69 Value dilemma, help!

seventyeight

seventyeight

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I am looking at 2 cars and can't decide on which is the better buy. (both cars silver w/black interiors and both are 4 spds.

Car 1: 1969 corvette convertible 400 tripower frame off mint w/sidepipes. Numbers Car

Car 2: 1969 corvette convertible frame off with 2 engines, crate 427 with EFI (200 miles on it) and a date correct 427/390 on a crate recently rebuilt to factory spec. The new 427 installed is approx. 450hp and is beautiful. No side pipes

Which is the better buy? assume both are asking 55k. Are they both overpriced or underpriced. both cars are 9.5/10
 
seventyeight said:
I'll take an opinion, you don't have to be an expert.
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I have no idea what a 69 C3 is worth but I'll tag a couple of C3 members here that may have a better idea @turbozig @taylorsk8 @Jr. Corvette I know there's more but can't think of them at the moment.... I'm sure you've likely looked through autotrader and kijiji but likely not a lot of 9.5/10 cars there. Good luck. They both sound like beauties.
 
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Based on the info you have given they are the same car just one has a spare/newer/second engine. Comes down to preference. 55k would be nearing the top end of a show quality car (IMO).

Potentially would have a more efficient engine with option 2, although that even comes down to tuning and how well things were installed.

Seems to me you are leaning towards option two since you described it in more detail.

Just my 2 cents

T
 
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Not entirely clear, but your description of car #2 indicates it is not a numbers matching car. Provable numbers matching cars, with provenance, are better long term collector cars and will retain better value. However, car 2 strikes me as a better buy per pound of metal, for a driver. A new crate motor is $10k plus. I am assuming the restorations are both quality restorations.

The price point of $55k is maybe a touch high for both (I have been poking around this spring for a C3 Roadster) but in the ball park. What is your plan? Car #1 is a better car to purchase, trailer home, put under cover, and let time increase its value. Car #2 is a better car to purchase to drive home, wash, drive more, wash, and let time do what it does.

I am a car 2 guy.
 
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Thanks guys!
Car number 2 has been professionally appraised at 123k and build cost at 100k. The additional motor is a date correct 427/390 not the original engine. it has been rebuild to factory speck. The current motor is a 427 with EFI and still has "break-in oil as it only has 700k on it. My thought is to sell the date correct engine bringing my total cost down to around 40-45k, no sense having an engine sitting around doing nothing. The restoration quality on both is exceptional. I also figure 50k is a good deal as it would cost way more should i buy a 69 and have it restored.
So, you are all correct in assuming I'm leaning toward car 2 with the 2 motors. I figure it will be way more fun to drive, and more reliable. I have been comparing prices in the USA for a car like this and 40-60k USD, seems to be what they go for. Similar cars in Canada are much cheaper for some reason, not sure why.

I am concerned that most feel 55k with (2) 427's , one being date correct 69 motor the other being a new 15k deluxe 427 is high. My reasoning to the price being ok is that I figure each motor is worth 15k (give or take 2.5k) a quality paint job is 25k that alone is 50k+ plus all the cost of restoring the car itself is big money.

I am wrong in thinking this way?
 

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seventyeight said:
Thanks guys!
Car number 2 has been professionally appraised at 123k and build cost at 100k. The additional motor is a date correct 427/390 not the original engine. it has been rebuild to factory speck. The current motor is a 427 with EFI and still has "break-in oil as it only has 700k on it. My thought is to sell the date correct engine bringing my total cost down to around 40-45k, no sense having an engine sitting around doing nothing. The restoration quality on both is exceptional. I also figure 50k is a good deal as it would cost way more should i buy a 69 and have it restored.
So, you are all correct in assuming I'm leaning toward car 2 with the 2 motors. I figure it will be way more fun to drive, and more reliable. I have been comparing prices in the USA for a car like this and 40-60k USD, seems to be what they go for. Similar cars in Canada are much cheaper for some reason, not sure why.

I am concerned that most feel 55k with (2) 427's , one being date correct 69 motor the other being a new 15k deluxe 427 is high. My reasoning to the price being ok is that I figure each motor is worth 15k (give or take 2.5k) a quality paint job is 25k that alone is 50k+ plus all the cost of restoring the car itself is big money.

I am wrong in thinking this way?
Click to expand...
They both sound like nice cars and priced about right for what they are. I would want to know a ton more details before judging. Who did the restoration, complete nut/bolt. Aftermarket parts used or NOS? Detailed pictures with documentation for all parts numbers and date stampings? So many variables and questions for buying a "restored" car. A well restored car of that year with big block is about that value however. If it were much less it would only be a driver quality car.
 
