1972 Corvette LT-1 value-Unrestored
Thread Starter
3rd Gear
Joined: Sep 2012
Posts: 3
Likes: 0
1972 Corvette LT-1 value-Unrestored
Hello everyone. As my username suggests, I am new to the Corvette(uhm, GM Scene), and would like to get your opinions on a 72.
LT-1, Auto
T-Tops
Factory Air-Unknown(fingers crossed)
Dark Red Paint
Original wheels and interior
Brakes are good
All original underhood, save for headers.
Now...
Rust in usual places(side rails, door frames)
This causes misalignment in the exterior panels like the hood&fenders are misaligned, doors slightly sag.
Paint is faded, cracked on front bumper
Chrome is pitted
Crack in driver's door, front bumper.
Also will be posting the serial/VIN # for anyone that wants to decode for me, as I am worthless when it comes to Chevy knowledge.
Not giving asking price just out of curiosity, I want to see what you all think it's worth! Pics to come, but be warned, she is rough(stored outside under a tree and an overhead tent that blew away this past winter. Stored there for about 10 years.) Thanks in advance everyone!
LT-1, Auto
T-Tops
Factory Air-Unknown(fingers crossed)
Dark Red Paint
Original wheels and interior
Brakes are good
All original underhood, save for headers.
Now...
Rust in usual places(side rails, door frames)
This causes misalignment in the exterior panels like the hood&fenders are misaligned, doors slightly sag.
Paint is faded, cracked on front bumper
Chrome is pitted
Crack in driver's door, front bumper.
Also will be posting the serial/VIN # for anyone that wants to decode for me, as I am worthless when it comes to Chevy knowledge.
Not giving asking price just out of curiosity, I want to see what you all think it's worth! Pics to come, but be warned, she is rough(stored outside under a tree and an overhead tent that blew away this past winter. Stored there for about 10 years.) Thanks in advance everyone!
Last edited by 'Vette Rookie; Sep 23, 2012 at 08:51 PM. Reason: adding information
Burning Brakes
Joined: May 2009
Posts: 850
Likes: 36
From: Providence RI
With all that work required, I'd say $4,000; you're basically buying the title and VIN plate to match the block, but it sounds like it's going to be a $50,000 into a restoration on a $50,000 car.
Team Owner
Joined: Aug 2003
Posts: 24,502
Likes: 312
From: Scottsdale AZ
Asbsent photos and serial numbers, awfully hard to fix a figure, but based on the description- not much. I assume you edited out some mention of automatic transmisison based on the comment above - - LT1's were only manual - - and in `72, I believe only 234 of them had AC.
What are they asking for it? That's the real question- you want real opinions, don't be coy- post the price and the photos.
Then it'll be worth talking about.
What are they asking for it? That's the real question- you want real opinions, don't be coy- post the price and the photos.
Then it'll be worth talking about.
Safety Car
Joined: May 2008
Posts: 3,755
Likes: 721
From: Lafayette Louisiana
I would do a lot of research before I proceeded
IMHO,
*Storage outside is not good at all, most of these c3's leak, and old unrestored ones leak a lot and rust, rust, rust sitting outside.
*LT1's were all 4sp.
*The more original the more expensive, generally speaking.
*I would suggest you do a lot of research here and read Richard Prince C3 buyers guide, check ebay. And get a Corvette person familiar with C3's to go check it out with you.
*Finally, it seems to me that C3's prices are still soft and so it is a buyers market.
*Try to check out and go look at a half dozen or more C3's before you buy, amazing how buying a C3 can become more emotional than fact based, LOL's
On a 72, the vin# on the driver windshield post will tell you what engine it had.
5th digit
K base engine
L LT1 255hp
W big block
Good luck, and hope this helps, this forum is super, post photos and folks here will quickly give you some opinions before you pull the trigger!
*Storage outside is not good at all, most of these c3's leak, and old unrestored ones leak a lot and rust, rust, rust sitting outside.
*LT1's were all 4sp.
*The more original the more expensive, generally speaking.
*I would suggest you do a lot of research here and read Richard Prince C3 buyers guide, check ebay. And get a Corvette person familiar with C3's to go check it out with you.
*Finally, it seems to me that C3's prices are still soft and so it is a buyers market.
*Try to check out and go look at a half dozen or more C3's before you buy, amazing how buying a C3 can become more emotional than fact based, LOL's
On a 72, the vin# on the driver windshield post will tell you what engine it had.
5th digit
K base engine
L LT1 255hp
W big block
Good luck, and hope this helps, this forum is super, post photos and folks here will quickly give you some opinions before you pull the trigger!
Last edited by 20mercury; Sep 23, 2012 at 10:47 PM.
Le Mans Master
Joined: Dec 2003
Posts: 5,727
Likes: 39
From: Fremont CA
I looked at a classic car dealer floor about 3 months ago, they had a #3 condition 72 LT-1 with air for $23,995 needed total refresh but, not a bad deal. California car with no rust problems. Gone now
Team Owner
Joined: Sep 2006
Posts: 31,301
Likes: 4,389
From: Westminster Maryland
Hi VR,
A rusty Corvette is rarely a good Corvette to buy.
IF this Corvette was one of the few 72 LT-! cars built with a/c it might then be worth the time and $$$$ required to make it an actual car again. But, if in fact its just a 72 sb, auto, coupe, it would likely be better for you to pass on this car and continue looking for another.
