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Give the car a really good look over and look at the suspension real well to see how much work it needs. Pull the steering wheel for play. It may need some work but if you can get it between $9000 and $12000 you will do well. Think about how much more you will have to put into it. Suspension rebuild will cost about $3000.00 and it is higher mileage at 80,000 miles so expect to put money into after you buy it.
I purchased a 1977 L48 this spring after 3 monhs of looking for Corvettes between the year of 1971 and 1978 than found a 1977 L48 with 43,260 at time of purchase for $9000.00 and knew going into the car I would have to drop about $4000 into it to fix the suspension problems and anything else I encountered. I am about $2500 into repairs at this point and still need to perform more work on it. When I am done it will be in excellent condition for it's age and mostly all original.
Sorry, but what the car might actually be worth may not mean much at an auction. All it takes is one bidder who is Hell bent on owning the car for the bidding to go way over the top.