I don't need another Corvette, but....I have found a 76 T-top, L-48 with less than 60K on second owner, numbers matching with everything working and ready to go. It can be in my garage for $6500. I'm thinking investment may be better than stock market over the long haul and certainly better than a bank saving/CD or money market.
It is brown on brown which doesn't turn me on but.....
What do you think?

 

If the car is as nice as you say it is that sounds like a very fair price. I realize savings interest rates and the stock market don't seem attractive right now but investment and hobby cars don't belong in the same sentence right now either. If you like it buy it. If you thinking return on investment keep thinking. That's just IMCO others will differ I'm sure.

 

I'm with 3js... If you're looking to invest $6500, we could all pretty much come up with some better ideas for you. But if you want the car, by all means... Buy it. I've never had to buy tires, fix a transmission or blown a head gasket on any of my well thought out "investments" before... Just my two cents.

 

Honestly, you can take 3Js statement even further: investment and '76 L48 coupe don't belong in the same sentence together.

 

I must disagree,...to some extent. I DO agree that mid year C3's are not normally thought of as INVESTMENTS.

However, I bought a 1976 L48 5 years ago from a local owner needing some quck money. It was a base L84 automatic, white with brown interior. PS, PB, PW, A/C, Automatic and stereo. I bought it for $5,500.00 and drove it home.

Over the next year and a half I got it back in shape;
new tires - $600.00
brake work - $750.00
fix A/C freon leak - $450.00
a couple rubber pieces - $30.00
changed differential fluid and addiative - $65.00
several small bits and pieces of trim items - $500.00
a LOT of scrubbing, cleaning, touch-up paint, buffing, polishing and detailing,..not a lot of money but a lot of personal labor.

So, not counting my labor, I had a lttle over $7,900.00 in a very nice driving, very nice looking Vette. Not a show car,..but very presentable.

I sold it on eBay where it brought $12,700.00. The buyer loved it and keeps in touch with me still.

So, I made $4,800.00 profit on my $7,900.00 total investment, (61% return on my money over a 2 year period of time,...not to mention a LOT of enjoyment while working on it and driving).

 

I'm thinking investment may be better than stock market over the long haul and certainly better than a bank saving/CD or money market.


Exactly what I tell my wife!!

 

You flipped a car, congrats. I would say your situation is atypical. Rubber bumper C3s were produced in large quantities with low power outputs. There is demand there for drivers, but not for investments. And the market s even smaller for $13,000 rubber bumper cars when a few more grand will net you a chrome bumper.

And they are just as risky. You must maintain them, keep them in a safe place, replace 35+ year-old parts that have reached the end of their road. And hope you don't blow a motor, or suffer any other major catastrophe that will 100% sink any investment you made.

The stock market has its ups and downs. CDs have low interest rates, but are guaranteed. But once you run into a broken piston ring, or spun main bearing, that money is lost.

 

I've made a little money on cars over the years, but I've made a hell of a lot more in mutual funds....

 

Pete's right, that example might be a lucky flip. A more typical situation is making a little bit, or over more time, losing money.

That's also not taking into account the exchange rate of inflation dollars spent right from the beginning of the purchase to the sale, plus the amount that you owed the IRS for capital gains tax after you reported that full profit you made.

For the OP, $6500 is a short amount of money so its not much of a risk, but the investment will be affected by a number of factors, not the least of which the amount of time you take to flip it as well as including your total investment (including labor, hello), sales taxes, plates, insurance and possibly storage.

Brown/brown could possibly sell less quickly than some other colors, too.

 

I couldn't give my 84 crossfire away...... everyone told me because the engine was a one year only in a c4 it would climb in value (maybe in 75 years)..... not that it had anything to do with buying the car but still..... 76 is not old enough not to have the emissions garbage so the value suffers... I scour Craigslist daily and see great deals all the time.... someone will always need money quick so you will always be able to find great cars and well below the crazy "market values" in fact around here most C3's sell for much less than the guides will indicate...
According to NY state fair market value for sales tax on an 84 corvette is $9,000!!! I paid less than that 14 years ago and they sell for $2,500 to 6,500 regularly. Like the 76 there are a ton of them still on the road.
I paid 3,400 for my 74 last year and drove it home...I will have about 7,500-8 grand in it once the car is done with new paint totally new interior and new dressed out engine/side pipes... I could buy a nice 74 L82 with new upholstery/paint and rebuild numbers matching L82, 4 speed car for $8,000 right now on Craigslist.... everything works but the clock according to the seller.... the cars been up there for months!

 

If you don't buy it (or maybe instead of buying it), get in touch with the kid from this thread. The price is in his budget.

http://forums.corvetteforum.com/c3-g...a-c3-year.html

DC

 

I pulled the trigger and brought home the 76 yesterday. Ended up cheaper than planned which was good because the water pump failed on the way home and had to haul it. Car is great inside and out...other than water pump...so look forward to a great winter project and then the big decision to sell or keep.
Thanks for all the advise.