Hello,

I have an opportunity to purchase what I think is a decent '74 C3. The sticker price of the car is $15k. The odometer reads 51,410. As an overview the description of the car is as follows:

For sale is a very nice Numbers Matching 1974 Stingray.
Coupe T-top Corvette with rebuilt original 350 engine with a high-performance camshaft, and rebuilt original Turbo 400 automatic transmission. AW 3.08 Posi Differential. New power steering pump, new hoses, power brakes, and air conditioning. Comes with a Holley Carb installed. (Can include original Rochester) Has dual Flowmaster mufflers, and new fiberglass front and rear bumpers installed. New fresh exterior Gray Metallic paint with mostly original Silver interior: correct original leather seats, panels, dashes, carpet and radio. Original interior and paint codes B21 407 17L. Comes with aftermarket door panels installed. All new weather stripping and original 15x8 rally wheels with 255 60 15 BFG Radial TAs. Headlights, Marker lights, and gauges are all fully functional. The car runs and drives very well. Turn key, starts every time with that beautiful Corvette rumble. Rust Free, with a clean California title & is SMOG EXEMPT!

Here's the deal, I have driven the car and it was beautiful, but there were some issues. First, we ran out of gas on the test drive. Second, the fuel gauge did not work as advertised (go figure). Third, the radiator started leaking. Fifth, the oil pressure was slightly low (I know this could have several causes). Sixth, the car failed to down shift when trying to accelerate on the highway.

The seller, a local corvette parts shop, has agreed to fix all of the above. Given the rebuilt motor AND tranny in combination with the above repairs/replacements, I think this could be a very good thing. However, an acquaintance, who claims to be a corvette guru, asserts that a car like the one I am considering with its non-original parts is nearly worthless. He also believes that the '74 is a bad year with lots of problems (I need a car that is pre '75 to avoid having to smog it here in CA). This acquaintance says a decent '74 should be $6k. Obviously, I do not want to shell out a significant sum and then find out the car is worthless. The comparable cars I seen on craigslist and Ebay are all selling above the asking price of this car. I don't plane to make this car a concours restoration but it would be nice to know I can recoup most of my money if I ever decide to sell.

I really like the car. I don't want to back out but now I have doubts. Please help.

 

Your acquaintance is mistaken.

Mistaken again.

I agree the asking price seems to be high. Can post pics?

 

Here are some pics:

 

Just posted above.

 

Check out the frame and birdcage first.
We can discuss the '74 year later.

https://www.corvetteforum.com/forums...-corvette.html

 

Thank you. I inspected the birdcage, rear kick ups, etc. I replaced all the panels on my '69 mustang due to rust and vowed never to do that again.

 

I purchased a '68 C3 a while back for $20K. Tested the headlight doors, wipers & wiper door, power windows, it ran good, looked good. 117k miles. Hard to go wrong at that price, right?

Not a numbers car and I was told "crate 350" although I now suspect "any old 350 they could find". I could not find any evidence of having been repaired from a major crash although there's gotta be bondo somewhere!

Small blocks are great but big blocks resell for additional $$$

Car had obviously been resprayed at least once. A medium quality paint job with a few dings and chips. A daily driver, not a show car. But that's what I wanted. A Vette to drive not a garage queen!

In the car's favor were t-tops, AC, power windows. 4 speed.

Defects I knew about AT time of purchase: AC system inoperative, dash lights not working, ammeter not working.

Sooo...turns out the car needed a WHOLE lot more work than I realized. Cooling system didn't get a hard enough workout during the test drive to reveal a leaking radiator, overheating, etc. That repair was more time than money, radiator repair, all new rubber gaskets around the radiator, hoses, etc. Did a lot of cleanup work while all that was out.

The battery disconnect should have clued me in that the vehicle had a parasitic drain and would kill a battery in under a week. I missed it! I've spent 60+ hours cleaning up bubba wiring on this car and I'm still not done.

I got a decent car, at a fair price, but without a #'s engine, preferably a big block, and a $8,000 paint job, it will never be a show car or worth much more than I paid for it. That despite all my labor. All I have done is make it a better candidate for a good paint job, etc.

I also bit off a LOT more work than I expected. Fortunately, I'm able to do most of it myself, although I quickly invested $2000 in the rear end (new swingarms, brakes, bearings, bushings, everything) due to a persistent clunk I also didn't notice on the test drive. (Which still isn't fixed, btw --- probably need a new diffy)

With 1/2" of slack taken out of the throttle cable it also runs like a bat outta hell, which it did NOT on the test drive.

I love it. But...

With ALL THAT BACKGROUND:

If I had it to do over again I'd spend $30 or $40 on a far better car, more original, fewer miles, hopefully one with EVERYTHING working on the test drive. Get to enjoy it more and work on it less. (Although fixing stuff is how I really fall in love with a vehicle, strange how that works!)

I've got at least $2000 more to spend just to get my AC working. So I'll be in for $26-30 before I'm done.

If you want a "project" I think the car you are looking at isn't badly OVERPRICED. (However, given the list of stuff you discovered on the TD I personally would have KO'd that one, immediately. My personal # for the car you are looking at? $8-9K.

