With a production total of 6,502 vehicles, the 1978 Chevrolet Corvette Indy Pace Car Edition isn’t the rarest classic on the planet. However, our featured car is 1-of-200 ordered with the L82 V8 and M21 transmission. It presents superbly, and with only 5,200 original miles on the clock, it would suit enthusiasts seeking something very special to park in their garage. I must say a big thank you to Barn Finder Curvette for spotting the Pace Car listed here on Craigslist in Camas, Washington. The seller set their price at $49,950 for this low-mile survivor.
The Chevrolet Corvette has served as the Pace Car for the annual Indianapolis 500 more often than any other vehicle, having received the honor twenty-three times. The first of these was in 1978, with Chevrolet celebrating by releasing a limited edition Indy Pace Car variant. Of course, the term “limited edition” is relative, with 6,502 of these classics rolling off the line. Each featured distinctive Black and Silver paint, with buyers receiving the appropriate decals to apply at their discretion. This ‘Vette presents superbly, and the fact that it has only clocked 5,211 original miles is a contributing factor. It has always been garage-kept, protected from rain and snow. The underside shots reflect this, with the floors and frame clean enough to eat off. There is a “however” attached to this assessment: the seller reveals they treated the car to a repaint seven years ago because the factory finish was not perfect. That will lead some enthusiasts to question whether it qualifies as a genuine survivor, but there’s no question about its appearance. The paint shines deeply, there are no panel issues, and the original decal kit is still in the box.
Delving below the skin reveals what might make this Corvette special in the eyes of some readers. The first owner ordered this classic with the optional L82 version of the 350ci V8, teaming it with a four-speed M21 close-ratio manual transmission. I have been unable to confirm the seller’s claim, but they state that only 200 buyers ordered an Indy Pace Car with that combination. If true, that makes what wasn’t a particularly rare classic a bit more special. The L82 developed a factory-claimed 220hp and 260 ft/lbs of torque, with both figures considered pretty respectable at the height of the Malaise Era. This ‘Vette is highly documented, meaning there may be evidence verifying the mileage claim. The buyer receives the original Window Sticker, Build Sheet, Dealer Invoice, visor sleeves, Owner’s Manual, Warranty Booklet, CB radio User Guide, and various other documents. This numbers-matching Pace Car is a turnkey proposition that recently received new brake calipers and pads.
Every 1978 Corvette Indy Pace Car received Silver leather trim, with this car’s interior in as-new condition. There is no evidence of wear or other issues, and no signs of abuse or neglect. The leather looks soft and inviting, and the console isn’t scratched or marked. It is also nicely appointed, featuring air conditioning, power windows, power locks, a tilt/telescopic wheel, and the $638 AM/FM stereo radio/CB.
This 1978 Corvette Indy Pace Car Edition is a stunning classic that presents beautifully and features a desirable drivetrain combination. However, it needs to tick both of those boxes to justify the asking price, which is at the top end of the market. The sticking point for me is that, since it no longer retains its original paint, it can’t be considered a genuine survivor in the strictest sense of the term. With those thoughts in mind, do you think it will find a new home at the asking price, or will a compromise be required for that to happen?
Factory finishes were never perfect on these cars, or on the 25th Anniversary editions – the bottom halves were literally taped off and painted as the cars went down the line. The ask is top dollar for what a Concours car would be – this isn’t it. It’s still lovely and I’d certainly roll it, but not until every single rubber hose and fitting was replaced. Sitting does no good to any vehicle; this was a garage queen and nothing more.
Certainly a nice example of this model but there’s no mention of its actual drivability; new brake bits and carb, A/C needs a recharge, good info. As Rick said-what about the rest of the rubber on the car, the fuel in the system, etc.?
Perhaps a garage Queen which is all fine and good if it was well kept up in the garage.
With only 5200 miles on it the next owner will probably also use it as garage art as putting miles on it will decrease the value sharply. I agree it’s not a true survivor anymore with the repaint but crappy factory paint was an unwanted feature of the Corvette until the 1982’s were built at the new Bowling Green factory. I think the asking price on this car is a little high but he may take less.
These may be nice looking and have the most desirable drivetrain available in this model, but there are a lot of early-C3’s I’d rather have that trade hands for significantly less than this cars asking price.
Steve R