|
|
||
|
|
|
|
|
Written
for the VetteNet
Home Page and Email List (http://www.dcc.edu/vettenet/)
|
|
|
|
|
|
|
|
by Mike
"Doc" Cobine - Procrastination
Racing Copyright ©
1996-2004 VetteNet
and all authors as listed. |
|
|
<>
This section is under
construction and will change as time permits.
Table
of Contents
General
Checklist for Buying a Corvette as a Driver
The
Straight Axle Cars 1953 - 1962
The
Stingrays From 1968 to 1982
This site is not
intended to replace every car buying book ever written, nor is it intended to
make you an expert at buying a Corvette. It is merely a guide to remind you of
what you are doing and give a very general direction to follow.
If you want more information on a
particular model, you should research it through other sections of the VetteNet Home Page, the many books available on Corvettes,
and with other Corvette owners. The VetteNet Email
List is a good place to go after you have already studied some of the many
books available. After all, this is the ultimate type of test, as you will be
on the firing line when you are looking at a Corvette to buy, without the
ability to stop and look to VetteNet for answers or
even a book without revealing your inexperience. You must know what you need to
know to to determine the value of the Corvette in
question with confidence or you will pay for your mistakes and lack of
knowledge by paying too much or buying a car that requires much repair.
General Checklist for
Buying a Corvette as a Driver
If you are
buying a Corvette for its intended purpose -- driving -- then you should check
it like any older car and be sure all of it is functioning. Here is a basic
checklist:
- Everything work?
- Lights?
- Headlights open?
- Turn signals work?
- Brake lights work?
- Dash lights work?
- Dash indicators work? (headlight, bright, turn signal, brake, etc.)
- Brakes? Check for fluid leaks.
- Drum Brakes 1953-1964 - drum brakes
are simple and easy to work on. Normally they pull or don't work. Both
are simple to fix.
- Parking brake? In '53-'64, they are
part of the rear drum brakes and simple. In '65-'82 they are a separate
brake inside the tophat of the rear rotor and
hard to work on.
- Disc Brakes 1965 - 1982
- Disc Brakes soft?
- Frame? Check for soft spots on side and cross near rear
of seats. Reach under with hammer and tap for a ring rather than a thud.
- Frame rust is common as these cars
were originally driven daily in all weather. So determine the
difference between normal rust and rust-out.
- The rear section where the frame
kicks up and the trailing arms attach is the most common bad areas.
Check from below and the sides. See the arrows on the picture of the rear
frame section.
- Tapping with a small hammer should
produce a ring or metallic sound. A thud indicates heavy rust or
even flaking. A dent indicates bad rust and of course a new hole
means problems.
- In a full restoration, you will be
pulling the frame anyway. As such, repairs can be made without too
much difficulties or even full frame replacement.
- The above picture looks really
rusted. In reality, it is a very solid frame that only saw 7 years on the
road.
- U-joints?
- There are six and time consuming to
replace on the side of the road.
- You can se four of them in the
picture above.
- Wheel bearings? In the '63 up models, they are special.
- Rear wheel bearings require special
setup.
- They require special tools to get
them apart.
- They should be greased every 25,000
miles but few do it.
- Odds are you will experience a
failure if they have not been replaced.
- Engine?
- smoke?
- noises?
- what size?
- general condition
- Interior?
- general condition
- radio work?
- heater work?
- defroster work?
- windows work?
- carpet show water stains? Hard and crusty
feel?
- Body?
- repairs?
- repaint?
- damage anywhere?
- straight or crooked body lines?
- sharp or rounded edges?
- bumpers front and rear?
- right pieces (correct hood?) or doesn't
matter?
Get
familiar with Corvettes like you wish to buy
You get the idea. Be sure to check out
correct '66s before you look at a '66 to buy so you know what is right and what
is wrong. A hood can look right even when wrong and often look better (which is
why so many run a '67 big block hood). In the heat of passion, the car of your
dreams inches away, the seller slowly seducing you, it is hard to remember that
the hood support was on the other side, or the gas cap is for another year, or
the seats are the wrong style. All of this can mean a difference in the price
you should pay.
