What is a basement find worth...
Thread Starter
Drifting
Joined: Jul 2013
Posts: 1,299
Likes: 93
From: Tri-Cities TN
What is a basement find worth...
1974 T top 350 Auto all original with 106K miles. Never hit. 2nd owner bought it with 12K miles. Back bumper is cracked due to age. Other then that car is in very good shape. Been in the basement for 20 years. 2nd owner bought used in 1984. He said he did put new exhaust on it and all new front end parts right before he moved into the house he is now.
What would this thing be worth?
What would this thing be worth?
Drifting
Joined: Jul 2007
Posts: 1,889
Likes: 23
From: Kansas
AkrHack is right on the money, but; even then, these cars can start coming apart & will need a lot of work you can't see. You should be able to buy one in need condition for around 2 to 5 thousand, believe me they will need everything at 106 K miles. The Corvettes are a lot of fun, & a lot of work, If you are not a gear head, better to buy one that is done & enjoy cruising, Just my thought. Gene
Safety Car
Joined: Mar 2007
Posts: 3,652
Likes: 49
From: Bridgewater nj
106k on the engine is almost a guarantee the timing chain is due for replacement. Tires I wouldn't trust for any length of time. Brakes will be a hit and miss. The fuel system will need a complete tear down and cleaning. Everything else should be salvageable if stored well.
$4-5000 if body and interior are clean and electrical parts all work.
I had a 74 that sat outside for 15 years. They are tough solid cars but had some 1 year only parts. The rear bumper being one of them. You can use other years but the OEM split bumper was unique to that year.
$4-5000 if body and interior are clean and electrical parts all work.
I had a 74 that sat outside for 15 years. They are tough solid cars but had some 1 year only parts. The rear bumper being one of them. You can use other years but the OEM split bumper was unique to that year.
Safety Car
Joined: May 2008
Posts: 3,745
Likes: 712
From: Lafayette Louisiana
my 2 cents,....
my 2 cents, and based on Richard Newton's book about his 68 find, as I always get a laugh out of his humor!
Price of 74 Corvette in super condition (check completed ebay sales or Mechum for some rough ideas of what 74 Corvettes sell for, people ask all sorts of prices, but what are they actually getting???)
equals
what you would be willing to pay for this 74 Corvette
plus
what it would cost to get this 74 Corvette in super condition, like:
cost of paint if needed
cost of mechanics, if needed
cost of interior if needed
ect,
ect
So, and not that I ever followed this rule, BTW, but it makes much common sense; if it costs more to restore this one to super condition compared to what you could buy one already in super condition, then why buy it???
To do this requires knowledge of what you would need to fix and it is difficult to know what all needs to be repaired until you own it a few months and maybe others are better at this, but I usually underestimate the restoration expense FWIW, LOL's!
Hope this helps!
Price of 74 Corvette in super condition (check completed ebay sales or Mechum for some rough ideas of what 74 Corvettes sell for, people ask all sorts of prices, but what are they actually getting???)
equals
what you would be willing to pay for this 74 Corvette
plus
what it would cost to get this 74 Corvette in super condition, like:
cost of paint if needed
cost of mechanics, if needed
cost of interior if needed
ect,
ect
So, and not that I ever followed this rule, BTW, but it makes much common sense; if it costs more to restore this one to super condition compared to what you could buy one already in super condition, then why buy it???
To do this requires knowledge of what you would need to fix and it is difficult to know what all needs to be repaired until you own it a few months and maybe others are better at this, but I usually underestimate the restoration expense FWIW, LOL's!
Hope this helps!
Last edited by 20mercury; Jul 6, 2015 at 02:10 PM.
Race Director
Joined: Dec 1999
Posts: 11,091
Likes: 990
From: Sierra Foothills CA
my 2 cents, and based on Richard Newton's book about his 68 find, as I always get a laugh out of his humor!
Price of 74 Corvette in super condition (check ebay or Mechum for some rough ideas of what 74 Corvettes sell for, people ask all sorts of prices, but what are they actually getting???)
equals
what you would be willing to pay for this 74 Corvette
plus
what it would cost to get this 74 Corvette in super condition, like:
cost of paint if needed
cost of mechanics, if needed
cost of interior if needed
ect,
ect
So, and not that I ever followed this rule, BTW, but it makes much common sense; if it costs more to restore this one to super condition compared to what you could buy one already in super condition, then why buy it???
To do this requires knowledge of what you would need to fix and it is difficult to know what all needs to be repaired until you own it a few months and maybe others are better at this, but I usually underestimate the restoration expense FWIW, LOL's!
Hope this helps!
Price of 74 Corvette in super condition (check ebay or Mechum for some rough ideas of what 74 Corvettes sell for, people ask all sorts of prices, but what are they actually getting???)
equals
what you would be willing to pay for this 74 Corvette
plus
what it would cost to get this 74 Corvette in super condition, like:
cost of paint if needed
cost of mechanics, if needed
cost of interior if needed
ect,
ect
So, and not that I ever followed this rule, BTW, but it makes much common sense; if it costs more to restore this one to super condition compared to what you could buy one already in super condition, then why buy it???
