Hello,

I am a C3 newbie with my knowledge limited to online research. I am looking at buying my first C3 from a private seller and would appreciate any thoughts from more experienced members on the price being asked.

The car is a 1970 convertible. The Daytona Yellow paint job is new and looks very high quality with no discernible faults. The leather interior is also new and looks almost faultless. Tires are new, wheels look new, the rag top is new and the car has the optional hardtop in excellent condition. Aesthetically the car looks sharp and very original. Brakes are new and mechanically the car seems hard to fault. It drives like a new car. The car wins 2 and 3rd places in car shows in Georgia.

The motor is a new 350 crate engine that has been mildly built and makes about 425HP (owner claim). There is also a new 5 speed Tremec transmission.

The following are known problems:

1. Speedo not geared correctly with the new transmission
2. Tacho not wired to the new motor
3. Radio does not work
4. Vacuum canister leaks and does not actuate lights or wiper panel (they actuate when connected straight to the carby)
5. The brake power booster is original and probably needs replacing

Hagertys valuation tools put the car at about $28K retail based on the "Good" rating. However the Hagerty rating is not clear about the impact of the non-original motor and transmission and its that aspect that worries me. I personally don't care that it isn't numbers matching and has a more modern tranny but I don't want to pay too much.

The seller wants $28,500. Is that a fair retail price?

Opinions or clarifying questions welcome.

 

Pictures would help a ton here. Very difficult to ballpark a car when you don’t know what the engine compartment or body looks like, especially when the car is being described by a novice (no offense.)

My main problem with Hagarty’s valuations is there no calculation for originality which kinda blows the whole system up. The car you describe so far should take a deduction for the engine. Are the paint / interior colors the same as on the trim tag?

What about rust? Prior body repairs? Paperwork? Is the title clean?

 

I'd say Hagerty is about right and the owner is asking a fair price. To me the new create motor and 5 speed are worth more, to others original is worth more. It just depends on the buyer.

The vacuum system is simple to sort out with a Mity-Vac and a little time.

 

You really need to spend more time educating yourself on C3's. The hardest rule to folow is "there'll be others"... but there always will be.
On the other hand, that sounds like a decent deal. New paint? 5 speed? New motor? Hey, that could easily be worth $20K alone.
Don't you hate decisions?

 

I just bought a car similar to the one you're describing. I paid 17k, so 28.5k sounds high. As said previously, 'keep looking'.

 

q


If it’s not a rust bucket the price is very fair for the work that was done.
You will always find the guy without pictures, location and description tell you he bought his car for less (anybody can say that to bust your bubble)
These low ball prices are not reflective of today’s market for a good Chromebumper Corvette as sellers are not that out of touch with what they have.

 

I just bought a 71 for around what he is asking but it is numbers matching. I bought mine from a dealership and it’s been thoroughly gone through, no rust, paint, interior, undercarriage, motor all in excellent shape. Some may say I paid too much but to me it’s exactly what I was looking for and worth every penny. I think in ten years it will be worth way more.

I looked at maybe 30 or more before I settled on the one I bought. I wanted one that didn’t need anything and I could drive as if it were a daily drive although it’s not. Don’t rush... Buy what fits your needs and abilities to maintain it. Although it’s great to have a new motor and transmission it is a negative when it comes time to sell it, just sayin’

 

If you buy one needing paint, not only do you have to pay for paint, the car will be in body shop jail for a year or more. Unless you do paint yourself or are willing to settle for Maaco. Body shops back-burner cars like this and crank out the Camrys and Accords Allstate et al keep sending them. Go to post 107. Read. Especially the frame birdcage stuff. Now go inspect the car and get us pics. https://www.corvetteforum.com/forums...orvette-6.html

 

Is the car still located in Georgia....? I know of a red convertible floating around the north Georgia area that looks great till you inspect the frame and it's full of rust. That car is red. Just check for rust, at that price they shouldn't have any problems proving there are no rust issues.

