1970 Corvette LT-1 Convertible

[Marina66SS]

My dad's friend has finally decided to sell his 1970 LT-1 Convertible to me. He has owned it since the late '70's and has never done anything with it. It has been stored inside and from what I understand it just needs cleaned up and new paint. It only has 40-60k miles and is black/black if I remember right. I am thinking about just flipping it right now or maybe doing the restoration and then selling it. What would be realistic money for the car now and when it is done going by what I have said here? Does anyone know the production numbers for the convertible? I had a 1972 LT-1 and I know the production numbers in 1970 were lower than 1972. Thanks.

[PeteLeathersac]

Is LT-1 production between roadster & coupe even known? .
The 1970 LT-1 total production I see is 1287 units for both body styles. .

You'd better get a look at that trim tag before you flog it too quickly as I don't think black was anything offered as a standard color? .
And if it's original paint (black or not), consider selling it as-is before any decision is made to paint it!? .
http://www.yenko.net/ubbthreads/images/graemlins/beers.gif
~ Pete

[MosportGreen66]

$30-$40k... maybe a little less or a little more depending on condition.

[1railman]

I agree with PeteLeathersac on trying to sell as-is. Nine times out of ten, paint jobs on Vettes hurt value more than help when you are talking about a "good" car. Remember that people complain about judging of cars but when it comes time to sell or buy, everyone either has or wants a NCRS or Bloomington Gold car. As with any resale, you make your money when you buy.

[Marina66SS]

My dad thought it was Black but I do remember at least in '71 and '72 that black wasn't offered, at least on Chevelles.

[TimG]

If it is as original as you say, please, please don't do anything to alter the car. Anything you do or spend could be counterproductive and actually hurt the value. You may wind up getting less out of the car after it's cleaned or fluffed, even if it has already been repainted.
I can't tell you how many cars have been busted from Survivor or Bow Tie because they've been cleaned up too much. That's not to say that folks don't restore a car after it's received either originality award if it's just in poor shape. Try to have it judged as is, even if it needs to be pushed in. Don't wory about a score, bring it to an NCRS event to have it evaluated in it's current condition. You'll be glad as it will be appreciated for what it is. http://www.yenko.net/ubbthreads/images/graemlins/naughty.gif

[Marina66SS]

So I talked to the owner and got as much info about it as possible. The car is originally red with black leather interior. The interior is nice he said but needs carpet. It has factory power windows. The car is all numbers matching except for the carb and distributor. The engine is out and in a crate. The crank needs work. This guy bought the car in 1979 with a bad crank and has just never got it back together. The car has 64k original miles, due to never being driven since '79. He rebuilt the suspension and rear brakes along with new fuel lines. He said it is a factory 4-sp, 4.10 posi car with power brakes but no power steering.

Here is the problems. He said it was previously wrecked and the rear taillight panel was cracked. He has a new one that goes with the car. The car had some light frame damage that was fixed.

The other problem is that him and his brother is working a trade deal on the car. Bad for me. He said that if it doesn't work he will sell it to me. I will keep you up to date.

I was also offered a 1971 383 Challenger convertible today. Supposed to be real nice. What would the price be on this? There asking price seemed too high to make any profit.

[TimG]

Rare car, that's for sure, but too far gone to save as an original example. It will need a full restoration from how it sounds. Look for paperwork, the rear would be 4.11 for Corvette application.

[Marina66SS]

So I guess the deal has fallen through with his brother which I knew it would. So I am getting the car as long as all the numbers show it is a real LT-1. What would this car be worth needing restoration and what would it be worth after the restoration?

[TimG]

There's way too many questions about the car to answer this question accurately. Someone would really need to evaluate the car and provide an estimate on what a restoration would cost. I would imagine that a correct restoration would begin at $50,000 as the car needs the engine rebuilt and heavy body work and paint. Paperwork would be a big plus on this car as it is rare and rare cars really can use some supporting paperwork. My feelings are that you could be upside-down real easy in this car as the very top of the market may be $70,000 for a car with judging credentials. I know of a very nice, Benchmark caliber '70 LT1 roadster for sale at $75,000 and it is well documented. A nice original such as this is worth more than a restored car equipped similarly. Unless you are in a position to do much of the work yourself, I'd tread very carefully.

[firstgenaddict]

Tim... why do the early 70's Vette's just not bring the money that the F bodies do, it makes no sense to me?

[Dave Rifkin]

Hemmings is listing the 1970 LT-1 Corvette as the next $100,000 Corvette.

[Johnny Horsepower]

I have been looking for one for a year or so now. Passed on a few and can't get the one i wanted at the right deal.
These cars are going up I think when people catch on to the fact that you make close to big block horses with small block weight in a car designed to handle well (for it''s day)
Thats why documented 70 Z28s (LT-1) will continue to rise.
Second gen camaro was superior in engineering to the 1st gen and you only had one strike shortened year to get the high compression power in a decent handling road car.