To do this requires knowledge of what you would need to fix and it is difficult to know what all needs to be repaired until you own it a few months and maybe others are better at this, but I usually underestimate the restoration expense FWIW, LOL's!
Hope this helps!
My simple analysis is- take what the car is worth in the real world if it's in perfect condition. Then subtract the cost of fixing everything the car needs until it reaches perfect condition. The difference between the two amounts is what it's really worth and it eliminates the emotional part of car buying- assuming cost estimates are accurate.
Team Owner
Joined: Jun 2000
Posts: 38,923
Likes: 1,481
From: Southbound
Cruise-In II Veteran
Safety Car
Joined: May 2008
Posts: 3,745
Likes: 712
From: Lafayette Louisiana
This is similar to how I look at it. The part that can change one's outlook is asking how much you enjoy working on the car yourself and how capable are you of doing what the car needs done. This can save money while adding the satisfaction of doing it yourself.
My simple analysis is- take what the car is worth in the real world if it's in perfect condition. Then subtract the cost of fixing everything the car needs until it reaches perfect condition. The difference between the two amounts is what it's really worth and it eliminates the emotional part of car buying- assuming cost estimates are accurate.
My simple analysis is- take what the car is worth in the real world if it's in perfect condition. Then subtract the cost of fixing everything the car needs until it reaches perfect condition. The difference between the two amounts is what it's really worth and it eliminates the emotional part of car buying- assuming cost estimates are accurate.
But hey this is a fun hobby, I just do not want to knowingly get toooo far under water!
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Thread Starter
Drifting
Joined: Jul 2013
Posts: 1,299
Likes: 93
From: Tri-Cities TN
A little more info. Car is for sale and he has priced it. It had a GM short block put in it at 70K miles. He took the heads off the original engine and put those heads on it after work was done to the heads. Bottom end spun a bearing. Engine was done around 1998. At that time while engine was out he had the front end rebuilt with poly bushings, new pump in the trans and shift kit, and new exhaust from manifolds to tips.
He is asking $6K and has a folder on the car and everything that has been done along with receipts. What I am thinking is drop the tank, put a new fuel pump on it. Go through the carb and have a driver that I can decided what to do with.
He is asking $6K and has a folder on the car and everything that has been done along with receipts. What I am thinking is drop the tank, put a new fuel pump on it. Go through the carb and have a driver that I can decided what to do with.
Race Director
Joined: Dec 1999
Posts: 11,091
Likes: 990
From: Sierra Foothills CA
A little more info. Car is for sale and he has priced it. It had a GM short block put in it at 70K miles. He took the heads off the original engine and put those heads on it after work was done to the heads. Bottom end spun a bearing. Engine was done around 1998. At that time while engine was out he had the front end rebuilt with poly bushings, new pump in the trans and shift kit, and new exhaust from manifolds to tips.
He is asking $6K and has a folder on the car and everything that has been done along with receipts. What I am thinking is drop the tank, put a new fuel pump on it. Go through the carb and have a driver that I can decided what to do with.
He is asking $6K and has a folder on the car and everything that has been done along with receipts. What I am thinking is drop the tank, put a new fuel pump on it. Go through the carb and have a driver that I can decided what to do with.
Thread Starter
Drifting
Joined: Jul 2013
Posts: 1,299
Likes: 93
From: Tri-Cities TN
This "barn" fine will be a long term project. Drive it until she needs a "heartbeat" transplant!!
Safety Car
Joined: May 2008
Posts: 3,745
Likes: 712
From: Lafayette Louisiana
Just got done moving into new shop. I promised my self no equipment payments and successfully accomplished this so my $$ are a little depleted. I have a Duramax program in the start up phase and if it goes like I think then my next chunk will be a project test truck and CNC center for porting heads.
This "barn" fine will be a long term project. Drive it until she needs a "heartbeat" transplant!!
This "barn" fine will be a long term project. Drive it until she needs a "heartbeat" transplant!!
Safety Car
Joined: Apr 2005
Posts: 3,624
Likes: 431
From: Dale City VA
6K is a rational starting point (little high) for a car with everything you stated IMO... as long as it's as described.
But as said decent running and driving rubber bumpers can be had for around that kind of money..... I paid 6K for the 79 when I bought 5yrs ago it and it was running and driving 70K mile car with all new rear end/suspension.... I did have to fix some stuff but not very much to get it to totally reliable driver status.
Now I just cut a deal with my dad at 5K for my 79 (and I delivered it over the 4th holiday)..... with the purchase of the 72 last week we needed to get rid of the 79 and it's going to family but fact is driver and project quality examples of these cars just aren't worth that much money.
Will
But as said decent running and driving rubber bumpers can be had for around that kind of money..... I paid 6K for the 79 when I bought 5yrs ago it and it was running and driving 70K mile car with all new rear end/suspension.... I did have to fix some stuff but not very much to get it to totally reliable driver status.
Now I just cut a deal with my dad at 5K for my 79 (and I delivered it over the 4th holiday)..... with the purchase of the 72 last week we needed to get rid of the 79 and it's going to family but fact is driver and project quality examples of these cars just aren't worth that much money.
Will
Thread Starter
Drifting
Joined: Jul 2013
Posts: 1,299
Likes: 93
From: Tri-Cities TN