78 pace car? What's wrong?
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7th Gear
Joined: May 2016
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78 pace car? What's wrong?
If I got the year correct. black/silver. it's a good lookin' car. Why is it not increasing in value? I am green, so help me out. I like the car. Has it anything to do with h.p. and the start of federal emissions? It doesn't seem to increase in value? what am I missing?
Administrator
Joined: Jul 2000
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From: About 1100 miles from where I call home.
Supposedly GM was slated to make around 1500 of them. People went wild, spending thousands for a spot in line to buy. They bought them, put them away and covered them in plastic. Unfortunately the General made about 6500 instead, completely crushing the anticipated value.
Even worse, people were constantly unveiling these super super low mileage Pace Cars, expecting them to be worth a fortune. They werent, they were almost common.
So, they are cool as heck, a nice car, but not worth anywhere near what the casual collector might expect.
Even worse, people were constantly unveiling these super super low mileage Pace Cars, expecting them to be worth a fortune. They werent, they were almost common.
So, they are cool as heck, a nice car, but not worth anywhere near what the casual collector might expect.
Le Mans Master
Joined: Sep 2002
Posts: 5,236
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From: Myrtle Beach SC
If I got the year correct. black/silver. it's a good lookin' car. Why is it not increasing in value? I am green, so help me out. I like the car. Has it anything to do with h.p. and the start of federal emissions? It doesn't seem to increase in value? what am I missing?
Well options have much to do with those Pace Car owners who get top dollar for their low-mileage Pace Car. Just yesterday I saw an ad in the NCRS Driveline for an L82 M21 that seeks $49.5k and with 720 miles. So, low-mileage, documentation (buildsheet), highly-desired options all seem to mix and result in buyers getting the higher amounts.
In general, the market is trending upward for 1978 Pace Cars, but as Vettebuyer points out, there are so many that the bulk, while they show some nice $ increases, struggle to get what investors expect.
At the Mecum Auction this week an L82 M38 Pace Car with 24k miles went for $10,500! But look at the ad and photos and it can be seen key OEM parts were replaced so no telling the extent to originality that remains. But it illustrates the crazy range?
Pace Car at Mecum May 2016 Auction
The Hagery Insurance Valuation tool shows for a #3 Good Pace Car, the value is estimated at $31,500...add options and the value increases.
Check it out! See if this help put your Pace Car in perspective with market forces.
Hagerty Valuation Tool
Last edited by hunt4cleanair; May 20, 2016 at 05:29 AM.