Decide
What You Want in a Corvette
You also have to
determine what your intentions are. A fun car can be anything you want but you
may find the pressure to show or restore too strong and also find the one you
buy to be much more expensive in time and dollars than if you buy one closer to
what you want.
Or you may discover you only want to run
hard and play, like with SCCA Solo II (autocross) or NCCC, in which case a
restored car is NOT what you want or need.
Many buy a Vette because they want a
Vette -- period. They don't know what they want to do with it. They don't know
what year they want. They don't have any idea what they will use it for, but
they want it. Basically, Corvettes fall into two categories today. That is
oversimplifying, but somewhat true. Most fall into the restored category,
either according to NCRS rules or Bloomington Gold rules, or in the
Driver/Custom car category, where originality is not important. You could look
at the Driver category as having many sub-categories, such as the drag racers,
the road/solo/NCCC racers, the semi-customs, the full customs, the just plain
fun cars, and the street racers. This entire group would be likely to have
non-original engines, transmission, paint color, and even body work. Glance
through this table to help decide where you wish to be.
|
|
NOTE The
prices shown here are from June 2003. Prices have begun to climb again
and from summer of 2004 to fall of 2004 have increased considerably. The
prices were given not so you would know how much to pay, but so you could see
the relative difference of prices of cars. The idea was to show that a
'67 big block coupe fully restored to NCRS standards could be double the
price of a '64 convertible restored but never judged. The intent is not
to tell you all driver condition midyears would be $15,000. This
is NOT a a price guide. If you want to see the prices of
cars, check various magazines like Corvette Trader for asking
prices. Then check places like eBay to see the COMPLETED sales prices
to see what the cars actually sold for. This will give you a basis to
determine value. |
|
|
Intended
Activity |
Restored/NCRS/Bloomington
Gold (Group 1) |
Driver/Customized
(Group 2 & 3) |
|
Investment |
Good except
that initial investment is high. If the car is fully restored, you will be in
the $30,000 range or more for most, with the $40,000 - $70,000 for midyears
and some solid axle cars, and $70,000 to $150,000 range not unheard of for
some rare models. The cost to maintain is more, as only original or NOS
parts can be used to maintain originality. |
Only after
work and expense. You can get into these much lower but the increase in price
is not as high if the market increases. If you decided to buy one of these to
sell at the restored price, you have a shock in store. You may need to fully
restore the car, at a cost of as much as $20,000 or more. If you paid $15,000
and put $20,000 into it for restoration, you have $35,000 invested in a car
than may never reach $35,000. However, if you are looking only to
maintain your level in expense, these are good in that you can buy cheaper
than the restored cars, drive for however long, and sell at about the same
price while maintenance expense is moderate, since the use of original or NOS
parts is not required. |
|
NCRS Shows |
Necessary.
However, don't expect to buy, show, and win Top Flight unless you are willing
to keep a maintenance schedule to keep the car in great shape. Driving will
cost you points as you gain rock chips, dirt, faded paint, and so on,
although, driving to an event will add points. NCRS has grown and has a large
following. They have great events and you can have a very good time working
for awards. There can be great satisfaction in doing the work it takes to
return a car to factory original. There is something special about detailing
the originality of a car and keeping it exactly that way. |
Only after
work and expense of restoring your car. If you start with a car that is far
from the original condition, the work and expense to get back to original
condition may be far too great. However, NCRS is a member-oriented
organization, so the nature is to help members discover how to restore their
cars and keep them in original condition. Even if your goal is not to restore
a car to Top Flight status, joining is worthwhile for the information you can
learn and the source of literature available. |
|
|
|
Only after
work and expense of restoring your car. Like NCRS, if you start with a car
that is far from the original condition, the work and expense to get back to
original condition may be far too great. However, the awards usually
translate into the value of the car, rightfully or wrongly. |
|
Club Shows |
These always
work out. Everyone enjoys a clean, original car, unless you have a red '63
coupe and there are 10 other red '63 coupes in the club. |
If the club is
not a restoration group, then you can do well in this area. The old saying
goes "seen one restored '63 coupe, seen them all". So a slightly
modified Corvette can be a breathe of fresh air that
stands out. Still, don't immediately by some outrageous custom from the '70s
because you got a good price. Customs tend to become run down very quickly,
and take a lot of work to maintain a quality look. |
|
Weekend
Driving |
Ok, but
awkward. Original tires are expensive to use on the street, not to mention
they are not nearly as good as modern tires. Comfort levels can be less,
since original tires and shocks do not ride like modern tires and gas shocks.
