1972 LT-1 value
Thread Starter
Cruising
Joined: Feb 2001
Posts: 10
Likes: 0
From: Idaho
1972 LT-1 value
I am looking at a 1972 LT-1 four speed. It is sort of a basket case needing body work, paint, chrome, complete interior, engine rebuild etc. or in other words a complete ground up restoration.
The sources I have looked at indicate a value between $10,000 and $20,000. This seems like a lot of money for a car in such poor condition.
Any advice would be appreciated.
The sources I have looked at indicate a value between $10,000 and $20,000. This seems like a lot of money for a car in such poor condition.
Any advice would be appreciated.
Team Owner
Joined: Sep 2006
Posts: 31,159
Likes: 4,237
From: Westminster Maryland
Hi b,
I guess there are a couple of issues to consider.
How complete is the car? Especially important are ALL the parts that make it an LT-!.
Will you be able to do any of the work?
Are you going to keep it or sell it when it's finished?
To know if it makes financial sense you need to determine what it's value will be when completed to the level you're planning, and how much it will cost to do that. That will be an indication of how much you can pay for the car.
Finally, what is the rust situation on the frame and birdcage?
The LT-! is a very desirable car but it's very easy to get way to much money into a car as needy as the one you describe.
Regards,
Alan
I guess there are a couple of issues to consider.
How complete is the car? Especially important are ALL the parts that make it an LT-!.
Will you be able to do any of the work?
Are you going to keep it or sell it when it's finished?
To know if it makes financial sense you need to determine what it's value will be when completed to the level you're planning, and how much it will cost to do that. That will be an indication of how much you can pay for the car.
Finally, what is the rust situation on the frame and birdcage?
The LT-! is a very desirable car but it's very easy to get way to much money into a car as needy as the one you describe.
Regards,
Alan
Melting Slicks
Joined: Aug 2004
Posts: 2,220
Likes: 6
From: www.Z16.org North/West Pennsylvania
I agree with everything Alan said except one. It's an LT-1 not a LT-!. 
In addition to what Alan said, make sure the fifth digit of the SN is an "L" which stands for LT-1. Also if it's a convertible or has air conditioning, it would be worth more also.
In addition to what Alan said, make sure the fifth digit of the SN is an "L" which stands for LT-1. Also if it's a convertible or has air conditioning, it would be worth more also.
Melting Slicks
Joined: Aug 2008
Posts: 2,200
Likes: 3
From: Lehigh county Pennsylvania
19467 denoting a convertible.
But I once had a state cop say the 7th digit S meant 'sidepipe.'
No factory air on LT-1's until '72.
I've also never seen any source quote a price range for 'sort of a basket case.' But I admit to not have seen it all.
Safety Car
Joined: May 2008
Posts: 3,747
Likes: 713
From: Lafayette Louisiana
Imho
Couple of data points for you:
72 LT1 vin with not the original motor sold for about $8.5?? on ebay recently, this car was on this forum and looked like it need minor body work and paint.
I got a 72 LT1 with original motor needing paint and more body work for $7.8 early this year.
I plan to do all of the work myself and hope to not get too upside down on costs.
Check completed ebay sales, from your description, without knowing more, you should be able to find something comparable for less than $10K. Also, check out the similar restored ones that actually sold and compare what you could buy one for in super condition. This will give you an idea of how much money you might want to put into a project car.
Good luck and happy hunting!
72 LT1 vin with not the original motor sold for about $8.5?? on ebay recently, this car was on this forum and looked like it need minor body work and paint.
I got a 72 LT1 with original motor needing paint and more body work for $7.8 early this year.
I plan to do all of the work myself and hope to not get too upside down on costs.
Check completed ebay sales, from your description, without knowing more, you should be able to find something comparable for less than $10K. Also, check out the similar restored ones that actually sold and compare what you could buy one for in super condition. This will give you an idea of how much money you might want to put into a project car.
Good luck and happy hunting!
Last edited by 20mercury; Apr 10, 2012 at 11:36 AM.
