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!? .

~ 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.

[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.