1961 Corvette Value and Restoration Advice Please!!!!

[Jacob A.]

Hi Everybody!

I haven't made any recent Corvette purchases over the last few years, as I am afraid I might not be in the know in regards to current pricing. I am hoping you guys/gals can help me out.

It is a 61 Corvette. It is in a very thin coat of brown primer, you can see some of the fiberglass through the primer. It has been in a garage for 24 years taken apart. I believe the chassis is painted and restored the body is on the frame. I am told the guages/instruments and most of the chrome is redone, it comes with a non installed NOM 327 that was rebuilt 24 years ago and a 4spd T-10, don't know if it was rebuilt. The car will need total restoration, and assembly, but the body really appears to be a no hit body. The windshield is broken. The car's interior is totally stripped. Comes with a ton of parts. Hartop is sitting on Corvette, Glass appears driver quality, Ragtop Frame, no skin.

What is this car worth..? I am sorry I won't be able to post any pictures. Imagine a stripped 61 Vette with a hardtop sitting lonely in a nice heated garage/shop for the last 24 years! Any and all of your input would be most appreciated.

If I have no plans of making this car #'s matching. I want to slap a driver quality paint job on it and use the car to scoot around on nice days, while I begin to do a body off on my 67. What do you think this 61 would cost me to re-assemble...

Here's what I am thinking, please add your thoughts....

Al Knoch Complete Interior Kit. $2500
Maaco Paint on it's perfect body $500
Complete wiring $2500
Wheels and Tires $1000
Go through rebuilt 327 and install $2000
Tranny rebuild, or replacement $500
Weather Stripping $1000
Brakes $500

that comes to about $10,500 in resto costs not including labor. I am guessing I can make her a decent driver for under $15,000 additional dollars, plus the asking price... what do you think... am I freaking crazy!!!!


Thanks,
Jacob

[Richard G.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

I've own my 61 for years, and most the restoration was done years ago. I did however just have my T-10 rebuilt, new 2nd and 3rd gear and new 2nd gear synchro's, with new seals bearings etc. and that cost $1,200.00
This was done in Australia, in Australian dollars and may be a bit less in the US. I guess my point is, car restoration always seems to cost at least twice what you expect it to. My personal thoughts are, if you are not doing it back to NCRS standards you are not adding any value to the car, but restoration will be much cheaper, you can do what you like with it and probably use it a lot more than if it was a top flight car. The down side is, if the day comes that you look at the old 61 Corvette and maybe yearn to put it back to it's glory, as in original condition, a lot of your current effort and expense to have a fun driver will have to be repeated. Having waffled on about this subject already, I do need to add one last comment. Sometimes I envy the owner of a rough old 61 here in Perth. The owner said he's going to do whatever he wants with it. My car just went top flight in April and to preserve its originality and value, I really have no choice but when something fails to replace parts with original or at least good repo parts and keep it as it is. There is a really rough project 61 at Proteam that they want too much for- check out their web site. Good luck with your project if you decide to take it on.

[Terry D.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

I agree with Richard that a restoration always cost way more than you first think. Unless you have done a 61, there are probably alot of little pieces either missing or in need of replacement that you will not know about until assembly. Restoring a complete, running car in ome thing, restoring a basket case is usually better off left to someone who has done a few before. You don't mentiom the cost of the car, but I can tell you from experience that youe estimate if $15,000 is way low.
Just my 2 cents
Terry

[Bruce B.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

I agree with Richard and Terry.
Terrys point about buying a complete car versus a basket case or a car that has been apart is very important. When a car has been apart for any length of time parts seem to vanish.
As far as some parts being redone, chrome, gauges, etc. That means nothing if the parts were not stored correctly. They could be junk.
Buy a complete car and know what you are getting into.
As far as cost goes. I see basket cases selling for $20,000.00 or more in some cases. Some people selling these cars keep the good parts and sell what looks like a deal but in the end it is a money pit.
A good example of this is some Ebay cars being sold out of Kentucky.

[Jacob A.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

Thanks guys! This is helpful. The asking price of the car is 18 grand, which at first I thought was a good deal. Now I am thinking it is about 4 grand too much.

Since the car has an unknown history up to 86... and no original motor, etc... and I have 2 other Corvettes that are #'s matching.... I really want to prep this car as a replica of a 61 race car. I live on an island with lots of gravel roads and I am looking for a car that I can just turn into a driver, and drive it like I stole it for the next few years as I begin to prep for a body off restoration of my 67 435.

I know making these cars correct cost big cash... as I am at about 6 figures into a 4 year nut and bolt restoration of my 57, and still not done! Not to mention I spent about 27 grand from air cleaner to side pipes putting the correct restoration L-71 long block into my 67. Maybe I am dreaming, but I was hoping that it I was just making a non #'s matching "race" car replica... I could save a lot of money on all the stuff a race car would have stripped off in prep for the race?

do you think this plan could keep costs down?

Thanks again,
Jacob

[Steven S.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

Mind if I ask what serial # car? Reason I ask is know of a no-hit '61 in brown primer sold in the mid '80's.

Steve

[Jacob A.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

Hello Steve,

No I don't know the vin # yet. When and where was the car sold? I will try and learn the vin. and will then post it. The guy I am potentially purchasing it from took it and some cash in on trade on a Bel Air Convertible I believe.

Best,
Jacob

[Steven S.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

This car was sold at Carlisle and if memory serves me right it was right around '86. As I said, no hit body in brown laquer primer. It was NOM and a 4-speed. I think the guy was going out west with it also. Do you know what the original colors were of this car you are looking at?

Thanks,
Steve

[Jacob A.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

I don't know what the original color was. I haven't been able to investigate the car enough to tell. It was 86 when my friend aquired the car, and it certainly was out west. This is pretty interesting. Do you have the vin # of that car, or any other history on the corvette?

[Steven S.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

The serial number of the car was #43, real early car, had the '60 radiator, etc. It was originally a white car with red interior. Car was purchased locally in the early 1970's, no original engine in it at that time, instead it had a real '65 L84 (less injection unit) in it, have to ask to see what engine was in it at the time of the sale, it was't the L84. Car was sold due to financial hardships on or around '86, we've been keeping our eyes open for it for years now but so far nothing. Be sure to let me know if this car you are looking at would happen to be it! If it is, we would like to keep in contact with the current owner(s) for sure.

Thanks
Steve

P.S. Here is picture of the car circa 1974, at this point it was being prepped for that old brown primer (the original hood was on it when it was sold).

[Bill M.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

Rule of thumb double the estimate and double the time.

[Jacob A.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

......and this is what I am truly worried about! ( I wish I could get her for much less than the seller is asking! )

Steve, did you used to own this serial # 43 car, or someone you know? If I end up with the Corvette... would you think you know any leads to previous owners?

Being able to pedigree the car, clearly would make it worth more to me.

Best,
Jacob

[Steven S.]

Re: 1961 Corvette Value and Restoration Advice Please!!!!

Steve, did you used to own this serial # 43 car, or someone you know? If I end up with the Corvette... would you think you know any leads to previous owners?

Being able to pedigree the car, clearly would make it worth more to me.

Best,
Jacob

Jacob, it was my fathers. He might very well remember the name of the previous owner, I would certainly help in any way I could (and I'm sure he would too) if it actually would be the car.

Steve