You need to avoid rain and snow and dirty roads. Rock chips devalue your car.
The chance for an accident can risk you many thousands in repairs, with
insurance being excessively high, since insuring a $50,000 restored car costs
more than a non-original $15,000 car. Driving pre-1971 cars requires high
octane gas which isn't available. Buying $5 per gallon racing gas or
trips to the airport for Av-gas are a problem.
Detuning the car takes all the fun out of it and really isn't 100%
safe. Rebuilding the engine to lower compression for pump gas defeats
the originality issue. While NCRS encourages driving to their
events, driving slowly destroys a restoration until you have to do it again
to compete. Bare parts rust. NOS shocks wear out. The supply of NOS
parts is limited. Do you like the idea of spending $20,000 every 5 or 10
years? |
Can be great
fun since you can equip the car to make driving fun, like gas shocks, modern
tires, and less worry that you lose show points by actually driving it and
getting it dirty. You can modify the engine to use
today's pump gas. You could use a standard 350 which has
the cheapest replacement parts around, is a very good engine for driving with
reasonable power and torque, and will work on today's gas. |
|
Club Events |
If they are
shows, these are great. In road trips, sometimes they are at a disadvantage
due to comfort factors and original tires. |
In most club
events like road tours, rallies, autocrosses, and local shows, you can have
as good of time as anyone and maybe more due to less worry. |
|
Rallies |
Same as
weekend driving. Rallies by rally groups can often hit some percentage of
gravel or dirt roads which you may not want to travel with a restored car. |
Same as
weekend driving. You would not be as concerned over some roads that rallies
could travel. |
|
Autocross |
The original
tires and shocks are at a disadvantage. In the pure stock classes, you would
compete against others like you, but you do increase the wear levels and risk
pylon scuffs on the car. |
This is were the drivers or the customs shine since you can
modify your car to perform better and not worry if this devalues it. It
doesn't devalue the car if it makes you happier with the performance, as
these cars have value in how much you enjoy them. |
|
NCCC |
Not really a
restoration group. |
You are at
home here since they tend to be more performance oriented and race oriented. |
|
SCCA |
While the
racers will appreciate a restored Corvette, there isn't much you will want to
participate in other than rallies. Solo II competition can be a bit hard on
those vintage Redline tires and restored suspensions. Solo I is nearly racing in the equipment that is required to be
added. The vintage racing requires enough safety equipment to be added (roll
bars, fuel cells, 5 point harnesses, fire systems, etc.) that you no longer
have a pure stock and/or restored car. My recommendation if
you are into vintage racing, buy a real race car. There are plenty out
there. Too many have wasted far too much money taking a street car and
converting it to vintage racing. |
You can have
great fun since you will feel free to participate in most levels and actually
feel as though you can compete. Depending on the year, you may have no chance
at all of winning, but you can have a very good time. And while you may not
have a chance at winning in heavy competition such as at a divisional or
national level, many local events are such you could win as easily as the
next guy. |
|
Your Personal
Driving |
Many enjoy the
fully restored for casual drives on the weekends. NCRS sponsors road trips,
stretching several hundreds and even thousands of miles, and many enjoy this
also. You'll find that classic car insurance
sounds great but often comes with lots of limitations. Drive to the
store to pick up that bottle of milk or that gallon of ice cream? Not
anymore. |
You will
probably enjoy this more, as to most people, a Corvette is a Corvette and
only Corvette people know a restored from an unrestored
car. You may find you like the longer trips better and you will also find
aggressive driving to be acceptable with these as you don't fear wasting your
expensive Redline tires or loss of control due to 30 year old technology in tires,
brakes, and shocks. |
|
Enjoy
tinkering |
You will enjoy
the restored cars as they are never perfect. However, you need to remember
you are restoring, so your tinkering will be achieving perfection according
