Rebuilt 92 ZR-1-What is it worth?

[69MyWay]

I have been looking on an off at a 92 ZR-1 not far from where I live. The fellow that has it has been slowly rebuilding it from a roll over accident. He says it has a clear Florida Title, but they had to carry it back to Virginia after making most of the major repairs for a D.O.T. inspection and title certification.

It is/was black with the red interior. The odometer is approx 65,000 miles. It sat outside so long that the interior has faded away. It comes with a replacement dash (some glass cuts on the original), seat covers, door panels, and other plastic trim. It needs carpet and other misc. interior parts.

When it crashed, it crushed the winshield post back and down on the passenger side. It also crushed the passenger side of the roll bar area. The hood was minimal damage, the front and rear bumper torn off, major suspension damage, and repairable damage to the passenger door and quarter panel.

Right now it is in primer. The interior is still in terrible condition, and most of the major work complete. It starts right up and sounds very strong. From what I can tell it needs at least an alignment as the right rear tire is sitting funny. The floor is still cracked open under the driver seat.

The price of the car as is right now is between $15k and $18k. My thoughts would be to sell our 90 and have my wife drive and use the ZR-1 on a daily basis. It will never be a valuable car due to all the collision damage. The current owner is in no big hurry to sell. I understand he has turned down $15k but would seriously consider $17-$18. I figure if he still has it when my 69 project is running and driving that I will get very serious with him on a purchase.

What do you ZR-1 owners think? Any insight to consider on these things? What is the most expensive common problem to anticipate?

Thanks

 

[69MyWay]

I almost forgot--it has a brand new tires all the way around. I believe they were BFG instead of Good Year.

 

[JT ZR-Won]

Chris,
You might want to check out the ZR-1 Netfor current pricing. There is a '91 Red on Black right now on the ZR-1 net with 73,000 for $17,500. It says well maintained and in great shape. The car is out of Texas.
From the sounds of it, I wouldn't pay over $15K for the car you've been lookig at. It sounds like a great opportunity to own a ZR-1, but the problem is that I've noticed a lot of ZR-1's are slow movers........meaning hard to get rid of. A lot of people are worried about maintaining the LT-5, or discontinued parts, etc. If you bought one that has been wrecked, you might find yourself stuck with it. Literally.
I know of a '95 white on tan here in Tampa at a local dealership. The car has a clean title but was wrecked. Neddless to say, it has seen a couple of birthdays on the showroom floor, and will probably see a couple more.
Honestly, I would look at that car on the ZR-1 net if you're in that price range. It sounds like a nice deal. As long as the LT-5 was maintained well, it will have plenty of life left. Good luck, and definately keep us posted.

Jay

 

[69MyWay]

Jay,

Thanks for the info. We looked at the ZRnet. You are right about the price and availability.

I had some of the same thoughts--where do you get a water pump, starter, rocker arm, exhaust gasket, etc. etc. as things wear out.

I have never been afraid to take on a massive project. There is no doubt in my mind this local car can be put back together. The question is however, what is a fair price. I think somewhere between $12,500 and $14,000 might be a good place to be on the wrecked one. I think with me doing all the labor and paint work that it could be finished off for another $1,800.

I get the impression the fellow that has it has held on to it way to long to get any of his original money back out. I think he has had the car for over two years. He probably planned on putting it back together and having it ready to sell in two or three months after he first bought it. He is going to take a loss no matter what.

Like they say, cash talks. Since I don't have any at the moment I can't do a whole lot of talking. However, we will see what happens in the coming months. I did get the front clip bonded on the 69 last night. It finally looks like a car. In the next couple of months it will be.

 

[JT ZR-Won]

Chris,
Can't wait to see pics of the '69.....
When you mentioned the fellow with the ZR-1 you're looking at was trying to get over $15K, I was under the impression it was a totally completed car that had just been wrecked. If you need to do body work on it yet, I most definately wouldn't pay over that.......only because there are cars out there for only a little more that have never been hit.
I debated for over a year whether or not to get a ZR-1 because of some of the things you mentioned above. But eventually I said "screw it", you only live once. These motors are supposedly built very strong and can take an enormous amount of abuse. As long as you take care of it it should treat you well.
The ZR-1 community is very tight-knit. There is such an extensive following for these cars that you can find most any parts by contacting only a couple people. There is also a lot of support out there.......Everybody here at the CAC was very supportive when I was getting ready to buy mine
Keep me posted, Chris.......

