Jase

So a friend of mine has a 78 Pac(e car that he wants to sell. He is a great guy and I'd like to buy it from him but I can't make a bad financial decision. It is an actual replica based on the VIN.

The good:
L-48 Engine seems to run strong and has a rebuilt carburator. Feels more powerful then 180 HP
Has 81k miles but in its condition it could have 181k.
Remanufactured AC Unit
Original Engine, Carburator (rebuilt), and transmission.
Brake calipers have been replaced (good and bad I guess)
New power steering pump, new belts, new hoses.
Shocks are definitely not original.
Original T-Tops
Not much rust underneath...car might have been in Southwest entire life.
Brand new tires.
Headlights work but right side opens much faster then left side.

The bad:
Several cracks in fiberglass over front wheels, nose, small other areas.
Original paint is in bad shape and doesn't appear to be fixable.
Rubber is rotten everywhere, leather has holes in it.
Power antenna doesn't work, interior light and engine light do not work.
The power steering cylinder leaks almost as fast as you can pour fluid into the car.
Car was backed into something which put a crack/hole in the fin that would need to be fixed.

So, how much is the value of this car in the current condition? What would I have to put into it to make it a desirable car for the average corvette enthusiast. If I have to put more into the car then it will be worth in the end then that doesn't work for me right now.

Mgrad92

Do you want to fix up this car and sell it for a profit? You'll probably have to offer him significantly less than market value if that's the case. I can see a lot of work on this car just from the description and pics you posted.
It's really hard to put a number on the amount you'll have to spend to get it into decent condition, but I don't think that figure would be south of $7,000, considering the body work and paint.
Unless this is a labor of love, I would probably pass on it.

Greatsteaks

Buying a corvette as an investment is something you sell your wife on in order to buy one.

ATIS

QUIET!!! Thats what I did!

Jase

Thanks for the help. I figured even if I bought it at $7k (much less then he wants) I would have to double that to restore it and I don't know if a repainted non-original replica would sell for much more the. $14k when originals in very good shape seem to be $16-20k market value. If I wasnt saving to buy a house it would probably be ok but depleting that fund for something that is breakeven at best probably isn't the greatest plan right now.

Tim H

If you was going to keep it for yourself and it didn't put you in the poor house, i wouldn't go over $5000.
Its a pacecar so you can't scrimp or cut corners or everything you do will decrease the value 3 fold.

3JsVette

I'm confident saying that car is even worse than what the pictures show. It's a major money pit and time commitment. Keep saving for your house. There is no "breaking even" to be found here.

briankeery

Sometimes the wants outweigh the needs.....be realistic, get the house(that's the real investment) and revisit this area in a year or two. Try to learn from others mistakes; there's lots of $3000-$5000 cars on this forum that have been in rebuild phase for years. Take your time, and if it means saving for an extra 6-12 months to put yourself into something reliable; then at least your on the road.....after all we are ALL in a constant state of tinkering.....heck that's the hobby and joy(?) over owning a 30+ year old vehicle. Don't rush.....you'll get there.

LemansBlue68

Personally, I have a soft spot for '78 Pace Car Corvettes. I think this goes back to my high school years because one of the hottest teachers in my school drove a brand new one (rumor had it that her boyfriend owned a Chevy dealership). Hormones gone wild in my impressionable teen years, I guess.

On the serious side, what you've described for a 34 year old car isn't all that bad for a car that's been driven a bit. I guess you have to decide how much you like it. You don't have to re do it all at once. Interior items especially, can be replaced item by item and done whenever you have the funds to replace them. As long as you don't mind driving a car that is a work in progress, I can guarantee you will get some looks and thumbs up even with it in the condition it's in. The paint can be redone at some point to look every bit as good or better than the day it came from the factory. It won't be cheap, but no decent paint jobs are. The body damage you describe is not serious at all...certainly repairable.

The leaky power steering cylinder isn't that expensive and is a piece of cake to replace. Other than that, this car sounds like it is very sound mechanically.

I never consider any car an investment. They are a hobby to me and a labor of love. If I turn a bit of a profit or at least break even when I sell one, all the better, but I don't count on it. There are much better investments out there if that is all you are after.

jesse10886

my $3000 dollar car has been on blocks for 6 months and needs damn near everything

~Stingray

Unless you can fix the body and paint yourself, you are already looking at somewhere around 10K for those two things at shop cost.

My guess is that it is not worth it for you.

Easy Mike

Define "bad financial decision." It could be argued restoring any thirty year old car could be a bad financial decison.

Your friend's car needs a lot of work, no mistaking that.

CaseyJones

Seriously, as stated before any older Corvette purchase is a potential black hole unless you are buying a restoration to keep or the seller is in a bad need of some cash. Not counting the obvious paint and body repair, an interior kit (an easy $2000 with carpet), a new dash (I assume that it is cracked due to the el cheapo carpet cover sitting on top) is another $500 os so plus a weekend of frustrating labor, $250 or so for a complete steering hydraulics replacement, and the list goes on. Since it seems to be basically drivable and if the price is really right (meaning cheap) and if you just can't live without it then go for it. Enjoy it as it is and then start fixing things later on. You could probably pick another pace car up in far better shape than what you would intimately have in that one, but what fun is that?

parkerracing

Rationally, none of these are. Does that mean it doesn't happen (even when aware of this knowledge)? Heck no. Do it because you love it and don't keep financial records (at least don't add them up until it's done).

AdamMeh

Some good advice here. There are lots of project C3 Vettes around - sounds like the timing isn't right for you.

Good luck with your new home!
Adam

Jase

Thanks again for all the help. It looks like I could pick up a decent C3 that is in better shape in the $7-$8k (less then asking price on this one) range and enjoy it right away. I've seen a few in very nice shape with recently rebuilt engines and Trannys with a very good condition interior for $10-$12k which seems like the way to go when I buy one. I've been reading these boards for awhile now and can't wait to be a part of the community. I just never registered since I didn't think I had anything valuable to add to the conversation yet.

I really do appreciate the advise here. Seems like this is one of the most honest forums I've been on recently. A lot of them just seem to tell you what you want to hear.

Thanks

3JsVette

Yeah you got it.
That honesty can be brutal at times but it's all meant to help.
While our opinions often differ you do get the overall picture to help you make a decision you should be comfortable with.

Duane4238

RUN AWAY AS FAST AS YOU CAN! There are a few really good C3's available if you wait and just keep looking. My buddy just sold his one owner '75 for $12,000. It had 34,000 miles, new strip and paint, new leather interior, and the list goes on. He just got tired of it sitting in his garage and wanted something new to drive everyday. (He bought a Mercedes). Keep looking. You'll find the car that's right for you.
Duane

540 vette

To make that car perfect were you would get top dollar if sold, you would put an easy $10,000 into it. Plus your labor. More if someone else does it.

I have been pricing old beat up vettes and then figuring how much it would cost to fix them up. Most of the time it was only a few thousand less than a finished car. And I didn't put in time and labor to do them.

rdroe

What is working against this car is the fact that it is an Indy Pace Car. The paint and body repair are 80% of the cost. I've done the interior and all the rubber on mine for $2k. A good investment. Now if you are keeping this car for yourself, then I would say offer $6k, and then take your time and, as my wife says, "dither the money in so that it's not perceptible". It ultimately would make a nice car to have. Of course I've done this to 8 cars so far in my last 15 years of restoration. I now have my 82 and it's a final keeper!