to the rules of either Bloomington Gold or National Corvette Restorers
Society. |
You will enjoy
the drivers and customs in that you can do whatever you desire. If you wish
to try a TPI on your '59 or install a 400 cid small block, you are free to
pursue this course. If your warmed over small block
drinks too much gas, a |
|
Options |
You can find
anything the factory ever offered, however, there is a price. That restored
'64 coupe may only be $35,000 but the restored '66 or '67 coupe with a 427
could easily be $60,000 or more. The same is true with that fuelie. If you find the perfect car with
everything just how you want it, it is a rare event. If you find the perfect
car but you'd rather have a different color of paint or interior, you can't
change it. |
You are not as
likely to find the rare options in the drivers,
however, if you find a good deal on a '65 and you wanted to have a fuelie or big block, all you need to do is add it. You
can buy fuel injection units for $5000 and bolt it on or build a wild 396 or
427 and set it in. If you buy the car for $20,000, you could have a big block
or fuelie for another $5000 or so. You can add any
option you want, such a color or interior, engine, rear axle, and so on. |
|
When you get
bored with it |
You can park
it for several months and then look at it again. Hopefully, you will
have regained your interest. If you desire something different, then
you need to sell this one, and find what you desire. Usually the value holds so you can sell
at the same price or above. However, if you don't know all the ins and
outs of restoration, and have a truly NCRS or |
Why did you
get bored? Wrong color? Not peppy enough? You can change
them. That 283 that you have to slip the clutch on to get up the hill
can be replaced with a 350 that climbs with ease. That 327 that requires
the lifters to be adjusted after every weekend run can have a hydraulic
roller cam installed that will produce as much power or more and require
almost no maintenance. That burnt orange that looked good once
can be changed to red, black, or whatever. You can add some accent
pinstripes to make the hood bulge stand out or the fenders. Basically, if you are not happy, you
can make it what you want or desire. If you can't find what you want, find
something close and make it the rest of the way. |
Personal
Preferences
You need to
decide which one you like best. Color, color combo, etc.
Some simple shop for any Vette, while others really wanted a
red one or a black one or whatever. To be the happiest that you can be,
sit down and decide what you want. Go to some Corvette shows and see all of the
different years and styles. Ask the owners what they like about their car, why
they bought it, why they picked out THAT one over some other, and then use that
information to help formulate just what you really are looking for in a Vette.
And be prepared to change, as some with look great in one color and others will
not in the same color.
|
Choosing your Corvette |
||
|
|
Anticipated |
Desired |
|
Money to spend |
|
|
|
- How much to
Save for Repairs |
|
|
|
= |
|
|
|
Years
Preferred |
|
|
|
Coupe or
Convertible |
|
|
|
Color
Preferred |
|
|
|
Interior Color
and Type |
|
|
|
Engine Size |
|
|
|
Transmission |
|
|
|
Originality |
|
|
|
Options |
|
|
|
What I want to
do with it |
|
|
|
|
|
|
|
|
|
|
Having
an NCRS Judge or
The advice for
NCRS and Bloomington Gold judges should be avoided UNLESS you are looking for
an original or restored car. Some of them view anything less than restored as
junk and worthless, which it is not. Most will judge it by restoration
standards, and tell you it is not worth much. A daily driver with a 350, Q-Jet,
and Borg Warner Super T10 painted '88 Competition Yellow may suit your desires
perfectly but an NCRS judge would view it as terrible and to be avoided.
In reality, you may be looking for that
hot rod, that car that screams "look at me", and this may be just the
car. You may want to drive to work occasionally, leave some rubber across the
parking lot as your co-workers climb in their Probes and Cavaliers to trod home.
Or you may not.
The Corvette above could be a perfect
weekend (or daily driver) fun car, terribly dependable, and easily fixed by
parts found anywhere from K-Mart to Pep Boys. A restored version, on the other
hand, may not have nearly the right road manners or fun around town. The fact
that cars like this still exist shows that they are
fun cars and some still enjoy them very much.