Jay

 

[69MyWay]

I spoke with the owner of this car again.

He has offered it to me at $15k. It needs a carpet kit installed and painted. It comes with all the paint materials, new tires, new seats, new glass top, and all kinds of other extras. The title is clear.

I realize this is no steal considering the market in general. However, it stilll has my interest peaked.

Any other new thoughts?

 

[Rob]

My gut feeling is that $15K may be a little too high.

The car was rolled.....how/why was it rolled? The other thing that you guys haven't mentioned is the condition of the engine. If the car was rolled and running, what happened to the engine? Were their periods of oil starvation during the roll, etc? What's the overall condition of the engine? Is the car running?

 

[69MyWay]

Rob,

I don't know what happened in the roll over. The hood was replaced with a new OEM unit. I saw the old hood, and it was not violated, just heavily scratched and cracked over the passenger tire.

The engine cranks and revs strong and holds solid oil pressure. No smoke. The charging system is good and I can't see any leaks underneath. The a/c blows cold and the other power options look fine. The once bright silver finish on the plenum and valve covers has turned that ugly faded color.

He bought new tires with zero miles on them. It is all in primer and comes with all the ICI paint supplies to finish it off. The local Chevy dealer has a standing agreement to finish painting it for $600. They do good work.

What it needs right now is a new carpet kit. It has new leather seats that have just been installed and waiting to go back in the car. The right rear wheel is cocked funny and is in need of an alignment. It has all new suspension parts on that side, but they just bolted them in and figured the alignment shop can finish it off. All body panels were replaced less the right quarter and roof bar. The repair looks good. They just installed a new windshield and replaced all the weather stip on top.

I realize there is the potential for a can of worms here. I also realize it is not a steal by anymeans. On the flip side, I feel like I would end up with about $17 in it and have new tires, new paint, new seats, new carpet, new top, new battery, etc, and ready to rock and roll. My credit union will finance it 100% to the tune of $300 a month for 60 months. My thinking is, I could use this as my daily driver and have zero heartburn for racking up miles and eventually wearing it out, since it is no cream puff to begin with.

He is getting a tilt tele for my 69 that I am picking up in a couple of days. I will get to go back over the car again. Maybe I will snap some photos if no decision yet and post them up here for more input.

 

[Rob]

Chris,

Sounds good. The last thing I would have verified if you haven't already done so is that there is no frame damage. Other than that, I can't think of anything else to check. Keep us posted and good luck!

 

[JT ZR-Won]

Chris, price is starting to sound more reasonable. Also, do you plan on keeping this car? If so, then I say go for it. If your plans are just to drive it for a few years then sell, I would reconsider. From what I have been seeing, the ZR-1 market right now is a buyers market. Some of these guys trying to sell are taking big hits. If you tried to sell, you might be stuck with it for a while unless you decided to take a big hit on the car. Something to consider........good luck

Jay

 

[69MyWay]

No, I don't have any plans to make it any sort of an investment car. I would plan on running the wheels off of it. Nikki has 150K on her 90 and going strong. Don't see why the ZR1 would not go at least 100K before any major expensive problems.

I think that is the coolest part about this car. I would drive it my 70 plus mile round trip to and from work each day.

 

[JT ZR-Won]

Chris, some of the guys in the LT-5 Registry are getting much more that 100K on stock LT-5's
Sounds like you might be joining the ZR-1 group soon. Best of Luck! You won't be dissappointed....

Jay

 

[FrankUrbinati]

This is the same car that has been on e-bay several time's. Please approach this car with caution. For 15g plus a decent paint job. And interior work the car . That car is going to cost more than a good ZR1.There are plenty of nice car's out there.
Keep looking. Just my opinion.

