The pages of the classic car world are littered with people who have taken the punt on purchasing a limited edition vehicle and squirreled it away in the belief that it will eventually be worth a small fortune. Some people get the gamble right, while others get it wrong. Suppose I were to sit down and carefully count all of the cars I’ve seen in this category during my years of involvement in the classic car scene. In that case, I think that I have seen more low-mileage 1978 Corvette Pace Car Editions than any other single make or model. This one stands as a testament to that because it has a genuine 626 miles showing on its odometer. It is a multi-award-winning classic that is now looking for a new home. The Corvette is located in Glen Cove, New York, and has been listed for sale here on Craigslist. The owner has set the sale price at $66,000. I have to say a huge thank you to Barn Finder NHDave for referring this classic to us.
When you consider the odometer reading, it is no surprise that this Corvette presents in as-new condition. The combination of Black and Silver paint shines beautifully, with no visible flaws or issues. Chevrolet shipped these cars to the dealership without the distinctive signage or graphics, but the owner has chosen to apply his to the vehicle. These look crisp and clean, with no fading or shrinkage. The original alloy wheels also present perfectly, and I believe that they wear their original tires. The glass is spotlessly clean, as are the glass panels for the T-Top. The reality is that there’s nothing to criticize about the Corvette’s overall presentation, and its condition would be considered good enough to qualify as a museum exhibit.
The reality is that the Corvette Pace Car Edition was not as rare as Chevrolet originally intended. They initially planned to build 2,500 examples, but that would’ve meant that more than half of the company’s dealerships would have missed out. To appease these individuals, production eventually swelled to 6,502 vehicles. It meant that every dealer was happy, but it reduced the rarity claims substantially. However, the devil is in the detail with these cars. There are no definitive figures from Chevrolet, but various sources provide some interesting statistics on drivetrain combinations, and most of those sources seem consistent. The original owner ordered this Pace Car with the L82 version of the 350ci V8 and the M21 transmission. It is believed that only 512 cars were thus equipped, making them more desirable. However, there is an even rarer configuration. If you can find one sporting the L48 engine and a 4-speed, you could be onto a winner. It is believed that Chevrolet produced a mere 70 cars with that combination. With so few miles on the clock, this Corvette is a long way from being worn out. Unfortunately, the owner provides no information on whether the vehicle is currently roadworthy or how it has been maintained over the past 43-years. It is worth noting that this car has accrued quite a collection of awards during its life. These include Bloomington Gold Accreditation, NCRS Top Flight Awards, and the highly-coveted NCRS McLellan Mark of Excellence Award. This photo shows where the legendary former Corvette Chief Engineer Mr. David R. McLellan has autographed the air cleaner.
Chevrolet produced the Corvette with the intention of it being driven and enjoyed by passionate enthusiasts. Naturally, therefore, the interior needed to be as inviting and comfortable as possible. Climb aboard this classic, and you will find bucket seats upholstered in Silver leather. There is also air conditioning, power windows, power locks, a leather-wrapped wheel that adjusts for tilt and reach, a rear defogger, and an AM/FM stereo radio and CB. There have been no aftermarket additions, and as you might expect in a case like this, the trim is in as-new condition. There are no issues or problems, and this classic is begging to be driven and enjoyed.
We’ve seen a few examples of the ’78 Corvette Pace Car Edition over the years here at Barn Finds with exceptionally low odometer readings. We’ve even seen a couple with single-digit odometer readings. That begs the question about potential values, and I suspect that the news isn’t going to be great for the seller. With the combination of the Pace Car option and the L82 engine, this car would have cost its original owner $14,178 when it was new. It seems that this owner has stored the vehicle away in the hope that the value would go stratospheric. Sadly, it hasn’t. Values have continued to fall, and this trend shows no signs of slowing. Do you think that the price is fair on this one, or is the owner being optimistic?
The price is way too high. There was just one featured on BF with 104 miles that sold for $30K.
And I see them at auction with fewer miles in the $40s . . . .
Makes me a little sad that these low mileage, packed away ‘Vettes will never terrorize the roads as Chevy intended.
Despite Chevrolets intension this particular model never terrorized anything/one with the exception of those with good taste.
I think Chevy only intended to make money, anything else is secondary. Look at the cost of so many cars this century that the makers know darn well will never get used. Pathetic, takes all the joy out of this love of all things automotive. The question is, how do we stop all this hoarding by the megabucks crowd that keeps the rest of us from enjoying all the engineering efforts? That question may never get answered. I am 103% Capitalist in my thinking, but even I see some downsides to it sometimes. Maybe it is time we attempted to iron out some of the wrinkles in the system.
