I'm looking into buying a c3 corvette. I currently have priority in the 74-75 models.
I have $5,000 to buy so I know that limits me to lower quality, beat up options. That's exactly what I want.
I do have some questions however.
What should I expect insurance should be.
I'm 18, I'm male, so far clean record, family covers 5 cars under same policy.
I'm currently paying 1890$ annually for my current car.
From the insurance estimates I've done, I've gotten annual results of about $1200. I don't feel that, that is accurate. My current car was estimated at 1600. I found an estimate on both to have a constant variable.

Also, what does it cost to keep a car like this going. When my alternated goes, how much more or less will it be to fix for example.
I'm familiar with a few corvette part websites.
Any insight is appreciated.

 

I doubt that you will be able to purchase insurance for a Corvette at your age. I'm sure that you won't be able to get "collector car" insurance, as they will only write to those 25 and over.

But, if you purchase a C3 for $5000 or less, it will take you at least 7 years to fix all the worn-out, broken, damage, etc. issues on the car and have the money to do so. Therefore, as long as you have it in pieces and inside a building, you won't need car insurance. You may need a rider to a homeowner's insurance policy to cover damage in case of fire, flood, etc.

Sorry, young man; I know how you feel (from 50 years ago). You can still dream and keep that dream alive; or, as I mentioned, buy the car and work on it to have it ready when you reach the ripe age of 25.

 

Do you have any idea what typical insurance may cost? Really, as long as it's safe to drive it's perfect. Cosmetics arnt important. Like you said, it's something I can build over time. But I have seen similar vetted sell in working order for this price range, obviously not very pretty ones.

 

I believe all the classic car option will be out because 25 and needed to be locked inside.

Call you normal insurance and see what they say. Just be aware that if anything happens they may total it.

My 18 year old on a 1988 RX-7 Vert is $800 a year on my policy.

 

Your best bet would be to call Hagerty and other 'collector car' insurance companies to get their position directly. Then, you can also talk to regular insurers who provide policies to other members of your household or other relatives. But, if you put much time and money into your car and have it covered with common car insurance policies, you will only receive Black Book (average wholesale) value for your 35+ year old car...a few thousand, at best. Collector car insurers will provide you with Agreed Value insurance; and in case of a total loss, you would receive that amount.

Make calls to several insurers and talk to them. They won't bite...they want your money.....

 

If you can afford $5,000 and you find one with a chassis and body in decent shape......buy it. You may be able to find a car with no motor or transmission AND a decent body/chassis for less money.

Be willing to spend a couple years and another $5,000 to make it safe/dependable and road ready (less time will be needed if you have some mechanical skill)....you can always get a good paint job later on.

Alternator........$150-$200 depending on the amperage ($1.25 per amp....LOL!)

 

It should be cheaper to insure than most newer cars. They base the rates on statistics, and there's not a whole lot of 18 year olds out there driving/wrecking 1975 Corvettes. They view it as just an old Chevy, not a sports car. But as others have said, if anything happens they might total it because it's "just an old Chevy."

I'm 21, and my '77 is $831 per year after getting a ~$50 discount for having a >3.0 GPA.

 

All ...wise sage advice. ......I had a C3 as a teen , in 1979 ......insurance was not cheap....but if you had a decent job , a worked part time at a good factory job...was single....and watched your money .....a C3 was an achievable goal for an average young man .

The thing back then was ..... Corvettes were sooooo popular in the 70's , they lost little value , and you could pretty much get your money back and trade up easily , as used corvettes were snapped up in a heartbeat .

Best save your money for a few years , and as you approach 25 .....buy the BEST car you can find . Today s best buy is ....is paying pennies on the dollar for a car another person poured money into to make it right.

 

 

A $5,000. Corvette is just a money pit anyway so just keep saving your money for at least a few more years and you will be able to buy a much better Corvette and be able to afford the insurance when you are a little older. But don't give up , we look forward to seeing you become an active member.

 

Ok, don'even try for full coverage. Just look into liability only. A 5k vette is not a high theft item anyway...

 

Are you looking at an old Corvette as a daily driver, or just a toy?

As a daily driver, a 40 year old, $5000 Corvette, may not be very reliable transportation. If you need to rely on this car, to get you to school, work, etc., I would suggest skipping an old Corvette.

