I've been looking for a later model C3 in very good condition for some time. A big problem I'm having is the pricing of available cars, no matter where I'm looking(ie. online auctions, this forum, or online trader sites, etc.). I have been using Black Book, Cars of Particular Interest as my pricing reference. I trust this reference because it's been around for awhile and it's updated bi-monthly. I know there are collector car guys using this guide. It covers all cars, not just corvettes. I've seen some of the other guides, (print, online, retail, etc) and they are a bit more liberal in valuations.

That being said, I can't find corvettes in very good #2 to 3 condition that are in line with the published values of Black Book. I've only found a few cars that are within 15-20% of published value, and I'm talking about '75-'82 cars, NOT the chrome bumper, big block years (which have an even larger discrepency).

My question is, why is this so? Should I be using a different pricing reference? It's suppose to be a buyer's market this time of year, and I'm not seeing it. I realize a decent part of valuations on cars like these can be subjective and emotional. I just don't want to have to 'reach' to purchase a nice corvette.

Gary

 

Send a warm hearted Thank You to Barret Jackson att. Craig.
These people have ruined the collector car market, for the average guy that would like to get into it. Not saying there are no deals out there but the are getting harder to come buy.

 

Ther are deals out there. Just not at the auctions (collector auctions).
Just remember everything is for sale and every car has a price. Look every where. Post pictures and condition and someone will give you an idea of what it's worth.

 

It seems to me that the Guides are only used by owners who want to think their cars are worth lots of $$$$. What matters is what a particular car costs. Not what other cars like that one, but that you haven't seen, may have sold for. What determines the price is how much cash you're actually willing to put on the table and how much needs to be there before the owner is willing to reach for it.
Regards,
Alan

 

Here's another real wrinkle I've encountered over and over in trying to purchase a C3:

I find a car I like and am interested in. The photos do the talking with good info, documentation, etc. provided by the owner. The owner is asking $15,000 for the car. The price guide says it's worth $10,500 in this condition. I would buy this car for $10,500, maybe even $11K pending a personal inspection. But I can't make a 1000 mile round trip to go see this car and buy it unless I get the owner to commit to $10,500, which none will over the phone because it looks like a tremendous low ball offer, sight unseen. No reason for me to see the car if the owner and I are that far off in price. So I keep looking, and the owner gets to keep his car awhile longer, sometimes much longer.

I can show them the guide.....the reply is always.. A) The price guide is incorrect...B) My car is a one of a kind/special/or somehow inherently worth more.

I understand how Mr. Market determines the sales price of an item, whether it be a car, a house, or a pack of gum. I know you can spend a small fortune restoring old cars and corvettes in particular, not counting the blood, sweat, and tears. I believe alot of corvettes just go unsold, especially from private owners because they don't have to sell it. All you have to do is just look at the unsolds on this forum.

I'm not looking to get a steal on one or even a deal, but I find the C3 corvette market a strange and frustrating one when you can't offer book price and make a purchase. No one on this forum wants to overpay, unless you're one of those wealthy buyers making the pilgrimage to the desert of Arizona in 2 weeks.

 

I was in the same boat you are in this summer. What people tell you a car is worth isn’t worth anything. What is worth something is what will YOU pay for it forget the book. If you look at NADA it will say the chrome bumpers are worth more than they are selling for. Just find a deal you and the seller can agree on and go for it. I am sure some people on here would have a heart attack for what I paid to get my car, but it was what I liked and I could afford it and I am happy with what I did.

Good luck in your search.

 

I understand what you're saying, but I'm not talking about a '69 convertible such as you have. I'm talking about a group ('75-'82) with a fairly decent number of cars available on the market. If it's rare, more powerful, and desireable, I can understand paying a premium (especially, as a buyer, if it's a must have and funds are not an issue). But my funds are limited, and I'm not going to pay above market established prices for a 'common' car, relatively speaking, which is why there's not one in my garage tonight.

 

I had the same issue this Spring. I wanted a 81 and there was such a discrepancy between what the guides show and what some people think their cars are worth I almost gave up. I bought this 81 with new paint, 74k miles and everything working for $8,500 so look for a deal, they are out there. To confuse the issue even more, I had this car appraised by a vette specialist after I bought it for insurance purposes and he came back with $14,500 so I can't figure out what the real value is. You just need to find a car that works for you at the price you are willing to pay, that's what it's worth.

