'78 C3 Inheritance Valuation
Safety Car
Joined: Apr 2007
Posts: 3,849
Likes: 367
From: PHOENIX AZ. WHAT A MAN WON"T SPEND TO GIVE HIS ASS A RIDE
Dont know what you have been smoking but in the condition the poster described 5000.00 is tall money. Look at what they are selling for not some book price' I say hold a family auction & see how much other siblings will pay..
Le Mans Master
Joined: Aug 2017
Posts: 8,336
Likes: 2,810
From: Cool Northern Michigan
Choose your words carefully to other family members. There is no sense in going into great detail about every little nit-pick repair or major repairs.
Just say there are some issues that will cost thousands and leave it at that. Others will not know or care about paint, brakes, etc because they likely will not have a clue what is involved.
You need three estimated values from three sources. Just like when someone planned a trade-in at a dealer, you took three print-outs of what your trade-in is worth.
(Used to be free and easy to obtain these off of NADA, BlueBook & another. Not so much anymore)
For example. If you had $5K, $7K & $11K quotes, the avg would be around $7,650.
Present those three figures and the average median to interested family members. Then, you would offer just over that value to keep everyone happy. You pay over median value.
That would be a very reasonable bid.
Just say there are some issues that will cost thousands and leave it at that. Others will not know or care about paint, brakes, etc because they likely will not have a clue what is involved.
You need three estimated values from three sources. Just like when someone planned a trade-in at a dealer, you took three print-outs of what your trade-in is worth.
(Used to be free and easy to obtain these off of NADA, BlueBook & another. Not so much anymore)
For example. If you had $5K, $7K & $11K quotes, the avg would be around $7,650.
Present those three figures and the average median to interested family members. Then, you would offer just over that value to keep everyone happy. You pay over median value.
That would be a very reasonable bid.
Le Mans Master
Joined: Jun 2019
Posts: 7,658
Likes: 2,470
From: Indiana
peeling paint can mean a lot of things to a lot of people from chips to total delaminination. Worn interior? Can be dirty to bad ripped carpets with solid leather..to rats and springs showing, which obviously would be lower, stand by solid framed running driving car is not as cheap as described here,
again haggerty would be a great resource and family involved in reality can be perceived as 35,000 dollars or more.
there is also the sentimental value to the wife..if it really matters to her you will pay what she wants within reason.
take a look at the recent for sale section here as an example..anyone looking will see prices much higher..not saying they will sell but others looking to compare may think possible.
take a look at auto trader etc..where do you think people will look?
i am sure many who are connected or know more than the average consumer can find bargains, but i submit prices are not as cheap as many state to the average outside buyer.
i speak to the situation of the op not in general
Last edited by interpon; Aug 7, 2022 at 12:00 PM.
Le Mans Master
Joined: Jan 2007
Posts: 8,015
Likes: 3,343
From: Omaha NE
2025 c3 ('74-'82) of the Year Finalist - Unmodified
2023 C3 of the Year Finalist - Unmodified
2022 C3 of the Year Finalist - Unmodified
2020 C3 of the Year Finalist - Unmodified
Hagerty's July '22 value of a '78 L82 in #4 fair condition is $8300...
Melting Slicks
Joined: Sep 2004
Posts: 3,227
Likes: 670
From: Northeast
My suggestion would be to contact someone to have the car appraised. Make sure he is Corvette savvy. Around here you can get a basic appraisal for @$300, it all depends on how thorough you want him to do the inspection. . When the car is sold then deduct this outlay you made or have everyone chip in. My friend does this (he has a 72 BB 4spd amongst other cars) and he said people are amazed that their rotted out frame car needing body work, interior, and paint is not worth what they think. I would not try to guess the value using the computer. What is 8/10 to your relatives might really be a 4/10 and somehow you would need to explain the reality.
Thread Starter
Intermediate
Joined: Apr 2009
Posts: 40
Likes: 14
From: Dallas TX
Thank you everyone for all the replies. I am on the same wavelength as everyone else. I think a third party appraiser is the only reasonable way forward since some family members are citing a 20K value on what I think is a 5K car on a good day. Ironically, I was going to offer 5K thinking I was over-paying just to make everyone happy. I honestly believe that after a professional appraisal, it will be less than 5K value.
I don't think the engine is original, it looked to be painted orange. As I understand it, 78 engines were blue. Suppose it could've been rebuilt along the way and repainted. It does have headers and a Torker II intake.
I'll post some pics here next weekend when I can get to the car again for those that are interested in seeing how it looks.
I don't think the engine is original, it looked to be painted orange. As I understand it, 78 engines were blue. Suppose it could've been rebuilt along the way and repainted. It does have headers and a Torker II intake.
I'll post some pics here next weekend when I can get to the car again for those that are interested in seeing how it looks.
Le Mans Master
Joined: Jan 2007
Posts: 8,015
Likes: 3,343
From: Omaha NE
2025 c3 ('74-'82) of the Year Finalist - Unmodified
2023 C3 of the Year Finalist - Unmodified
2022 C3 of the Year Finalist - Unmodified
2020 C3 of the Year Finalist - Unmodified
Yep, '76 was the last year for orange...