Having
A Friend Check It Out
This is a very
good idea, as many first time buyers become overwhelmed at actually being at
this point. A good friend with a cool head can add stability to your emotions,
which can be very high about now. If your friend is mechanically inclined, it
is helpful in that he may notice something you miss. If your friend is the type
to say "hey, this is a great deal!", LEAVE
HIM HOME! You want someone who will give an unbiased
report, help make a decision, and hold his emotions in check. You need a poker
player to help do the deal.
If you don't have anyone like this, then
I am available.
Wrecked
Cars and Paint Jobs
By now, almost
every one knows how to check the fender lips on Sting Rays for repaired damage.
Unfortunately, all those "experts" are unaware that many get whole
new clips today, so the repair glob in the lip is not there. Check, but don't
think this is final.
Also, a '56 Corvette is 49 years old now
and a '66 is 39 years old. In all those years, the potential for what were
essentially hot rods to have been wrecked by over-zealous drivers is extremely
high. Don't fret the wrecks, but be sure they are back together right. Any car
that has been restored should be like new so a wreck in its past is virtually
meaningless.
If you are looking at one that is
currently wrecked, be aware that Corvette repair is expensive and best left to
those experienced in such. While anyone can slap fiberglass together, it is an
art and takes a lot of experience to make it look right, as evidenced by the
hundred of thousands of semi-customs in the '70s. Today a paint job you are not
ashamed of can run from $4000 to $6000. So the "deal" that "just
needs paint" may be much more expensive than the one with good paint.
If you have never done bodywork on a
Corvette, then you need to understand it is not like a metal car. If you sand
too much on metal, it may warp but it will never get lower. With fiberglass,
you can create so many waves that you think you have an ocean. The hours on a
metal car can be doubled, tripled, or more on a fiberglass car. Remember that
time is money, even if it is your own.
Prepare
to get dirty
It is easy to look at one from above or
the driver's seat and fall in love. But the real information you need is
inside te engine compartment
and under the car. Take a pair of coveralls to slip into and craw under
the car. You should take a jack and jack stands as you can assume the
owner won't have any and isn't willing to loan you his. He may not even
be willing to let you do it. In that case, see if you can find a local
service station that still has a lift and you can buys some lift time to
examine the car.
Salvage
Titles
In most states today, you find wrecked
cars have salvage titles. Once repairs are made, the car can be licensed
for the street again after inspection. However, the title is branded so
that all future buyers know that this car was totaled in its past. You
have very few ways to get rid of this branding, and attempting to do so is
viewed as fraud in some states. So when you think you have found a great
deal on a wreck, you really haven't. You will most likely never get the
same price for it as a non-totaled car because of the title branding.
The Straight Axle Cars
1953 - 1962
All of these
were convertibles, although a surprising number were the hardtop convertible,
or the convertible with no soft top and only the hardtop. In many ways, this
was fairly practical, as the hardtop gave good all-weather protection but today
when they are not the primary transportation, they create a slight hardship in
forcing you to travel with the top or risking getting wet by leaving it home.
Overall, these were basic and sound
vehicles, using mainly standard Chevrolet items. Unless you are restoring one,
you can keep a driver running with only minor effort and expense.
What
to Look For
Many were raced,
as this was the era of drag racing and early road racing. In the late sixties,
these cars were dirt cheap and often were abused due to the valueless nature of
them. Many had the transmission tunnels cut for
There were no body tags indicating the
paint color or interior color, so originality can be deceiving. If done well,
you may never know it is not original. So check this carefully if originality
is a requirement.
Even if you are not into restorations,
check it out as most selling these cars do so because of the "value"
of these old cars and you will pay the price. So be sure you know the right and
wrong, because your only chance to buy at a reasonable price is to know what is
wrong, and call their price on it. The days of buying at any price and selling
higher to cover your mistakes are long gone. If you make a $5000 mistake today,
you just lost $5000 because most other buyers have educated themselves to avoid
such mistakes.