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seventyeight said:
Thanks guys!
Car number 2 has been professionally appraised at 123k and build cost at 100k. The additional motor is a date correct 427/390 not the original engine. it has been rebuild to factory speck. The current motor is a 427 with EFI and still has "break-in oil as it only has 700k on it. My thought is to sell the date correct engine bringing my total cost down to around 40-45k, no sense having an engine sitting around doing nothing. The restoration quality on both is exceptional. I also figure 50k is a good deal as it would cost way more should i buy a 69 and have it restored.
So, you are all correct in assuming I'm leaning toward car 2 with the 2 motors. I figure it will be way more fun to drive, and more reliable. I have been comparing prices in the USA for a car like this and 40-60k USD, seems to be what they go for. Similar cars in Canada are much cheaper for some reason, not sure why.

I am concerned that most feel 55k with (2) 427's , one being date correct 69 motor the other being a new 15k deluxe 427 is high. My reasoning to the price being ok is that I figure each motor is worth 15k (give or take 2.5k) a quality paint job is 25k that alone is 50k+ plus all the cost of restoring the car itself is big money.

I am wrong in thinking this way?
Click to expand...
I don't think 55k is high, hard to find too many comparables to guage this.(restoration quality varies greatly from car to car in general) End use is the key, if you plan on driving, #2 all the way.
 
Cariboocreek said:
Not entirely clear, but your description of car #2 indicates it is not a numbers matching car. Provable numbers matching cars, with provenance, are better long term collector cars and will retain better value. However, car 2 strikes me as a better buy per pound of metal, for a driver. A new crate motor is $10k plus. I am assuming the restorations are both quality restorations.

The price point of $55k is maybe a touch high for both (I have been poking around this spring for a C3 Roadster) but in the ball park. What is your plan? Car #1 is a better car to purchase, trailer home, put under cover, and let time increase its value. Car #2 is a better car to purchase to drive home, wash, drive more, wash, and let time do what it does.

I am a car 2 guy.
Click to expand...
video of car click here
 
I'm not one to comment directly on older model Corvettes but I'm familiar with restoring nice older cars and have known several people who've done ground-up restorations. They can appraise high and cost a ton to restore, but unless you find THE right buyer or restore THE super popular and rare collector car, you'll always get the s$#t kicked out of you on the resale. For most who like to restore these cars, their true "compensation" is the joy of making something once again look "new," so they get their kicks from the restoration process and take the monetary hit on the resale, then use the funds as seed money for their next restoration project. So I don't put much stock in a high appraisal; it's what the market will bear that tells you the true dollar value.

Having said that, I've watched the video: a beautiful car! You're lucky to be the end recipient of all that great work!
 
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netsinah said:
I'm not one to comment directly on older model Corvettes but I'm familiar with restoring nice older cars and have known several people who've done ground-up restorations. They can appraise high and cost a ton to restore, but unless you find THE right buyer or restore THE super popular and rare collector car, you'll always get the s$#t kicked out of you on the resale. For most who like to restore these cars, their true "compensation" is the joy of making something once again look "new," so they get their kicks from the restoration process and take the monetary hit on the resale, then use the funds as seed money for their next restoration project. So I don't put much stock in a high appraisal; it's what the market will bear that tells you the true dollar value.

Having said that, I've watched the video: a beautiful car! You're lucky to be the end recipient of all that great work!
Click to expand...
100% agree, appraisals are okay for insurance, that's about it. If you can find the car you want that someone else has spend all the money then kudos to you. I've seen "200k invested" cars sell for 1/4 of that, I had one. Sometimes the budget gets blown and where do you stop? I think that's where the old saying came from, "My biggest fear is that when I die my wife will sell my car for what I told her I had into it" haha.
 
I feel much better about the purchase. I have looked at so many cars, i'm burnt out. It was so hard to find a completely restored 69 4spd ragtop in a colour i liked. Based on all the cars I looked at, and when I added the cost of what each needed to be complete, it was way over 50K! and 6+ months of work and waiting was going to be my best scenario. But in the end, the quality of the paint is what did it for me. I called a few corvette paint guys and they told no less than 25k for high-grade prep and paint job. So, 50k for that paint and 2 engines seems like a bargain. If I sell the 69 date correct block for 15K it brings the overall cost down to 40k which is a smokin deal as it sits. IMHO

Now......spent another 5K on factory side exhausts and covers or leave it as is????
 
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seventyeight said:
I feel much better about the purchase. I have looked at so many cars, i'm burnt out. It was so hard to find a completely restored 69 4spd ragtop in a colour i liked. Based on all the cars I looked at, and when I added the cost of what each needed to be complete, it was way over 50K! and 6+ months of work and waiting was going to be my best scenario. But in the end, the quality of the paint is what did it for me. I called a few corvette paint guys and they told no less than 25k for high-grade prep and paint job. So, 50k for that paint and 2 engines seems like a bargain. If I sell the 69 date correct block for 15K it brings the overall cost down to 40k which is a smokin deal as it sits. IMHO

Now......spent another 5K on factory side exhausts and covers or leave it as is????
Click to expand...

Sitting here trying to remember the number of people who have lake pipe burn scars on their legs... I would tend to agree with Taylor.
 
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Cool looking uncool touching calf/ankle. I'm not a fan of the sound either. Had a Viper with them, much prefer exhaust out the back hearing all 8 (10 in this case) come out the back.
 
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