My guess is SoCal only has $5-6K in this car PLUS the paint job / bodywork.

I think you'd actually save money saving your pennies, waiting, and buying a better one and having a whole lot less to fix. Get to enjoy driving it instead of wrenching in a cold garage. (Or in my case, buzzing, beeping, soldering, shrink wrapping and tracing...)

Watch Phoenix Craigslist. Corvettes galore. I've seen at least three '68's and '69's in the year since I bought mine that would have been more car, less work, and lower total investment at the end of 3 years. And far higher resale potential (numbers, big block, lower miles, etc)

Good Luck!

 

Hi, if the test drive had gone perfect i would have offered $10K and then goto 11K
Let him fix it all and go for another test drive, you have nothing else to do with this car but wait.

Hope you get one you really like.

-ALF

 

$8000 to $9000 if everything works, including AC.

 

great paint is always worth several thousand to me.
but mechanicals that are iffy drop it by several thousand.
rebuilt? I dunno, does not look like it, check out the spray painted spark plug wire..

 

Hi again herecomethesuits,
Your car looks great! New door panels (retail for about $500.00) and new weather stripping (retail about $200.00) is a good thing.
The interiors were pretty much the same up to about '77 when the seats were changed.

It would be nice to have a service history.
Rear bearings and bushings in the trailing arms run about $300.00 per side plus labor to remove and install.
The four wheel disc brakes work very well but the seals can and will leak, rebuilt calipers run about $70.00 each.
What condition is the front end in? Ball joints, A-arm bushings, and steering boxes do wear out.

The original bumpers were made of urethane and just crack and fall apart so your new fiberglass bumpers should last forever.

Looks like a cover on the top dash, is it cracked?

Solcal claims air conditioning but I don't see a compressor it the one picture you have.

Oil pressure gauges and sending units and gas gauges and sending units and temperature gauges and sending units have to work.

Under the hood you missing the stock air cleaner and the chrome ignition shielding.

Overall it looks like a nice car, as far as the price, a little less would be better.
Others that know more can clarify but does an automatic transmission go into kick down after 45 mph?

 

I think it's interesting that it has only 51000 miles but the engine is rebuilt? Most small blocks run longer then that.

 

That is only the stuff you found. That is a business selling cars for profit. They are better at masking issues then you are at unmasking them. 15 k will get a very nice 73 or 4. They are drooling at the thought of a newbie like you. Run.

 

 

 

 

An interesting car indeed but have no clue where you heard "74s have all these problems given every C3 model year is plagued by some production limitation. I think it comes down to the patience owners avoid with maintaining 40-50 year fiberglass automotive vehicles.
You wrote above
Then wrote here "pre-smog (1975 and older) cars" so I'm not sure what that means nor is it a good thing. Who will maintain this bastard of a production vehicle once its in your hands, given the amount of departure from its factory production. What shop manuals will you refer to, to maintain the mechanicals...what's the guidance for vehicle operation? In contrast, I've posted a photo of a correct 1974 L48 M40 engine compartment with emission control in-tact, scary and why owners elect to de-smog a vehicle, assuming its a power robber.

Your photos show that the EGR port is not connected and therefore a vacuum draw unless its base is blocked off. The EGR valve was managed by a TVS switch that was mounted in the thermostat housing...but not present. That HUGE crankcase filter in the passenger's side valve cover hosted a tube that routed crankcase emission back through the air filter for combustion. Which suggests that crankcase emissions will be disbursed throughout the engine compartment, requiring attention of the owner.

My point, you may have the seller fix the mechanical issues you identified, but as other posters have suggested, other problems may exist that may or may not be known to SoCal. Who will care for those. I only highlight a few of the emission control limitations that are obvious. The master cylinder looks replaced as well.

1974 L48 M40

 

My personal opinion is to shy clear of this seller.
The car appears to be in good condition, however he did mis-represent the car in his add.
You had transmission issues, found a gauge that did not function, and the radiator leaked on the test drive.
The seller knew these issues existed, yet he advertised the car as something different.
Does he have all the documentation for the rebuilt engine?
The engine pictures show that if the engine was rebuilt it has been sometime and has probably seen a good many miles since the rebuild.
The mismatched and painted plug wires are big signs about the prior owners maintenance abilities.
Remember, new paint can mask real problems down the road and in the picture you uploaded, the drivers side of the hood is either not latched or the hood does not fit properly.
And you ran out of gas on the test drive, what a deutsche bag.
You can't trust this seller.
Find another corvette, possibly from a private seller who is honest with you about the condition of the car.
There are many out there in better condition for the same price you are looking at.

 

Did this acquaintance stay in a Holiday Inn last night? Seriously find a new acquaintance.

Sounds like a solid car for the money and I would need to see detailed pictures to go any further than that. If you have doubts about the car seek out a Corvette Club in your area and ask if someone can look at the car with you. As for what the dealer is going to repair, all minor in nature for a 44 year old used Chevy.

 

I would avoid that car at $15K even if that list has been repaired. As other guy pointed out, 51K and a rebuilt small block? Something doest add up.

And go for an earlier year, '69-'72, they seem to be holding their value better than the later C3's...