[VIDEO] Trailer Park Corvette Stash Hidden in Corpus Christi

If you’re thinking about buying an old Corvette to restore, veteran car buyer John Clay Wolfe has three words of advice:

“Buy finished cars.”

And considering Wolfe has spent more than three decades in the automobile business, his advice might be worth taking.

Wolfe, who operates GiveMeTheVIN, offered that bit of wisdom during a recent trip to an RV park near Corpus Christi, Texas, where he hoped to purchase a collection of six classic Corvettes.

He wound up buying just two for $175,000.

But his decision to leave the other four behind provides an interesting lesson for anyone considering taking on a Corvette restoration project.

The collection included six Corvettes ranging from 1954 through 1967, some in considerably better condition than others.

The family had been collecting Corvettes since the early 1980s, purchasing an estimated 30 to 40 over the years. Some were drivers, while others were unfinished restoration projects.

Wolfe initially hoped to purchase the entire collection.

“I want to buy them all,” he said. “That’s my goal.”

Among the cars were a 1954 Corvette with its original-style Blue Flame six-cylinder engine, a 1962 model with its original engine block and four-speed transmission, and a 1964 Corvette that had been converted from fuel injection to a carburetor.

There was also a modified 1967 Corvette with later-model fuel injection.

But two cars stood out from the rest.

One was a 1965 Corvette convertible equipped with a matching-numbers 396 V8 producing 425 horsepower, backed by a four-speed transmission.

Chevrolet built only 2,157 Corvettes with the 396 engine in 1965, making it one of the most desirable big-block C2 models.

The other was a 1967 convertible featuring a matching-numbers 427 V8 rated at 435 horsepower, complete with three two-barrel carburetors and a four-speed transmission.

Neither car was perfect, but Wolfe recognized their potential.

After inspecting the collection, he considered offering $300,000 for all six cars, with $320,000 being his absolute limit.

The sellers, however, wanted $390,000.

Rather than stretch his budget to acquire several cars that could become expensive projects, Wolfe concentrated on the two most desirable Corvettes.

After some negotiating, he struck a deal for $175,000.

“We definitely got the best two cars from the group,” Wolfe said.

His reasoning was simple.

Buying an unfinished Corvette restoration might seem like a bargain, but the costs of completing the project can quickly erase any savings.

Bodywork, paint, mechanical repairs, missing parts and countless hours of labor can turn an inexpensive project into a financial nightmare.

And that’s assuming the buyer knows exactly what he’s getting.

Wolfe also emphasized the importance of checking engine numbers and other identifying details before purchasing a valuable classic.

“You can spend all day looking at paint and chrome, but sometimes the most valuable part of this entire car is a little number that’s stamped right on a weird little corner,” he said.

In other words, a shiny paint job doesn’t necessarily make a Corvette valuable, and an original, matching-numbers drivetrain can be worth considerably more than appearances suggest.

Wolfe’s Texas adventure ended with two desirable big-block Corvettes instead of the six he originally hoped to buy.

But perhaps the most valuable thing he brought home was a reminder that sometimes the smartest classic-car purchase is knowing which cars to leave behind.

And for anyone contemplating rescuing a basket-case Corvette, those three words are worth remembering:

Buy finished cars.

Source:

John Clay Wolfe

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