Some enthusiasts will spend the money on a shiny new classic, squirreling it away for years, hoping that it will prove to be a rock-solid long-term investment. Chevrolet’s 1978 Corvette Indy Pace Car Edition was one of the more popular choices, and we have previously seen some impressive examples crossing our desks at Barn Finds. However, this one could be among the most extraordinary. With only 21 miles showing on its odometer, we haven’t seen one with lower mileage. It presents as well as you might expect for a survivor of this caliber, needing nothing but a new home. The seller has listed this Corvette here at Low Miles No Miles in Volo, Illinois. You could become the new owner of this Indy Pace Car for $56,998.
The 1978 model year was significant for Chevrolet’s Corvette. The company introduced a new “fastback” rear window that transformed the appearance, and it also marked twenty-five years since the badge first appeared. The company celebrated the occasion with a 25th Anniversary Edition, and with the Corvette chosen as the Pace Car for that year’s Indianapolis 500, it added an Indy Pace Car Edition to the mix. Both proved extraordinarily popular, accounting for over 46% of total Corvette sales for that model year. The Pace Car received unique Black and silver paint, along with a decal kit that buyers could choose to apply for a “complete” look. The seller is candid about this ‘Vette, confirming that while the paint shines nicely, it does exhibit what they term “patina.” They supply an excellent selection of close-up shots that show a couple of minor chips and marks, but none that require attention if the buyer wishes to protect the car’s survivor status. The underside shots reveal dry surface corrosion on some mechanical components, but no evidence of penetrating rust. Impressively, many of the chalk marks applied on the production line are intact. The mirrored glass roof panels are excellent, and the beautiful aluminum wheels are in as-new condition.
Air conditioning, power windows, power locks, cruise control, a leather-wrapped tilt/telescopic wheel, a rear defogger, and an AM/FM/CB radio with a power antenna. Those items confirm that this Corvette is nicely equipped for a classic of this vintage. The condition is also all that you might expect from a vehicle of this caliber. The Silver leather seatcovers look supple and inviting, with no signs of wear on the prone outer edges. The remaining upholstered surfaces are equally impressive, as are the dash and carpet. There’s a weird wire snaking its way along the passenger-side edge of the console, which doesn’t rate a mention in the listing. Otherwise, this interior is as it left the factory.
The first owner equipped this Corvette with the L48 version of the company’s 350ci V8. The small-block wasn’t a fireball by 1978, feeding 185hp and 280 ft/lbs of torque to the rear wheels via a three-speed automatic transmission. Chevrolet made power-assisted steering and brakes standard equipment in 1977, with this car also featuring the ZN1 Trailer Package, which added a heavy-duty radiator and FE7 Gymkhana Suspension to the mix. The seller doesn’t mention verifying evidence for the odometer reading, although the car’s overall condition makes it plausible. The Window Sticker remains in situ, with the Corvette rolling on its original tires. It is unclear whether the vehicle is genuinely roadworthy, but I would thoroughly inspect every perishable item for deterioration before hitting the road in this classic.
Some classics represent a better long-term investment than others, with history confirming that the 1978 Chevrolet Corvette Indy Pace Car Edition failed to meet expectations. The Window Sticker confirms that this car cost its first owner around $14,000, which equates to approximately $69,600 today. The seller’s price is below that figure and is consistent with current market expectations. However, values have recently climbed beyond the classic market average, suggesting that the Indy Pace Car may still experience its time in the sun. Are those thoughts enough to tempt you?
Exhibit A why you should enjoy your car instead of storing it hoping for a big payday. I mean, storing it in winter to protect it from salt or limiting your driving to keep the mileage low is fine, but this is crazy. So many people did that with these, their values are just not high because there are always plenty on the market.
If the original owner would have put that 14k in a mutual fund that earned 12.21% per year (the average annual rate of return for the S&P 500 during that time span) and added $100 a month of the storage and insurance cost to the fund, that individual would have over $5.3 million right now! Even if they just put the 14k in and forgot about it , they would have over $3.1 million.
I have nothing against low mileage cars, and some people just enjoy keeping them, and that’s just fine. But so many really think cars like this are a deferred college fund.
