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A guy here in the Seattle-Tacoma area traded his pristine '70 Stingray roadster straight across for a non-running '69 L88 (all documented.) He got the car running, took it to the drags a few times, drove it around and then sold it for $35K. It must have been in better condition than this one, although the guy said the car had been raced, so it had fender flares and such.
But $60K for a total restoration without documentation?!?! a little much I'd say. But someone will buy it at $50K.
The problem I have with this is that if this is such a great "find", and the car will be worth that much more once it is restored, why doesn't the car dealer just buy it from the guy? At least explain why he passed on it.