Hi all!

I'm new to the forum and in search of a C3 project car. I'm really having trouble narrowing down what I should expect for pricing. I've seen everything from a couple thousand to 13K for a "project" car. I've really fallen in love with 69-73. I'll stick with those years until I find one, or prove it is out of my price range. I'm not picky about numbers matching. In the end, I'd like to restore a car to be a very good driver.

So my question is, what should I expect to pay for a project car like this? What things about a car greatly affect price? I assume rust problems are a big price changer, but what else?

Thanks in advance for some guidance on this!

 

From what I have noticed, prices are tough to define in the current economy and fuel flux.

I would not even consider a car if there was rust on it. There are plenty of cars out there, don't add rust into the restoration.

Whatever you are buying I would try and get an idea on what it is going to cost in terms of dollars for restoration (Not time) and add that up to the asking price. If it is more than what a price guide would put the car at, I wouldn't buy it.

 

To take it a step further, the general rule is to buy the most finished car that you can. It always costs more money to bring your car up to a certain level than it does to buy that level car in the first place.

 

To be clear, I'm not getting into this to make money or just to have a C3 vette. For me, it is about the learning process of restoring a C3 vette. It will mean alot more to me than I vette that I buy already restored. That's why I'm looking for a project car.

 

Hi t79,
I'd encourage you to not underestimate the value of a car with it's original engine/trans and other parts.
While restoring a 68-73, especially a' project', it's very easy to get more money in it than you ever dreamed.
Having the 'original engine/trans, etc.' helps raise the price 'ceiling' for the car so you don't need to be so afraid to tell your wife what you've actually spent.
I DO think you'll find it a very interesting experience.
Regards,
Alan

 

I tend to agree with others when they say it's usually cheaper to buy a car already finished than it is to do one yourself. There are many variables which affect cost when doing a project, many you can't forsee.

But... if you realize this and feel the price difference, potential end cost is worth it to you for the experience I'd say go for it. It sounds like you're interested in doing the work, getting some satisfaction out of a project you did yourself vs buying someone else's. Having worked on cars for many years, coming from the non-Corvette world originally, I can relate to your desire.

If you're looking for a project car, rust will be a killer. What you find may be the tip of the iceberg. If you can find a rust free project or at least relatively rust free you would probably have a solid platform to build on. The 69 - 73 years usually go for for more than the later years. A guess may be in the neighborhood of $5K for a rust free platform which needs paint, interior, and maybe work on the drivetrain? Maybe just a bit less if the body is rough?

Are you looking to 'restore' a Corvette or build a restomod? The restoration route is often more expensive and will place restrictions on what you can do with the car. For a restoration you will need to stay with the original color, interior and drive train at minimum. For a restoration, the configuration of the drive train must be as it was built originally. The original drive train, 'numbers matching' will be expected by many buyers looking for a restored Corvette. If you're building a restomod this isn't as important. Some put the original engine aside and build what they want. OK if you can store store the original engine and find a buyer who wants to possibly rebuild and reinstall it. I personally am not convinced this would be a big money maker, most buyers looking for restorations do not want to buy a car which will need that much work, rebuild and reinstall the original engine. They would probably expect a hefty discount for the trouble. The price of your initial project will probably be higher, seller expecting more for matching numbers.

So far as future price ceilings as Alan71 mentions, maybe, maybe not. The assumption is the interest in pure originals will go indefinitely. Historically, interest in 'original' vs 'restomod' has changed as the generations who grew up with the cars have moved on. I believe there will always be interest in originality of the more rare versions but remain skeptical about sustained interest in the garden variety Corvettes so far as pure originality goes. The high ceilings we hear of are often for the rather rare Corvettes, very low mileage or a highly desireable version. All said, it can't hurt to have an original drivetrain, never heard of it being a deduction. I question how much of a premium to put on it, especially if it may mean forsaking a car YOU want to buy for one which someone else may pay a bit more for later.

