1971 Is it worth it?

[Joe D.]

I am looking at a 71 base convertible, 4 speed, power steering, power brakes, power windows, no air, delux interior. It is Ontario orange and saddle interior. Interior is in excellant condition. The car has had the engine, trans, rear, rebuilt, trailing arms redone, gauges rebuilt, owner stating that he spent $26,000.00 on restoration. The car needs paint, the windshield is cracked, needs chrome and needs convertible top. He wants $27,000.00. I am thinking about $12,000.00 for paint, about $1100.00 for chrome and #700.00 for a top.. Would the car be worth $40,700.00? Thanks for your help, Joe

[Joe D.]

Re: 1971 Is it worth it?

I should add that I do not have $40,000. I was thinking of buying it and down the road painting it and doing the chrome.

[Mike E.]

Re: 1971 Is it worth it?

I'd want to see receipts before I bought that he has $26k in the restoration. It would need to be MIGHTY nice before it would be worth $40k.

[Michael G.]

Re: 1971 Is it worth it?

Hi Joe,

First off I assume the $26,000 in resto includes what he paid for the car. Otherwise its odd he would put $26,000 in and sell for $27,000. Check those receipts.

[Patrick H.]

Re: 1971 Is it worth it? No.

I'd say that $20k sounds like too much, but it's so difficult to say without seeing the car.

Based on your posts of the past few weeks, you REALLY seem to want a 71 or 72. Since I have one of each, I understand. However, I think you "may" be rushing things. Plan on it taking a year to find the right car, and then if it's sooner than that you'll be thrilled. I could write a lot on my personal thoughts on "how/when to buy a Corvette" but then I suspect many of us could.

FYI, the "best" deals I find are usually the ones closest to home. It will take months of looking at all the bad ones and overpriced ones in the local "Auto Trader" and similar, but you'll give yourself a heck of an education along the way. As an example, my 5-Star Bowtie/ Top Flight 72 hasn't lived more than 30 miles from the selling dealer since the day it was delivered. It took several inspections of bad cars along the way, though, before it was purchased. I then went about campaigning it myself.

Whatever you do, buy a color combo and option combo you want. There are way too many out there to "settle" for one.

Good luck!

Patrick

[Alan S.]

Re: 1971 Is it worth it?

Joe,
I would think it would be quite difficult to spend that much money on the items you listed as having been done. Does the $26,000 include what he paid for the car too? I have a 71 of which I'm the original owner, even in my dreams it's not worth $40,700. LOVE 71s but at the proper price.
Regards,
Alan

[Mike E.]

Re: 1971 Is it worth it?

Love my 30,000 mile LT-1 1971 convertible, original down to the exhaust, smog hoses, clamps, etc. That's about what that is worth.

[Bill B.]

Re: 1971 Is it worth it?

We have a very similiar 72 (all original) that was in driver condition and looked fine from 15 feet away when we bought it. By the time we finish a complete bodyoff restoration we might hit $25K--FINISHED. And, I am not convinced that it would bring much more once completed. We paid 11K for the car five years ago and will end up spending about 15K in parts and paint. For all intents and purposes, we do all the work ourselves. I would think you could find a much, much nicer "finished" car if you were going to sink 40K in one. Bet you would spend more than what you guesstimated too? Picture is what she looked like before we took her apart. There is one out there at the right price--patience versus impulse.

http://totallygrphic.net/72convertible

[Joe D.]

Re: 1971 Is it worth it?

He said he paid $21,000, for the car and spent $26,000 on restoration. He was doing the car to have as his "forever car". He later found a big block he had been looking for and bouth it. Thanks for the help, Joe

[Bill B.]

Corrected Picture Link *NM*

[Patrick H.]

Re: 1971 Is it worth it?

Mike,

You need to check out recent LT-1 prices.
If you'll take $40k for your car, we need to talk.

Patrick

[Gary Schisler]

Re: 1971 Is it worth it?

Well, if those numbers are accurate, he is really wealthy and doesn't care about money, he is a terrible business man for spending $47000 and then selling it for a $20000 loss, or his repair costs are estimates, and poor ones at that.

From my point of view, spending $47000 on a 71 Corvette should net me a beauty that needs nothing.

Gary
72 LT-1
37000 miles and just about all original

[Gerard F.]

Re: 1971 Is it worth it?

Joe,

Take a look at the 71's on ebay. The prices don't seem to come anywhere near 40K.

What do I know, I'm a C2 guy.

Jerry Fuccillo
#42179

PS. You didn't happen to be brought up in Hollis, NY? I have a friend from the 60's by your same name. Married my sweetheart.

[Joe D.]

Re: 1971 Is it worth it?

Jerry, The 40,000 would be for a totaly restored car. This car has a completed mechanical restoration, just needs paint. I appreciate everyones help. I grew up in NJ. I am glad I did not marry your girl! I would not take your advice if I did! Thanks, Joe

[Harmon C.]

Re: 1971 Is it worth it?

Joe
I like to buy a car with paint that will not need redone. Painters I have used usally take twice as long to complete the job than their estimate. I would hunt for a turn key that is all done and see what I could find for $40.000.
Lyle