'78 C3 Inheritance Valuation
Race Director
Joined: Jul 2015
Posts: 13,082
Likes: 3,399
From: SW Florida.
paint. car has measles. gotta be stripped down to the glass. looks decent but it is more of a 20/20 paint job. looks ok at 20 feet as long as it is going by at 20 mph. this is a 5k car. get the vin tag and vin and engine code stamp off the right front of engine that you have to look sort of behind the ac compressor to see.
NCM Grand Opening Veteran
Joined: Sep 2005
Posts: 20,979
Likes: 384
From: South of giving a damn
St. Jude Donor '11, '17
Tell the others if they think it is a $20k car then they can have it & reduce their share by $20k. When they blanch tell them you'll do it for $5k. I have a '79 that started in that condition. If I ever told my wife how much I have in the car (and it is not yet driveable) she would leave and take way more than 1/2 with her!
Le Mans Master
Joined: Oct 2005
Posts: 6,247
Likes: 471
From: Glen Allen, VA
Sorry, this is a 7-8K car on a good day. Yes, in the pics, the frame looks good. Interior looks in decent shape, but the paint is in need of refreshing. If other family members think it's worth 20k, and won't back off of that, unfortunately my suggestion would be to walk away. That car in absolutely perfect condition might be worth 20K. Don't get me wrong, if the price is reasonable, it doesn't look like a bad car at all, just not 20K good.
Team Owner
Joined: Sep 2010
Posts: 32,139
Likes: 4,618
My father-in-law passed away and left everything to his five kids (one being my wife). This includes a 1978 L82 in Dark Blue with an automatic and about 88K miles located in Houston. I'd like to buy the car from the estate for my wife and restore it in tribute to her father. I'm happy to pay a fair price, but some family members may have it overvalued (brakes are dicey, flat spotted tires, carb needs a rebuild, heavy ATF leak, etc.). I would say it is in less than 'fair' condition considering it can't be driven more than around the block with white knuckles, the interior is original and very worn, and the paint has some scratches and peeling. It was mostly garage kept and doesn't appear to have any major rust. Any ideas on how to show the correct valuation of the car to the rest of the family? I don't want anyone thinking I'm taking advantage of them.
Thanks!
Thanks!
You can have it @ -20% Retail. If nobody wants it, I'm selling it @ Retail to a NON-Estate heir.
Sold in a flash to the general public AT FULL RETAIL.
Thread Starter
Intermediate
Joined: Apr 2009
Posts: 40
Likes: 14
From: Dallas TX
Thanks again everyone for the feedback and perspective. Unfortunately, someone who has worked on these cars came by and told everyone it was worth 16k. I was floored, but didn’t think it was appropriate to argue at that point since it would look like I was trying to pull a fast one. I just cannot imagine anyone going over 10k based on what I’ve seen. It’ll be tricky going forward since most of the family knows basically nothing about cars and now thinks 16k is reasonable. I’ll let you all know how it pans out. Hopefully, it will just take time to get to the inevitable conclusion.
Team Owner
Joined: Sep 2010
Posts: 32,139
Likes: 4,618
Thanks again everyone for the feedback and perspective. Unfortunately, someone who has worked on these cars came by and told everyone it was worth 16k. I was floored, but didn’t think it was appropriate to argue at that point since it would look like I was trying to pull a fast one. I just cannot imagine anyone going over 10k based on what I’ve seen. It’ll be tricky going forward since most of the family knows basically nothing about cars and now thinks 16k is reasonable. I’ll let you all know how it pans out. Hopefully, it will just take time to get to the inevitable conclusion.
What you need to do is to establish the Retail price of the car, if in perfect running condition. AND appearance, then deducting for miles AND condition. DEDUCTING for ALL the shortfalls OFF that RETAIL condition. Shouldn't be ALL that difficult to reason that out with the Executor....
The Executor is the only person that matters. Concentrate your efforts with only that person(s).
Last edited by Skid Row Joe; Aug 14, 2022 at 12:19 AM.
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Melting Slicks
Joined: Jul 2005
Posts: 2,649
Likes: 863
Thanks again everyone for the feedback and perspective. Unfortunately, someone who has worked on these cars came by and told everyone it was worth 16k. I was floored, but didn’t think it was appropriate to argue at that point since it would look like I was trying to pull a fast one. I just cannot imagine anyone going over 10k based on what I’ve seen. It’ll be tricky going forward since most of the family knows basically nothing about cars and now thinks 16k is reasonable. I’ll let you all know how it pans out. Hopefully, it will just take time to get to the inevitable conclusion.