 

Alan has some good points, especially the last.

For me, the restoration process was the most fun.

Most here won't deal with the rust, but if you have the right options and you like the car, you can overcome the rust. It all comes down to time and money.

I found an original big block 4 speed car that had the matching motor, transmission and differential for $8000.

To turn it into what it is today, took three years of detailed work and cash well north of $20K.

The car is awesome, and I had a blast building it.

If you are planning a total rebuild, look for a car that has not been butchered, contains as many original parts as possible and is priced under $10K.

Good luck with the search.

 

I would try to start with a car which is completely together and running/driving. That way there's something to document as you disassemble it so you've a template for proper reassembly. In my area a 69-73 small block coupe with unremarkable options and perhaps a NOM would fetch somewhere like $7K and up depending how original and how well kept. Don't worry about somehow missing out on some restoration ethos just because you didn't start with a $450 pile of shyte like I did. The whole car will need your attention in either event: the process will be less frustrating, time consuming and cheaper if you start with the best car you can afford.

 

Thanks to everyone for the great advice. I think it confirms my price range (5-8K) isn't unreasonable. Luckly I have plenty of time to find my car, as I have plenty of house projects my wife would like finished before I start to play with a car. For now, I will be trolling the forum for-sale section, craigslist and ebay. Any other suggestions for places to look (I'm in the northeast)?

 

 

Rust can be a tricky matter depending on where it's found. I've seen photos of rusted out birdcages which people have done a fantastic job of restoring. These people had the time, skills, and tools to take on this job. I enjoy seeing the photos and admire their work. However not all of us can take on repairing rusted birdcages or frames. I've worked on cars most of my life but had to farm out a relatively minor windshield frame rust repair. The top header had a few rust holes inside. To have a local shop replace the top header and top corners using a donor part cost me approximately $2300 in labor. A new windshield, clips, weatherstripping, etc probably another $500 - $600. This was a very modest repair. It's amazing how many crucial areas on a Corvette will rust, hard to spot when buying, expensive to fix. I've heard of another shop state windshield frame repairs begin at $2500 and go up from there.

 

Hemmings, eBay, Corvette Forum, Craigslist?? I'm in the Northeast too, best project car I ever had, a Mustang, came from Southern California. All others prior were rust buckets. Unfortumately Corvettes are susceptible to rust, they just don't show it as much as steel bodied cars.

 

Hi t,
Think about coming to Corvettes at Carlisle this Summer in late August.
Plan on a couple of days; you'll see loads of cars in all price ranges, and also see how a lot of work and some money can make a great looking/running car.
Regards,
Alan

 

Having gone down this route here are my two cents.

Get a straight body ahead of all else!! That is where you are going to have the most headaches if it is not right and that is the part everyone sees. You will sink hundreds of hours into body work easily with these cars depending on how straight you want it. If you find ISSUES (previous hidden body damage), you can almost double that. Everything is fixable but costly and time consuming. Been there done it.

Mechanicals are basically straight forward and easy. I got out of control and got to the point of just replacing everything since it was all apart and really never want to dig back into during my ownership (it has become a love/hate). WAY over the top like LIZARD SKIN, custom drive shaft and half shafts. You get the point. The more stock you keep it, the cheaper.

Most think a restoration is a respray, swap a few crusty parts, and spruce up the interior. To me a restoration is every single nut and bolt has been removed and every system has been gone through and upgraded or refurbished. Maybe I am a loon.

My car is done WAY better than new with stainless everything...nuts, bolts, lines, etc. etc. These cars will rape you on budget.....believe me...everything costs more for a CORVETTE. If someone has done a resto, they can appreciate the work and details that go into it. I think a restored car is worth way more than what those on here are saying, just because I know what is involved (both time and money). Yes, nice original and rare cars are big bucks, but most are for collections and not driven a whole bunch since the value is in those traits.