Just my $.02

John

PS if you are like me and love to actually drive (the piss) out of your cars, then don't think about the money too much and just make sure your not so upside down that you can't breathe!

[PeteLeathersac]

[ QUOTE ]
Hemmings is listing the 1970 LT-1 Corvette as the next $100,000 Corvette.

[/ QUOTE ]

Wouldn't you think the undervalued Vette L89's as really a better deal? .
I like LT1's and all...but that aluuuuuuminum!!!!!http://www.yenko.net/ubbthreads/images/graemlins/crazy.gif.

~ Pete
http://www.yenko.net/ubbthreads/images/graemlins/grin.gif

[69LM1]

What's with the LT1 370hp vs 360hp (vette vs Z28) rating? I hear that it was just a marketing ploy, but which was correct? The 370 hp or the 360hp?
http://www.yenko.net/ubbthreads/images/graemlins/dunno.gif
Rich

[olredalert]

Rich,,,The exhaust was the difference according to the General.....Bill S

[firstgenaddict]

[ QUOTE ]
[ QUOTE ]
Hemmings is listing the 1970 LT-1 Corvette as the next $100,000 Corvette.

[/ QUOTE ]

Wouldn't you think the undervalued Vette L89's as really a better deal? .
I like LT1's and all...but that aluuuuuuminum!!!!!http://www.yenko.net/ubbthreads/images/graemlins/crazy.gif.

~ Pete
http://www.yenko.net/ubbthreads/images/graemlins/grin.gif

[/ QUOTE ]

Pete I think you are right on the money... 68 -69 L89... under 100k... ding ding ding we have a winner!

[Marina66SS]

I restore cars for a living now so doing the restoration is not a big deal. Just curious if the car would be worth restoring now or selling as a project. You can sometimes make more money selling it now and not putting the work into it than selling it later.

[x Baldwin Motion]

drive it now, sell it later

[69LM1]

[ QUOTE ]
Rich,,,The exhaust was the difference according to the General.....Bill S

[/ QUOTE ]

Ah!
Thanks for clearing that up Bill

Rich

[Marina66SS]

It is simply for an investment. I have already owned an LT-1, '72 though, and I was unimpressed by the power. Was the slowest Corvette I ever owned but was the most fun to drive with that close ratio M21!

[Marina66SS]

Oh one more question. According to the website I looked at yesterday, the only tranny offered with the LT-1 in '70 was the M22. Is this correct? No M21 or auto?

[olredalert]

------Wrong, Jason,,,,Many M21 LT1s out there, as a matter of fact most of them. I bought one brand new. M22 would be the rarity. There was, however, never an LT1 Corvette any of the three years with an auto stuck behind it. Hope this helps........Bill S

[Johnny Horsepower]

a 72 should feel slow. Less horsepower and compression.
Can't speak from experience as i have not driven many vettes of the high compression era.

[budnate]

a '70 Lt-1 with the standard 3;36 pulled like a freight train and with that gear way faster on the top than I wanted to go, cool cars!, if I ever come across a neat '68 Roadtser I can afford I am in trouble.

'72 Vette's and Camaros are slugs http://www.yenko.net/ubbthreads/images/graemlins/tongue.gif

[olredalert]

-----The 70 roadster I bought new had 4:11s and with literally only headers added and the smog pulled it ran a 12.92. Had some borrowed slicks but absolutely no other work, not even a tune up or valve adjustment. Even then I ran out the back door in third gear because the slicks were too tall. That mouse would run!!!!!........Bill S

[Wardy]

[ QUOTE ]
'72 Vette's are slugs

[/ QUOTE ]
I guess the '71's are slugs too, because the engines are identical.

[JIM]

Bill;
My 79 L-82 4spd went 13.02 at 109 with 3:73's on streetires. Ohh I guess the 70 LT-1 Drivetrain helped that!! Now talk about a sleeper http://www.yenko.net/ubbthreads/images/graemlins/burnout.gif
Jim http://www.yenko.net/ubbthreads/images/graemlins/3gears.gif

[olredalert]

-----Geez, Jim,,,Do think that the engine was part of it???........Bill S

[TimG]

I believe that the only M22 LT1's were ZR1 optioned cars. The numberes are identical for the options, if I remember. I just have no idea why a similar LT1 Corvette brings less than a Z28. http://www.yenko.net/ubbthreads/images/graemlins/confused.gif

[Thomas]

LT1 Corvettes bring less than Z28's because more people had Z28's when they were younger. People are reliving their youth by buying Muscle Cars.

[TimG]

Thomas, I agree. Folks can relate to Camaros and Chevelles easier than to Corvettes. When I had my '66 Shelby, everyone went crazy over it because they all knew somone that had a similar Mustang.