Coupes
Coupes in
general are tighter than convertibles, both in the feel and in the
weather-proof areas. The solid section of roof stiffens the chassis and makes
them handle better. The chassis has less flex. As such, door seals and window
seals tend to stay tighter and keep the elements out better. For everyday
driving in northern climates, the coupes have the edge. If you live in a
warmer, Southern climate, try to find one with air, although Corvette air
conditioning was never that great and is less now that all you can get is the
R-134 to charge it with.
|
|
Urban
Legend Alert! For some
unknown reason, a magazine printed an article that said many 1963 Corvette
owners disliked the split so much they cut it out and used a GM kit to
install a '64 style rear window. According to the article, there are only a
few thousand original split windows left. As such, many have begun
spreading this in their ads and auctions to promote their '63 coupe as
"rare". While it
is true that some did cut the split out, it is not true that most
did. And with the restoration that goes on, most of those cars that
were modified have been restored back so you can never tell. This is
not a basis for "rare". This is salesman hype. Ignore it and
tell the seller to can the garbage. |
|
Convertibles
Most
convertibles do leak, true. Much of it is due to top alignment and the
condition of the weatherstripping. My '63 conv. leaked around the rear of the top but nothing got wet
except the deck lid. My '68 doesn't. It did for a short time due to sealant
between the trim and the pillars going bad. But none will be perfectly sealed.
Almost all leak like crazy in a car wash.
There were wind leaks at most corners of
contact, like the vent window tip and the back of the door glass. Again,
alignment can solve some, and you can live with the rest.
Of course, the first day you cruise home
from work with the top down, the first evening you slide under a canopy of
stars, the first time you hear as you roll through town the comments about
"that 'Vette" will more than make you think that a convertible is the
only way to own a Vette.
General
The electric
headlights can be problems since the parts are so exposed. Be sure they work
fine as the parts can be expensive to fix. Check the headlight warning light on
the dash when the lights are on but closed. Coupe doors may not seal along the
top if alignment is wrong. Parts on these cars have been swapped from year to
year so much that unless it is restored, and you know it, you may never realize
all that is incorrect. If this concerns you, take someone who knows restored
Corvettes. If it doesn't, at least know what is incorrect and what is correct
so you don't pay for something you don't get.
Much of what is true about the 1953 to
1962 is true about the '63 to '67. During the early '70s, you could buy some of
these for under $2000 as running, working, decent looking cars. As such, their
value was low, and they were raced, beaten, thrashed, and in general used to
the fullest. Often they lived many lives, through engine replacements, body
customizing, and so on. Unlike most old cars of the '60s, Corvettes are very
unlikely to have all of the original components still on the car. If you find
an old Chevy Impala or Buick or whatever, odds are the engine, transmission,
and other major components are the ones that left the factory on that car. With
Corvettes, that is the exception, not the rule. The safest way to be around
Corvettes is to be suspicious and skeptical.
Corvette
Disc Brakes 1965 to 1982
People have been running into this
problem for 25 years. The brakes get air in the lines and go soft. The common
fix is the stainless steel sleeved calipers. Yet many do this and still have
problems. Want to know the answer? Want to know how to prevent it? Brake Problems
The Stingrays From 1968 to 1982
Yes, only
'69-'76 actually had Stingray on the side, but they are still all the same
body. Most of what was said for the Sting Rays holds true, except that the
coupe of these years can leak more than the convertible, due to the T-top
design which can let water leak in the center of the roof.
The vacuum lights can have problems,
along with the vacuum powered wiper door. Be sure to check these for smooth
operation. If you have problems, or expect to, the place to go is Chris Prow's Corvette Vacuum Home Page.
Chris wrote the book, literally, on the vacuum systems on Vettes.
Fiber optics were
advanced for the time, too much for most to repair. Non-working Fiber Optics
could indicate past body damage so check them and then check that area. Often
body shops thought they were wires and would cut them, do the repair, and then
tried to "solder" them together. If you are handy with such things,
Radio Shack probably has enough fiber optics supplies to help you fix what you
need.
Electronics
Electronics have
entered in a big way and has had their problems. This has not slowed the more
enthusiastic fans as they have ways to repair anything. The dashboards tend to
have problems so check them carefully for intermittent or missing displays or
lights. This is typically a $300 repair that is available from most Corvette
vendors. Some of the injection controls like the burn off relays have regular
failures. VetteNet is a good source of what are
common problems so ask around before looking. Then check these out.
