Would you buy a car that you couldn’t drive? Or at least without significantly reducing its value? Pat L. found this 1978 Chevrolet Corvette Indianapolis Pace Car for sale in the Chicago area. The Corvette has only 197 miles on the odometer and is presented as an all original time capsule. The Corvette Pace Car was listed here on Craigslist about two days ago for $55,000. The car comes with its original paperwork and its Indianapolis 500 door graphic decals in a shipping tube. The door decal has not been applied to the car.
The base engine in the Corvette in 1978 was the L-48 350 cubic inch V8 engine rated at 185 horsepower. This car has the optional L-82 350 cubic inch V8 engine rated at 220 horsepower and around 280 lb ft of torque. Besides the bump in power, the L-82 350 cubic inch V8 engine came with an improved air induction system, black valve covers, a high lift cam and aluminum intake manifold. The engine compartment appears new and should for such a low mile car. The L-82 350 cubic inch V8 engine option also came with a special tachometer designating the L-82 engine.
All Pace Cars in 1978 came with black upper paint and silver lower paint. The interior was a silver leather that looked like it was out of a space ship. I owned a 1978 L-82 Pace Car with a 4 speed that I bought at a bankruptcy auction around 1996. It was not as nice as this car but it was a low mile car and I thought the looks were stunning. Back then, no one thought these cars would appreciate much more because so many were made and stored away. I only paid $13,000 for the car and it was fun to drive. Our daughter was born shortly after that and we needed something besides a two seater for the three of us so I sold it to someone in Tennessee who flew to San Antonio and drove it home.
The seller does not states how it runs and drives because it was probably driven so little. It does state that it is in excellent mechanical and physical condition with numbers matching engine backed by an automatic transmission. There were 6,502 Pace Cars built in 1978. To spend this kind of money, I would think a buyer would like to see this car in person. I have always favored the C3 and this is a nice one!
’78 Vettes are lousy to drive, handle sloppily, have uncomfortable seats, and aren’t very quick but this one sure does look good.
I could see these seats not LOOKING comfortable(compared to the earlier flatter ones.
I thought as early as ’73, the ride quality was improved over earlier models, & with radial tires & quick GM steering, handling would be at least adequate.
Is there not a sway bar at the rear on these gens?
I wonder how chevy got away here with a 140 mph speedo in ’78, while all other cars had speedos going up to 85 mph. by law – i think.
I guess the tailpipes are aluminized & the exhaust pipes are not?
Joe, I think the 85 MPH speedo became law starting with the 1980 models.
Sharp car but it ain’t worth the ask.
I think we are looking at a 350 L-82, as I have never heard of a 380. The original advert says that the 55 thou being asked is “firm”. Someone who may have a particular thing for ’78 Pace cars and doesn’t mind an automatic may want to buy it…but if you start driving it your 55 thou will soon evaporate as you will be killing the reason for such a high price. It would gradually just become another low-value ’78. For 55 thousand you can buy a decent chrome bumper big block, that would prove to be a better investment. that can actually be driven a bit.
Yes, in ’78 many people bought Pace cars to store them, expecting to make a killing eventually. That never really occurred. Even if this car is really just about new, what would you do with it? If you start driving it and racking up some miles it will soon become an 18-20 thousand dollar car–even if kept in nice shape. It’s going to take a ’78 Pace car fanatic or a museum to want this car.
Bruce made a typo 😲
Beautiful Vette. Chevy equipped these w the stout Turbo 400 Hydramatic. Paired w 3.55 ring and pinion ⚙️
A/C car too. Hopefully someone cruises this Corvette coast to coast.
It looks great, but is in a niche in the classic car market. It may be a bucket list car for someone who became wealthy and is willing to pay a premium. The problem with returning a car like this to the streets is that mileage isn’t going to help with the rubber parts that will start to fail, the water pump bearings, etc. you would sort the car as a 45 year old survivor rather than a new car, despite the low mileage premium.
Remember a few years ago when the Chevy dealer in the Midwest closed and auctioned off a lot of desirable old machinery? Someone bought their pace car, pulled the plastic off the seats and drove away in it. People were outraged, but I loved that guy.
