Hello All,
I'm new to this forum and I have a few questions and ask of a few opinions of others.

Someone near me is selling a 1977 vette and I want to know if it's worth it to buy. It's a L48 with 4 sp. T-top, A/C and original condition w/ 85,500 miles. The paint looks to be okay but will need a new paint. It's paint code "72" which is the darker red with a tan leather interior. The seats have a little wear and a few rips (I think at the seams) but the carpet needs a replacing. All gauges seem to work but the clock, but I hear they never worked to begin with. The brakes aren't working so I can't take it for a spin. The guy doesn't know what's wrong with the brakes; could be the calipers, seals, or even the master cylinder, I think. It starts up with no problem but the exhaust should be replaced.

I'm going to look at it again this weekend and hoped someone can help me know what else to look for and what a good price to offer. He's asking $4k and I know he's willing to negociate.

Any help would be great. I've been looking for a corvette for sometime and wondered if this one I could enjoy and use as a small project.

Thanks all for all your help. I hope to wave at all when I pass.

Take care,
Tom

 

Welcome,, i'm not sure on the price with a L-48,and bad brake's but someone will chime in

 

4K,negotiable....need to check frame/birdcage for serious rust....you will toss another $6000 into it for just interior,paint and brakes,etc...easy...I would think about cost to fix it up.

Edit....Use this from NADA Guide
Average Retail Value $11,000....
"This vehicle would be in good condition overall. It could be an older restoration or a well-maintained original vehicle. Completely operable. The exterior paint, trim, and mechanics are presentable and serviceable inside and out. A "20-footer".

Based on above,you need to drive price down around $3000 or so...just my opinion...

 

First off these or any 20+ year old car are no small project unless your hobby is building skyscrapers. They will tend to swell into major work especially if you get the "while I am at it" syndrome and I am betting you will cause we all do. I tend to buy the cheap cars so I can sell high when the right offer comes my way. Just remember, you CAN NOT TAKE JUNK AND MAKE A DECENT CAR WITHOUT BIG $. Rust/rot is the biggest no no. After that, anything else can be fixed without dismantling the entire car. Just something to think about, nonfunctional brakes are an excellent way to sell a vette and hide the bad vibrations these cars can have, especially if the buyer thinks he can just bleed the brakes and go. If this sounds like experience talking you guessed right. If the interior is usable except the carpet, car runs and drives, body is not busted up and rust/rot is not an issue then the car is probably worth what he is asking. I have seen cars without engines and tranny sell for 2-3k. I say low ball him at 3k and tell him until you can drive it that is all you will pay, have cash in your hand so he knows you are serious. If he gets the car driveable and you are satisfied then maybe go 3500. That way you can come on here and hopefully tell us what a sweet deal you made. Good luck.

 

What you describe sounds a lot more like a BIG PROJECT. If you have the time, money, SPACE, and motivation and it is something you will enjoy, offer him 2500. If not, save about 10,000 and get something you can use right away.

Go to http://www.corvettefaq.com/listing.asp?group=6 and read the "inspection before buying" articles for a checklist of the usual problem areas.

 

Wow, you guys have been a big help. Maybe I am underestimating what will be a small project and a large project.

I should have mentioned the guy has all or most of his service records. I didn't look through them all but they seem to date back pretty far. Also, I know the car has been sitting for a while. The last inspection sticker was from 2002 but the most recent insurance card was from 2004. When I spoke to the guy on the phone I mentioned about the ammount of work needed to put in the car. I think he want to just get rid of it. I'll look in to the rust aspect and hope for the best. Maybe I can get him under $3k. I know the project will not be a quick one.

One last question for the time. Since the car is all original should it be kept original as much as possible or would it be better to do engine work to "beef" up the HP a little or a lot? Will doing engine work affect the selling price up or down? What about suspension and other handling aspects?

Thanks again. Tom

 

Hi

Lot's of good advice up there

 

Yes, Suggest Increase Power!
Depends on the buyer.
Handling can be very good w/ FE-7. See 77 Facts on my website.

Not true. Recently sold a 77 working one. It may just need to be oiled.

 

Keep an eye on how much money you get into the car. Don't go throwing the best of everything ie. crate engine, super trans. etc. into the car only to realize it is not what you wanted. Most guys will tell you that you will never come close to getting your money back out of mods especially on rubber bumper cars (74to82). These cars in good driver condition sell fairly quickly for 7-8k. If you get into the car for 3k try to stay under 7k and you can drive it for a few years and still make a few bucks on it if you sell. Horsepower costs money, no way around it. Drive lines to handle horse power cost money, no way around it. Remember the "while I'm at it" syndrome? The best advice I think comes from a book "how to restore and modify your 68-82 corvette" I think the title is close. The author says something like "don't do any major work on the car for the first year" that is not bad advice if this is the first vette for you. If she is running and cleans up good enough, drive it for a while and see how you like it because it really takes alot of love and dedication to keep these cars going. Just my 2 cents. Maybe 3.

 

I think that is great advice. I'll look into the book. I've been reading over at corvettefaq.com and found a great deal of info that keeps my eyes open more to know what to look for. Hopefully, by doing my research before hand and not rushing into a car I can eliminate from making a bad decision. Well, at least I can keep my fingers crossed. Thanks.