Control. Needs a complete restoration of which I would probably do a body off and do 90% of the labor myself. The interior is very nice but needs carpet, and seats redone. The car is complete for the most part with the exception of a few small parts. To my knowledge it’s the original motor trans and rear. No sure about documentation. Would a 78 Pace Car have a tank sticker? The owner said the motor runs strong, trans shifts well and clutch is good. It has a crack in one of the quarters and needs paint. Does not have Pace car decals.
What should I look at when inspecting the car (besides the normal stuff)?
Why do some Pace Cars have decals and others do not?
What do you think it is worth in its current state?
What do you think it is worth restored?
What is it worth restored with a Top Flight?
Thanks in advance,
-Dave
Here is the deal. I found a local 78 Pace Car that I can buy. I have always liked the pace car style but never made a move on one. The car is a 4 Speed, L-82. PW, PS, PB, PL, A/C, Cruise Control. Needs a complete restoration of which I would probably do a body off and do 90% of the labor myself. The interior is very nice but needs carpet, and seats redone. The car is complete for the most part with the exception of a few small parts. To my knowledge it’s the original motor trans and rear. No sure about documentation. Would a 78 Pace Car have a tank sticker? The owner said the motor runs strong, trans shifts well and clutch is good. It has a crack in one of the quarters and needs paint. Does not have Pace car decals.
What should I look at when inspecting the car (besides the normal stuff)?
Why do some Pace Cars have decals and others do not?
What do you think it is worth in its current state?
What do you think it is worth restored?
What is it worth restored with a Top Flight?
Thanks in advance,
-Dave
10-23-2008, 07:42 PM
#3
Melting Slicks
If your more intent on the worth of the car and what it would be worth when finished I would pass on it. If you like the pace cars and want something to do and enjoy tinkering with Corvettes it sounds like a good start.
The pace cars came from the factory with the middle body and hood stripes. The rest of the decals were left in a tube inside the car and applied by the dealerships. Some dealerships installed and some didnt.
The pace cars are really awesome, it would make for a great project!
The pace cars came from the factory with the middle body and hood stripes. The rest of the decals were left in a tube inside the car and applied by the dealerships. Some dealerships installed and some didnt.
The pace cars are really awesome, it would make for a great project!
10-23-2008, 08:02 PM
#4
Melting Slicks
Thread Starter
If your more intent on the worth of the car and what it would be worth when finished I would pass on it. If you like the pace cars and want something to do and enjoy tinkering with Corvettes it sounds like a good start.
The pace cars came from the factory with the middle body and hood stripes. The rest of the decals were left in a tube inside the car and applied by the dealerships. Some dealerships installed and some didnt.
The pace cars are really awesome, it would make for a great project!
The pace cars came from the factory with the middle body and hood stripes. The rest of the decals were left in a tube inside the car and applied by the dealerships. Some dealerships installed and some didnt.
The pace cars are really awesome, it would make for a great project!
Thanks for the info on decals. I had no clue.
10-23-2008, 08:10 PM
#5
Melting Slicks
Thread Starter
10-23-2008, 09:18 PM
#6
Drifting
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St. Jude Donor '05
If your more intent on the worth of the car and what it would be worth when finished I would pass on it. If you like the pace cars and want something to do and enjoy tinkering with Corvettes it sounds like a good start.
The pace cars came from the factory with the middle body and hood stripes. The rest of the decals were left in a tube inside the car and applied by the dealerships. Some dealerships installed and some didnt.
The pace cars are really awesome, it would make for a great project!
The pace cars came from the factory with the middle body and hood stripes. The rest of the decals were left in a tube inside the car and applied by the dealerships. Some dealerships installed and some didnt.
The pace cars are really awesome, it would make for a great project!
You did forget the limited edition decals were also all on the car from the factory. Doors and indy tire decal were a dealer install. You can by reproductions from Phoenix graphix for the entire car.You can see what he did to my car here. There is also some good restoration info in the thread for a PAce Car.
http://forums.corvetteforum.com/show....php?t=1932412
Again pics would help the vin is a correct since all Pace Cars last 6 start with a 9. Check the block to make sure the motor matches. If it is a rough car. I would guess 7-8 k for it. Hope it helps.
Low mile pristine condition Pace Cars probably sell in the high 20's low 30's.
A nice restoration with miles on it upper teens low 20's? The Pace Car is one of the most sought after of the 78 to 82 body style.
Last edited by swtato; 10-23-2008 at 09:21 PM.
