I get letters, emails and phone calls around this time of year from all sorts of people. Many of them are planning their first Corvette purchase. I've met a number of couples excited about buying a Stingray. Some were clueless about sorting good cars from pigs. The market has changed a bit and vettes that were formerly in the price doldrums are moving smartly upwards. My analysis is we're seeing the thin edge of a big price increase wedge for 1975-1982 era vettes.The next five years will be strong for "post bumper" C3 vettes. We're no longer on the ground floor for super bargains, but the escalator is just beginning to rise. You can still pull a good car for easy money. Do you know how to spot a good one?
By 1975 Corvette had changed in significant ways in order to survive. Ironically, those changes are helping them climb the appreciation curve. 1975 was the last year for the convertible and the first for cat converters, HEI ignition and single exhaust. 1976 was the first year Joe Average could get N90 aluminum mags. 1978 was the year of 25th Anniversary and Indy Pace Car.1981 was the last year for manual transmissions and 1982 offered the Collector's Edition. Something for everyone you might say.
Market activity for 1975-82 vettes has been encouraging. Recorded sales since 2003 have shown appreciation with highest gains going to pace cars, Silver Anns and L-82 cars. In 1994, the average price for a healthy stock '75 vette was $6,000 USD. Add a grand for a high horse model and two grand for a ragtop. Today you're looking at $18,500 for an average T-Top car. A convertible is serious money now. Expect anywhere from $33,600 for a driver to $51,500 for a great example.Few were made and survivors fall either into unmolested or restored with nothing in between.
It's a similar tale with 1980 cars. In 1994 you could nab one for $8,000 in good condition. $12,000 netted you a 230 hp model. Today, expect to pay $18,800 for cars decent cars and anywhere from $31,000 to $33,000 for nicer ones with the cool options. If you want NCRS quality, Top Flight or Bloomington example vettes, expect to pay a lot more.
What do you have to look for on these cars? I spend 80 percent of my time checking the frame and bodywork and the remaining percent on the drivetrain and interior. Corvette frames have problems with rust especially just before the axle kick ups. Inspect the boxed ends in front of the rear wheel arches by hand.Poke around and check the top part of the frame not visible to the eye. You want it to be solid. Inspect it on a lift to be sure. Also check the IRS and be sure the bushings, differential support and leaf springs are good.Some model years have metal floor pans, check them for rust of course. Check the body to frame mounts for signs of deterioration, tears and misalignment. The main rails must be straight and free of corrosion. The front frame section holds the engine and is best inspected from underneath by hoist. Look for scratches and weld marks. This section is so thick, any frame repairs there will be from welding. The headlamps should open and close in unision without delay. Vacuum leaks usually account for delays. Sometimes, the pods hang up on the fascias caused by misalignment or shoddy replacement fascias. Either could be a sign of accident damage. If you're a "numbers match" guy, bring your note book along and check out the codes. I check them when a customer asks but it takes time. If it passes all this, you probably have a good one. Check the interior out for missing parts. This is a problem on older vettes and the 1975 is the one that causes trouble here. Lots of one year only trim and replacing worn seats and door panels can get pricey. The other years are all right but you don't want to be replacing an entire pace car interior! If dash gauages aren't working, inquire further. They aren't too expensive to buy but it's a warning flag. Spotty electrics on a fiberglass car raises questions about accident repair. Any issues that can be tied to body off repairs should be inspected. This leads us to checking the panels for fit and signs of repair. Corvette bodies are fiberglass and molded in sections, held together by bonding strips. Check the wheel wells, inner fenders, fuel tank door and chassis mounts for signs of removal. A restored car will have new rubber mounts of course. It's replacement patches or panels you're looking for. Some of the cheap panels aren't even molded on the inside, leaving rough fiber. The bonding strips won't be in the correct places. Your test drive may also reveal frame damage by inconsistent handling. Rest assured that 90 percent of the cars are going to be pretty good. It's the ten percent you don't want.
By 1975 Corvette had changed in significant ways in order to survive. Ironically, those changes are helping them climb the appreciation curve. 1975 was the last year for the convertible and the first for cat converters, HEI ignition and single exhaust. 1976 was the first year Joe Average could get N90 aluminum mags. 1978 was the year of 25th Anniversary and Indy Pace Car.1981 was the last year for manual transmissions and 1982 offered the Collector's Edition. Something for everyone you might say.
Market activity for 1975-82 vettes has been encouraging. Recorded sales since 2003 have shown appreciation with highest gains going to pace cars, Silver Anns and L-82 cars. In 1994, the average price for a healthy stock '75 vette was $6,000 USD. Add a grand for a high horse model and two grand for a ragtop. Today you're looking at $18,500 for an average T-Top car. A convertible is serious money now. Expect anywhere from $33,600 for a driver to $51,500 for a great example.Few were made and survivors fall either into unmolested or restored with nothing in between.
It's a similar tale with 1980 cars. In 1994 you could nab one for $8,000 in good condition. $12,000 netted you a 230 hp model. Today, expect to pay $18,800 for cars decent cars and anywhere from $31,000 to $33,000 for nicer ones with the cool options. If you want NCRS quality, Top Flight or Bloomington example vettes, expect to pay a lot more.
What do you have to look for on these cars? I spend 80 percent of my time checking the frame and bodywork and the remaining percent on the drivetrain and interior. Corvette frames have problems with rust especially just before the axle kick ups. Inspect the boxed ends in front of the rear wheel arches by hand.Poke around and check the top part of the frame not visible to the eye. You want it to be solid. Inspect it on a lift to be sure. Also check the IRS and be sure the bushings, differential support and leaf springs are good.Some model years have metal floor pans, check them for rust of course. Check the body to frame mounts for signs of deterioration, tears and misalignment. The main rails must be straight and free of corrosion. The front frame section holds the engine and is best inspected from underneath by hoist. Look for scratches and weld marks. This section is so thick, any frame repairs there will be from welding. The headlamps should open and close in unision without delay. Vacuum leaks usually account for delays. Sometimes, the pods hang up on the fascias caused by misalignment or shoddy replacement fascias. Either could be a sign of accident damage. If you're a "numbers match" guy, bring your note book along and check out the codes. I check them when a customer asks but it takes time. If it passes all this, you probably have a good one. Check the interior out for missing parts. This is a problem on older vettes and the 1975 is the one that causes trouble here. Lots of one year only trim and replacing worn seats and door panels can get pricey. The other years are all right but you don't want to be replacing an entire pace car interior! If dash gauages aren't working, inquire further. They aren't too expensive to buy but it's a warning flag. Spotty electrics on a fiberglass car raises questions about accident repair. Any issues that can be tied to body off repairs should be inspected. This leads us to checking the panels for fit and signs of repair. Corvette bodies are fiberglass and molded in sections, held together by bonding strips. Check the wheel wells, inner fenders, fuel tank door and chassis mounts for signs of removal. A restored car will have new rubber mounts of course. It's replacement patches or panels you're looking for. Some of the cheap panels aren't even molded on the inside, leaving rough fiber. The bonding strips won't be in the correct places. Your test drive may also reveal frame damage by inconsistent handling. Rest assured that 90 percent of the cars are going to be pretty good. It's the ten percent you don't want.
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