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It has definately seen better days, I'd say less than half that. If you are looking for a '68 B block proiject, check the Seattle Craigs list, there is one that has been in there forever.
If he had a clear title, 5k would be a high price. This is a total basket case, with major body damage, no motor. There are many cars out there that are better places to start for that price. It could be done, but that is a rough one. If you are not married, have no significant other to see this thing when it comes home, I guess you could get away with it. Your call. My $0.02.
I'm thinking 9K without the motor is bad enough...but I'd feel like a real idiot for paying 14K to get the 427 and pile of parts to go with it.
I notice he doesn't really mention anything about his $5K 427. It's probably in pieces too.
Here is the motor: http://sfbay.craigslist.org/eby/pts/586583073.html
The ad says...
"1969 corvette engine motor has been rebuilt has about 6000 miles since rebuild motor comes complete pan to carb it does not have the aluminum intake on it,it has a cast iron intake manifold. this motor must go as I am selling all my projects and will have no use for it."
He must be smoking some outrageous stuff there in Frisco. The package would cost you $14K and you have a car in terrible shape and in pieces. When you are done you could have a 68 NOM big Block for as little as $45K.
I think there might be a better way.
Outrageous..
The most annoying fact is that, I have seen cars like that sell for pretty much that price on eBay.
Now don't flame me for saying that
I went to a local auction this past weekend. Some of these prices are for real!! Remember the yellow '71 that went for $53K? It was NOT at the auction.
One owner turned down $35K for '68 'vert that had the wrong color interior and body as well as needing a full engine compartment work over. No A/C with an automatic.