10-23-2008, 11:52 PM
#7
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Be very careful when valueing Pace Cars.
Unlike other model Corvettes, the '78 Pace Car is suffering from a very weird case of "Collector-itis"... there were many more produced than first announced and in the meantime speculators bought the cars new and put them away in large doses.
It is absolutely not uncommon to come across incredibly low-mile examples of Pace Cars, much moreso than other years. How does this affect you? I think a fully restored car would be worth significantly less than you might originally calculate, based on the amount of unrestored originals out there, often at bargain prices.
Go to many auctions and you will be surprised at the availability of low mile original PCs and disappointing sale prices.
Unlike other model Corvettes, the '78 Pace Car is suffering from a very weird case of "Collector-itis"... there were many more produced than first announced and in the meantime speculators bought the cars new and put them away in large doses.
It is absolutely not uncommon to come across incredibly low-mile examples of Pace Cars, much moreso than other years. How does this affect you? I think a fully restored car would be worth significantly less than you might originally calculate, based on the amount of unrestored originals out there, often at bargain prices.
Go to many auctions and you will be surprised at the availability of low mile original PCs and disappointing sale prices.
10-24-2008, 12:09 AM
#8
Drifting
Member Since: Jan 2005
Location: Seabrook Texas
Posts: 1,378
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St. Jude Donor '05
Be very careful when valueing Pace Cars.
Unlike other model Corvettes, the '78 Pace Car is suffering from a very weird case of "Collector-itis"... there were many more produced than first announced and in the meantime speculators bought the cars new and put them away in large doses.
It is absolutely not uncommon to come across incredibly low-mile examples of Pace Cars, much moreso than other years. How does this affect you? I think a fully restored car would be worth significantly less than you might originally calculate, based on the amount of unrestored originals out there, often at bargain prices.
Go to many auctions and you will be surprised at the availability of low mile original PCs and disappointing sale prices.
Unlike other model Corvettes, the '78 Pace Car is suffering from a very weird case of "Collector-itis"... there were many more produced than first announced and in the meantime speculators bought the cars new and put them away in large doses.
It is absolutely not uncommon to come across incredibly low-mile examples of Pace Cars, much moreso than other years. How does this affect you? I think a fully restored car would be worth significantly less than you might originally calculate, based on the amount of unrestored originals out there, often at bargain prices.
Go to many auctions and you will be surprised at the availability of low mile original PCs and disappointing sale prices.
10-24-2008, 12:20 AM
#9
Melting Slicks
Thread Starter
10-24-2008, 05:21 AM
#11
Safety Car
Gotta love these Pace Car threads...
I agree (on the rumor), have yet to see any documentation produced that would support the "rarity" claim for the L82 M21 Pace Car. And in fact, the L48 M20 could be argued to be the rarest Pace Car built....it's just not desirable!
The tear drop rear window is a throw back to the c2 and which persists to this day with the C6 Z06 which has helped sustain its value.
Like SWato...I've got an L82 M21 with full documentation. It's a 56k Pace Car that was mechanically neglected and in need of a resto...but its all there which makes it a nice candidate. I hope when thru, it'll bring in upper 20's and at least offset investment.
A nice restoration with miles on it upper teens low 20's? The Pace Car is one of the most sought after of the 78 to 82 body style.
Like SWato...I've got an L82 M21 with full documentation. It's a 56k Pace Car that was mechanically neglected and in need of a resto...but its all there which makes it a nice candidate. I hope when thru, it'll bring in upper 20's and at least offset investment.
10-24-2008, 05:36 AM
#12
Safety Car
Yes. And they've also been found stuffed in strut brackets and behind dash between tach and speedo. Other places as well. Corvette Action Center posted nice article on late model C3 build sheets.
Build Sheets
Yes but No big deal they are readily available as Little Jake has learned. I picked up a set off eBay for $300 that I'll only use for judging. Would use new for slapping onto vehicle
As pointed out...VIN is the key. Look underneath and note wet spots. Brakes, tranny, differential...same as any car that sits.
The link below is an article published in Corvette Enthusiast this past July on pace car values. It will provide a perspective. For example, consider that the 78 Pace Car is the first in a long lineage of ten Corvette Pace Cars that continues to keep it at the forefront of collector interest.
Pace Car Frenzy
NCRS Top Flight is confirmation for a collector that the car has been reviewed and studied in detail and is as presented. Probably adds a couple of thousand but than campaigning the car offsets what value may be gained by achieving the Top Flight award...unless its on the auction block at Barrett Jackson.
