Hi C3 guys

i'm a C2 guy mostly so don't know much about current values on the later model C3's.
Here the deal:
Friends of my parents mentioned that they had a corvette that they weren't using, the daughter is about to get her license and they are getting her a car and so the Corvette is now in the way and they need to sell it.

It's a '78, L82, auto, PS, PB, PW, A/C
a very original, very low milage car - it currently only has 9489 miles on it.

They are the third owners (technically only two owners since the previous owner was the mans brother who sold them the car but they never transferred the titale so paperwork wise there are really only two owners although they are the third "caretakers" of the car).
The car originally was purchased new and the original owner wanted to keep it in good condition so he only frove it rarely than 8 or 9 months after buying it was about to get married so had to sell the car. The second owner was in law school and kept the car at home so it got very limited use when he came home from school. After holding onto the car about 10 years the second owner sold it to his brother (the current owner) he used it on a limited basis for a few years than got tired of it. It only got used literally a couple times a year until about 2 years ago when he just really never drove it anymore. for the last year it has been completely unused and it hasn't even been started in a solid year. About a year ago he did take it to a local corvette specialist and had some brake work done on it, brand new tires installed and while it was there becuase it has spent so much time sitting with barely any use the corvette place told him it needed to have a number of the seals replaced so they actually pulled the motor and replaced the seals. since driving it home after that service work it has sat under a car cover untouched since.

Needless to sday, it needs some work. I went to see it a short time ago. It needs new paint badly. there is a lot of oxidation in the engine compartment, BUT the interior is in very good condition with the biggest issue in the interior being the headliner panel on one T-top is hanging down.
most importantly the frame looks GREAT under the car. It's very solid, and only very minimal surface rust.

you can get a better idea of the car by the pics on my website here:
http://69.253.166.197/page1/page104/...5/page105.html

The current owner has a large folder with all documentation on the car including service work done on it, registrations, titles, etc.
The title is still actually in his brothers name (the second owner).

They mostly just want the car gone and out of their way.

Any idea of the value on this car?
There is a possibility that I may be able to get this car cheap, around $5,000. Since it does have the desireable L82 motor, would $5k be a good price to pick this car up for even with all the cosmetic work it needs.
the biggest issue on a car with this amount of limited use would normally be the expense of pulling the motor and replacing the dried out seals and gaskets but that was already taken care of a year ago.

I'd really appreciate any feedback or opinions please. Thanks!

 

5000? Run to the ATM NOW!!! Hurry Up!!!! GET THE CAR !!!!
You aren't driving it yet? What's the holdup?
Honestly, $5000 is a good price for the car. All of it is there, and you can drive it during the restoration process. I paid a little more for mine. It's whatever the market will bear.

 

$5K would be a good price, given the amount of work that is needed. They may be able to hold out and get 2-3K more selling it to someone who doesn't understand the amount of work required, but is blinded by the low mileage.

 

Hi Al

well, I only hesited because of the expense it will need to fix it up and make it into the condition that I would want it to be in.
I'm strongly considering getting it, if I can get it for the $5k price which i'm not sure yet, and than doing a little basic "clean-up" on it to make it a bit more presentable and than flipping it.

with the amount od work it really needs to make it into the condition that I like my cars in it would be a pretty big expense and the C3's only have so much value on them - it's not like they sell for $50k even in top show condition.
i just was worried I'd end up being upside down on the value by the time I was done.
cleaning it up to be more presentable, changing out all the fluids and at least getting it drivable may make it worth it to flip it for $8K or so I suppose

 

i ageee.
I told them already when I went to llok at it that for someone like me who's interest would usually be to than restore the car back to perfect "show" condition the expense would be greater therefore the value lower because of the $$$ needed to pump into it. if I were to buy it to keep it the first thing I'd do is pull the motor and tranny, pull the body off, and redo the car completely.
On the other hand, by changing the fluids and making it at least drivevable it may bring a few thousand more from someone that doesn't care as much about the cosmetics and is willing to just immediately start driving it (instant gradification) and just deal with any problems as they crop up.

 

From the pics, it doesn't look like a bad deal for $5K.

 

Big deal is paint...decent paint job is at least $5000-$6000 by shops that do Corvettes....that puts you up to $11,000 in the vette not counting your labor and any surprises you find to fix...I recently got an estimate of $1000 just to shoot hood/T-tops on my 78 SA....think I'll do it myself...

 

In my opinion, $5k is a good price for the car. Yes, the biggest expense will be the paint but you can do many things to bring this down to a manageable level. If you don't want to do all the paint yourself, you can save quite a bit doing the prep yourself such as the stripping and initial priming and block sanding. Then take it to a paint shop ready to shoot the color and clear and you're probably around $2k for that part of it.