 

[QUOTE=Jon Hekking;1563425627]I had the same issue this Spring. I wanted a 81 and there was such a discrepancy between what the guides show and what some people think their cars are worth I almost gave up. I bought this 81 with new paint, 74k miles and everything working for $8,500 so look for a deal, they are out there. To confuse the issue even more, I had this car appraised by a vette specialist after I bought it for insurance purposes and he came back with $14,500 so I can't figure out what the real value is. You just need to find a car that works for you at the price you are willing to pay, that's what it's worth.

You prove my point, exactly. I'm almost to the point of giving up, but not quite.

You have a very nice car, and I believe by all measures, you most likely got a below book deal. The appraisal is interesting, but as you said, who knows what the true value is.

 

I've always said these cars are like baseball cards - it's simply a matter of matching a motivated seller with an educated, capable buyer.

A few recommendations - if I may...

1) Be patient; the deals are out there.
2) Don't forget to look in your own backyard or within 100 or so mile radius depending upon your region.
3) Enjoy the hunt - this is one of the best parts of Corvette ownership. I've shown more than one guy that his '80 L-82 was an L-48 wearing L-82 badges. My first Corvette was purchased from a very nice looking 30 something year old lady who owned it for 15 years; reason she was selling - a career change. She had decided to become a massage theapist and the massage table wouldn't fit in the back of her car...you can't make that stuff up!

Good Luck!

 

2TONE is right, you never know where the deals are going to come from. I got mine from a woman that just got the car from her husband as part of a divorce, she could not sell it fast enough!

 

I think the book values get you into the ballpark...no way they can take everything into account for every car...so what if the "average" of all 19xx cars" sold for 14,500, that doesn't mean the one you're looking at is worth 14,500...and could vary by a lot either way.

Just shop around and get a gist of what your money will by, if you come accross something that is "over priced" but is a real nice car, then buy it and enjoy it, in 10 years it might "under priced".

Buy real estate if you want an investment, not a 15k car

 

For reasons of appraisal,
certain Corvettes are not that different than a jewelry appraisal.
For example, a 1 carat diamond.

Its appraised by a reputable, certified Gemologist.
Without getting technical, let's say the stone is very good,
based on its characteristics, cut,color,clarity and carat weight.
Its appraised for $10,000.00.

Is the stone exactly what the customer has been looking for,
based on the cut,color,clarity and carat weight? Then they may buy it.
Is it worth it? The appraised value is what it would cost to replace,
meeting the exact characteristics of the stone.

In some cases, the appraised value could be over inflated.
A true assessment is based on the market at the time the appraisal
is written. Its rarity and availability plays into the value.
A corvette appraisal is much the same.

 

Seems to me that more C3's are sold between private parties than though dealers, and (I think) the pricing guides are based on dealer averages aren't they?

 

While you are correct, I'm sure, the dealers actually have better, closer pricing on '75-'82 corvettes than do individual owners, for the most part. In other words, the dealer KNOWS the true value of these cars better and prices them accordingly. Of course, dealers are just that.....they are in the business of actually SELLING cars, not holding onto them.

The Black Book guide lists their sources of data as all of the following:

Auctions

Dealer Sales Reports

Market Letters

Club Newsletters

Cars of Particular Interest (CPI) make & model surveys by questionaires

Other sources regarded as reliable

 

Good advice, and well said. I'm not in a hurry, but I am. There have been virtually no cars in the condition I'm looking for within a 100 miles of me. Project cars or ones in need of work seem to be everywhere, however. That's the nature of cars I suppose.

No doubt, patience is key.

 

The early C3's are valuable because of auctions, price guides and that
they are classics. The '74-82 will become valuable 10 years or so from
now as they are the "Sexy" Sting Rays. As the media wants to create
a recession in the next few years all these cars will come down in value
and that's the time to purchase. But, there are still good buys. Just
check local newspapers, the web, and Vette Clubs in NC and you'll find
what you are after.

 

I got mine late this summer after looking for nearly five months. My '77 is very clean and with 84k miles I found the $8,000 price tag to be just what I was looking for in my first corvette. Engine mods, interior and exterior updating will send the total cost of ownership higher but I bought this one for my son to inherit, not to sell later down the road. Keep looking and stick with your guns on pricing, you'll find your gem out there.

 

I'm still interested in learning what pricing guides are being used in determining values. Please give your preference and why. Also, I appreciate all responses, but a buyer's approach would be more realistic for me than that of a seller, since I'm a buyer.

Thanks


Gary

 

I think you are putting too much emphasis on the price guides. Buying a 30 year old Corvette is not like buying a used Honda. The price guides are rough approximations. Prices will vary greatly based on options, condition, originality, etc. Also, many sellers ask unrealistic prices. They must be willing to reduce the price if they really want to sale. You need to be willing to pay a little more than what you think the "book" value is if you really want to buy.