Time. It will take a lot if you want to make it look like Alan's. But you get to spend it all working with your Dad! And that is priceless.

Skillset. You will undoubtedly expand it. There are great youtube videos, great threads here on the forum. Volumes of expert advice, been there-done that experience here on the forum as well.

Tools. You have a great reason to get all the tools you ever wanted!!! Check Craigslist and yardsales for deals on older, better quality tools. Lots of guys getting older, don't work on cars anymore, downsizing, and their sons/family live far away or aren't interested in car stuff. Also, occasional shop closing or relocating. Don't forget to check the business opportunities sections.

Space. Always a problem. I got a portable garage, 10x20', heavy duty canopy with sides and zip-open door, on sale at Tractor Supply for $199. I was able to do a lot of work outside, under cover, turned garage bay into a large workbench with three 16' long 2x8's and 4 saw horses. If you don't get heavy snowfalls, you could leave it up year-round. Or take a couple weekends and build that nice big storage shed your dad has probably been wanting!

Money. You can get a lot accomplished with $12k. Then save up for the beautiful paint job you will want on her! For instance, I got a lift, stands, transmission jack, benchtop sandblast cabinet, radiator, carburetor, monospring, trailing arms, entire power steering setup, calipers, lots of other parts, bolts, gaskets, supplies, etc. And haven't spent more than $8000, yet!

Life. Gets in the way. Work, holidays, commitments, emergencies, other family stuff.

That is how I have been getting it done/ not done. I got what I thought was a great car. Then everything started leaking. Ended up pulling radiator, water pump, carburetor, exhaust manifold, entire power steering system, front wheel bearings, valve cover gaskets, rear main seal, oil pan gasket, transmission seals, bushings and gaskets(3 times, long story), differential pinion seal, diff cover gasket, diff side yoke seals and bearings, new trailing arms rear crossmember bushings, rear strut rod bushings, had to weld a repair on drivers side rear kick up panel where trailing arm attaches, brake hoses, all 4 calipers, and more! I was on a roll until last November, when weather, and then life got in the way. Family emergency, home heating system went out, back injury, foot injury(neither corvette related!), home plumbing and electrical issues. Haven't been able to get her finished up yet, but now I am back to getting a little weekly work done. But by myself.

Don't sell yourselves short. You can do it. And you get to do it with your dad! I am envious!

I'm no Knute Rockne, but there's a little motivational speech for you!

Good luck and enjoy the project!

 

Excellent post. The time spent with Dad cannot be replaced at any amount of $. These are posts that really appeal.

 

This may turn into one of those projects.
What I mean by that is, well, if were going to replace the body mounts, we might as well take the frame off, we might as well take it apart and sanblast and powder coat it. Well, if we do that, we might as well beef up the suspension, well, if we do that, we might as well do the motor while its easy to get to.
Mine ended up that way and I wish my Dad had your enthusium for a project like yours does. You guys will be happy you did it. Just make a plan and stick to the plan, mostly.

 

Thanks for taking the time to write this up. Great story and YES- very motivational. My #1 reason for wanting to do this is to have a vehicle I turned wrenches on with my Dad. #2 reason- I absolutely love this generation Corvette. I definitely want to look back at the car, be proud of it and ensure it represents well.

 

BIG THANKS to all who took time to comment on our situation. Looking forward to more interactions with the community!

 

looking at the pictures.. this is not a car one should put 5000 into for paint or 3000 into for engine rebuild etc... but you could do a couple of thousand into piece by piece to get it rolling... exhaust, a good detailing, some brakes, and bushing stuff...

if you try taking the body off then most of the bolts will break and you will quickly get way over your head...

 

Thanks Joe. As I've been doing my research and considering the input provided here, I've come to a similar conclusion. As one member quoted- Got $20K lying around you're not doing anything with?

Thanks for the input.

 

This page is from Vette magazine from 2013. gives an idea of the values then. See notes on condition in grey at bottom of page.
I also have free app on my iPhone called Corvette DNA which has values for all Corvettes. You can also see some '78s for sale here on the forum to get an idea of values or worth. That being said, willing buyer--willing seller makes the market price.

I spent about $3600 on a lift and other equipment and tools, but it is amazing what guys have accomplished with only floor jacks and stands! and about $3700 on new and used parts, bolts, gaskets, hoses, and supplies. I live in Virginia, so when a bolt breaks or I need a part, if Zip has it for a reasonable price, it arrives tomorrow on the 12:30 UPS truck.

I doubt I will ever get the money out of mine that I continue to put into it. But it is enjoyable. My grandson is 3-1/2. He loves the car because it is red. And he loves to sit in it. I hope he continues to be interested in it, and stays close by. They are talking about moving to Florida. My dad is 83, suffered a severe stroke 8 years ago, lives 250 miles away. I would have loved to work on this car with him. He had been a mechanic since he was 7 with his dad. I worked with him growing up in the 70s and would love to pass on the skills and knowledge to my grandson.

I don't know how the rest of the car looks, but maybe, sell it and use your extra 10-12k budget to get one that will need less work? There are a couple '78s, a pace car and a silver anniversay that looked pretty nice on the for sale section. I think they made over 46,000 Corvettes in '78.
Whatever you decide, there is a veritable library of Congress' worth of knowledge, expertise, and experience on this forum alone.













My dad and I going for a ride, Labor Day 2013.



New trailing arms, rebuilt diff, rear suspension, etc.