It's good the interior is in good shape. You can drop a lot of jack on an interior replacement.....ask me how I know.

 

yep, i sure know the expense and time required for a new paint job. I had my '65 painted last year.
The paint is definitely the most expensive "item" this car needs

 

well, negotiations have started on the car............

Just hung up the phone with the owner and he was looking for a little more on the car, $6-$8k, but agrees it does need work and that my figure may be reasonable although less than they wanted. he said he would discuss it with his wife (who's car it is) and get back to me so we will see what happens.

 

Sound's like you're pretty close. For a low mileage, highly documented car, even $6k isn't out of line in my opinion.

I also agree with the above comments. Some $ will need to go in to make it a safe daily driver but the paint will be the largest expense.

 

good luck let us know when you get it

 

I agree. Though if you are buying it just to "Flip" it, it's not a good investment. Face it.......These machines are a love affair, and we really don't care how much we put in them. I waited 23 years to find the right car. The ex got my last one. I'm not going to "flip" this one. Good Luck on the car.

 

I don't know. I had mice in my shed a while back and these little shells were everywhere. They're also on this intake. Be careful & inspect. You might need an exterminator.

 

haven't decided what the ultimate long term goals are yet. First goal is to see if I can buy it for my price.
IF I can get it, than I'll bring her home, look her over real carefully, and start doing some basic clean up, change all fluids, etc, inspect all safety areas (brakes, steering, suspension, etc) and get her running.
IF I decide I wanted to flip her I probably wouldn't do it until Spring anyway for a slightly better resell price although my wife already told me if we kept her a few months I'll get attached to it and never sell it (she may be right)
Or I may decide to keep it and really restore her back to her deserved glory bypulling the motor & tranny, rebuilding them, and pulling the body off and doing her up right.
I really haven't decided yet. I just figured when I found the car that at the right price it would be a shame to let it pass by me.

someone on the other forum even mentioned that because she is so original and low milage, even though she's not in the best cosmetic condition, I should seriously consider running her thru NCRS Bowtie (Survivor) judging before I touch anything on her.

 

Well, an update, I spoke to the guy last week to see what he decided.
I think he realized that my 5K figure is not unreasonable for the car and for him the money is NOT the bottom line, but he knows it's a very low milage car and he had planned on getting more for it so it's the principle of it that he isn't comfortable selling it at that low of a price. He asked if I could go a bit more.
I told him that since I was at $5k and his "low" figure was $6K that I was willing to split the difference and meet him halfway at $5.5K. He said he would get back to me but I haven't heard from him yet.
I'm pretty sure that if I met his low range he wanted at $6k I'd be able to get the car and it's only another $500 bucks but I'm not sure if it's really worth it or not.

what's true, realistic value on a '78 L82 with less than 10,000 miles AFTER i did some clean-up on the engine bay to make it more presentable.
I know overall '78's and cars in this year range don't go for big bucks generally so the last thing I'd want is to put some $$$ into it and end up being upside down.
I MIGHT be able to get it painted also at a pretty low cost (relatively speaking) at around $3K or so and that would help it's value a lot too but again I wouldn't want to get upside down on it. (no, not a cheapo Maaco paintjob - something decent actually)

About how much should I figure the low milage and L82 motor add valuewise to this car?

 

buy it if you like it , don't buy it if you are trying to make a buck off of it.

 

Needs paint, count that as a minus. Bubba has not been loose in the engine bay, big plus. Possible mice issues, have a mechanic check the car out. 5k is certainly reasonable. With paint and other cleanup, you aren't going to make any money off of it, but at 5k, you could drive it now with minimum additional investment and have some fun. What are your priorities?

 

Currently,prices are between $8500 (average) and $5800 needing TLC.....I'd say engine probably ok...just will have to change intake/valve cover gaskets and maybe valve seals....big deal may be power steering leaks.....
I have 125,660 on my 78 L-82..strong motor...just needs valve seals..got a little puff of smoke at start up sometimes...
I would start it and run it....

 

It is a low mileage car but sitting so long who knows what may need to be replaced. I think you will sink a considerable amount of money in the car. The paint will be the most expensive. Just from the description it look's like you will have to sink double the purchase price of the car (5k) to put it back in great shape. The upside is the car is low mileage and well documented and could be worth a small fortune in the next ten years or so. I would try to buy the car for less but at 5K you probably are getting a decent deal. You could buy one the same year in great shape for around 10 or 12k. I just paid 8k for an 82 that needs some work.

Good luck