If he puts up the $$$ - GREAT !!! The estate now has more assets in it which will be distributed to All the heirs. The probability that this guy will come up with the $$$ is QUITE low.
Based on what I see - it's a $5,000 car. The person who ends up with it is going to have to put $10K - $25K into it (depending on how nice they want to go, and how much of the work they can do themselves) to get it to something they are good taking to a Cars & Coffee event. I'm honestly not sure how bad the paint really is - the car needs a thorough cleaning, and after that - I'd take a rotary buffer to a panel, and see what happens - you might get lucky. (My bet is that is what the guy who looked at it is figuring - if he thinks a repaint is needed - there is no way he should be thinking 5 digits).
Race Director
Joined: Jul 2015
Posts: 13,082
Likes: 3,399
From: SW Florida.
tell the executor you will store it at your house AT FULL RETAIL for the price of storage. a little more than 200 a month for a storage unit that is inside. and you will let any potential buyers come inspect it.
Race Director
Joined: Mar 2017
Posts: 11,953
Likes: 4,508
From: Virginia
An automatic with bad paint? $5K, tops. Maybe a bit more for the L82, but only if the interior is MINT, and the birdcage is rust free. A DIY paint job could get you by (my 80 has one, as do many on this Forum), but a proper paint job, farmed out, will take up to a year to complete, and $10K.
Look for hidden rust before you make an offer. Or force a partition auction and buy it back then (at true "market price"). Then, if I'm way off on value, your wife get's 20%.
Look for hidden rust before you make an offer. Or force a partition auction and buy it back then (at true "market price"). Then, if I'm way off on value, your wife get's 20%.
Heel & Toe
Joined: Jul 2014
Posts: 22
Likes: 8
From: Indiana
I bought my dads 75 convertible from the estate for 20 k no questions asked. Together we have had over a dozen corvettes and projects over the years. He wanted me to have it, and I know I overpaid. 20k in todays dollars is not much, and the smile I get driving with the top down, smelling fuel and saying thanks dad is not measurable in dollars. I leave my 18 grand sport convertible in the garage sometimes and admire the classic look. Paints spiderwebbing, carpets faded, the interior is age appropriate. I’ll take it
Heel & Toe
Joined: Jul 2014
Posts: 22
Likes: 8
From: Indiana
I had the car transported. The hardtop was not on the car. I managed to get it transported along with the car on a purchased cradle. The transport shows up and the driver backs the car up and says no brakes, I smiled in the fact the the car moved under power and stopping power until it landed in my driveway. Dad knew I had replaced enough brake lines and calipers on mid year and 70’s Vettes that I could take it from there.
Le Mans Master
Joined: Jun 2019
Posts: 7,658
Likes: 2,470
From: Indiana
Ultimately..the price is what the wife wants..
i applaud the effort to build a tribute. She decides what its worth with best advice you can gve.
edit.. L82 and pretty rust free up to 7-8k assumes no tweak to frame
i applaud the effort to build a tribute. She decides what its worth with best advice you can gve.
edit.. L82 and pretty rust free up to 7-8k assumes no tweak to frame
Last edited by interpon; Aug 16, 2022 at 03:54 PM.
Melting Slicks
Joined: Dec 2015
Posts: 3,181
Likes: 732
From: Texas City, TX Texas
Tomorrow marks one year since my dad passed. There is a pristine 2004 convertible out in Arizona waiting for me. I told my mom I'd like to have it since it was Dad's. My brother, sister, and nephews didn't balk a bit. They know I'm the gearhead in the family. It makes me sad your wife's siblings are being so shitty over an old car with little commercial value but obviously much sentimental value to her. No one will retire or send their kids to college on the imaginary 5K each that will never happen. They should just give her the car. So petty. sorry for the rant but I'm a bit depressed. Families shouldn't bicker over such trivial material things.
^^^^ This. Have the other siblings read this string, and finish with Richard's post. Really sad
Race Director
Joined: Jul 2015
Posts: 13,082
Likes: 3,399
From: SW Florida.
my brothers and sister gave me my aunt's 5 year old subie with 8k on it. was probly worth 15k at the time cuz of no miles. (90 year olds don't drive much thank God!) it sucks her sibs are being so shitty about 2 or 3k each. is this estate much? or is it not much more than the value of the car? the less people have, the more a couple grand means...