As others have said, the collector car insurance companies, will not insure drivers under 25, and they also will not insure a car used as a daily driver.

I'm not sure anyone here can give you an educated answer, on what regular insurance should cost you. There are just to many variables. Insurance costs vary, based on where you live. Some states (like NJ where I am) have much higher rates than other states. Often where you live within a state, such as rural versus urban, can have a major effect on your rates. As an 18 year old, living at home, you may be required to carry the same liability levels as your parents, which can adversely effect your rates also.

Your best bet is to check with your family insurance agent, and then check with a few other agents. If your family doesn't have an agent, but deals direct with an insurance company, I would suggest talking to an independent agent, as they can compare rates for you from an assortment of companies.

 

Contact your insurance agent, tell him/her what you have in mind, and ask for a quote. None of us can give you a ball park figure since insurance rates contain too many variables.

 

there is another factor. you are 18. means very little practice keeping a cantankerous old car running. most of us have been fighting cars of this era longer than you have been on the planet. plus, you aren't in the wage bracket where if something breaks, sorry i mean WHEN something breaks, you can just buy it and install it. even those of us who use these cars as daily drivers, and it isn't that many, have another vehicle registered, insured, and ready to go. and speaking of wage brackets, one word: gasoline...i am sorry, but get an accord, prius, subaru camry. i also have to say, they are better cars from a pure transportation standpoint. AND the front seats fold flat for when you wanna stack 2 people 1 on top of the other...

 

What you are planing to do is probably not a sound economic decision, however if you have a PASSION for C3 Corvettes you will find a way to make it all work. One benefit will be is that you will learn a lot about your car. A Toyota type vehicle is the practical way to go but I myself would be much more motivated with a Corvette.

When I was younger I spent most of my money on fast cars, fast women and beer-the rest I just wasted.

 

Here's a few things to consider before you buy:

Do you have a covered storage area? If not be aware that nearly every C3 leaks and that one in your price range may actually find it drier outside than inside during a heavy rain That water will bring on the three "R"s--rust, rot and reek. Parts alone to get it reasonably watertight will most likely be in the 100s.

Do you have at least basic mechanical skills? If not, I'd pretty much forget it unless you have LOTS of money to spend. If so do you have plenty of free time to do the work? While Corvettes of that era are quite simple compared to those of today, their design makes them significantly more difficult to work on (think access things) than most other cars of their era.

Do you have at least basic mechanic's tools? Don't forget that everything in a Corvette of that age is sized in SAE (inches) while all cars (including U.S.) have been metric since the early 80s. You don't need a fortune in tools but definitely into the hundreds by the time you include things like a floor jack, jack stands, and every sort of "access" related socket accessory like extensions, universal joints, wobble extensions, etc.

Do you own or have certain access to reliable alternate transportation? If not, that's another thing that would cause me to say "forget it". For that price you'll be lucky to find something that starts, stays running and moves under its own power. Safe, legal and reliable is going to be essentially impossible at your budget before you spend as much (or more) in repairs.

 

There are not words to stress the importance of that statement.

When I stopped eating junk food I realized how much money I was wasting. I use safety blade to shave, saves me $30/month. I don't have Netflix. I don't have DVR. When I stopped drinking beer, I found out I could buy a Corvette. Little things like that make a little money seem like a lot.

I only pay about $360/year, clean driving record, multi-car and low-mileage use. And it's full coverage.

(I wonder what I'll buy when I quit tobacco...)

 

I was only 20 when I got my first Corvette, a '76. I paid 6200 for it.
I can't even remember what the insurance cost, but it wasn't prohibitive.

Of course I'm speaking about legal liability. When you are 18, full coverage makes no sense on a $5,000 car.

I'm almost twice as old now, but surprisingly there isn't much difference between full and basic insurance on my C5. I pay $150 a month including comprehensive and collision. Just basic liability they quoted me around $80 a month. Just for the hell of it, I asked for a quote on a new Honda Civic and it was almost $300 a month ! I'm sure they are wrecked and stolen more often than Corvettes.

Nobody can tell you for sure what it will cost since insurance is highly variable. Just get a lot of quotes. I'd call at least a dozen companies. I got a wide variety of quotes. Some were twice as much as others.