Interiors
Many find the
pump up seats to fail. There are fixes for these on VetteNet.
The Bose stereo is not compatible with normal stereo systems so if it isn't
working, check on why or do some bargaining.
Bodywork
The body is not
fiberglass like the years before. A special repair procedure is required,
although some have no doubt bought K-Mart fiberglass kits and "fixed"
them. Be sure to check for any damage.
These have a few
problems and a few bugs. But then, what Corvette doesn't? They are being
discussed constantly on VetteNet and I'd recommend
anyone wishing to buy one of these used to spend a month on VetteNet
to see what problems have arisen and how they are handled.
Clearly the market today is pushing the
restored or original Corvette. However, the email lists show that there
are three groups of people basically buying Corvettes. There is the
restoration group and there is the modification group. The third is a
group that falls in the middle.
The first group is easily enough to
determine, as they want to buy restored or original Corvettes. They enjoy
keeping them original and their goals are to get awards for the originality or
the restoration. These people usually belong to NCRS and have a lot of fun
going to shows.
The second group tend
to care less about originality, and occasionally despise it. They modify
their cars to be their way, in looks and in performance. Often there are
body modifications and engine modifications.
The third group is a confused group,
trying to take the lead of the first, because they see
the prices go so high on restored cars. But often, they are not
financially well-off enough to play in that game. As such, if they do get
a restored car, or they try restoring one, they often have a less than ideal
time. They also want the more powerful versions, but find they can barely
afford the basic ones. And after a few years of trying to keep and enjoy
a restored Corvette, they find it is too hard. First, they like to drive them,
and pre-1971 Corvettes do not like modern gasoline. They are high
maintenance, as solid lifters tend to require adjustment quite often.
Replacement parts are very expensive. They really don't ride or handle as
well as they could.
They also usually do not have the
expertise to buy a restored or original car, and frequently buy one that is
less than original or less that correctly restored, yet they pay the higher
price.
So step by step, these owners want radial
tires, gas shocks, slightly lower compression so they can use pump gas from any
corner station, and bigger cams and heads to get a little more
horsepower. They have now destroyed the restored value of their
car!
There is nothing wrong with Group 3, but
confusion. They have believed that they want to be in Group 1. They
have shunned Group 2 as "destroying" Corvettes. And now they
have turned to the same game.
These cars are great and tend to increase
in value, but a dose of reality. If you bought a new '66 Corvette with
all the goodies for $6500, today that car may be worth $50,000 in perfect
condition. That original price increased 7.7 times over 35
years. Sounds great, until you realize that is .21 times per year.
Still sounds great, but to be perfect, you have garage costs and maintenance
costs. To be perfect, it has probably been restored at $20,000 or
more. You will find that $6500 in a 5 percent account that same amount of
time would have drawn $35,854 and not had the costs.
Buying an original or restored '66
Corvette in 1991 would have probably cost around $40,000. Today that same
car is worth around $40,000 or less. If you had bought 2000 shares of
Cisco Systems stock in 1991 (approximately $40,000) ,
you'd be a millionaire several times over today.
Corvettes are only an investment when
compared to other cars. When compared to real investments, they are sadly
lacking.
Restored
or Original Corvettes (Group 1)
To stay in this group, you need to keep
the car original all the time. Many cannot, because of practical
limitations of gasoline and replacing the original parts. These cars are
best left to those who collect and drive very rarely. They are good for shows,
but for Saturday night cruises or weekend trips, you are killing your investment.
This means you do not add sidepipes to your Corvette,
even if you do like them, especially if it is a '64 or older or a '70 or
newer. You do not chrome anything that wasn't originally
chromed.
Modified
or Custom Corvettes (Group 2)
This is where a large portion of the
Corvette enthusiasts lived in the '60s and '70s. Make the car your own,
however, often you find it is hard to get others to like it. If you want
to have a car that is unlike every other one on the road, this is your home.
They usually are cheaper, and you have little stress worrying about devaluing
the car. You can do what you want, and enjoy.