I love this analogy (is that what an analogy is? ha) about the money. Absolutely correct and I couldn’t agree more but I am also one of those weird folks that likes my things so much I am afraid to damage them. I have to agree here though. Drive that mutha. Have some fun. I also count the unattributable costs like the space this took up that another object didn’t get to use. Just walking around the thing in the garage. Keeping the kids from scratching it. Lets face it also, 3.1M would buy a pretty nice one of these if you wanted to go down memory lane.
Wow, I thought people were going to be bashing me because these comments usually aren’t very popular, but I think they need to be said within our hobby. People buy special editions and think they’re sitting on gold. I think this was the first car that was the subject of widely discussed speculation. People were paying way more than msrp for these as I remember, and many socked them away thinking they were going to become millionaires off of them.
Same thing happened most recently with all of the “Last Call” Dodge Challengers and Chargers. Those are already worth way less than people were paying for them 2-3 years ago. YouTube’s OC_Motivator is practically building his whole channel on this, LOL!
I want to repeat, I have absolutely nothing against somebody who wants to keep a car as a showpiece knowing what they’re getting into. I personally would have been driving this thing in the late 1970s/early 1980s but to each their own. And all of us should strive to keep our cars super nice. Heck, I have three I store in the winter, but I also drive them regularly April-October and I do not view them as investments.
Cars are meant to be driven.
It would look way better without the door graphics. Try to get into Indy with that thing. “But my car is official! Let me in!”
I’ve always liked the shape of this generation of ‘Vette. I don’t recall them as being particularly capable in the corners, but they seemed like nice cars to pose around town in. This special trim always looked sharp to me. The wheel design looks great, and the tires fill the fenders in a pleasingly proportional way.
Talk about low mileage, the American Muscle Car Museum in Melbourne Florida has one with 77 miles. They have dozens of cars with less than 100 miles on them. The shame is they’re not even open to the public. Only private showings.
https://www.americanmusclecarmuseum.com/
Just another thought on this car. I graduated in 1980. I was in auto mechanics in 79 and 80 and was really into cars and especially vettes. I could barely afford my $1000 67 firebird at the time but one day during my Jr year one of the rich kids got one of these anniversary models. It was lunch time and this 17 year old was racing another kid and mis-navigated a turn and ran his brand new vette into a pole. It sheared the right front fender right off. He was the talk of the school for a week. Next up, daddy buys him a truck until he can get that Indy pacer fixed. Every time I see one of these I think about that 17 year old’s face at the wreck scene. Thankfully he wasn’t hurt. At least not physically. What a car though. I would have driven it without the fender if I could have gotten the chance to own it then. ha
Speaking of low mileage malaise ‘Vettes… Here are 3 barn find low milers…Courtesy of WD Detailing in Medina, Ohio
https://www.youtube.com/watch?v=tP_4p2-HkOo
https://www.youtube.com/watch?v=10h-ExFYw5w
https://www.youtube.com/watch?v=4o_TBop1S4M
I would rather have that red Falcon.
if you bought gold you would have $300,000 back then people thought pace cars and eldorado convertables if you put them away would be worth a fortune
The initial plan for the pace car replica was 2500 units. Responding to dealer complaints, Chevrolet bumped it to one per dealer, or 6502 cars. Many buyers paid over MSRP and stashed the cars away with very low mileage, expecting a big payoff in the future. With 6502 cars produced, that day never came, and likely never will. Proof that, aside from limited-production exotics like the Ford GT and various Italian examples, folks are much better off keeping their cars and their investments separate.
Yup, as I commented above I think this was the car that started that phenomenon.
I’d say the first example of speculative buying was the “last” 1976 Eldorado convertible. People were paying double the MSRP and immediately putting them into storage. The 1979 Tenth Anniversary Trans Am gets dishonorable mention.
A 672 mile L-82 4 speed pace car sold recently on BAT for $56,500 but it was a triple crown winner and L-82 4 speed cars are worth more. @2010CayenneGTS is right, unless you bought a Ferrari 250 GTO you’re better off investing in the markets.