Yes, if some of these cars were driven and the price dropped as with all used cars, then more of us could experience them.
Not a rare car, 6,502 is not low production and most were stashed away like this one. At least this one is better preserved than most I see at the auctions and shows. And the original owner had the brains to not order the boat anchor L48 and automatic. Would be a nice car to cruise in, but there goes the value. Far too many of these for sale. As mentioned above, one just sold for 30 large with 100 miles. Check Mecum’s site. They have at least five of these coming up for sale. BTW, this car has been for sale for some time on other sites.
One literally can not drive this car at all with so low mileage – might as well have been a pushmobile. I would think there should be ORIGINAL grease unevenly visible near each grease fitting.
Could some or even all of the R12 have leaked out by now?
I really miss cheap R12. I know it made the clouds cry, but I still miss it.
Agreed, it was bad for Mother Earth, but oh so easy to go to the local Big Wheel store and plop down 69 cents for a can of Freon to recharge your slightly leaking car once or twice a summer. Funny thing, Dupont who held the patent on Freon, didn’t make a fuss about it until their patent ran out. Then, surprise (!!), they just happened to have a brand new (and patented) replacement gas. How convenient. You youngsters here should Google it. Might make you ponder some deeper issues in your heart, about American business at its best.
Waste of a car….
So many of these `78 Pace cars got mothballed new, that the market is soft on them. There are dozen with less than 500 miles on them; some with factory shipping plastic still on the seats, etc. so this is no ‘unique’ find at all, and not expensive to buy.
It’s true, over the last 10 years particularly. I saw one that was left in the dealership since new and never prepped. Many other ultra low milage examples. Nothing but a celebration of mediocrity and the crowning jewel on of Detroit’s worst design eras.
Lot’s of these are coming out of hiding lately. Most not worth the asking price. These were a fine example of GREED.
Harsh….
Or maybe an example of morbidity. Think about it. How old did you have to be 43 years ago to be able to afford a high end car and then just put it into mothballs? I am going to say, at least 43 years old or better. Add 43 and 43 and you get the grim reaper knocking on your door. Maybe these are to settle estates. Just another reason to not hoard cars, buy them and use them while you are young. Time waits for no one.
I’m seeing more and more of these Pace cars coming up for sale , even here in my hometown , one thing I remember about the pace car or any corvette in 1978 was the speedometer was a factory 85 mph . I’ve seen this in the Chevrolet dealership in 1978 for myself , since then I’ve read about a after market 140 mph speedometer as this car has , and the one I seen just recently had a 140 mph in it , I’ve seen both in several cars . I also just seen the same kind of issue in a 2019 2500 Truck it had 200 mph speedometer looks exactly factory . Anyone know about these 2 issues ?
All 78 Corvettes came with a 140 MPH speedometer, the 79 Corvette was the first year to come with an 85 MPH one.
GM decided to switch all GM cars to an 85 MPH speedometer for the 1980 model year, but the last 3000 or 4000 79’s built, out of a total of over 49000 79’s, ended up with 85 speedos. This was because 79 production ran long, so some parts such as the 85 speedo and the two door rear storage compartment, were pulled forward from 80 production, as 1979 parts supplies ran out.
Doesn’t really matter – i don’t think i would WANT to go faster than 85 mph in this gen(or any older) vette regardless of mileage – whose platform is really a ’63 underneath! ain’t it?
In a 2nd gen f-body? maybe.
In a 1st gen f-body or ’60s stang or Javelin or Barracuda? – nope.
The 4 speed certainly makes it more interesting. I would remove all the pace car stickers and drive it every day. I like the looks of this era corvette and the old school drivetrain is tough and easy to fix.
$66k? Good One!!
What was happening in 1978? I have no memory of any specific event in re the business or the sport. I know of three in Spokane, Washington alone. I agree with the drive-it faction.
I graduated from high school, rode my RD-350, bought my ’74 Datsun 620, got dumped by my girlfriend and found another…..:)
Post some pictures of the girls so we can tell you if you made proper choices. After all, what are friends for?
Goes back to the 1976 Eldorado Convertible, last full size GM car to be built, Bi Centennial edition, every one bought them and stored them, 45 years of storage, 35,000 car