I am looking at a 76 project that is in the middle of a frame off restoration. The car is cream on saddle and is what I would consider a "roller" stage. There has been over $20k invested up to this point. The original motor was rebuilt, freshly rebuilt original auto trans, full suspension, and every other part needed to finish the restoration is brand new or already restored. The body was just put back on the car by a professional shop. The car is complete but needs painted, the interior reinstalled, a windshield, and basically finished up.

My question is for the forum members who are more familiar than I am with the C3 market. What is a fair price for a car in this condition? I am looking for a winter project but haven't done a vette before. I was originally looking for an early 70's but this car caught my interest. Any help would be greatly appreciated.

 

The bigger question is how desperate is the seller? You can get a good idea of what the finished car is worth today by looking at some recent used car prices. Try corvettetrader or similar websites. Also check recent auction sales. Unfortunately the 76 is unremarkable for collector status but is a neat car never the less. Now, speaking as a realist, I would never give my car away for a song and it is in multiple pieces as I'm doing a body off restoration. The fact that he has spent so much money on it already, means that someone is bound to get a good deal regardless. It may even be you. As for final finished value? High teens?

 

Thanks for the input. I think I can buy the car pretty cheap but we will see. I am thinking it might be worth mid to high teens but want to see what other members think. I know the 76 isn't the most collectible which is why I am a little apprehensive on making a move for it.

 

Being a 76 owner I know they are more of a joy ride car than an investment.
There are vettes out there for less that didn't need all this work in the first place.
You might sit down and see what is available for what you want to spend and see what has the best resale value.
It just sux to pay for labor in a car that the next person is not going to pay for.

 

Tim is right in how he views our '76's. It's arguable that an auto tranny isn't a great thing combined with the low powered stock 1976 engines...sort of two weak points piled up together. My 76 is a four speed and relatively slow in the world of Vettes.....though I love it as a road car with wider than stock tires and great road grip and have gotten some of the power back through changes. Lots of fun to have around others who like to admire it and all that though. Sure wouldn't want an auto transmission in it speaking for myself. Seems the amounts you are talking about is a lot of money for a '76 that you could buy for less generally. However, if it's a car you want to keep and drive then someone else's well done work might be worth it to you.....these things are more about art than anything else.

 

Stills needs paint and dozens if not hundreds of hours of man hours to finish? $5K and you'll still be upside down.

 

What is the seller asking?

 

I currently own 64 72 and 98 Convertibles along with 76 79 and 88 (35th Anniv) Coupes... My favorite over all car to just drive happens to be my low optioned L48 4 speed 76...and I have posted that fact many many times...

BUT

Even IF you could get the car for $5000 I do not think you could finish the car and sell it at a profit... This car is not worth half of what the owner has but into it as is in my opinion anyway......

Bob G.

 

look for a 76 that is already done, i bet the price will be close to what your seller is asking. those last few incedentals will end up nickel and dime you to the tune of several thousand $$ and hundreds of hours. not to mention that it needs thousands of $$ worth of a paint job.

one can't abandon a project like your seller is trying to do without either takeing a very big hit, or finding a sucker to take it off his hands.

 

Just about any body off rebuild is not worth doing from a money standpoint. If your worried about "market value" on a frame off project this is not the car for you! You do frame off jobs on a very rare type or a car that you have a special attachment to and enjoy the work and results of such, no resale value to doing this!!

 

The other question I would be asking is what are your plans with this car? The high degree of restoration work will be for naught if you plan to drive the car. On the other hand, if you are looking for a trailered show queen, then this may be a good opportuinity for you.

 

FYI, I am just finishing a frame on resto on my '76 L82 4 spd. Rebuilt motor, went with Kiesler 5 spd and put in steeroids, new paint and interior. Started out with a very clean 100k mile car. I've got over $20k into it now not including the original cost of the car 20 years ago. Before I started resto, car was worth maybe $7-8k. Now it's probably worth around $12k. So unless this '76 is your dream car and you are going to keep it forever, it is not worth doing.

 

If the Current Owner spent north of $20K on this 76, he's already about 3X underwater on what he could get for it, in present condition.
Unless looking for a trailer/showqueen, I'd pass..............