Tell us more about vehicle...photos, VIN, etc
Build Sheets
Does not have Pace car decals.
What should I look at when inspecting the car (besides the normal stuff)?
What do you think it is worth in its current state?
Pace Car Frenzy
What do you think it is worth restored? What is it worth restored with a Top Flight?
Tell us more about vehicle...photos, VIN, etc
Last edited by hunt4cleanair; 10-24-2008 at 05:37 AM. Reason: add /q
10-24-2008, 11:28 PM
#13
Melting Slicks
You would see Pace cars from time to time in average condition sell for $12,000-$13,000 range, nice ones for $21,000 and some really crazy deals here and there for a lot more. Ok, that was 3 years ago when the economy was good. Let's be REALISTIC, it's not 2005 anymore. Now that the housing market has crashed, the stock market (and people's investments) have tanked, the collector car market is tanking. You're already starting to see the prices come way down ...if people can even find a buyer for ther classic cars. We're entering an era where people are conserving (money, energy, personal resources, etc) and credit is getting harder to get.
What I'm saying is, don't buy a Pace car that needs total restoration thinking you're going to get your money back out of it ...and a whole lot more, after you put a couple hundred hours in hard labor and several thousand $$ in parts in it. You might, if you hold onto it long enough a long time, but in the nearterm, do it because you want to have fun restoring it. Otherwise, you might as well take advantage of the collapsed market and take advantage of someone selling their nice P/C cheap cause they are getting close to retirement age, their portfolio is crap and can't afford as many toys, and hard time selling it. At least, then you'll be able to enjoy it right away and the amount of work needed to get it to prime cond will be a lot less.
Mark G
What I'm saying is, don't buy a Pace car that needs total restoration thinking you're going to get your money back out of it ...and a whole lot more, after you put a couple hundred hours in hard labor and several thousand $$ in parts in it. You might, if you hold onto it long enough a long time, but in the nearterm, do it because you want to have fun restoring it. Otherwise, you might as well take advantage of the collapsed market and take advantage of someone selling their nice P/C cheap cause they are getting close to retirement age, their portfolio is crap and can't afford as many toys, and hard time selling it. At least, then you'll be able to enjoy it right away and the amount of work needed to get it to prime cond will be a lot less.
Mark G
Last edited by Mark G; 10-24-2008 at 11:32 PM.
10-25-2008, 06:53 AM
#14
Melting Slicks
last year on BARRET JACKSON they had one like new with around 3k miles i think that went for like 13k.
10-25-2008, 08:16 PM
#16
Race Director
Be very careful when valueing Pace Cars.
Unlike other model Corvettes, the '78 Pace Car is suffering from a very weird case of "Collector-itis"... there were many more produced than first announced and in the meantime speculators bought the cars new and put them away in large doses.
It is absolutely not uncommon to come across incredibly low-mile examples of Pace Cars, much moreso than other years. How does this affect you? I think a fully restored car would be worth significantly less than you might originally calculate, based on the amount of unrestored originals out there, often at bargain prices.
Go to many auctions and you will be surprised at the availability of low mile original PCs and disappointing sale prices.
Unlike other model Corvettes, the '78 Pace Car is suffering from a very weird case of "Collector-itis"... there were many more produced than first announced and in the meantime speculators bought the cars new and put them away in large doses.
It is absolutely not uncommon to come across incredibly low-mile examples of Pace Cars, much moreso than other years. How does this affect you? I think a fully restored car would be worth significantly less than you might originally calculate, based on the amount of unrestored originals out there, often at bargain prices.
Go to many auctions and you will be surprised at the availability of low mile original PCs and disappointing sale prices.
). There is what amounts to a glut of these cars and because there is they ALL get grouped into "just another low milage Pace Car" when in reality they are not. Some have been stored way better than others and some have aged way better than others. On top of that you can get into the rarity of options and documentation. Reguardless the seller is in a real tough market and if looking for a quick sale has to be fortunate to find the "right" buyer or be willing to bargain the asking price.You would see Pace cars from time to time in average condition sell for $12,000-$13,000 range, nice ones for $21,000 and some really crazy deals here and there for a lot more. Ok, that was 3 years ago when the economy was good. Let's be REALISTIC, it's not 2005 anymore. Now that the housing market has crashed, the stock market (and people's investments) have tanked, the collector car market is tanking. You're already starting to see the prices come way down ...if people can even find a buyer for ther classic cars. We're entering an era where people are conserving (money, energy, personal resources, etc) and credit is getting harder to get.
