A buyer might be happy to pay $10,000 for the rust-free shell of a 1965 Chevrolet Impala, on which they could build a “big-block” clone, but that might be where car values can be confusing.
First impressions are important, but not always accurate. I was retained by a friend to find an early ‘60s Impala, the car of his childhood dreams. After some searching, I located a 1965 Impala stored in a storage container for many years. I began the inspection as I always do, by walking around the car a few times while looking at the fit, finish, and “straightness” of the car. The car was typical of a restoration gone bad with obvious signs of the usual starts and stops. The seller was looking for $4,000 to just get out of the mess. Something about this car was unusual. The paint was poor. The panel gaps were not bad for the early steps in a restoration. Not perfect, but close. And the body panels were straight. The inevitable patch panels at the bottom of the quarter-panels were invisible which was unusual. The doors, which must have had the hinges replaced, hung evenly, and opened and closed properly.
So much for first impressions. It was time to take a closer look at the workmanship that had been done to date. At first glance it seemed like a reasonable car for the price.
Hmmm…The door hinges looked original. A look under the car revealed floor pans that looked they belonged on a one-year old car, with no undercoating and even some original paint…and they were original! The rocker panels were also perfect. And even a close inspection could not find where the “patch panels” ended and the original quarter panels began, because they had never been patched. They were original. There also seemed to be the typical parts missing, like the radio.
Wait a minute.
Was it possible that this car still had all its original sheet-metal that was in good condition? This is not something that you normally find in a forty-something year old vintage car like an Impala. These cars rusted if you looked at them wrong. Especially when they were ordered with the optional convertible top. I opened the hood and found a large motor, not typical with the badging on the car. Going down my list it seemed here sat a big block convertible with no options sitting in front of me. My impression of this car was quickly changing. This was a car that had some real intrinsic value. Some further research found that the car still had its original motor, transmission, and rear end. Suddenly all the little defects had little meaning. They could be fixed with some effort. But try to find another car like this. That would be difficult.
A punch list would highlight enough flaws on this classic car with such limited value potential that most buyers would walk away. But this car was just the opposite. This was a great vintage car that needed the restoration completed. After speaking with my friend, I was asked the inevitable question. “What do you think the car is worth?” I offered my opinion that I knew collectors that would be happy to pay for a rust-free shell such as this, on which to build a “big-block” clone. This car, however, is the real thing for a fraction of the cost. Yes, he will need to put some money into the classic car, but when he is done, he could end up with a real big block car for a fraction of the street value.
What to pay for a car is difficult question as the market shifts all the time and most average buyers do not make money in collecting vintage cars. The real price to pay is what is the car worth to you at the end of the day. As with any hobby you will also know when to walk to away from pricing that is beyond a reasonable cost for you to pay for a collectible. As we have discussed also have a good idea of what you want to invest in your hobby beyond the original purchase price.
Is this car for sale