need help with valuation

[BarryK]

Hi C3 guys

i'm a C2 guy mostly so don't know much about current values on the later model C3's.
Here the deal:
Friends of my parents mentioned that they had a corvette that they weren't using, the daughter is about to get her license and they are getting her a car and so the Corvette is now in the way and they need to sell it.

It's a '78, L82, auto, PS, PB, PW, A/C
a very original, very low milage car - it currently only has 9489 miles on it.

They are the third owners (technically only two owners since the previous owner was the mans brother who sold them the car but they never transferred the titale so paperwork wise there are really only two owners although they are the third "caretakers" of the car).
The car originally was purchased new and the original owner wanted to keep it in good condition so he only frove it rarely than 8 or 9 months after buying it was about to get married so had to sell the car. The second owner was in law school and kept the car at home so it got very limited use when he came home from school. After holding onto the car about 10 years the second owner sold it to his brother (the current owner) he used it on a limited basis for a few years than got tired of it. It only got used literally a couple times a year until about 2 years ago when he just really never drove it anymore. for the last year it has been completely unused and it hasn't even been started in a solid year. About a year ago he did take it to a local corvette specialist and had some brake work done on it, brand new tires installed and while it was there becuase it has spent so much time sitting with barely any use the corvette place told him it needed to have a number of the seals replaced so they actually pulled the motor and replaced the seals. since driving it home after that service work it has sat under a car cover untouched since.

Needless to sday, it needs some work. I went to see it a short time ago. It needs new paint badly. there is a lot of oxidation in the engine compartment, BUT the interior is in very good condition with the biggest issue in the interior being the headliner panel on one T-top is hanging down.
most importantly the frame looks GREAT under the car. It's very solid, and only very minimal surface rust.

you can get a better idea of the car by the pics on my website here:
http://69.253.166.197/page1/page127/...5/page105.html

The current owner has a large folder with all documentation on the car including service work done on it, registrations, titles, etc.
The title is still actually in his brothers name (the second owner).

They mostly just want the car gone and out of their way.

Any idea of the value on this car?
There is a possibility that I may be able to get this car cheap, around $5,000. Since it does have the desireable L82 motor, would $5k be a good price to pick this car up for even with all the cosmetic work it needs.
the biggest issue on a car with this amount of limited use would normally be the expense of pulling the motor and replacing the dried out seals and gaskets but that was already taken care of a year ago.

I'd really appreciate any feedback or opinions please. Thanks!

[Vettehead Mikey]

Neat car! It's certainly worth 5K, possibly double that, as-is. Certainly it's well preserved, surface corrosion aside.

I'm looking at it from the NCRS Bowtie point of view, but it's a shame that somebody pulled the motor to 'change seals'. I guess the supposed Corvette shop needed to make their month end revenue figures and found a willing victim.

It might be worth keeping the car as-is to see it's Bowtie potential, before making a gottarestoreit commitment.

Mike

[BarryK]

Originally Posted by Vettehead Mikey

Neat car! It's certainly worth 5K, possibly double that, as-is. Certainly it's well preserved, surface corrosion aside.

I'm looking at it from the NCRS Bowtie point of view, but it's a shame that somebody pulled the motor to 'change seals'. I guess the supposed Corvette shop needed to make their month end revenue figures and found a willing victim.

It might be worth keeping the car as-is to see it's Bowtie potential, before making a gottarestoreit commitment.

Mike

hmmmmm, never even considered that angle of the Bowtie. interesting

well, sounds like if I can get it for around the $5k figure it's worth it

thanks!

[67HEAVEN]

It will almost certainly need attention to the brake calipers when they start to leak in use, and they probably will.

Rad hoses, belts, tires, etc. will need careful inspection for weathering. The requirement for paint will bump the cost up quite a bit.

However, it seems like a bargain, Barry, mainly because of the miles.

I'd buy it at that price, not for making a profit, but because it sounds like a solid car (with an automatic) that would make a great cruiser for your wife.

[BarryK]

hi Bob

supposably the brakes were done as part of the service they had done a year ago before it was parked and left.
i figure before even trying to start it would rwequire all new fluids at the very least. The belts, and hoses did look ok when i looked at the car and the tires were perfect, basically brand new but just sitting for a year.
Even the weatherstripping is surprisingly in very good condition.

yep, a toy for the wife was a main consideration, especially with the auto trans, and the A/C.

If we decide, i can do a bit of "clean-up" and freshening on the motor to make it more presentable (I have practice now ) and maybe flip it after a little while. The paint I wouldn't touch unless I was sure we were really going to keep it if Linda decided she really liked it so that would be last.

[BarryK]

well, negotiations have started on the car............

Just hung up the phone with the owner and he was looking for a little more on the car, $6-$8k, but agrees it does need work and that my figure may be reasonable although less than they wanted. he said he would discuss it with his wife (who's car it is) and get back to me so we will see what happens.

[67HEAVEN]

I wouldn't go over US$6,000. Hold tight. He'll come to you because he knows it's a hard sell to the average car buyer.

Takes guys like us to see the hidden "gem", Barry.

[JOE BYRNE]

If your bottom line in $5,000 I think they will go for it. If you keep it get a decent paint job and do most of the interior and engine cosmetics yourself...you will have a great low mileage C-3....flip or no flip

[BarryK]

Bob
nope, I'm staying at $5k. that's the figure that's it worth it to ME.

Joe, I agree, he was disappointed in the $5k figure but he understood my reasoning and didn't say no immediately to it. I do know the money isn't the issue with them so much as they need to get the car out of their way so I feel I have a good chance at it.

[67HEAVEN]

Originally Posted by BarryK

Bob
nope, I'm staying at $5k. that's the figure that's it worth it to ME.

Joe, I agree, he was disappointed in the $5k figure but he understood my reasoning and didn't say no immediately to it. I do know the money isn't the issue with them so much as they need to get the car out of their way so I feel I have a good chance at it.

If he won't take $5,000, Barry, and you won't budge, tell him I'll go $5,500.

[BarryK]

you know Bob, i just don't see you as a late model C3 kinda of guy....... unless you can add the wide fenders and a 502BB in it that is

[67HEAVEN]

Originally Posted by BarryK

you know Bob, i just don't see you as a late model C3 kinda of guy....... unless you can add the wide fenders and a 502BB in it that is

Think I might cut the roof off too.

[BarryK]

[Andy]

One other thing about this car is that it was serviced by a place here in pennsylvania known as County Corvette. They have a decent reputation in the area for their expertise in vettes...prices are a bit high, but as far as knowledge base goes, they are top notch. Since the car had been serviced their.........Barry, thats another comfort feeling I would have with this..


Barry, lets custom out this car.....Hookers, side skirts, the whole nine yards. ..Maybe even a Greenwood Body package!!

Originally Posted by BarryK

[BarryK]

Originally Posted by Andy

Barry, lets custom out this car.....Hookers, side skirts, the whole nine yards. ..Maybe even a Greenwood Body package!!

ummmmm, I'll think about it.
Ok, I thought about it...............NO!


actually, I kinda like Mikes suggestion, maybe i'll keep it long enough to see if I can get a Bowtie award than decide what to do with it.