help on 66 project value

[Harry Holzke]

I just got a 66 coupe from a friend of my wifes and want to make sure I am giving her enough for it. It's a BB 427/425 4speed, knock offs, 57k miles, no frills options. Has been sitting in a garage for 30 years- husband was original owner, #s match, have all documentation. Thats the good part.. it is a giant rust bucket, needs paint bad, engine is frozen (spark plugs and valve covers removed about 10 years ago) interior is ok, needs seat covers, headliner, door panels. I gave her $25K for it. I am doing a frame off myself along with the engine rebuild. I am so bloody excited!!! Any feedback would be helpfull. I love reading this site.

[Barbara S.]

Re: help on 66 project value

Harry. Congratulations on your purchase.

What do you mean that it is a "rust bucket"? How badly has it gotten into the frame and the bird cage?
Tony

[Harry Holzke]

Re: help on 66 project value

Thanks for responding Tony, this is a west coast car, surface rust only. Everything is rusted but for the most part restorable.

[Kevin M.]

Re: help on 66 project value

You were fair with your price.

Kevin

[Jim T.]

Re: help on 66 project value

Harry you are one very lucky person to acquire a car as desirable as the 66 425/425 that has been sitting in a garage for 30 years, especially with only surface rust. My orignal owner 68 and 70's frames has surface rust and will continue, but they are garaged and only driven in the rain when I get caught in it while driving which is seldom since don't leave the garage in them to drive in the rain. I am envious of your transaction.

[Barbara S.]

Re: help on 66 project value

Harry. Your car is much the same as my '67 coupe that I just finished restoring (that is, if we ever really finish them).

Ask yourself what your car will be worth when it is done. Then estimate the cost of getting it there. Subtract your estimated restoration costs from the estimated value when it is done. If the the remainder is more than what you paid, then you got a good deal. If the remainder is less than what you paid, then the difference is your "entertainment tax". If it were me, I'd feel great about getting that car at $25k if it is as you described. I just enjoy the body off restoration process. When you either do the work yourself or oversee the work, then you know that it's done right.

Be sure to ask questions in here. That's the point of this discussion board. There are a number of very knowledge and experienced Corvette people in here.

JMHO.
Best to you.
Tony