What I'm saying is, don't buy a Pace car that needs total restoration thinking you're going to get your money back out of it ...and a whole lot more, after you put a couple hundred hours in hard labor and several thousand $$ in parts in it. You might, if you hold onto it long enough a long time, but in the nearterm, do it because you want to have fun restoring it. Otherwise, you might as well take advantage of the collapsed market and take advantage of someone selling their nice P/C cheap cause they are getting close to retirement age, their portfolio is crap and can't afford as many toys, and hard time selling it. At least, then you'll be able to enjoy it right away and the amount of work needed to get it to prime cond will be a lot less.
Mark G
What I'm saying is, don't buy a Pace car that needs total restoration thinking you're going to get your money back out of it ...and a whole lot more, after you put a couple hundred hours in hard labor and several thousand $$ in parts in it. You might, if you hold onto it long enough a long time, but in the nearterm, do it because you want to have fun restoring it. Otherwise, you might as well take advantage of the collapsed market and take advantage of someone selling their nice P/C cheap cause they are getting close to retirement age, their portfolio is crap and can't afford as many toys, and hard time selling it. At least, then you'll be able to enjoy it right away and the amount of work needed to get it to prime cond will be a lot less.
Mark G
Think about what it will cost to make a car that needs right and you can't justify the expense when a "nice" car can be bought at a bargain price. It's a buyers market now if there ever was one. Just keep in mind no matter how nice the car that you find is it's still 30+ years old so chances are it's going to need some freshening if you want to drive it. 
10-25-2008, 11:19 PM
#17
Melting Slicks
Thread Starter
Thanks for all the replies. I think your points are well made. Right now it is up in the air. I spoke with the seller and he seems to think that his car is worth significantly more than your average pace car in not so nice condition. It will probably be a pass but time will tell.
Thanks again,
-Dave
Thanks again,
-Dave
10-26-2008, 01:12 AM
#18
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Think about what it will cost to make a car that needs right and you can't justify the expense when a "nice" car can be bought at a bargain price. It's a buyers market now if there ever was one. Just keep in mind no matter how nice the car that you find is it's still 30+ years old so chances are it's going to need some freshening if you want to drive it. 
10-29-2008, 07:49 PM
#19
Hey Jake, what do you know about Pace Cars! You did forget the limited edition decals were also all on the car from the factory. Doors and indy tire decal were a dealer install. You can by reproductions from Phoenix graphix for the entire car.
Pics would really help to determine value. An L82 4sp is the same thing I have, it is the rarest of all Pace Cars. No offical #'s but rumor is around 270 out of 6502. Again no proof but that is the number thrown around. I bought my car for a really low price, motor and drivetrain were stong suspension and paint were crap. I bought the car to drive and have fun not a museum piece. Now that LittleJake repainted it, I have a conversation piece everywhere I go.
You can see what he did to my car here. There is also some good restoration info in the thread for a PAce Car.
http://forums.corvetteforum.com/show....php?t=1932412
Again pics would help the vin is a correct since all Pace Cars last 6 start with a 9. Check the block to make sure the motor matches. If it is a rough car. I would guess 7-8 k for it. Hope it helps.
Low mile pristine condition Pace Cars probably sell in the high 20's low 30's.
A nice restoration with miles on it upper teens low 20's? The Pace Car is one of the most sought after of the 78 to 82 body style.
You did forget the limited edition decals were also all on the car from the factory. Doors and indy tire decal were a dealer install. You can by reproductions from Phoenix graphix for the entire car.Pics would really help to determine value. An L82 4sp is the same thing I have, it is the rarest of all Pace Cars. No offical #'s but rumor is around 270 out of 6502. Again no proof but that is the number thrown around. I bought my car for a really low price, motor and drivetrain were stong suspension and paint were crap. I bought the car to drive and have fun not a museum piece. Now that LittleJake repainted it, I have a conversation piece everywhere I go.
You can see what he did to my car here. There is also some good restoration info in the thread for a PAce Car.
http://forums.corvetteforum.com/show....php?t=1932412
Again pics would help the vin is a correct since all Pace Cars last 6 start with a 9. Check the block to make sure the motor matches. If it is a rough car. I would guess 7-8 k for it. Hope it helps.
Low mile pristine condition Pace Cars probably sell in the high 20's low 30's.
A nice restoration with miles on it upper teens low 20's? The Pace Car is one of the most sought after of the 78 to 82 body style.