To think a restored car is only worth book value once done is insane. To each his own on that one. So, as mentioned you are always going to be WAY WAY farther ahead buying a restored car as far as finances go. It may take a more discriminate buyer who understands what was done, but if I were to only get book value on a total restore.....I personally would never sell it.

Book value is for nice original cars. A restore is WAY better than an original driver type car in all aspects (rare and original excluded). RARE and original is going to bring the big money (collectors), most driver cars are hiding secrets of 40 years of who knows what.

The term restored means something different to all people, just saying.

I did have rust issues, but you never truly know what you have until it is gutted and stripped. There are ALWAYS going to be surprises.....most of the time bad, rarely good. Most all rust issues are fixable, but again the worse it is the more it costs.

I went the resto mod route FYI (I am not impressed with the performance of stock original old cars, again to each his own on that). If you redo everything, rebuild the rear end, transmission, engine (with upgrades), headlights, calipers, exhaust, wheels, tires, chrome, all the rusted light sockets, you are going to be into a HEALTHY sum of money. I know what I have in my car, and it is sick money. Never going to get it out, but like you, this was a once in a lifetime learning experience that I have gotten way more out of than the financial end product.

Just saying, know that it is going to take a TON of money and time. Have a plan going in and stick to it. IE, what level you are going to go with it.

I would say to get the best car you can, but then again if you spend a lot, and you hit surprises, then you are in really deep at that point. And you will hit surprises unless you have a car that is a lifer in the desert......of course that is where mine was from and you have to account for a frame full of sand which holds water for weeks once wet!!! How do I know?!!! That said, I think your budget is a good start in this economy. But keep in mind buying a 5-8K car, it is going to have issues and will probably need a lot of updating depending on your goals.

Unless you want a show stopper, keep it simple and just do a simple refresh while taking as little apart as necessary. That will keep you in a decent price range. The more you tear it apart, the more it is going to cost you.

BTW, I would not sell my "project" that still needs finish body work (600-800 grit level on the body now), paint, and interior reassembled for less than $20k (parts alone cost this much, and yes I might be insane and unable to find a buyer) and that is me taking a HUGE bath. Resto mods as mentioned, cost way more that a stock restore since the engine is usually something big and expensive, then you need a taller hood, upgrades to the other weak links etc etc etc etc.

You do a restore for the friends you make, the stories you share and the love of doing it. It will NEVER be a good move on finances unless you have an L88 sitting in the shed!! LOL

 

I bought my car as a project as I had race cars in my garage for years to work on and then the last one went to my brothers shop, so I had a lot of equipment and nothing to work on. So I can understand you wanting a project.

I wanted a black 68-72 Convertible. Found it on this forum 5K knowing full well it would take several years and some cash to do it. It had a perfect frame and most of the important parts, but had body damage, shot interior and motor that needed a rebuild and lots of parts to repalce.

Well it took 5 years, countless nights and weekends in my garage and more money than I planned in $ by at least triple.

Make sure you get a car with a solid base to work and don't buy the first car you look at but take your time as this decision will be with you for years.

Before




After

 

Nice job!

 

Beautiful car!

 

it might help if you shop around to see what replacements parts might cost

so that as you look at project car offerings, you might have some idea of what parts will be cheap/no-problem to replace...and which parts you will want to still come in good shape on the car, that you don't want to pay to replace

...and yes, you will find that it costs much less to find a better more complete car to start with, than having to replace too much stuff on it

 

Don't look for a "project" car and plan on rebuilding it. Shoot for around 10k for a DD that's in the best shape you can get (or whatever your budget is). Almost all of these cars are project cars unless you pay the premium price for one already done. Find one that is nice enough to drive now to enjoy and work on at your pace, ion a budget that is comfortable to you. I'd stay away from the really low priced ones that need a lot of work. You'll spend much more in the long run.

 

1. make sure there is no rust as stated earlier.
2.DO NOT keep a record of what you spend so there is NO evidence if/when an arguent occurs ;-)