The ever popular what's the car worth question?

Thanks in advance for any info you can share.

I have a friend that is interested in selling her 1970 LT-1, 4-speed, convertible, Laguna Gray/Black Corvette. I believe that the car was just finished this past July from a complete frame off restoration. She has 82 pages of receipts detailing the work.

I have attached a few pictures that she has sent me. I have seen a few online around 75 but really have no idea. This is all of the information I have as of right now and will add more when I get it.

Thanks.

 

Thanks Jason, I do believe that this is not going to end well for her. I have not seen the car but I believe it was only judged to be second flight according to the picture I forgot to attach. I just want to try and give her an honest answer as to where she stands.

Mecum had a few:


S58 1970 Chevrolet Corvette Convertible LT-1, 350/370 HP, 4-speed St. Charles, IL $34,000 October, 2008
S17 1970 Chevrolet Corvette LT-1 350/370 HP, 4-Speed St. Charles, IL $21,000 June, 2009
X23 1970 Chevrolet Corvette LT-1 Convertible 350/370 HP, 4-Speed St. Charles, IL $70,000 June, 2008
X24 1970 Chevrolet Corvette LT-1 Convertible 350/370 HP, 4-Speed St. Charles, IL $54,000 June, 2008
X25 1970 Chevrolet Corvette LT-1 Coupe 350/370 HP, 4-Speed St. Charles, IL $80,000 June, 2008
S128 1970 Chevrolet Corvette LT-1 ***CANCEL*** St. Charles, IL June, 2008
F250 1970 Chevrolet Corvette Convertible 350/370 HP LT-1, 4-Speed Kissimmee, FL $37,000 January, 2009
S114 1970 Chevrolet Corvette Convertible LT-1 9174 actual miles Kissimmee, FL $69,000 January, 2008

 

I understand. I know she has already shipped it twice for $1,200 each time including other expenses. She might want to hold on to it for a while, like forever. Thanks again Jason.

 

Darren, Ebay with a high reserve is a very cost efficient way of exposing the car to the public. Many cars are sold outside Ebay when reserve is not met. Many serious buyers don't even bother bidding, they just get contact information from the Ebay ad and then proceed from there. Have you visited the Corvette Forum?

http://www.corvetteforum.com/forums/

Scroll to the C3 section.

These guys are really tuned into what's happening with Corvettes. She can post pictures and ask opinions of what it's worth there. That's another way to expose the car to the public. LT-1's are great cars and in demand. They were once predicted to be $100K cars before the financial meltdown in 2008 but that ship has sailed long ago. Hope this is helpful.

Good luck.

Thomas

 

Thanks Thomas, I will check out that site. She does not need to sell it but I think she might just want it gone sooner than later.

 

I have a rotisserie restored 70 Vette conv 350 hp 350 built to LT1 specs, 4 speed with powder coated frame and two hard tops. I ran it on Ebay about a year ago and the top bid was $31,500 which is short of what I have in it. I wouldn't sell it for less then $36K, it would cost $50k to build that car today! If I were her I would be in the $45K range but she probably has more then that in it. Look at the prices in Hemmngs and the Old Car Price Guide. The only saving grace is the fact that it costs more and more to restore cars every day, so, prices must go up at some point.

There's a show on Velocity called "What's My Car Worth". You can send pictures and they'll give an approximate appraisal on the air.

 

Keep in mind, 68-72 Vettes just don't bring the big money like the C2's do. They are close but will always be behind. She looks like she has a great car. #1 C2 Vettes bring the beans in, 100-150 for top cars with the right options. She looking at obviously less than 100k to give you a starting mark. The 4 speed is a big selling point IMO. I would pay 50-70k for the car. Depending on matching numbers/ original colors etc etc as that wasn't mentioned.

Again, as mentioned above, I would list the car on eBay. I believe it costs around $40-50 for a high reserve auction so it isn't a lot.

This is coming from the son of a corvette collector. I'll ask my father and see what he says as he owns a couple C3's but I have been listening the last 18 years of my life.

GLWHS.

 

The problem with Ebay is that 90% of the cars that get "winning bids" never get paid for and there's nothing the seller can do about it. That's why they call it EvilBay.

 

Happened to me two times in a row with the same car. eBay thinks I owe them money, I told them to pound sand.

 

Thanks again guys for all of the responses.

I am going to try and get a lot more info from her about the car. I think she has known the original owners and I believe she bought it and another vette from them because they needed money and she was married to their son. I do need to confirm that they were the original owners. She has since divorced the guy and got the car out of the shop after that was finalized I think. I don't know the whole story but I know she has more than twice what philbquick thinks she should be asking just in the restoration.

When I get time to go through all of the documents she gave me and actually talk to her I will try and fill in some of the holes. I want to see if she has the judging sheet from the NCRS and what it states

Thanks again!

 

I just left the corvette world, became an Ncrs judge and learned the ins and outs of the c3's, lost 30k on my ls6 car.heres a few things

70 is the most desirable lt-1 as it has the compression and is a short year due to the strike
Steel cities grey is very desirable
80% of them were 4 speeds
Convertable is more desirable than coupes

Things effecting value:
Corvettes are all about the numbers and real numbers matching means everything. Real stamp pad that matches, correct color and interior, tank sticker helps a ton, protecto plate and original paper work, second flight cars are easy to get to top flight with more money, it depends on what is wrong. Wrong paint color puts you nearly into second flight right off the bat.
Was the car restored with original parts or repops? These guys are the pickiest guys you will ever encounter, no excuse cars are the only way to get top dollar. If the car is the real deal, you need to get in the Ncrs world to sell it.

Ebay, start your bid at the minimum you want for it, what do you care how many bids you get, this way it costs you insertion fees and can be relisted every week for nothing. These guys will ask a million questions and want videos of the car running and 100 pictures of every nut and bolt head marking you can think of. Then they will send out another Ncrs guy that is local to pick your car apart and beat you up and make an offer for half what you are asking. 40k would be all of the money if it is correct, C2 cars are money pits, even nice lt-1s

 

AACA also has a forum where you can advertise for free. I rather list a car there then Ebay. If a prospective buyer wants 100 pictures of every nut and bolt, they need to buy a plane ticket!

I have a 70 Corvette 4 speed, conv, rotisserie restored, 350hp 350 built to LT1 specs, numbers matching car, and a 71 LT1 that only has 330 hp is worth more. I don't get that! The Old Car Price Guide says my car is worth $47K, I take it to shows and put a $36K price on it and people think I'm nuts. It would cost $50K to build it today.

 

Thanks again guys for all of the responses and help. I plan on digging a little deeper starting this weekend. If I get a chance to see it and take some photos are there any must areas that I should try and get? I doubt I will have access to a lift and the weather is pretty bad so I doubt it will be outside.

 

FWIW (and that's not much, I know), a red on red '70 LT-1 vert just hammered down at BJ for $70k.