50k. no guarantee that it will go up in value.21 miles on it means you’re not driving it. unless your accountant has told you need to get rid of some cash these seems like a waste in my opinion. all you can do with it is wipe down with a diaper
I had a thought on the noted “patina.” This over-used word means different things to different people, and beyond the seller’s note referencing paint, we don’t know what exactly it means here. That said, it shouldn’t be a surprise that something approaching 50 years old isn’t in absolutely as-new condition, even with excellent storage conditions. Anything around your house or garage (home furnishings, tools, etc.) which is 50 years old which looks exactly like brand new, even with excellent care?
I had a rich boss, who knew everything… He started buying brand new “classic” cars back in the early 90’s. So he’s financing a 30k car, and paying insurance to have it sit in his garage. I was like, Why are you buying these cars, it’s going to take decades before they are worth anything… Buy a 69 GTO, buy a Hemi Cuda… His reply, Nobody wants those old junkie cars… He gets divorced 20 years later and gets peanuts for the low mileage “classics”
Cars were invented to be driven , When these came out I worked in a Chevy dealers parts department and I remember the talk circulating about a well to do customer willing to buy as many of these Pace Cars as the dealer could find , it turns out that in 10 years when he went to sell one, with very low mileage BTW , that he couldn’t get any offers that exceeded what he originally paid for the car in ’78, IIRC he did have 5 of these, I wonder if he ever realized a profit on any of ’em ? That wire tucked in by the passengers side console is the cord for the C.B. radio’s microphone . Personally I like the Silver Anniversary Edition , my kid sister owned one ,,,,,,,, better than these Pace Cars , with or without the Indy graphics .
Aggressively priced, I have the same car with the L82 engine and 6,000 miles and have replaced all things that deteriorate while being stored( oil seals, rubber bushings, etc) and would be happy to see $38,000 to $40,000 for it.
Mine is actually one of 200 built with silver cloth inserts on the bucket seats.
I agree with Brian. Things do deteriorate seals and bushings. Oils do break down over time such as engine oil,brake,power steering,diff, and coolant which also create leaks unless changed when needed. Also condensation in sealed places such as the exhaust.
I had a pesky saleman trying to get me to buy one of these back in 78. I came in after work to kick tires, kill some time, but he saw the suit and tie and thought I could afford it. I finally explained to him that at the most I could afford a Nova as we had three kids to put through college. He laughed and said kids should fend for themselves. Insisted it was an investment that I could drive and enjoy. I laughed and reminded him that CDs were giving double digit returns at the time. I didn’t buy, but did put 3 through college. Better investment. The wife and I have two practicing doctors and a mastered degereed kid who does medical research, plus two grandkids well on thier way to similar pursuits. I think I spent my cash well.
I think I remember the same seller trying to sell this car around this same time last year. The ‘VOLO’ stood out to me as an unusual town name. The “weird wire”? CB microphone, of course. Still aggressively priced, but still my favorite color scheme of the C3’s, right next to the CE in ’82.
I completely agree with Brian, 38 to 40K is top dollar for one of these. There is nothing extraordinary about this model other than being a replica of an Indy Pace Car. They are still the poster child of the malaise era. The phrase “high performance” or even “fun to drive” does not apply to one of these dogs. I had the same salesman experience as Zippo. I had purchased a couple of Vettes from a local dealer, and when these came out they tried anything they could to get me to buy one. At the time I had a fairly rare ’75 roadster with a ’70 LT-1 in it and told them something that I stood by until 2000. When Chevrolet starts building true Corvettes again, I’ll buy one. (I did not include the ZR-1 in that statement, but GM made sure that I wouldn’t buy one of those by putting the price point where they put it) I also question the “patina” and “small chips and markings” comments. I have a black 2000 FRC with 48000 miles on it that I bought new and has always been garaged with a lambswool lined cover on it and it doesn’t have and “patina”.
First off, GM built 6,052 of these totally gaudy cars. Second, this is an L48 automatic. Boring. If you drive this car, it will start to fall apart. Yes, in 1978. A front page Wall Street Journal article touted the Pace Car an instant collectible. Ha
Wondering why the glove box door looks as though at one time, a very short person might have been doing chin-ups from it?
L-48, automatic is the worst choice to put away.
Who puts a trailer package on a Vette?