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Old 07-01-2013, 08:13 PM   #1
theblackvette
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Default The Resale Red LT-1!!!!!!!

I got excited when I found this red 1971 LT-1 being sole by a private seller. It is with its second owner. Protecto plate available. No tank sticker though as gas tank is replaced. MOST original parts, smog is missing from the car. Condition is quite nice looking at the pictures. The car was born Warbonet Yellow but was painted red a couple of years ago to a more desirable color. He wants $44,000. I will hold my feelings about this so I don't create bias. I like to hear what you all think. Thoughts, etc. Whether good or bad I want to hear them. I trust you all and I learned a LONG time ago you would never steer a fellow member who loves corvettes in the wrong direction. Here are some pictures to help you in your opinion.


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Old 07-01-2013, 10:17 PM   #2
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there is 70 LT-1 on chicago creigslist for 40k, it states a nom, but for comparision sake.
both cars seem nice.
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Old 07-01-2013, 10:25 PM   #3
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$44k seems high for a car with some missing parts and the wrong color.
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Old 07-01-2013, 10:26 PM   #4
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Mileage? That will influence the wear and tear part, dependning on how easy or hard they were to roll up.

What plans do you have with it? There are so many options for use that $44K could seem less expensive from one angle or too much, viewed from another.

Does look like a very nice car...
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Old 07-01-2013, 10:28 PM   #5
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Originally Posted by LT-1 kid View Post
there is 70 LT-1 on chicago creigslist for 40k, it states a nom, but for comparision sake.
both cars seem nice.
Hello and thanks for responding in my thread. I appreciate it. This is a tough comparison.

The 1970 would be more valuable and desirable than the 1971 due to the horsepower.

The trouble would be to determine how much a NOM devalues a 1970 Lt-1 and how much a resale red paint job would devalue a 1971 Lt-1? That is the question.
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Old 07-01-2013, 10:29 PM   #6
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Keep looking. For that amount of scratch you should get matching numbers all original or restored and the correct color.
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Old 07-01-2013, 10:31 PM   #7
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Quote:
Originally Posted by bashcraft View Post
$44k seems high for a car with some missing parts and the wrong color.

Quote:
Originally Posted by LoneStarV View Post
Keep looking. For that amount of scratch you should get matching numbers all original or restored and the correct color.
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Old 07-01-2013, 10:32 PM   #8
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Quote:
Originally Posted by Dustup7T2 View Post
Mileage? That will influence the wear and tear part, dependning on how easy or hard they were to roll up.

What plans do you have with it? There are so many options for use that $44K could seem less expensive from one angle or too much, viewed from another.

Does look like a very nice car...
Well if I wanted to make this an NCRS top flighted car I would have to invest 10-15K for a show quality paint job.

If I didn't care about NCRS and wanted a nice LT-1 then it would cost me anything. But if I decide to resell, it could be an issue. It is an issue for this car. It has been on the market for quite some time. The seller seems to think he will get more money having it in red than warbonnet yellow.

I like to know how much the car is devalued by having the resale red paint and lack of some parts. But, the history is very nice and he made it a point that has value. I agree it does, but how much?
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Old 07-01-2013, 10:33 PM   #9
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Originally Posted by bashcraft View Post
$44k seems high for a car with some missing parts and the wrong color.
Yeah, I do love the red but that wrong color does bother me. Ugh...so that should affect value where I am concerned.
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Old 07-01-2013, 10:34 PM   #10
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Originally Posted by LoneStarV View Post
Keep looking. For that amount of scratch you should get matching numbers all original or restored and the correct color.
I think the car should be devalued by the amount of a quality paint job. Perhaps in the 10K range!!!!!! I don't think he would ever sell it for 10K less than his asking price. Am I being ridiculous?
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Old 07-01-2013, 10:55 PM   #11
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A '71 or '72 LT-1 should not be priced at the same level as a '70 LT-1. I suspect this fellow has a nice business of taking a run-of-the-mill early 70's C3 (later than '70, however) and turning it into a high-$$$ LT-1 car. I don't know any private owners who would put pre-cut paper floor mats down to show their car when selling.

Very nice looking car. Wrong color to trim plate, probably wasn't an LT-1 coming from the factory. Just too much money for a "nice clone".
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Old 07-01-2013, 11:02 PM   #12
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Quote:
Originally Posted by 7T1vette View Post
A '71 or '72 LT-1 should not be priced at the same level as a '70 LT-1. I suspect this fellow has a nice business of taking a run-of-the-mill early 70's C3 (later than '70, however) and turning it into a high-$$$ LT-1 car. I don't know any private owners who would put pre-cut paper floor mats down to show their car when selling.

