Well, yes they can be a money pit if you are paying someone to fix everything for you. I've restored a couple (body off) and could just about put one together with my eyes closed. Two things to weigh; first, C5 and up are well made and less prone to a lot of mechanical problems, better technology, better comfort, the second thing is that the C3's were built when GM was doing it's all time sloppiest work so yes you will need to fix them up...like starting the minute they rolled out of the showroom. I do my restorations with NCRS standards in mind and if you ever went through the judging book you'd be surprised how much stuff you have to make "not right" to match accurate restoration standards. Smooth as glass paint job? No no no, gotta have orange peel, hey! there's no overspray on this part! etc etc.

But Corvette isn't alone there. You can look across to our two wheeled friends at Harley Davidson. The older ones too were built sloppy, leaked and broke down way more than todays ride yet somehow those old "classic" models keep in high demand.

There will always be that mystique about an American icon that transcends it's faults.

 

I'll have to agree, partly, with some of the other posters.
If you want a money pit, there are plenty to choose from. They're usually called "project cars".
If you buy a car that's well preserved, it'll cost you more, but the extra initial investment is worth the lesser headache.
Sports cars take more investment. New or Classic, they're high strung and take more attention, money and time. It could be a Ferrari, Aston Martin, Jaguar, or Corvette. Part of owning them, is keeping them in top running condition.
I call it a "labor of love".
Good luck in your choice.

 

 

Yep!!

You can spend as much money as you want on one of these cars and there will still be something that you want to do to the car. I can come up with a list of about 10 things right now that I would love to do.

Would I buy another C3? In a heartbeat. I love them. This is my favorite hobby.

 

I thought C3s were money pits until I got a C6.....we all need a less expensive hobby.

 

Its funny how Some say buy a C-5, or a C-6 its cheaper. Please tell me how If you buy one of these cars and lets say you do $3000 in repairs in the next ten years, What will your car be worth by then?? And If you put even 12-15k into a car like mine in the next ten years.....I bet you could get every penny back and then some. If you want a car to ride, drive and go like no tomorrow then get a C-5 or a C-6, If you want a car then runs-drives,handles & rattles like a car from yesteryear then get a C-3. My 69 gives me great pleasure every time I'm behind the wheel. Its a ride you can't go down to your local dealer and buy. Thoses days are gone and thats what the C-3 is all about for me.

 

Well I'm thinking you're statement is only 1/2 correct.

 

Originally Posted by Flying Low
High maintenance women and high maintenance cars are allways worth the trouble.

Ahhhh, a world without high maintenance cars would be boring and a world without women? Well, for one thing there would be no need for money!

 

Not it is not a money pit. Its not even close to being one.

The average new car depreciates about 5-6K per year and many are much worse. I actually think the C3 is incredibly inexpensive to own. I bought mine new and it is far and away the lowest cost car in annual expense and retained value that I have ever owned in my life. Its value today is roughly the same as what I bought it for new. It not high mileage, but it does have 46K miles on it. It is amazingly tight, totally rust free, and what I have spent to maintain it is a small fraction of normal car operating cost.

 

Not to bring up a dead topic, but I have been thinking about the C3 money-pit a lot lately, as I just purchased a '74.

They are not money pits, but more like money-spending-opportunities. As a previous post stated, boats are money pits, as you can never buy them cheap enough. Any C3 that has a big block, and/or convertible, and/or chrome bumpers will most likely increase in value if you buy it right. And they are not hard to buy right, just do a lot of looking before you leap.

So unless you feel like you need to put a $10k paint job on the car, or $6k into the engine, you should get whatever you put into it back out.

That said, this '74 is a great car, and in really good condition, but there are so many opportunities to spend money on the thing. I have a '76 Eldorado convertible that I can spend months just trying to find a part for. On the vette if I want to replace an odd piece of interior chrome there are several vendors just a mouse click away.

And there is something about these cars that makes you want to spend the money on them. I could drive the '74 without putting a dime into it, but a few parts will make it that much nicer. High maintenance women is the perfect analogy. I used the profits from the sale of my '68 vert to buy that '76 Eldo, which I truly love. But after a few months without the '68 I knew that I would have to find another BB vert.

Bottom line is do not look for a cheap car, but a good car at a cheap price. And stay away from high maintenance women.

 

I will tell you about a money pit.....I bought a brand new Ford Expedition in 2003. It has been a great car. My only expenses have been gas, oil, brakes, and tires....But I paid $30K for it and it's worth $5 to $8 thousand now.....THAT, my friend, is a money pit!

temvette72

 

All Corvettes can be money pits, whether you are talking about a $100,000 '67 or a $3000 '84. The key is having a realistic understanding of the car's maximum worth. This seems to be the biggest problem most Corvette owners have.

Kinda like thinking their kids will all make it to the Major Leagues, most Corvette owners overrate their value. If an owner of a certain model understands (I wont use a year or body style here because I dont feel like listening to the the wailing) that his car will never be worth more than $15k in the near future, and keeps this in mind when setting and keeping to a budget, the car will not be a money pit. However, as moreoften is the case, the same owner will spend $35k on the car, and throw a tantrum when anyone dares suggest the car is not worth every dime he has "invested" regardless of all the evidence to the contrary.

Now, if an owner understands that he won't get all the money back spent above normal market value, and he decides to make that decision to spend the money for his own enjoyment anyway, I wouldn't call it a money pit... I'd call it an expensive hobby.

And... your comment about the conventional wisedom of buying the "newest" Corvette you can afford, I believe is a bit off. I believe you should buy the best car of the type/model/series you are shopping for. If you really want a C3, spend $20k on a great C3, not an entry-level C5. If your goal is to own as new as you can, well then yes of course buy as much car and as new a car as you can.

 

Depends.

If you buy one from a dealer with "only 50k miles" then Yes, it will be a money pit.

If you buy one that someone has already sunk the money and time into, doing a frame off on, then No, it will not be a money pit.

C.

 

If you cannot do the repairs for yourself, the answer is "Yes". If you can do the work, then you are only out the cost of parts...and that is probably not as much as monthly payments for another car [which won't retain its value, anyway].

If you really want a C3 and you can DIY, buy one and have fun working on it and driving it. If you want a C3 and cannot DIY, spend more money on one that already has been upgraded.

 

You think corvettes are a money pit?.. how about boats, campers, motor homes, people who travel alot? how about newer exotic cars? spending 5K a year to maintain their corvette is peanuts compared to some of the other hobbies..

 

Money Pit...Yes!

Do it again...No!

 

If its a money pit to you, then your in the wrong hobby. I do it for the love of the car, i have been into cars since i was knee high to a quarter panel. I bought my C3 hoping it wouldnt need what it has, but i was not educated in the world of Corvette, so i got what i got. The car needs what it needs, and there is no sense doing it half assed, only to do it again.

Sports are the same way hockey soccer etc all money pits. But my kids love it so it cost what it needs.

 

Money Pit - No

Do it again - Yes.

The only cost has been 'upgrades'. I could still be driving the same 'stock' car I purchased. So I consider any money I've put into it as self induced.

 

Look up "Money Pit" in the dictionary and you will see a picture of an E39 BMW.

My C3 expenses are nothing compared to my Bimmer.

 

Yes German cars will need more maintenance more often and will cost more than a domestic car.