1978 Corvette Pace Car

[65Impala409]

Hi all,

I was looking in my local paper and noticed a public auction that will be featuring a 1978 Corvette that has never been titled or sold. It has unopened pace car decals that were for this vehicle. It has 4 miles on the odometer, what do you think this car will sell for? The auction is for this upcoming weds.
Ned
65Impala409

[bobs409]

Ned,

I can't help with your question but I did see that car on the local news. (WNEP 16) With that kind of coverage, anyone that like Corvettes already knows about it so sell the house and take out a big loan before going if you want to buy. :rofl

For the benefit of others here, the car never sold for reasons unknown to me and just sat in the dealership that had it for all those years. I can only assume that they went out of business a long time ago and it was forgotten about. They showed it being winched out and put up on a rollback all covered with dust. Even the original battery was still in it. (no good of course!) The camera zoomed in on the 4 miles on the odometer.

I'm not a Corvette person but it's really cool when something like this is found. Almost like finding King Tut! :D

[Tom Kochtanek]

Ned:

The 1978 Pace Car with its "package" has enjoyed a bit of curiosity among 'Vette collectors over the years. I have a "regular" 1978 Corvette coupe (not a pace car, and it's in pieces now) that is the same silver and black combo (called the "Silver Anniversary" paint scheme) that is the basis for the pace car. They made a ton of these (40,274 in all colors) but the pace car production itself was only 6,502. So I guess that makes it kinda rare (but not as cool as a '62 Bubbletop!).

Here are the current values for the various options:

350 with 195 HP THM auto (L48)...... $19,500
350 with 195 HP 4 speed (L48)........ $21,000
350 with 220 HP THM auto (L82)...... $23,500
350 with 220 HP 4 speed (L82) ....... $27,000

This assumes #1 condition. If this is an unrestored original, beleive it or not, it can bring 25% to 50% MORE! Corvette investors are really into unrestored originals, and they command a premium in today's market. If it's the 4 speed, it really is in demand, as few were. See, Aubrey, Corvette guys like 4 speeds also :)

By comparison, a #1 Plain Jane 1978 Corvette with a 350 THM and Silver Anniversary paint is worth maybe $17K in primo condition. Mine is the L82 with the THM auto (wish it were a 4 speed!).

If the car goes for less than $20K and is in perfect condition, buy it! You can hang on forever and pass an treasure on to your kids, or flip it at a Mecum-like auction and find a loving owner/investor with toooo much $$$ who really needs it to add to his/her collection :)

Hope this helps some.

Best,
TomK

[bobs409]

I think it's an automatic. They had someone looking at it and talking to the reporter on the news segment and he said it's the smaller engine. (not sure what size)

It's certainly "unrestored". :rofl It's "Un" everything with only 4 miles on it! About the only thing it could possibly need is a new battery. (not sure how the rubber items held up)

[MK IISS]

The standard engine was the L-48 350 rated at 185 HP. The L-48 is easy to spot with the GM blue valve covers, iron intake and single snorkle air cleaner. The optional 350 was the L-82 at 220 HP. The L-82 has finned alum valve covers, alum. intake and a dual snorkle air cleaner. The L-82 had different heads/ pistons, higher compression and a hotter hyd. cam. I think the exhaust pipes were larger also. The L-82 has a "L-82" emblem on the hood.

[Fran Preve]

Richard: it also had a forged crank and 4 bolt mains, if it's TRUE L-82 it will show in the VIN number, and your right, the exhaust was 2 and a 1/2 vs 2 for an L-48. The standard axle ratio for an L-82 automatic was 3.55. I've got a 1979 L-82.

[bobs409]

You like Corvettes Fran, maybe you should come down and bid on it. :)

[MRHP]

About 15 years ago me and 2 of my buddies were cruising in a Packard convertable. Well, the fuel pump took a dump and now we are on the side of the road. We were there for about 15 minutes when this 25th anaversary vette pulls up. Lucky for me I know both chicks in the vette. Well, needless to say I left my buddies on the side of the road and took off with the gals in the vette. No I didn't go for help! I think they had the car towed. I didn't care what they did, I knew what I was doing. My girlfriend at the time was less than impressed with my actions! Oh well, its all in the past. :D

[65Impala409]

Bob,

I heard some people at work that claim that this car will probally end up in Jay Lenos collection. I heard that he flew into the area and took a look at it... Hmmm, this car may cost a small fortune. I never knew that it was on the news, but that makes it a bit more publicized than I thought. Well if you hear what it goes for I would love to know.... Since I will be at work all day....

Everybody,
Thank you for the information.... I never knew that we had so much hidden corvette interest. Thank you for the responses.
Ned
65Impala409

[droptop62]

I have heard stories of a 69 Z/28 Camaro in my area that is owned by a wealthy business man. This car has never been titled or licensed either.
The car is not for sale, Nor can I guarantee it even exists, But every other story I have heard about this guy and his cars, has always been proven to be true. Try and put a value on that car if it were ever sold. :doh

[bobs409]

Ned,

I hope to find out what it sells for myself. Maybe the news will do another story on it? :D

It doesn't bother me if that car ends up with Jay Leno or in some other "museum". I'd say, that's where it belongs.

I couldn't imagine driving something like this on the road. Can you imagine some knuckle head in a mini van totaling it shortly afterward? :doh Or watching that "4" on the odometer go to "400", then "4,000" then....

[Fran Preve]

I like Corvettes but not THAT much!. Besides I'm cheap. These things turn up in Hemmings regularly, no miles Pace cars, bought by stupid speculators. Remember what they were selling for back in '78?. Stupid people, they made 6000 of them so they were "rare"?. I doubt Leno would buy it, he's a "driver" not a "putawayer".