 

[69MyWay]

Frank,

Thanks for the input. I know that Wade (owner of the car) sells a whole bunch of his stuff on e-bay. He told me at one time that the best offer he got on e-bay was either $16 or $17K and that did not satisfy him at the time. I have been buying all kinds of parts from him for my 69. However, a good friend of mine got into a huge legal battle with Wade over a 67 that turned out to be a disaster. However, I can see the title, see the car, look it from top to bottom myself, and if I get burned, it will be my fault.

Okay, let me add it up. The car comes with the paint (ICI-very good brand and I have sprayed it before), and an agreement to finish the paint for $600 = $15,600 + Carpet and misc trim $500 = $16,100 + another $1,000 for unknowns = $17,100. Okay, now the price is obviously climbing. I do have your point well taken.

Talked it over with boss (Nikki) quite a bit yesterday. We realize this is no steal of a deal, but all in all, it is not a bad price to pay for a monster of a car. Plus, there is no doubt I have the skills and ability to make it look perfect again. However, climbing up to nearly $20,000 after tax and tag transfer and about two months of trailering it from spot to spot does not make a whole lot of sense right now. We are still going to pursue it and see what if anything else I can chisel off.

I don't know if I will be seeing it today, or this weekend. He is to call me when my 69 column column comes in. This time, I will write down the VIN, exact miles, etc. and snap a few pictures.

You guys are great.

 

[JT ZR-Won]

Keep us posted Chris, I'd definately like to see pics of the car.....

Jay

 

[69MyWay]

?

I have not been able to reach Wade the last couple of days. We are suppose to be making a deal on a steering column and looking over the ZR1. His voice mail is full, so I will keep trying back in the next couple of days.

I will keep you guys posted.

 

[69MyWay]

Saw the car tonight, going back on Friday to look it over in more detail and gather all the numbers. Will see what kind of deals the banks are offering.

I will snap a few pictures as well if possible.

He has done several things to it since I last saw it. The new seats look great, and it has Goodyears, not BFG tires.

 

[JT ZR-Won]

Good luck Chris

 

[69MyWay]

Pictures

I looked at the car today.

Vin

1G1YZ23J5N5800045

72K MILES

Here is a link to some pictures of the car.

http://albums.photopoint.com/j/AlbumIndex?u=1428880&a=13863087

The new seat covers look perfect. There are boxes of parts for the car, many new.

I noticed the a/c is not cycling.

These lights were on the dash while the engine was running

Service LTPWS
Service Ride Control
ABS
ASR

I am pretty sure they just need to be reset.

Parts the car needs that do not come with it include.

Right door upper rubber mlding and weather strip on rt door.

Misc. small weatherstrips and clips, carpet.

It was a class A State of Virginia rebuildable insurance wreck. Upon an inspection showing the car was substantially repaired, a clear title was issued. I took a picture of it but it did not come out very clear. It did match the car and the VIN does match on several places around the car.

What they did is section a new "roll" bar in from a 93.

It needs work. Nothing I can't handle. However, $15K is still a little steep for so much to be done.

????????????????????

 

[JT ZR-Won]

Your right......it needs a little TLC
That's a tough call Chris. Personally, I'm not a paint & body guy, so I would not be able to get it looking good again. But you know how to do all that.........I don't know about $15K. I guess you'd have to figure out about how many hours of labor you'd have to put into it.

From the ZR-1 Net:

6/30/01

SELLER=Gabriel Jones(CA)
PHONE=310-801-0376
EMAIL=hermit@lagmonster.org

MILEAGE=62000

DESCRIPTION/OPTIONS= 1991 Polo Green/Tan ZR-1. Car #617. Has been daily driver needs some TLC. Mechanically very sound. RedLine used throughout. Borla 2 3/4 cat back. Custom chip. Braded brake lines. New Koni fully adj shocks, Starter, Battery and Radiator. Car needs some light cosmetics. Please call or write for full details. This car is extremely reliable and very fast. Never raced! Runs cool always (even in SoCal). Must sell asap. I hate to let this car go but in between jobs. Will consider best offer over $17,000.

PRICE=17K

Jay