Help with buying a 78

[slimanbrian@yahoo.com]

Hello everyone,

I am new to the CAC! I have never owned a vett, but I am going to look at a 1978 Silver anniversary Corvette on Tuesday. any advice as to what I
Should be looking for? In the add the guy posted he said " Runs but engine needs rebuild. Serious knock. Timing chain may have slipped. " any Idea what that could be? and if it needs a Rebuild. anyone know what something like
that costs? Thank you for your help! Brian...

 

[oceangal]

Welcome Brian and good luck on Tuesday.

I was warned not to buy the first one I looked and um I probably should have listened!

Here is a great check list from this site you can use:

http://www.corvetteactioncenter.com/tech/buying.html

 

[milo30]

I spent almost a year looking for mine

 

[Vette79]

Brian, welcome to CAC. You probably don't want to hear this but try to listen what we are saying. Take your time and be patient. This is rule #1 when buying a classic Corvette. Learn and do your research about Corvette's first so you can apply this when buying. It is a science! Now, you are better off buying a Vette that is in good running condition. The less you will have to do and pay for later. Although, if you have contacts already and will be doing most of the work yourself then maybe. Keep us informed and ask whatever you like. Post pics as well. Good luck.

 

[Art Jett]

I bought the first one I looked at however I know the seller very well and he had 5 other vettes + I was working with him at the time so I knew he was on the up&up. I knew exactly what I was getting.

 

[JohnZ]

In the add the guy posted he said " Runs but engine needs rebuild. Serious knock. Timing chain may have slipped. " any Idea what that could be? and if it needs a Rebuild. anyone know what something like
that costs? Thank you for your help! Brian...

Could easily be a $5K problem - keep looking.

 

[slimanbrian@yahoo.com]

thanks for the advice guys. I will let you all know how it goes! Brian...

 

[6880 Mike]

...any advice as to what I
Should be looking for?...

Good reading here. Worth the price of a copy.

 

[richross]

What do you think Brian, look familiar?
Hope all's well-
Rich

Good reading here. Worth the price of a copy.

 

[minifridge1138]

This is a long post, I apologize in advance.

How much is he asking for the car? What condition is the interior in? What condition is the body in? Interior and Body are more expensive to fix than an engine. Are there maintenance records for the car? Do you know what has been done to it and when it was done?

Speaking from personal experience, a timing chain costs about 20-30 dollars if you do it yourself. However, paying a shop to do it for you will cost a few hundred (i did it myself).

Also, be prepared to fix a lot of things along the way. You have to remove a lot of other parts just to get to the timing chain. As you remove these parts, you'll find things that need to be fixed (old rotting seals, worn electrical wiring, metal corrosion, etc). I found that my intake manifold was so corroded, that I actually poked a screw driver through it. So that was another $150.

Here is the big problem. If the timing chain slipped and someone kept driving it, then the head of a piston may have hit a valve. That means you need to rebuild the entire motor (at least new pistons, lifters, and valves). At that point, it is cheaper to buy a new crate motor than it is to buy all of the parts to repair your motor.

For the sake of argument, lets say it does need a new engine. They cost between $1,500 and $7,000 (actually you can spend a lot more than that). So if everything on this car is perfect BUT the engine, add several thousand dollars to the cost.

I will tell two stories:

My uncle is a profession auto mechanic and a muscle car fanatic. A friend of his told him about another friend with an old car in a garage. My uncle went to see this car and talk to the owner. Turns out the car was a 1968 GTO. It wouldn't start, the tires are flat, and it needed paint. The owner is sick of looking at the POS and says he'll sell it for $200 (not a typo) if my uncle gets it out of his garage that afternoon. My uncle puts air in the tires and tows it home. Engine cranks, won't start. My uncle pulls out a book about Pontiac V8's, looks at the distributor, looks at the spark plugs, and says "hmmm, firing order is wrong". Re-arranges the spark plug wires, turns the key, and it starts immediately.

I was 22 years old. I've done minor automobile work. Changed oil, brake pads, alternators, bled brakes, etc. I know more than the average person, but I'm not as smart as I think I am. I decide that I want the first car I buy to be a Corvette. I find a classic car dealer selling a 1982 Corvette that is within my price range. I want to buy from a dealer, because I think they will be more trustworthy than an individual seller. I've read a few books about buying Corvettes, so I think i'm good to go. I test drive the car, kick the tires, look under the hood. The previous owner had made a lot of mistakes, but the car drove fine and I was sure I could fix anything. After a radiator replacement, I drive the car home. Two weeks after I buy it the timing chain slips. I spend the next 6 weeks rebuilding the engine. Every project i started on revealed 2 more projects i was unaware of. Two years later and I still haven't added up the receipts to see how much i spent fixing the car.

I still have that car and I love driving it. I have had a lot of fun working on it and I have learned a TON (So much so, that I probably wouldn't buy that car again).

There are 2 morals of the stories:
1) Know what you're doing. If you don't know what too look for or what you're looking at, then find someone who does. If your area has a Corvette Club, join it and ask one of the members to come look at the car with you.
2) Be careful. When I test drove my car, it ran fine. There was no way to know that the timing chain was going to slip. You're thinking about buying a 30 year old car. The odds are good that SOMETHING is wrong with it and it may be invisible until it snaps.

Good Luck!

 

[bumblbe]

When looking at any Corvette remember the old adage:

THE CHEAPEST CORVETTE ULTIMATELY ENDS UP BEING THE MOST EXPENSIVE CORVETTE.

Been there, done that. Buy one that was restored as recently as your budget allows. Then you can do things to it that you want to do, not because you have to do them. Get several of the free catalogs that are out there and see how much money parts cost. Corvette ownership is a constant learning experience. Join a club and befriend the people who have done restorations. You must interact with other owners in order to learn. Most owners are more than happy to share their experiences. That's why I'm writing this. Constantly monitor the CAC website. Enjoy the hobby! What other hobby is there where strangers wave to one another with all their fingers showing?