[SS425HP]

Some of those pace cars were going at 40-50 Gs. Then I heard from my uncle, who had a Chevy dealership in New Jersey, that someone sent one through an auction, and it went for around 20K. That kicked the bottom out of the market. He had bought one from another dealer, as each dealer was to get 1 only, and was going to make money on it. Well, he didn't after the auction deal killed the price. I don't remember what he sold it for, but less than he paid for it.
I had a 78 Silver anniversary car, with the L-82 in it. It was pitiful. Wouldn't spin a tire on dry pavement. It was pathetic. Sorriest performance car I ever owned. It was wild on rainy highways, though. Would spin the tires that way. I know the newer ones are a lot hotter. 78 was just a bad year for performance. Kept it 4 years, and got a 82 Caprice wagon. Had different priorities, then.

Fred

[ss409cid]

I bought a 78 Annivesary new, it now has 5k miles. I keep an eye on these cars because I own one. A new in the box Pace Car will probably go for 20-25k. There were only 6000 produced. I was a Chevy salesman in 78 and sold ours for 10k over sticker or about 24k..........Larry

[bobs409]

The news did a follow up story on the vette last night. It sold for $29,000 yesterday at the auction.

It was the silver anniversary model and auto as mentioned but doesn't have 4 miles, it only has 3.5 miles! LOL :D

The guy that bought it said he couldn't afford one when they were new so he bought a new one today. ;) His plans are to use the car for shows and not to drive it.

[Fran Preve]

Not a pace car!. Chevy made 15,000 silver 1978 Corvettes, and the two tone silver/gray was NOT on any code in the car so many dealers simply painted the two tone on. I agree with the previous post on going price for low/no miles Pace cars, and anniversery cars with two tone should go for much less. Given the choice of a 78 or 79 take the 79, better seats.

[MK IISS]

Fran:

Was there any other difference between the factory built two-tone silver gray car and a regular silver Corvette besides the paint? Didn't the the factory two tone car have polished alum. wheels like the pace car?

[bobs409]

I know nothing about these and hope I didn't make a mistake when I said silver anniversary. I'm trusting my memory on what was said, perhaps they said something different?

The car is black, silver and has a red stripe.

Show me a picture of one like that and I'd recognize it. :D

[65Impala409]

Thank you for the information bob, I couldnt find it in my paper....
Ned
65Impala409

[MK IISS]

Bob:

As I understand it all 1978 Corvettes are silver Anniv. models (25 yrs.) but there was a special two tone silver/gray paint option for about $400.00 to commemorate the anniv. Then there was the silver/black pace car limited edition which was about $4,000.00 extra. I know the pace cars had clear coat applied over the paint for a much deeper gloss.

Fred:

I worked for a dealer in '78. The owner had at least ten pace cars that year which he had bought from other dealers. He sold one to James Garner (Maverick) in California who sent a truck cross country to pick it up. The owner had a black L-82 4-spd. with "gears" which I drove a couple times. I tought it ran quite well considering the times. Maybe yours had the 3.36 gears. I think '78 was the first year for the 60 series (standard on pace car) tire option also.

[Fran Preve]

Richard: silver anniversery was paint only, yes a $400 option but no code on thecar.
Bob: black and silver was ALWAYS a Indy Pace car with many "standard" features, mainly a silver interior with 1979 style seats.

[bobs409]

Yep, it had the silver interior. It had the polished aluminum wheels too.

I wonder how many years until the guy that bought it will be able to break out even? I'm sure the value will only go up and up over the years though.

[Fran Preve]

No Bob, the question is: How much did he LOSE!. Consider this, if he had put the money he spent (probably at least $20,000) in a Dow Jones index fund, what would THAT be worth now?. So for a jillion dollars he had a car he only looked at, never drove. Shouldn't look at it that way?. Maybe not, if he USED it, cruised in it, took it to shows, DROVE it if only a few thousand miles every year, then of course not. But put something like this in the garage for 15+ years and look at it, stupid plain and simple. But he was WEALTHY!. Had to be, with money to burn, then pleasure yourself, still, store it, stupid. Use it and enjoy it.

[Tom Kochtanek]

I probably should have put this over in the "small block" threads, but since we were discussing the 1978 Pace Car and Anniversary setups, and mentioned the L82 engine, I thought I'd post this here.

A few days ago I dismantled my old 16' by 24' shed in preparation for general excation of the area. This afternoon I had to move a few engines out of the area for temporary storage until the new structure is completed (months from now!). Here is a shot of what I believe to be a 1978 L82 out of a Corvette. I have a "numbers matching" frame and body (for what it's worth), but got everything as a "basket case". Was wondering if the engine is "period correct" for the 1978 Corvette. Here are the numbers:

Block # 14016379 with an "F 18" date code
Heads are # 462624 dated J 30 ??
There's a big "M7" on the automatic transmission attached to it.
Intake is 4 barrel aluminum with "458520" on it.
Valve covers are finned.

Here's a pic. Note the 1962 283 with PG out of my SS right next to it :) Gotta preserve that one, as it's original to the vehicle :)

regards,
TomK

[Fran Preve]

The valve covers should be black, the exhaust outlets should be 2 and a 1/2. The suffix code would help.

[Tom Kochtanek]

Fran:

Just where might that suffix code be located?

Thanks,
TomK

[Fran Preve]

tom, the suffix code on all chevy engines is located on the pad at the front of the block where the passenger cylinder head mates to the block. it will begine with an F for an L-82, followed by 4 numbers which are the dated it was assembled followed by the suffix code, in this case 3 letters.