 

Well I took a ride up and looked at the car yesterday. There are both positives and negatives to it at this point. Here is what the car has had done:

Motor Overhauled
Trans Rebuilt
Rear End Gone Through
New Brakes, New Brake Lines, Rotors and Calipers
New Fuel Lines, Pump, Gas Tank
New Springs, Shocks, Bushings, Drive Shaft and U-Joints
New Wiring, Tail Lights
New Front and Rear Rubber Bumper
New Mirrors and Emblems
New Leather Seats, Door Panels, Rugs, Dash Pad, Seat Belts
Engine has new wiring, new carb, new distributor and hoses
Air Compressor was rebuilt
New Radiator

The body was just professionally put back on the frame. The current owner actually got the car from the widow of the individual who was restoring it as a payment on a debt. All of the paperwork is with the car which total about $20,000 in restoration costs. Most of the interior and other parts needed to finish the car are still in the shipping packages.

The bad is that the new owner just lost his storage and the car is now sitting outside on a trailer under a tarp. He is asking $6500 but I agree with finishing costs the car isn't worth that. I have a good friend who owns a shop and has quoted me $5k to completely paint and finish reassembling the car. I am thinking the car is probably worth $3,500-$4,000 with the trailer. The engine sitting and the car now outside are my only holdups.

 

IMO, when you ask for a price on here, no one thinks the car is worth anything unless it belongs to them. You could have said it was $1500 and some people would have said that it was too much.

The fact that it was a frame off and the body is back on and it is tarped really shouldn't be any issue unless it has been tarped for a long time. The metal should have all been sealed with paint, powder coat or something and would be pretty protected for some time.

Yes the owner is going to lose a ton of money for what he has paid out. Is it worth $3500-4000 and the trailer like you suggest? I'd have to say barring him being in a position to have to bite the bullet with no time alternative, You are asking for too much for too little. That is if I understood you right and there is a new interior in packaging also. If most everything is there and new or reconditioned already, all you are going to need is your time and a paint job.

He could part out the frame, engine, trans and interior quickly for more than what you are thinking of offering and he still owns the trailer and all of the other parts to sell at his leisure.

$5000 and you have someone to do the work for $5000, IMO is a heck of a deal considering you will have a completely restored car for a little over $10k considering you will have to buy a few more parts. If the workmanship is there then you won't be upside down at all on the car. Personally if all those parts are there and I wouldn't be spending more than another grand or 2 for incidentals, I'd pay his $6500 if I had too.

I'd bet if it is done right you'll have more than $12000 in value there. There are a lot fewer restored cars than just nice ones out there. Make him crank the engine up first.

 

I personally agree with milo30. This is not a normal situation with a 76 vette. By the time someone buys a normal 76 and then spends the money really needed to get the car in top notch shape, this would be a good purchase. I also believe most older cars (not just c3 vettes) that are properly restored are not worth the money invested in them. If this car is what you want and you would be dedicated to finishing it, buy it. I know a few people that have bought steel bumper cars for top dollar and found the car was not really road safe.

 

I'm really more concerned with the $5,000 quote "to completely paint and finish reassembling the car", than I am with the sellers asking price.

In today's market, to do a quality paint job, you can have $1,000 just in paint and materials. That's not counting the labor to do the job. After that, you still have to reassemble everything.

How far apart is the interior? Is the dash out of it, are the gauges working? Have the seats been recovered, or do they need to be done? Is the engine, trans, rear, gas tank, etc., back in the car? Is it running? Do you know for sure that all of the parts are there?

How familiar is your friend with Corvettes, has he done any before? What kind of a shop is it; a body shop, a local repair shop or restoration shop? Is he use to doing interior work?

$5,000 sounds cheap to do a good paint job, without all the other work that this car may need. Friend or not, I'd be worried that that $5,000 quote could quickly escalate, once work started on the car.

 

with the trailer? thats a pretty good deal.
talk him down as far as he will go, then buy it all.

30 cents on the dollar for what has been spent on it already sounds just about right

 

My friend has done a ton of corvettes and does it more of a hobby, than as an income source. The motor, trans, tank, etc is all back in the car. All the work was done by a local restoration shop. He also said the paint would be $1,000 and about $2,000 in labor for the paint alone. The rest is to put the interior back in. The dash is already in. The seats are redone but need to be installed. I guess making an offer is the next step. We will see what happens.

 

The paint job, since he is charging you labor is too low. If he does a good job you are getting a steal on that. Depending on what needs to be put back in the interior sounds kind of high. I think the is a lot more labor involved in the prepping and painting than reinstalling the interior. But overall the price sounds good just kind of odd in his break down.

Worst case scenario on the overall cost you will pay for the car worst case, as long as you have all the needed big ticket parts, you will be ok $$$ wise and have a car that should last as long as you want to keep it.

I honestly think, if everything is as described that you will come out a little ahead on the car.

Post some pictures