Should I take a chance on a 2004 CE convertible. Its in rough shape but has a new top. The previous owner left the top down and it rained inside. The door panels need replaced, The carpet. Driver seat motor and leathers have cat scratches on them. The driver door is busted up. Actually I think every panel on the car has had a hole or crack in it. It was a repo I think and the guy didn't care. There is an oil leak on front of the engine The car has a clean title but its from Vermont. Its an Auto. I can get it for 6500.00 I think I can do much of the work myself but I'm not sure where to find the CE interior parts and carpet and body panels.I'm thinking i could get the body square and either wrap it for a cheep car or go all in with CE redo.

 

Wow. What a tough question for advice. I love a challenging project myself, but so many questions on this car.
The cosmetics such as paint and body are a known factor. Even a complete body job and paint can be firmly priced. It would be expensive, but you would know for sure.
The unknown is what would scare me.
1. Electrical issues - you said it got rained on and all the panels are cracked. So we possibly have heavy rain saturation into the dash and center console. Those relays and computer boxes are not made for a boat. Moisture can cause problems. Gremlins. Unknown. $$$$ and time.
2. Mechanical. Compression? Transmission? If the previous owner “treated it like a repo” then he possibly “drove it like he stole it.” Unknown. $$$$ and time.
Are there service records?

This car may be a diamond in the rough and run great forever, but at $6500, you are almost half way to a solid, well cared for 97-2000 base coupe. This car could suck up $10K plus in repairs and cosmetics in less than a year. After that, you still may have more to go.

I am not trying to talk you out of getting the car. But since you asked my opinion, here it is:

I would run. Run very fast the other direction!

 

If you want to turn it into a track car, and don't care about the cosmetics, this MIGHT be a good deal, but I would get a thorough pre-purchase inspection. If you want to make the car look nice, and get it back in tip top shape, this isn't worth it. Paint alone will be $7K - $12K. By the time you've finished fixing everything, you'll have spent at least as much or more than you would to buy a better example of the car to start with.

 

The car runs and drives as is now. If it were a stick i would probably take it on. Being an auto that's what's giving me pause. and it turning into a money pit.

 

I'm all about a cheap deal but there is no way I'd take a chance on this C5. Pass big time

 

I would pass. I would rather have a car with 165000 miles that has been taken care of half way decent than one with 65000 that is all beat to ****.

 

Pass is my opinion.

 

I understand that the allure of a $6500 Corvette is enticing because it is within reach, but, by the time you make this car "right" you could purchase another Vette in great shape and still have money left over. Leaks and gaskets, bodywork, water damage and a trashed interior? It doesn't check the boxes mechanically or aesthetically - heck, I can understand looking for a car that has one of the two going for it, but this has neither.

 

Hard pass, there are better deals around.

 

Since they didn't care about the paint and body, and left the top open to rain and cat **** and scratches, bet they didn't change the oil or other maintenance.

Summer 1996 I was 18 and bought a 1981 Z28 Camaro, in shape like this, of course when you are young and less experienced in life and have plenty of enthusiasm, you think you can fix it all up.

The engine failed on me soon after getting it and I ended up buying a 1985 Nissan Stanza 4 door economy car to drive to school, paid storage on Camaro, never got it running again being young and not having time or money, sold it to salvage yard in 2004, they would not tell me price they would pay until it's processed, they came and towed it away, got a check for $16.00!

Also I was being delusional thinking I would get it fixed up after a new 350, I paid $800.00 for it and traded a 1972 Chevelle Malibu 2 door ( was also a rust bucket that needed everything) for it.

On the show Better Call Saul the main character talks about the sunk cost fallacy to his girlfriend when he temporarily quits being a lawyer, when she reminds him how hard he worked to become one.

Since I traded the 1972 Malibu 2 door and $800.00, I kept refusing to accept it was junk and move on, until the day spring 2003 I drove home my 1999 C5 vert with 6 speed, it was like brand new almost.

It's easier and cheaper to buy a nice car and maintain, than a clunker and restore.

By the way the Camaro got field mice, chewed up interior and wiring, got yellow jacket nest, and the last years of storing from 1998-2004 parked at bosses cattle field, all beat up by black Angus bulls and cows using the car to massage/scratch them selves on.

It was beat up already but the cows pushed big dent on door, and broke off rear Z28 spoiler that goes over trunk and rear panels.

 

I also agree on a hard pass. even if you decide to use this as a track car (which is all I would use it for, too much money to "restore" it to me), being rained on inside (and who knows how many times) would make me worried that there is a lot of damage slowly working its way into gremlins in the car electronics. Unless you are starting a channel and do something unusual like rip off all the panels and turn it into something crazy ( like RoadKill did with their C4) I wouldn't touch this. You will be much happier with, as someone else put it, a high mileage car but taken care of would be a better buy.

 

I will put my new balances on and run the other way. Thanks all!!

 

You and me both. It sure looks like a money pit to me.

 

Cosmetic work is the most expensive repair , because you are buying a skilled trade, whereas most people can remove and replace any type of fastener. That is why I would avoid any cosmetic damage in favor of needed mechanical repairs when buying on the cheap.

In example, I used to have a toy workbench as a very young child, and I could pound those pegs down perfectly with my little wooden mallet. . coloring books were a whole different outcome at that skill level..

I wouldn't buy into that much work, unless you; desire the first C5 rat rod,. have unlimited cheap time and a healthy parts budget to fix things correctly, or just don't give a damn about outward appearances.

I bought my car with the expectation that I would do some work myself, and I do, but now know I vastly overestimated my interest in going back and actually working on dirty old cars, like what was normal back when I was younger .

I think the car is overpriced, and could be had for much less money with a slight amount of negotiations. the buyers pool can't be very deep with people interested in dealing with whatever happened to that poor car. Unless you want to start a night school for advanced cussing, and need this car for a class project, it's a parts car only, and missing some important parts, if one wants to be brutally honest.

 

That's a whole lot of money for an initial outlay, to then put another $10k into it to build an $8,000 car.

That's a parts car. Hard pass.

 

First sports car?... Offer 5000 max.. Go for it!.. but not over 5... Will be a cool first sports car, a good "learning" tool and will raise your confidence as a young man. You'll be that cool dude with the Vette!

 

Nope. There are many nice ones out there for not a whole lot more than the asking price and what it would cost to fix that one. (and that's just the issues you know about) I believe this car would fit the definition of "pig in a poke"

 

Run Forest, Run!

 

Go for it.

 

I can smell the inside of that car, haha. My Dad had a 73 Stingray that was rained in. That musty smell never went away... With all of the electronics in a C5, I'd suggest you pass. Although prices on C5's, and all used vettes in general, are ridiculous and show no signs of coming back down.