Brian

 

28,500$ seems really high for a non numbers matching car, to me. As so many have said, look around. The "market research you do, the better handle you'll get on pricing. A new crate motor and pristine condition two top power brake car make it very desirable for sure... I'd say somewhere in the low 20's would be about right. I've been looking at 70's for a LONG time, as that was my target car for years. The short production run makes them a bit harder to find than the other chrome bumpers, but they are out there. Maybe offer the owner $21K and see where it gets you. Worst he can say is no. (perhaps with an added expletive) Good luck.

 

No offense taken. I definitely realize the value of photos. I don't own the rights to the photos, they belong to the seller so it didn't seem appropriate to post his photos. If not for the new motor / tranny, I am confident this car meets the Hagerty "Good" rating and possibility higher based on presentation and mechanical quality but as you say, Hagertys does not allow for authenticity. I guess what I'm I'm really asking is that if all else is equal between two base model C3's that are "good" but one is original with numbers matching motor and tranny and another has new / upgraded non-original motor and tranny (I guess you could call it a restomod?), what is the price impact on the market generally - and it might be an impossible questions to answer! For example; Streetside Classics in Atlanta said they would retail the car at $33K and that seems to be the price they ask for all good 68 - 70 C3's L46 or lower regardless of originality.

On face value it would seem obvious that a non-original car is worth less but keep in mind this is a $28K car not an $80K car and is likely appealing to a different market. A serious classic car collector who covets origality is likely not looking at this car. Someone like me who is not really a collector but sees value in the fact that all the work is done and the car has a reliable drive train that drives well and isn't going to let me down on a weekend tour.

What I don't know is how many people are there like me versus the collector mindset when it comes time to sell.

 

I'm coming to the same conclusion - I think at this price point (i.e. relatively low in the classic car world generally), it just comes down to point of view.

 

Yes! Particularly as I am compulsive by nature!! I do believe the seller when he says he spent 10 on the paint, 4 on the motor, 2 on the tranny and 3 on the interior. Even if I bought a cheapy at $8K then got it painted, motor etc. - I'm still at a $28K spend by the time its done plus a lot of time off the road that I could be enjoying the car.

 

17 sounds like a good deal! All the cars I've looked at have something that needs a lot of work at that price - I've never seen anything that just looks and drives perfectly under 20 - usually it's the paint and body that is shot - I don't disagree with keeping looking however!

 

I have to agree:

$8K - Completely unrestored '70 Convertible
$10K - Professional paint and body work
$4K - Crate motor with a light "build"
$2K - TREMEC Transmission
$3K - Rag top, seats, carpets etc.
$1K - Tires

Its a $28K investment which ever way you look at it. The only concern I have is that money spent doesn't necessarily equal value on the market when you sell - or does it?

 

Good advice - I think the conclusion I'm coming to is that people ask for the same for numbers matching / not matching but if you're patient you can find the numbers matching car!

 

Yeah, I agree. I need to figure out how to get the car on a hoist so I can have real look underneath - I am way to fat and old to try crawling underneath at regular height!

 

Yeah, good tip! I am going to double down inspecting underneath.

 

Agreed - I'll post the outcome!

 

Given the the new paint, engine, transmission, cost at least $20k it would seem highly unlikely a seller would settle for low 20's unless they are forced to sell.
It happens, buyers get a bargain if the seller is forced to sell. I say new paint alone holds quite a bit of value, not going to get a decent paint job for less than $10K, often more, plus an extended period of time waiting to get the car back.
I would first consider condition, these cars are expensive to fix. If numbers are important to you, pass on this one, you won't be happy for long, but you'll pay 20% or more over the price of a NOM to get numbers.
I doubt you'll find many chrome bumper corvettes with quality new paint, new engine, new transmission, original appearance, no rust issues, for high teens or even low twenties, doesn't make economic sense.
You may find some in upper teens or low twenties with issues you figure you'll fix, underestimate the cost of repairs, hidden problems.
Does this car speak to you, what you're looking for?
IMO, maybe mid 20's given the new paint, engine, and 5 speed.
Sounds like a fun car to drive.