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Verdad Gallardo
Race Director
Joined: Mar 2017
Posts: 11,953
Likes: 4,510
From: Virginia
OP, try to get a photo of the engine stamp pad, just in front of the passenger side head, below the AC compressor. It will have a 2 or 3 letter suffix that can help identify the source of the engine, and possibly the final significant digits of the VIN. Perhaps it was the original engine painted orange. Perhaps it wasn't from a Corvette at all.
The VIN will also confirm L48 vs L82 (original equipment). The trim tag in the driver side door frame will give you the car's birthday, and original interior and exterior colors.
http://corvettec3.ca/vin.htm
http://corvettec3.ca/interior.htm
http://corvettec3.ca/engines.htm
http://corvettec3.ca/numbers.htm
And while you are crawling around inside, pull off the kick panels (bring a screwdriver), and check the condition of the #2 body mount. A rusted windshield frame can be repaired (at great expense), but if the water has rusted out the birdcage below, it will be very difficult and expensive to fix.
Good luck!
The VIN will also confirm L48 vs L82 (original equipment). The trim tag in the driver side door frame will give you the car's birthday, and original interior and exterior colors.
http://corvettec3.ca/vin.htm
http://corvettec3.ca/interior.htm
http://corvettec3.ca/engines.htm
http://corvettec3.ca/numbers.htm
And while you are crawling around inside, pull off the kick panels (bring a screwdriver), and check the condition of the #2 body mount. A rusted windshield frame can be repaired (at great expense), but if the water has rusted out the birdcage below, it will be very difficult and expensive to fix.
Good luck!
Burning Brakes
Joined: Jan 2003
Posts: 961
Likes: 275
From: Frederick MD
Thank you everyone for all the replies. I am on the same wavelength as everyone else. I think a third party appraiser is the only reasonable way forward since some family members are citing a 20K value on what I think is a 5K car on a good day. Ironically, I was going to offer 5K thinking I was over-paying just to make everyone happy. I honestly believe that after a professional appraisal, it will be less than 5K value.
I don't think the engine is original, it looked to be painted orange. As I understand it, 78 engines were blue. Suppose it could've been rebuilt along the way and repainted. It does have headers and a Torker II intake.
I'll post some pics here next weekend when I can get to the car again for those that are interested in seeing how it looks.
I don't think the engine is original, it looked to be painted orange. As I understand it, 78 engines were blue. Suppose it could've been rebuilt along the way and repainted. It does have headers and a Torker II intake.
I'll post some pics here next weekend when I can get to the car again for those that are interested in seeing how it looks.
You mentioned headers and the torker II intake. It’s very likely all the emissions stuff is long gone. For some folks this isn’t a big deal, but it does limit your prospective purchasing crowd because that stuff has to be operational in some places to get the car registered/inspected. This is obviously municipality specific.
Race Director
Joined: Jul 2015
Posts: 13,082
Likes: 3,399
From: SW Florida.
ya know, you need to check this car for yourself before you decide it is worth moving forward. houston is texas, but not dry texas. this is a decent instructional thread for checking out potential purchases. roll down to post 107. read. and if the car matches some of these pics, let them sell it for 2500 and buy a better one for your wife. https://www.corvetteforum.com/forums...ispreloading=1 but a 20000 dollar 78, even numbers matching, has none of the shortcomings you listed. and i BET you haven't found half of the issues this car has.
Advanced
Joined: Mar 2015
Posts: 65
Likes: 32
You should talk to your wife and see if she really cares about having the exact car. Start shopping online for tired 79 Corvette's. Don't buy one that needs a ton of work. Nice drivers can be had for $10k. If you do buy the father's car $5k is just the starting point. It's gonna need more than another $5k to get it safely running and driving. Likely closer to $10k to spend on a $5k car= $15k. That will buy you a very nice one, turnkey, ready to go and no hassles from the family!
Pro
Joined: Apr 2010
Posts: 603
Likes: 249
From: Carson Valley
Race Director
Joined: Nov 2006
Posts: 13,258
Likes: 7,848
From: Sunshine Coast, Queensland, Australia
2025 C3 of the Year Finalist - Modified
2024 C3 of the Year Finalist- Modified
2022 C3 of the Year Finalist - Modified
Cruise-In VIII Veteran
Yes the frame looks solid. So restorable. But it looks like it needs almost everything.
Racer
Joined: Feb 2022
Posts: 335
Likes: 41
It looks like a pretty solid car to me and certainly deserves to be restored. Once done it is probably worth around $20K, maybe a little more, but there is probably a minimum of $10K needed to get it into running shape. Figure paint, suspension, brakes, PS, transmission seals, interior refresh, Air Conditioning, unknowns, etc, etc. It also depends on how much work you want to do yourself vs having to pay someone to do it for you.
You could always try to get an estimate from a shop on how much it would cost to get it running, safe and nice.
You could always try to get an estimate from a shop on how much it would cost to get it running, safe and nice.