Drivers
(Group 3)
This is where the majority of Corvette
enthusiasts were in the '60s and '70s. Buy the low performance Corvette
and then modify it to run faster, smoother, and longer. The guys who
think they are restorers and purists but have dropped a 383 small block in or
run the gas shocks or had added the optional sidepipes
really belong in this group. Many of these people today worry about
matching numbers, when they really have no need of matching numbers. They
should really forget it as it is only important for judging in the restoration
groups.
This is where people had fun before
worrying about originality and restoration. Here, you could buy a
Corvette, and do most things you wanted, and still have a car that looked
original. Many cars for sale fall into this group. They look
original, but they have the wrong interior for the year, the wrong wheels for
the year, the wrong hood for the year, and so
on. However, they look original to anyone who doesn't know Corvettes.
And these cars you can buy at nearly half
the price. Why pay $40,000 for a '63 convertible only to realize you'd
love to have the disc brake conversion on it or the 250 hp 327 isn't as fun as
you thought and would like to do a 383 instead? The smart person would
buy a non-matching numbers car for $25,000 and put a couple of thousand into
engine work so he could have his own fire-breather. Why pay $50,000 for a
fuelie when you could buy a NOM car, add a $6500 fuel
injection to it, and look like a fuelie for
$32,000? Why pay $60,000 for a big block when a 502 crate motor will do
as much or more for $6000 and it has a warranty?
Most Corvettes for sale today are really
drivers, but the owners are trying to pass them off as Group 1.
Restoration
Costs
Most places through this page I have
referred to the cost of restoration as $20,000. This is a number that was
an average to restore Corvettes a few years ago. It was based on a
complete, in good condition Corvette. An average of $20,000 would pay for
restoring it to look like an original new Corvette. However, if many
parts were missing, or were needing replacement, or if
the parts were rare, then the price also went up. So while it may be
possible to restore your mother's '64 convertible that she was driving up until
two years ago for $20,000, the '64 fuellie that was
dragged out of a barn and missing a few parts could easily cost $30,000 or
$40,000 to restore. A very rare factory race car or special order could cost
$50,000 or more to restore. Likewise, if you are experienced at restoring
and do your own work, you may restore a car for less than $20,000.
However, it is still a good ballpark figure to remember. It is not a
guarantee that you can drag in any old Corvette to any shop and expect to walk
out with a brand new Corvette for only $20,000.
Classic
Car Insurance
While many go to this as the answer for
the traditionally high rates Corvettes have, you need to read all the
conditions carefully, you you will find you may not
get any settlement or you may get cancelled. Most run a 2500 mile
restriction. While many figure that is fine, as they don't drive much, that
2500 miles is to be on club activities or shows or parades. Some do not
consider an afternoon's drive through the country to be in line with the
coverage. So you find a beautiful summer day and you want to run over to
your relatives in the next town or across the state, do it at your own risk, as
many companies do not view this as normal use of a collector car.
The $100 per year coverage as opposed to
the $600 a year may be really inviting, but the loss of your car and getting a
cancellation record with the insurance can make it all not worth while.
If you don't know what you are doing, it
can be very costly to discover how little you don't know. As such, getting help
is a wise idea. Some are lucky enough to have friends who have learned a lot
about Corvettes and can help. If not, you have a few options: hired appraisers,
Corvette judges (NCRS and
Unfortunately, many of the appraisers are
connected to a dealership, so they always have a biased interest. They may be
perfectly neutral, but how do you know they are not steering you away from some
private sale and to one of their dealership.
Judges have one interest normally, and
that is in restored cars. While most are attempting to buy a restored car, most
do not need to have a restored car. Unfortunately, some judges thus look at
only restored cars as being valuable and non-stock or custom Corvettes as being
worth much, much less.
Corvette club members can be a real
unpredictable group. Some are experts; some know less than you. However, at
least they know how you feel and can help you try to be objective. Usually they
do know the "experts" in the club who really do know their stuff and
can help you.
My services are available. However, quite
frankly, they are not financially feasible for many, as you would have to
provide transportation to your part of the country. If you want advice on
buying, contact me
for the email advice fees. If you wish me to check a car out in person, we can
discuss the costs for that.