I inherited a 1980 Corvette from my deceased brother and it is in need of total restoration. I am conflicted as to whether I should sell it or restore it. How much could I sell this car for OR how much would it cost for a complete restoration?
It does not have the original motor, needs all electrical work, interior parts, everything.

 

Pictures help with your question..mileage etc..
also what your sentimentally thoughts i assume?

 

Also helps to know your skill sets. They are a LOT of work

 

Without photos,...... but you said it needs everything.
sounds like it'll cost way more to get it really nice than it's worth.
Perhaps look into what nice ones of similar year are selling for in your area.
It's really easy to get upside down on a C3 Corvette.

 

Rookie guess from your description:
Paint = $5,000-$10,000
Misc. wiring/electic components = $2,000
E gine rebuild = $1,000-$5,000
Suspension rebuild = $2,000
Transmission rebuild -= $1,000
Differential suspension =$1,000
Replace interior upholstery/carpet -$2,000
DIY =$0

If everything goes Great - 1/2 of above total.
It depends on sentimental value/your bank account.
Shop Labor = $5,000

 

Using gunner's numbers, with paint at $10k, (a conservative number), you're looking at least $22.5k. Depending on options, I doubt you could sell a 1980 for that which means the other option is to keep it and enjoy the sentiment intended by your brother who left it to you as a remembrance of his passion. As also posted, you must assess your skill sets to take this task on as well as the space and equipment required to complete a frame off restoration. Much to consider here and all of us can attest to the challenge of any Corvette restoration project.

Hope this helps!

 

Is it drivable as is? If it runs and stops and isnt on fire, take it for a ride. Getting it drivable is a lot cheaper than a restoration. When you say tester around here it means " off the showrom" floor quality. Off the used car lot quality is a lot cheaper and will let you answer your first question. The advice of checking local listings is a good one. What a car sells for in Boston is a lot different than Florida or Arizona.

Post some pics so we can help you with its condition. If you drive it you may decide to keep it. And look into restomod vs original. People have fun with hotrodding these too.
I wanted one after driving a 74 rust bucket that was pulled out of a field. That car was a heep but it ran. I drove it for a test drive and decided I needed a Corvette, but I didnt buy that pile.

Good luck and just get the engine running and brakes working if you have any mechanical skills and it will decide for you

 

If you are mechanically inclined, fix things that don't work properly but don't cost a lot to repair. Those kinds of things can pay off if you decide to sell it. Also, if you can get the car operational, that would be a big plus. BUT, that could require replacing tires. You might consider buying a used set of tires [that are not that old] just so you can demonstrate that the car can be driven.
The most work should be put into making it LOOK good. vacuum and clean the interior, clean windows in/out, clean wheels. If the paint is decent but dingy, you can do a quick 'cut & buff' on it to bring out is 'best' appearance for sale. The idea is to make it look as good as it can, and leave the expensive fixes for the new owner.
[Sorry, folks... Just looking at this from a 'seller's' perspective.]

P.S. If you haven't been jealous that your brother had a Corvette (and you didn't), you probably should sell the car. You need to really, really want to own one to be able to live with it and take care of it properly.

 

Well before you decide to jump in with both feet, you are from OHIO so make sure you check this for RUST very well before tearing it apart. These cars rust from the inside out so it is very hard to see. There are a couple specific areas to look for on the frame below the car. And a couple more on the inside around the windshield frame. At the very least pull off the lower interior kick panels and the interior windshield vinyl trim and check in there. Rusted "birdcage" or "frame" repair on these is a major job involving compete car dissasembly, stubborness, perserverance, time and money. It's only for the truly "committed" or "delusional" LOL! I'm there!

 

Pics would certainly help. Whenever we're allowed to be out and about again, i can come look it over with you

Fellow Daytonian

 

I would think the first question that should be answered is, do you want to own a 1980 Corvette? Answer that and it could make your decision to sell or not much easier.

What is your car worth? Looking at the completed sales on Ebay the range is $2,500 to $14,000 on cars sold from January through April. The average price would probably be in the $5,000 to $8,000 range. A few pictures and and a better description of the car would help to determine what yours might be worth.

Restoration cost? There are many different levels of restoration, from just a mechanical restoration, get it running and driving with safety as as a concern, all the way to a full blown, off frame, nothing goes untouched restoration. Literally there are thousands of variables to consider with a restoration.

Here's my real life numbers on my 81 project. Everything is new or rebuilt, very little labor as I am doing most the work myself. These are actual numbers rounded to the nearest $100. Hope this helps.

So far:
Engine - $6,000 , also includes anything that bolts to the engine.
Drive-line - $5,500, auto to manual conversion, which includes a new transmission
Chassis - $2,500
Body - $4,000
Interior - $200
Electrical and misc. - $1,500
Labor - ?

Total so far = $19,700 ( will the car be worth the investment? Not likely but I like doing the restoration part, so no worries on what the car will be worth. I don't plan on selling it anyway. Going to retire in 5 years and enjoy driving it everyday)

This is just an example, you can spend more or you can probably spend less it depends on what you want to do with the car.

Good luck with your decision and post some pics if you can.

 

JC
So, you've spent about $6K Restoring Engine for your 1981, right ? That's an rpo L81 Engine, right?
Would you please detail your L81 engine's resto costs?

 

JC

My project is more of a restomod project and not a restoration. The original engine was sold and I assembled a different engine to go in the car. I'm not sure what it would cost to rebuild a stock L81 engine. Also my categories are not well defined, so the engine category has the cost of the engine plus any accessories that bolt to it. The cost of just the engine is about half of the total. Sorry for the confusion. The intent was to show what it might cost to do a complete restoration. You can pm me if you have any more questions.

 

I agree. If you honestly have no interest in the car, sell it as is.

 

Hey Brian, my condolences for the loss of your brother. I think all of us get the sentimentality that some cars have for us (I've been storing a '72 Olds 98 Regency for 14 years. It was my Mom and Dads from new, and I just can't part with it!) - so if you want to keep the car for those reasons, post up some pictures (interior, engine bay, all corners of the outside, good pics from undercarriage, etc.), let us know your skill level, and you'll find the members of this forum will be most helpful - a great bunch of enthusiasts with a lot of hard-earned knowledge.

Then we can give the help you want. Best, Paul

 

Haven't seen any response from the OP.....