56 Corvette value

[Joel P.]

Looking at a 56 Corvette in an estate of a friend. I want to be fair with the heirs but I don't want to overpay. Car has no history documentation however the owner purchased in late 60s. Car was retored in 1981,Venetian Red/Beige cove,red interior. The restoration was a body off. Frame and chassis were blasted and painted semigloss Emron all nuts and bolts replaced. Engine set up as a GU with correct components(carbs,pulleys,etc). Looks like all components fit into a sequence order allowable to be considered a matching #. Bear in mind this was not an original 240hp car. It has a close ratio 3 spd trans and 3;70 rear also good sequence of dates. It is a 2 top car. In 26 yrs the car has been driven maybe 5000 miles, but stored and maintained properly in a garage. Down side with a critical eye; lacquer paint shows some age,shines great but shows shrinkage at nose seam and rear seam--right fender has shrinkage showing a repair area,right 1/4 has shrinkage showing a vertical fiberglass repair and left fender has several bubbles in paint. The soft top bows were restored but a canvas top was never installed. Driver's seat cushion has lost its' support and needs to be restuffed. Exhaust system is typical rusty from sitting up. This is a late car with no signs of having a power soft top. Tach doesn't work.
This is a striking car from 10ft and flaws only begin to show after a close look. It drives and rides as well as a 56 can.
I realize pictures are worth many words but I don't have any. I have tried to give a real good word picture of the car. In summary,the restoration was excellent in 1981 but is now showing its' age,no docs,not a real 240hp....Like I said I want to be fair with the estate but not overpay as I see areas where I'll need to spend in order to bring it to its' maximum value(although I don't plan to sell any time soon)
What do you folks think the price range should be?
I appreciate the help
Joel

[Dave F.]

Re: 56 Corvette value

Sounds like an "average car". Vette-n-vestments tracked 3 cars for sale nationally between $39K and $43K.

A 10-footer auction car (3+ condition) sold for $46K last year, A 3 ondition car went for $38K,

[Joseph T.]

Re: 56 Corvette value

$30,000

[Rob M.]

Re: 56 Corvette value

Joel,

Corvette Enthusiast's annual price guide (Aug. 06) has a 56 in fair condition at 26,000 and one in good condition at 46,000. From your discription, I think Joe is right on at 30K. Sounds like a nice car and I hope you are able to work something out that's fair.

Good luck,
Rob

[Garry Barnes]

Re: 56 Corvette value

Joel,
Although based on auction results I think the vaulues being quoted are a bit low. I would say that if you really want the car and they know and or have resources to learn about corvettes values, you should be prepared to spend 10-20% more than these prices. I don't say this because I own one, but I do and I watch these cars pretty close. This car has a lot of the right things. You can't pay too much, just too early right? Good luck.
Garry #18531

[Joseph T.]

Re: 56 Corvette value

There are plenty of cars to to choose from! Buy on your own timetable. The best value..is a totally restored Top Flight car that some one has to sell..

Buy a $30,000 to $45,000 nice but average car and you can spend an equal amount or more restoring it.

Of course..there is an entry level for every person..and not everyone has to have a completely perfect original or restored car.

If you want to buy an investment car..buy a premium car ( it will bring a premium return ).. otherwise buy something you can enjoy.

Just my personal thoughts.

[Garry Barnes]

Re: 56 Corvette value

Joe,
Excellent advice.
Garry

[Joel P.]

Re: 56 Corvette value

Thank you all for your comments.--------Garry are you saying 10-20% more than 30,000 or 45,000 which is the range I see.
As I see it I know I am immediately going to correct the paint and seam problems(1,000 if spotting lacquer and 4,000 if all over paint with PPG Concept) I'm just anal about paint,then 750 for exhaust,fix the tach??,seat restuffed 150 so between 2500 and 5500 immediately to get it to my comfort zone. I know I have to be careful not to get upside down immediately. Yet as I said earlier I want to be fair to the estate as I have known these folks for many many years which is also a big reason I would like to have this car .
Joel

[Garry Barnes]

Re: 56 Corvette value

Joel,
Sorry for the confusion. I am saying that if they do some research they will be asking in the ball park of $40K-$45K for this car. I am assuming that you have a "correctly configured 240hp even though not original, three speed, red/red, older frame off. Most you see in the $30K's are crate engine, or car with no attempt to restore to original appearance and in my mind projects. Two tops can be a +/- but restored '56 hardtops are of significant value. I understand your situation with having been friends of the family for years and not wanting to insult anyone. I am sure you can come to a reasonable price. Pictures would help fine-tune and assess further if you want to take and send some.
Garry

[Mike E.]

