How much shall I offer?

[blackrag]

I am a lurker and throughly enjoy this forum. I have been hunting a midyear project through a friend for some time. Finally I got the deal turned over to me today and I got to call the owner. I have made an appt to see the project later this week and need some help coming up with a "range of value/offer" based on some assumptions prior to actually seeing it.

66 convertible
350hp, original engine, 4 spd & rear
both tops
good title

Current owner pulled the body off with interior intact on a body dolly sitting outside his place of business for about 15 years. (bodyshop)

Drivetrain and rolling chassis is at home in his garage. (wife wants it gone)
Claims he has all new GM glass front end parts and a spare good frame. I believe the original frame has rust in the kickups. He claims he has all the original parts plus many new. The guy is a sucessful bodyshop owner, does not need the money, is now into 30's ford streetrods and will not put this car together.

During our conversation I tried to get him to give me an idea of price since I am not interested in wasting his time, but he would only give me a coy answer of " I never really thought about it".

So, I plan to go armed with my trim tag & numbers info, but am not sure what is fair pricewise. Although "matching numbers" is great, I don't care about future "top flightness". I will be doing the restoration myself.

I see some of the roughest rolling stuff ebaying up to $20k. I realize no one can give a definitive answer based on assumptions but I'd be interested in anyone's thoughts.

 

[BarryK]

without pictures and more details it's really too vague to answer.
a new replacement frame is a good start if the old frame is bad, but what is the condition of all the trim pieces, the chrome bumpers, door handles, windshield moldings, both tops, all of the interior? Are all the parts ans all the trim pieces actually there? Besides refinishing them, you need to factor in all the missing parts you will have to replace and that can get real expensive real fast.
Is the body is good condition and just needs paint or does it need bodywork and fiberglass repairs? the body sitting outside for 15 years would definitely need some work on it but question is just how much.
If it's been sitting apart and unused for at least 15 years you can figure on a complete motor rebuild needing to be done to it.
What condition is the suspension in?

If you can go look at the car, take as many pictures as you can, and take a pretty good inventory of all the parts that go with it it would help greatly in trying to calculate a fair value and price on the car.

 

[67HEAVEN]

blackrag,

Welcome to the posting (or non-lurking) side of

The best advice I can offer is to find someone in your area with knowledge and experience on these cars to look at it with you.

Buying a car that is not fully assembled can be a nightmare for the uninitiated. You would need to assure yourself that "everything" is there, and in what condition it all is. Replacement parts are getting very expensive.

One advantage to it being apart is that you can have a real good look at the chassis and drive-train. But, tell us where in PA you are and maybe someone will offer to look at it with you.

 

[Viet Nam Vett]

Heh ..Welcome to the Forum Blackrag....

As 67Heaven has stated..Having some one with you with good Midyear Knowledge is a PLUS..!!! My suggestion to you would be to contact a local Corvette club in your area and ask for help. You'll find that there maybe someone to go with you to check out the Vette. If you do find an expert...offering to pay a small fee might also be in order.

I know of several people that have paid to have a car checked out and saved them selfs from getting into a nightmare. Do a google search for Corvette Clubs. You should find one in your area.

 

[firstgear]

you can find the kind of car you are talking about but all together.....in decent driver shape for $28-$36K.....something apart usually means less than that.....since you are taking a risk that everything is not there...no matter what the owner tells you, you never know what is missing and then there is the lack of knowledge of how did it come apart since you didnt take it apart and document what you did.....good luck what ever you do.....

 

[IH2LOSE]

So this is always a hard question to answer.

Are you going to be rebuilding this car or paying for it to be rebuilt?

Not to discourage you,But I know as a fact that it is always cheaper to purchase a completed,done car then it is to purchase a project car and then build it.

That being said.

I would suggest finding what the REAL current prices of a simular cars sell for and then try and figure what it will cost you to put this project car into the same condtion. Once you figure the cost to restore it,rebuild it,he math may add up to only offer the guy 2 grand,not tha he would take it.

Now as for me personally,I am on a deal now for a 66 all together,original missing nothing,but needing every thing.the frame is week and rusted and I would say un-useable with out some type of major repairs.

My offer is 19,000.00 and i feel I am over paying for it and the seller feels its worth more and emails me links to vechicles he has seen sell on ebay for more money with no vin numbers.

So right now me and the seller are at a stall as I cant see paying more for the car knowing what its going to cost me to build this car.

PS I am looking at his car with the idea to put a SR111 frame under it with a modern suspention out of a C4 corvette with a big block.

Lastly some times it doesnt matter how much money you lose on building a car some times (me included) use car building to use up some extra energy and find it theropudic,or just good old family fun to build a car.
Best of luck

 

[blackrag]

Yeah, not a good question. Even with all the first hand knowledge and hands on inspection a C2 project in any shape is probably one of the most difficult to value in the current market. Thanks for the replies. I will have a knowledgable person with me. Have every book, manual and video made and am no stranger to the "while I'm at it, might as well as" club-last project-http://www.picturetrail.com/fatboy63k10
I don't want a "done" car. The "project" aspect is almost as important as the finished product to me. The way I emotionally overspend, buy doubles and re-do things until I'm satisfied, this will never be an investment. I guess the answer lies in IH2LOSE's post - $2,500-$20k. Guess I'll find out who'll take the worse beating tomorrow. I'll post the results.

 

[IH2LOSE]

Best of luck with the purchase. and welcome to our forum.

 

[JJS]

Best of luck with the purchase. and welcome to our forum.

Yes, and don't forget to let us know what you end up doing...either way!
Good luck.

 

[cfalson]

Reply

I just finished a project, not as invlolved as yours, body removed, rust free frame no interior and drive train, all other delivered on a pallet. Three years later a complete 66 original drive train (re-done), new paint, interior, chrome and accessories
Do not over pay (tops $15k-17k) or you will throw a lot of money away, you will need patients and perseverance. Since the owner has a body shop see if you can work a paint job into the deal something that will be big bucks, but if you can tie it to the deal it may be less of a hit and it will satisfy the current owner with more dollars.
Good luck, keep us up to date.
Thanks,
Charlief
66 Coupe

 

[Ol Blue]

blackrag
Several years ago I used the approach below when buying a Corvette that had been dismantled by someone else.

Using restoration catalogs I made a list of all of the different parts (front and rear suspension, driveline, headlights and electrical, dash and interior) that I would need to put it back together. As I went down the list the guy would go over to a shelf and bring me the part. When we were done we had a big area of parts piled up, with some parts NOT marked off of the list.

That exercise gave me a very good idea of what it would cost for parts to complete the car. Even with that I think I ended up buying $1,200 of stuff I hadn't planned for.

Ol Blue