Race Director
Joined: Jul 2001
Posts: 15,892
Likes: 42
Funny. The 5th digit of all '70 VIN's I've ever seen is a 7...as in 19437 denoting a coupe, or
19467 denoting a convertible.
But I once had a state cop say the 7th digit S meant 'sidepipe.'
No factory air on LT-1's until '72.
I've also never seen any source quote a price range for 'sort of a basket case.' But I admit to not have seen it all.
19467 denoting a convertible.
But I once had a state cop say the 7th digit S meant 'sidepipe.'
No factory air on LT-1's until '72.
I've also never seen any source quote a price range for 'sort of a basket case.' But I admit to not have seen it all.
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Melting Slicks
Joined: Jun 2009
Posts: 2,709
Likes: 3
From: Savannah GA
If the VIN derivative on the engine and transmission don't match the VIN, it's just another parts car/project. The "born with" powertrain is where the premium lies in valuing this over any other 72.
Team Owner
Joined: Sep 2006
Posts: 31,159
Likes: 4,237
From: Westminster Maryland
Hi gg,
From the first time I heard a LT-! start up in 1970 I've always thought of them as LT-!s. That sound, (even straight off the carrier from St. Louis!), gets your attention!!!!!
Regards,
Alan
From the first time I heard a LT-! start up in 1970 I've always thought of them as LT-!s. That sound, (even straight off the carrier from St. Louis!), gets your attention!!!!!
Regards,
Alan
Race Director
Joined: Jul 2001
Posts: 15,892
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Burning Brakes
Joined: Mar 2005
Posts: 1,231
Likes: 34
From: Ontario
21 k ?
I am very interested at 21 K
Bill
I found the car on E-bay and I changed my mind about being interested after seeing the pictures . Bill
Last edited by 63split63; Apr 11, 2012 at 05:05 PM.
Melting Slicks
Joined: Apr 2007
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From: Tolland CT
If it's not the original block as best a buyer can tell, it's a replica at best.
Team Owner
Joined: Jun 2000
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From: Southbound
Cruise-In II Veteran
Melting Slicks
Joined: Aug 2004
Posts: 2,220
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From: www.Z16.org North/West Pennsylvania
Team Owner
Joined: Jul 1999
Posts: 26,545
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From: Huntersville NC
I disagree a little bit on the NOM issue. A 72 LT-1 is identified by the vin, so if I had an LT-1 vin I would consider a restoration engine stamped with the vin derivative. Or maybe a 92 - 96 corvette LT1 engine and claim it was a rare GM prototype 
ok, joking, but serious about the restoration 72 LT-1 engine... (call it NOM, fake, "numbers matching" whatever you want)
ok, joking, but serious about the restoration 72 LT-1 engine... (call it NOM, fake, "numbers matching" whatever you want)
Pro
Joined: Aug 2001
Posts: 507
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From: Seattle WA
Thread Starter
Cruising
Joined: Feb 2001
Posts: 10
Likes: 0
From: Idaho
Thanks for all the advice. Before buying such a car I would check out the numbers. As far as rust goes, that's usually not a problem in the dry climate where I live, but the windshield/birdcage area is pretty hard to tell without disassembly.
I agree. The source for the $10,000 was an online value guide. The $20,000 value comes from Corvette Magazine which says a '72 coupe needing major overhaul is worth $10,000 and add $10,000 for the LT-1. In "Show Ready" condition, Corvette Magazine gives a value of $52,000 for a '72 LT-1
If I restored such a car I would do all the work except for maybe body work and paint, and machine work. I have a '78 that I have owned for 29 years and in that time I have rebuilt and redone just about the whole car myself, except the engine, transmission, and paint which are original.
If I restored such a car I would do all the work except for maybe body work and paint, and machine work. I have a '78 that I have owned for 29 years and in that time I have rebuilt and redone just about the whole car myself, except the engine, transmission, and paint which are original.
Last edited by bjesplin; Apr 14, 2012 at 12:47 AM.