Very nice looking car. Wrong color to trim plate, probably wasn't an LT-1 coming from the factory. Just too much money for a "nice clone".
VERY interesting observation!!!!!!! It is your suspicion this is a fake LT-1? Tell me more about the color of the trim plate that raised your suspicion. He merely states it was painted red to make it more desirable. This is not a quiz, I am learning here. I would have never thought this was a clone (fake). I am just wondering how it could be if this guy has the protecto plate, and some documents, and history. One must be very careful!!!!!!!! I don't want to spend $$$$$ on something that is worth only $$.
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Old 07-01-2013, 11:28 PM   #13
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He merely states it was painted red to make it more desirable.
If he really thinks this, he's very stupid.
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Old 07-02-2013, 01:58 AM   #14
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44k is too high. Probably should be priced in the low 30k range.
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Old 07-02-2013, 06:57 AM   #15
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Originally Posted by jr9170 View Post
44k is too high. Probably should be priced in the low 30k range.
It if were the right color would 44K be in the right price range?

Or are you deducting the cost of a show quality paint job (10K to 15K) in your price adjustment?
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Old 07-02-2013, 06:58 AM   #16
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If he really thinks this, he's very stupid.
Well this is one of his replied to me regarding the color change. Is he thinking this or did I misunderstand him?????

"The reason for the paint change is that War Bonnet or Brands Hatch Green are the worst colors for selling."

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Old 07-02-2013, 08:10 AM   #17
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My thoughts (since you asked):

With all the excellent high-performance replacement engine options available today, the appeal of having an LT-1 is its authenticity and originality (i.e. not just its performance). The type of buyer who wants originality in a rare engine option typically also wants originality in color and factory options. Changing to a more popular color will increase the market appeal, but IMO, at a lower price range. The "resale red" market includes buyers who do not care as much about originality, meaning they are not willing to pay an "originality premium". This is why I think the color change decreases the value. Of course this is dealing with generalities - all a seller needs is one buyer who agrees with his asking price.

The key question here is "what is this car worth to you?" Start with your end-point: what EXACTLY does your dream car look like? (Is originality one of your non-negotiables?) Then what would it take, dollar-wise, to get there? If you bought a project car, restored the mechanicals, interior, show-quality paint, etc. you could quickly get $40k-$50k into it having someone do the work for you. But to sell it for that money, you would need to find someone who wants exactly what you have. Personally, if I had $44k for a chrome bumper car, it would be a resto-mod with updated drive train (LS3), steering, suspension, brakes, etc. because my main enjoyment is driving as much as possible. When you know exactly what you want, the next question is how patient are you to get it? If you have to have it today, and this car is IT, spend $44K and have it. If you can wait several weeks/months/(years?), be patient and realize your dream for less.
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Old 07-02-2013, 08:28 AM   #18
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Quote:
Originally Posted by theblackvette View Post

"The reason for the paint change is that War Bonnet or Brands Hatch Green are the worst colors for selling."



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Old 07-02-2013, 08:31 AM   #19
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Quote:
Originally Posted by theblackvette View Post
Well this is one of his replied to me regarding the color change. Is he thinking this or did I misunderstand him?????

"The reason for the paint change is that War Bonnet or Brands Hatch Green are the worst colors for selling."

Any color other than the original color is the worst for selling when you're advertising the car as an original LT-1.

And yes, I would deduct the cost of having it stripped and repainted.
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Old 07-02-2013, 09:42 AM   #20
theblackvette
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Quote:
Originally Posted by indydoug View Post
My thoughts (since you asked):

With all the excellent high-performance replacement engine options available today, the appeal of having an LT-1 is its authenticity and originality (i.e. not just its performance). The type of buyer who wants originality in a rare engine option typically also wants originality in color and factory options. Changing to a more popular color will increase the market appeal, but IMO, at a lower price range. The "resale red" market includes buyers who do not care as much about originality, meaning they are not willing to pay an "originality premium". This is why I think the color change decreases the value. Of course this is dealing with generalities - all a seller needs is one buyer who agrees with his asking price.

The key question here is "what is this car worth to you?" Start with your end-point: what EXACTLY does your dream car look like? (Is originality one of your non-negotiables?) Then what would it take, dollar-wise, to get there? If you bought a project car, restored the mechanicals, interior, show-quality paint, etc. you could quickly get $40k-$50k into it having someone do the work for you. But to sell it for that money, you would need to find someone who wants exactly what you have. Personally, if I had $44k for a chrome bumper car, it would be a resto-mod with updated drive train (LS3), steering, suspension, brakes, etc. because my main enjoyment is driving as much as possible. When you know exactly what you want, the next question is how patient are you to get it? If you have to have it today, and this car is IT, spend $44K and have it. If you can wait several weeks/months/(years?), be patient and realize your dream for less.
Thank you for your insight. I greatly appreciate the time you spent authoring your posting.

All I want is a piece of corvette history!!!!! One that means a lot to me. I also want to pay for what I am getting for and not be scammed into getting something that is not as advertised.
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Old 07-02-2013, 09:42 AM
 
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