Just fyi The car only came with the turbo 350 transmission,not the 400. I know because I had one with the l-82 and after doing some engine mods, I proceeded to blow the trans. Rebuilt and lasted about 7 or 8 months before it started slipping. Replaced with a turbo 400 and never had a problem with transmission. Rear end on the other hand. 🤣🙈
Correct, William. The last year for the Turbo 400 was 1975 (overkill for 165 horses) and 1976 ushered in the less rugged Turbo 350.
I thought the last yr was ’74 because starting in ’75, on smaller GM cars, like the f-bodies as well, the new “flat pancake” cat converter simply got in the way of the big turbo 400 trans.
If you ordered an automatic it came with a 350 turbo. The 4 -speed was available. Wide range and close ratio. I know because I ordered a Pace Car equipped with a close ratio 4 speed and an L-82. I worked in management for a Chevrolet Dealer back then. Not many made with a 4-speed.
These underwhelming low milage ’78 Pace car editions continue to surface year after year. Everyone thought these would be the next Hemi Daytona.
Celebration of mediocrity.
Leave the door decals off unless it gets you into the Indy 500 for free because it’s an “official car”.
I’ve seen better 78’s with less mileage sell for much less. And it was a 4 speed
I thought all L82 78 pace car Corvettes had a dual snout air cleaner, I’ve got the ’78 silver anniversary and it’s an L82 and it has a dual snout air cleaner
I noticed the single snorkle air cleaner also. My 79 L-82 has the dual snorkle. The vin number will reveal the L82 or L-48.
If your going to spend that much on a low mileage Vette, might as well add anther 10K and buy a brand new one that you can drive right off of the dealership floor.
Or if your heart is set on a C3, buy ANY other one than this.
I’d buy a new one IF it looked like the BEAUTIFUL ’73 4 rotor corvette – or similar – even if they removed the gullwing doors – that car & this one LOOK like corvettes. The new one looks like a Ferrari wannabe. I prefer a long hood that a v8 could fit under, even if the motor is in back, like on the 4 rotor. & a lot more space between the front edge of the front doors & the back edge of the front wheelwells – also like on the 4 rotor.
Here’s a picture of the 4 rotor Corvette that Joe mentioned. It’s a beauty.
55K is a big ask for a car that will essentially sit in a garage and never drive. with only 197 mines in 45 years, every piece of rubber, including those Goodyears must be dry rotted. every bit of fluid must be drained and replaced, and those decals sitting in a tube are probably useless with no adhesive
$55,000 seems like a lot for an L-82, a paint job, and some nice wheels.
Ah, the first so-called instant collector car with all they hype in that New York Times article. GM built 6,502 of these cars. Far from rare, as probably all 6,502 are still around stashed in garages. The build quality was terrible. I worked at Chevy dealer then. We sold one to a fussy, and rightfully so, customer. The car came in. We had explicit instructions not to touch the car. He wanted the brown paper mats left in and plastic on the seats and steering wheel. He came with a trailer to take it home. One look at the black paint and he demanded to a new paint job. He made enough noise and got it. It was an L82 four speed, of which, very few were built. It’s probably still sitting in some garage.
I was selling Chevies in ’78 and it was a poor lineup across the model year. No power and questionable styling was the standard.
The Corvette was available in standard, Silver Anniversary Edition & Pace Car. All were lack luster and barely got out of their own way.
The decals and snazzy astronaut interiors was an attempt to add excitement.
If I remember correctly GM built one Pace Car for each dealership. I ended up selling one Pace Car that I managed to dealer trade from some small town dealer in northern Michigan. My dealer placed the selling price at $5000 over sticker and, of course my commission did not have participation in the added amount! Not many people drove them and you don’t see many with the stickers applied.
25k is a realistic value for this car. But when someone says “firm”, they don’t need the money, just the space.
He’ll leave it to a kid when he passes and they’ll sell it for like 15k. Ain’t nostalgia a b*tch?