Project Money Pit
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Joined: Dec 2002
Posts: 53
Likes: 0
From: Port Charlotte FL
Project Money Pit
I just jumped into the Corvette world in December when I picked up a 1976 with a "383 Stroker w/ built 350 automatic", thinking a little more cash and I'd have a nice ride.
The last few weeks have been an education. I've found out the "stroker" is really a stock 2-bolt 350 with a bump stick, the transmission is just this side of the grave, and the brakes/suspension/steering are all shot. Of course the leaking top gives the interior a distinct aroma and the paint job has bubbles and cracks everywhere.
All is not lost. After my initial investment of $10,500, I'm estimating the cost to build a real 383 w/ 400+ HP, build the 350 with a 3500 converter, do the performance suspension thing, brakes, steering, two stage paint job w/ new emblems, and re-carpet and dye the interior to be an additional $20K.
Does this sound about right? I keep telling myself "It's OK that you passed up those low mileage C5s for $27K."
Have I lost it?
The last few weeks have been an education. I've found out the "stroker" is really a stock 2-bolt 350 with a bump stick, the transmission is just this side of the grave, and the brakes/suspension/steering are all shot. Of course the leaking top gives the interior a distinct aroma and the paint job has bubbles and cracks everywhere.
All is not lost. After my initial investment of $10,500, I'm estimating the cost to build a real 383 w/ 400+ HP, build the 350 with a 3500 converter, do the performance suspension thing, brakes, steering, two stage paint job w/ new emblems, and re-carpet and dye the interior to be an additional $20K.
Does this sound about right? I keep telling myself "It's OK that you passed up those low mileage C5s for $27K."
Have I lost it?
Race Director
Joined: Apr 2002
Posts: 11,485
Likes: 1
From: Far side of the Moon
CI 4-5-6-7-8 Veteran
St. Jude '03-'04-'05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-16-'17
Re: Project Money Pit (MGSFJET)
I think your $20K figure is in the right ballpark.
I have completely rebuild / restored my 73 and have about $22K in it. Of course, this is doing all the work myself. I don't even want to think what it would have cost if I had to pay people to do the work.
My 73 Vette was originally owned by my Mom. She bought it new in 1973. It got to be too much for her in the mid 1990's with 240K miles on it. Needless to say, the poor car was tired. But not anymore, it is all practically new.
For me it is not a matter of $$$$, it is something I will just do.
Take your time and have fun... :thumbs:
I have completely rebuild / restored my 73 and have about $22K in it. Of course, this is doing all the work myself. I don't even want to think what it would have cost if I had to pay people to do the work.
My 73 Vette was originally owned by my Mom. She bought it new in 1973. It got to be too much for her in the mid 1990's with 240K miles on it. Needless to say, the poor car was tired. But not anymore, it is all practically new.
For me it is not a matter of $$$$, it is something I will just do.
Take your time and have fun... :thumbs:
Le Mans Master
Joined: Jan 2001
Posts: 6,938
Likes: 1
From: San Diego CA
Re: Project Money Pit (gb4622)
BOUGHT MINE FOR 6k AND SET THE LIMIT AT 14K. I'M NOW AT 26K AND AM JUST STOPPING. IF I WAS TO FINISH WHAT I WANTED I'D BE OVER 30K EASY. IT'S YOUR DECISION BUT IF I WAS TO GO BACK TO MAY 1999 I'D SINK 3K INTO MINE MAKING IT SELLABLE/ STREETABLE AND IMMEDIATELY SELL IT AND SAVE UP FOR THE 58-60 FUELIE I REALLY WANT. JUST MY .02
David
David
Safety Car
Joined: Feb 1999
Posts: 3,631
Likes: 14
From: Fountain Hills AZ
Re: Project Money Pit (MGSFJET)
Look at the bright side. When you're finished you'll have one VERY nice Corvette. You could spend about the same amount of money doing the same things to a less desirable car but wind up with, well, a less desirable car.
Safety Car
Joined: Feb 2002
Posts: 3,556
Likes: 0
From: Seattle WA
Re: Project Money Pit (The Money Pit)
im at about $23K but ive speant a little more than i should have, and until a couple years ago i was paying other people to do bad work, rather than doing it right myself.
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Burning Brakes
Joined: Oct 2002
Posts: 1,228
Likes: 6
From: lancaster ma
Re: Project Money Pit (MGSFJET)
I had the same bump stick question. 20K more into the car would more than I would spend. People do this all the time with houses. They buy something that turns out to be less than they wexpected and spend big$ on additions and renovations rather than look for the right house. You may want to fix this one up a little while you look around. Recover your money on this one and take advantage of someone elses cash flow problems. It all depends on what your goals and budget are.
Le Mans Master
Joined: Apr 2001
Posts: 5,000
Likes: 1
From: Minneapolis, Mn USA
Re: Project Money Pit (adamdinat)
Am I wrong to think that $10.5K is way too much for a 73 with the above description? I have seen 5K - $7K for this in the Collector car traderonline.
Brent...
Brent...
