Need Input
Thread Starter
1st Gear
Joined: Jul 2010
Posts: 1
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Need Input
An old friend of ours has a 1994 C4 available for sale. Needs brakes, upholstery, rims, paint, carpet, and has some oil leaks. I am thinking I could get it from her for about $4500. She parked it two years ago, but drove it everywhere, so it has some high miles on it...134,500. Not sure if it's a good deal or not. Have about 8k to spend on initial repairs, but figure it would probably be a little over that. Could I even get my money back out of it if I needed to sell it down the road?
Le Mans Master
Joined: Jul 2009
Posts: 8,041
Likes: 2
From: EOF ★ Kaliforniastan ★
St. Jude Donor '10
An old friend of ours has a 1994 C4 available for sale. Needs brakes, upholstery, rims, paint, carpet, and has some oil leaks. I am thinking I could get it from her for about $4500. She parked it two years ago, but drove it everywhere, so it has some high miles on it...134,500. Not sure if it's a good deal or not. Have about 8k to spend on initial repairs, but figure it would probably be a little over that. Could I even get my money back out of it if I needed to sell it down the road?
If it runs a 94 for $4500 sounds pretty good but paint and interior are VERY costly and no you will never get your money back on this. Probably should shop around more...
Good luck...
Melting Slicks
Joined: Feb 2005
Posts: 2,057
Likes: 5
From: Bay Shore, NY
A good paint job will run at least $3,000. Factor in costs for interior parts ($1500 for seat foam, covers, carpets and door panels), at least $600 for rims and another $400 for brakes and you're deeply into that $8k already. And you still have to deal with the leaks. Also, any car that sits for a length of time will need additional things unless the owner prepped the car properly for storage, which is hardly ever the case. You will have to change all the fluids, oil, coolant, etc. You will probably need tires along with the rims. The a/c system will probably have a leak, and so on and so on.BTW, a C4 is a like a boat, you will never get your money back. It will take quite sometime before they begin to appreciate in value. It the love for our cars that keeps us from selling ours.
IMO, take the $4500 and your $8000 and get a nice, low mileage C4 needing very little. I am sure you will find one and have money left over.
Roadster Madness. 😠
Joined: Sep 2009
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From: Ventura Co Ca
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St. Jude Donor '13, '20-'21
A good paint job will run at least $3,000. Factor in costs for interior parts ($1500 for seat foam, covers, carpets and door panels), at least $600 for rims and another $400 for brakes and you're deeply into that $8k already. And you still have to deal with the leaks. Also, any car that sits for a length of time will need additional things unless the owner prepped the car properly for storage, which is hardly ever the case. You will have to change all the fluids, oil, coolant, etc. You will probably need tires along with the rims. The a/c system will probably have a leak, and so on and so on.BTW, a C4 is a like a boat, you will never get your money back. It will take quite sometime before they begin to appreciate in value. It the love for our cars that keeps us from selling ours.
IMO, take the $4500 and your $8000 and get a nice, low mileage C4 needing very little. I am sure you will find one and have money left over.
Advanced
Joined: Feb 2004
Posts: 55
Likes: 3
From: Lake Stevens WA
Since you asked the question "can I get my money out of it" I would assume that you just want a Corvette you can drive and not a project. I bought a really cheap 86' that needed all the stuff that the car your looking at needs. I bought it knowing that if I ever sell it I will loose tons of money but I wanted a project. If you don't do the work yourself or you don't love taking things apart, getting dirty, searching the forum for answers, pouring over parts catalogs, looking on craigslist for parts cars, etc. than this is not the car for you. Keep saving and keep looking.
Melting Slicks
Joined: Feb 2005
Posts: 2,057
Likes: 5
From: Bay Shore, NY
Since you asked the question "can I get my money out of it" I would assume that you just want a Corvette you can drive and not a project. I bought a really cheap 86' that needed all the stuff that the car your looking at needs. I bought it knowing that if I ever sell it I will loose tons of money but I wanted a project. If you don't do the work yourself or you don't love taking things apart, getting dirty, searching the forum for answers, pouring over parts catalogs, looking on craigslist for parts cars, etc. than this is not the car for you. Keep saving and keep looking.
well said
Race Director
Joined: May 2006
Posts: 10,691
Likes: 71
From: Phoenix Arizona
Unless you can do all the work yourself, (and that especially means paint), pass. As stated above, you can get a nice one that needs no work for well under $10k. 134k isn't really high miles, but a 94 in very good condition and those miles would go for around $7500, depending upon your location (and in this economy would take a while to sell). In short, you'd lose your *** on it.
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Race Director
Joined: Sep 2008
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From: Wichita Ks
I agree with the other guys. With that kind of money I would be looking for a C4 that is in much better condition and with much lower mileage. I feel in the long run you will be happier and have less problems to deal with which means more time behind the wheel when you look for a well maintained vette.
Race Director
Joined: Jul 2007
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From: Salt Lake City Utah
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If you're going to buy it to restore and enjoy, go for it. It will be easy to get buried in it so watch what you put in it as it will always be a high mileage C4 and not a very valuable car.
Sounds like fun though
Sounds like fun though