I too would suggest that you do some homework on the year Corvettes you're interested in so you can be more informed about the cars you're looking at.
Good Luck!
Regards,
Alan
A book you might consider buying is "Corvette 1968-1982" by Tom Falconer.
A rusty Corvette is rarely a good Corvette to buy.
IF this Corvette was one of the few 72 LT-! cars built with a/c it might then be worth the time and $$$$ required to make it an actual car again. But, if in fact its just a 72 sb, auto, coupe, it would likely be better for you to pass on this car and continue looking for another.
I too would suggest that you do some homework on the year Corvettes you're interested in so you can be more informed about the cars you're looking at.
Good Luck!
Regards,
Alan
A book you might consider buying is "Corvette 1968-1982" by Tom Falconer.
Team Owner
Joined: Jun 2000
Posts: 38,923
Likes: 1,482
From: Southbound
Cruise-In II Veteran
There aren't any. All LT-1s required the four speed.
If you actually mean LT1, the car is not original.
What - exactly - are you looking at?
The fifth character of the VIN identifies the original engine: K for the base engine; L for the optional LT-1; and W for the big block.
If you actually mean LT1, the car is not original.
What - exactly - are you looking at?
The fifth character of the VIN identifies the original engine: K for the base engine; L for the optional LT-1; and W for the big block.
Last edited by Easy Mike; Sep 24, 2012 at 08:25 AM.
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Thread Starter
3rd Gear
Joined: Sep 2012
Posts: 3
Likes: 0
Well, we are going to look at the car again today. The car does have the 5th digit "L" and supposedly is an auto. Oh and the price... This seller has parked the car due to his uhm...drug history. And he wants to sell the car to feed his hobby. $2000 is the asking price and if he drops to 1500, then i was thinking that we would be on it. Also, don't they make entire replacement frames for the c3? would that hurt the value? Pics to come today, we will see if I can take a look inside the car to verify if it is the LT1, but for sure the chassis VIN code on the A-pillar has the 5th digit L. Corvettes aren't easy to choose/restore, I'll tell you that much. Thanks for being helpful and gentle with me!
Last edited by 'Vette Rookie; Sep 24, 2012 at 04:04 PM.
Team Owner
Joined: Jun 2000
Posts: 38,923
Likes: 1,482
From: Southbound
Cruise-In II Veteran
Team Owner
Joined: Sep 2006
Posts: 31,301
Likes: 4,389
From: Westminster Maryland
Hi VR,
Be careful.
Any 72 Corvette that can be bought for $2000 will need, (eat up), tens of thousands of dollars, and many, many, hundreds of hours of labor, before it's a car again.
Regards,
Alan
Be careful.
Any 72 Corvette that can be bought for $2000 will need, (eat up), tens of thousands of dollars, and many, many, hundreds of hours of labor, before it's a car again.
Regards,
Alan
Team Owner
Joined: Jan 2006
Posts: 37,637
Likes: 3,118
From: Crossville TN
If that car comes with a valid title that verifies it as an LT-1, you are paying $2K for the VIN tag. You will have to come up with a manual tranny and all the associated hardware and rebuild about every system in the car, I suspect. It might cost you anywhere from $12K to $30K to get it in decent condition...depending on how 'original' and what quality level you want. Unless you are very seasoned at rebuilding vintage cars, or you want to flip it for a couple of K to someone who really wants to dig in to it, you should probably pass on it.
Melting Slicks
Joined: Jun 2000
Posts: 3,431
Likes: 298
From: MN-C3, AZ-C7
You'll be happier to spend $10,000 for a nice driver just needing some road time right now.....not years from now after you have rebuilt the one you're looking at for many thousands of dollars more.
Melting Slicks
Joined: Jun 2009
Posts: 2,709
Likes: 3
From: Savannah GA
You mention in your earlier posts that the front bumper is cracked, and that paint on the front bumper is cracked as well. A 1972 Corvette of any sort should have a chrome (not body color) front bumper! Even if this car WAS originally a LT-1 if the nose is from a later rubber bumpered C3, there's more reason not to invest in this particular car.
To recap: It is offered at a "parts car" price. It has been stored outside neglected for at least 10 (?) years. It is visibly rusty enough to sag the body lines. It probably has a later nose on it. If it is an automatic it has been converted from a manual. I bet there's no LT-1 left under the hood either.....don't waste your time or money on this one unless it still has the original hood or some nice interior bits... then file it for acquisition AFTER you find a nicer "real" LT-1 to work on.
To recap: It is offered at a "parts car" price. It has been stored outside neglected for at least 10 (?) years. It is visibly rusty enough to sag the body lines. It probably has a later nose on it. If it is an automatic it has been converted from a manual. I bet there's no LT-1 left under the hood either.....don't waste your time or money on this one unless it still has the original hood or some nice interior bits... then file it for acquisition AFTER you find a nicer "real" LT-1 to work on.
Thread Starter
3rd Gear
Joined: Sep 2012
Posts: 3
Likes: 0
Yes, I decided it is not worth the work. Maybe for someone else. We have a 1966 Mustang GT taking up space in the garage already. Thanks to everyone for the advice, Corvettes aren't up my alley. Just exploring the possibilities.