Re: 56 Corvette value

I've got to go with Garry's thoughts, alng with Joe's. Good input! One other thing--it's always nice to buy closer to wholesale and sell at retail. (I know, a wonderful insight that no one else had ever thought of). The reason I mention that is that to a certain extent, not only would the family be doin you a favor by selling you the car--you are doing a favor to them by being a legitimate buyer and saving them the hassle of advertising it and dealing with the hoi polloi, whether on ebay, newspaper ad, or whatever. There should be a financial consideration in your favor because of that.

[Roy B.]

Re: 56 Corvette value

When I'm looking to by a Corvette or any classic , I never offer first but ask the seller up front (what is the least you wont that you can live with and feel good about) I tell them I'm ready to buy right now ( if that is the case) with out any more questions about your car so that I don't waste your time or mine. That way they don't get up set with all the talk and they answers my question as to weather I can live with it. Yes or No and move on!

[Garry Barnes]

Re: 56 Corvette value

Mike,
You are right. It is a big hassle to try to sell a car especially if it belonged to a loved one. The hassle factor is certainly worth something.

Joel,I would ask them up front what they want for it. In this special situation, if they don't know then I would provide them with some research to show where I would suggest they try to sell it. If that price is good with them then I would offer to buy it minus the hassle factor. The scariest sellers I have run into are those that have something, know nothing about it, but think that because it is a corvette it is worth a fortune.

[Roy B.]

Re: 56 Corvette value Gary Amen *NM*

[Randy G.]

Re: 56 Corvette value Gary Amen

If they have no idea how to respond to the question "How much?" and you are worried about upsetting them with an offer, you might find a 3rd party to enter in to your negotiations with them. Have a local NCRS expert look the car over and give you and the heirs selling the car the straight scoop. They might be thinking they have a 99% Top Flight $250,0000 car on their hands because Uncle Waldo said so.

Have the third party recommend a purchase price. If they pop a cork, their anger will be directed toward the third party and not you. At least that way you are still in good standing with the seller and can continue negotiations with them if you wish.

If you aren't a 1956 expert, you should at least have it looked at first no matter what. Those little "correct" items add up in a hurry when you are buying them.

RG.

[Joel P.]

Re: 56 Corvette value Gary Amen

Thanks for the input. Here's the way I have approached it. On my first meeting with the sons I suggested rather than pulling numbers from the air that we have the car professionally appraised in order to establish a base line. I made it vvery clear that I may or may not be willing to pay the appraised price but it would serve the purpose of a starting point and if our deal doesn't work out they are in a better position. I was present and so was one of the sons for the appraisal and I know for a fact it was inspected accurately, the flaws were noted just as I noted in my 1st post. We are waiting for the results as this is a reputable national company(AAG). The family has already indicated that they are willing to discount just to know it goes to an owner (me) that they know and who isn't going to just resale it. I am not an expert on the C1 but I do have a 56 in need of a complete restoration and I agree that little things especially engine compartment can get very expensive quickly. I also have a 67,72,93,03 cars. Fellows this has been and is a difficult purchase as I almost feel like a carpetbagger yet as you have said my purchasing simplifies their lives. It was difficult for these sons to loose their dad but 2 weeks later they lost their mom. I've know these guys since they were infants. It's just very important for me to do this with the utmost in integrity as I would want my family treated. I really appreciate you taking the time to input as it helps to reassure me I am on the correct tract. If you think of anything else please let me know. I really appreciate the help.
joel