Future collectible corvettes !
Thread Starter
Race Director
Joined: Aug 1999
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From: SE Pennsylvania
St. Jude Donor '03 thru '26
Oldtimer
Future collectible corvettes !
I was wondering after watching the Mecum Auction on TV today, How many C-1,2 or C-3's are still out there waiting to be restored? I can't remember the last time I heard of a Barn find L-79, LT-1 or L-88. What I do see is a few ratty C-3's that have been neglected and in need of a 30K restoration. But with the economy in such bad shape, There's not a lot of money left for someone to do up a 1977 L-48. I think most of the chrome bumper cars have already been restored professionally and I can't remember when I heard of a 63, 61 or 58 corvette found in some shed or under some canvas waiting to be nutured back to health with a hefty checking account just waiting to be spent.
Most of the cars I saw today at Mecum Auto Auction sold for 75K or higher and that many times Terry Danials of Pro-Team Corvettes paying 60 to 80K for a corvette that their going to take back to their showroom and price it at 125.000 or more? Most all the corvettes that I saw were beautiful and already restored, but I think we've seen the last of Collectible Corvettes of being found and restored. From now on I think the corvette vendors are going to be selling just auto supply items for the 1976 to 82 daily drivers? Interesting auction all the same.
Most of the cars I saw today at Mecum Auto Auction sold for 75K or higher and that many times Terry Danials of Pro-Team Corvettes paying 60 to 80K for a corvette that their going to take back to their showroom and price it at 125.000 or more? Most all the corvettes that I saw were beautiful and already restored, but I think we've seen the last of Collectible Corvettes of being found and restored. From now on I think the corvette vendors are going to be selling just auto supply items for the 1976 to 82 daily drivers? Interesting auction all the same.
Last edited by killain; Jun 28, 2009 at 07:24 AM. Reason: spelling
Instructor
Joined: Jun 2009
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From: Covington VA
Le Mans Master
Joined: Dec 2000
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From: San Angelo TX
my 72 is waiting for a restoration. There are still lots of bumper cars out there needing some love. Unfortunately, some of them (mine included) are beyond a proper restoration since some numbnut swapped out the original drivetrain. 
Oh well, at least I get to drive it hard.
Oh well, at least I get to drive it hard.
Melting Slicks
Joined: Mar 2008
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From: Spring Park MN
There are still a lot of ratty, junk, not worth restoring chrome bumper cars left out there. I looked at some of them.
The Meccum auction TV coverage yesterday (Friday) had several Vettes in the teens and twenties. There are still some bargains out there. Today was supposed to be the more expensive cars.
The Meccum auction TV coverage yesterday (Friday) had several Vettes in the teens and twenties. There are still some bargains out there. Today was supposed to be the more expensive cars.
Thread Starter
Race Director
Joined: Aug 1999
Posts: 11,117
Likes: 671
From: SE Pennsylvania
St. Jude Donor '03 thru '26
Oldtimer
Well i suppose there are some cars worth doing some work on. But I really doubt that with companies like Pro-Team buying up anything that's collectible, it's just 74 or 79 'Drivers' that's available to any of us. I know where a 1973 coupe is, but it's sat out there in the weather for so long, I think if you gave the quarterpanel a good kick, the frame would crumble down from under it ? 
Racer
Joined: May 2007
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From: Tidewater Oregon
My uncle and late grandfather used to restore and then sell cars for fun back in the 70's. He still talks about what you could buy a '63 or a '67 "driver" for back in the day. Point is, the driver to collectable thing will cycle. I bought my '79 as a driver to tinker with over time. It is a nice car, not a show winner, but a nice car. Right now the 76-82 cars are where the buys are, but in time as the prices of the older cars continue to climb the later C3's will follow suit. As will the C4's, etc, etc. I may be off base on this, but I don't think so.
100%
Team Owner
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From: Crossville TN
Lots of C3's are still on the road...thanks to folks like US keeping them in working condition. And lots of them are not in tip-top shape. Whenever there is a downturn in the economy, it's always an opportunity for someone like you to find a decent C3 at an affordable price. Then, with some TLC and some necessary repairs, you can own a pretty nice C3. If you are a good mechanic, look for a car that has a solid frame/birdcage and good paint...then fix what you need. If you are a paint & body guy, find one in good mechanical condition and re-finish it. In either case, if you want to end up with a 'stock' condition car, find one with all [or nearly all] of the original components intact; buying missing parts for a C3 is an expensive proposition. 
Team Owner
Joined: Jan 2006
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From: Crossville TN
Oh, one more thing.... The televised classic car auctions are nice to watch, but they have little similarity to everyday reality. Don't expect 'normal' cars to ask [or get] those ridiculous prices for these cars from private owners. Avoid the classic car dealers, too.
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The Corvette segment of the "old car hobby" is driven by originality. I think the optioned chrome bumper cars will always comand higher prices and as time goes by will become less affordable to the average guy. Where the market may change is if "appearing factory correct" or nice "driver quality" ever becomes acceptable. I think there are is still a decent amount of "rebuildable" chrome bumper cars out their that can never be numbers matching (unless they are restamps ). The Corvette market value is based on 100% original and deducted from there. Nobody wants to spend 30K for real nice Corvette that they can enjoy driving and has great eye appeal if they can't get 15K for it when the want to sell it. Therefore the "all original" cars will always be at a premium compared to the rest of the market.
). The Corvette market value is based on 100% original and deducted from there. Nobody wants to spend 30K for real nice Corvette that they can enjoy driving and has great eye appeal if they can't get 15K for it when the want to sell it. Therefore the "all original" cars will always be at a premium compared to the rest of the market.
Last edited by 3JsVette; Jun 28, 2009 at 08:04 PM.
Le Mans Master
Joined: Dec 2004
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My uncle and late grandfather used to restore and then sell cars for fun back in the 70's. He still talks about what you could buy a '63 or a '67 "driver" for back in the day. Point is, the driver to collectable thing will cycle. I bought my '79 as a driver to tinker with over time. It is a nice car, not a show winner, but a nice car. Right now the 76-82 cars are where the buys are, but in time as the prices of the older cars continue to climb the later C3's will follow suit. As will the C4's, etc, etc. I may be off base on this, but I don't think so.
Racer
Joined: Apr 2007
Posts: 492
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From: Temecula CA
I think maybe the dealers are out there paying ridiculous sums for those cars at auction. That way, they can go back to their showrooms and price their whole inventory higher. I can just hear them saying, "Well, a car just like this sold at Mecum's for....."
Temvette72
Temvette72
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From: Crossville TN
Actually, I would anticipate the C3 market spiking up when [or, if] the world economy comes back to life. After an economic downturn, there is a period of spending for "fun" stuff, and the C3's will still be affordable...but the demand for them will be UP...and so, their costs. The 78-82 Corvettes may be the biggest winners (largest % gain from their present worth) in the next few years. I had similar thoughts after the downturn following 911 about the early '70s C3's; that's when I bought my 'all original & matching' '71 for a shade over $10K. It's worth a bit more now...even with the downturn.
Instructor
Joined: Jun 2009
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From: Covington VA
Another reason I see the late 70's C3's increasing in value is this. A lot of guys, me included were kids in the 70's and we idolized these cars. Now that a lot of us have gotten well passed college and have our career going those of us that are still interested are going after one. Right now the 76-82 cars are the most affordable to a lot of us that want the kind of car we idolized when we were kids.
