Dream Driver: 1978 Chevrolet Corvette Limited Edition Pace Car

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I admire the owner of this 1978 Chevrolet Corvette. They had long dreamed of owning a Limited Edition Pace Car, a dream that became a reality in 2020. However, they are also a realist. They acknowledge that the car doesn’t see the use it deserves and have decided that they would rather see it head to a new home than sit in a shed gathering dust. It isn’t a pristine example but a tidy, unmolested driver-grade classic. The seller has listed the Corvette here on eBay in Savannah, Tennessee. Bidding sits below the reserve at $11,300 with a BIN of $20,000 for those who view this survivor as a must-have.

Being selected to supply the Pace Car for the annual Indianapolis 500 is a great honor, and it has been granted to the Chevrolet Corvette on twenty occasions. It was first handed the baton in 1978, and like any manufacturer worth their salt, Chevrolet leveraged the considerable public exposure by releasing a Limited Edition Pace Car version for sale to the public. That model year marked the twenty-fifth anniversary of Corvette production, with the company planning to build 2,500 Pace Cars. However, there was a backlash from dealers who feared they might miss out, and eventually, 6,502 rolled off the line. This guaranteed that every Chevrolet dealer received a car to park in their showroom. The seller purchased this classic in 2020 from a collection in Long Island, New York. It is a tidy and clean vehicle that they believe may have received a repaint. The distinctive Black and Silver exterior shines nicely, with only a few imperfections that don’t require immediate attention. The decals are crisp, with no shrinkage or checking. The lack of corrosion across various areas suggests rust shouldn’t be an issue, and the alloy wheels are free from oxidizing. The seller admits that one glass top panel is cracked, although it doesn’t leak. New replacements are available, but a brief search of one online auction site uncovered a good genuine panel for under $200.

All Limited Edition Pace Cars received interiors trimmed in Silver, including the leather seatcovers. The inside of this Corvette is unmolested, and its presentation is acceptable for a driver-grade classic. Pale carpet is prone to wear and stains, and this car hasn’t escaped those issues. However, the worst of its shortcomings are confined to the mats, and a deep clean should make a difference to the presentation. The seats are free from edge wear, while the plastic is excellent. There are no aftermarket additions, and these cars rolled off the line nicely equipped in a 1978 context. The new owner receives air conditioning, power windows, power locks, a power antenna, a tilt wheel, and an AM/FM radio/8-track player. The seller acknowledges that the antenna doesn’t lower but believes the switch is the culprit. The radio works as it should, although the tape player operates intermittently. Those are the only identified functional problems.

This Corvette is a numbers-matching vehicle powered by the L48 version of the 350ci V8. The small-block delivers 175hp and 265 ft/lbs of torque, with shifting duties falling to a three-speed automatic transmission. It is interesting to compare the performance figures of this ‘Vette twenty-five years after the original rolled off the line. The Pace Car should take 17. 2 seconds to cover the ¼-mile on its way to a top speed of 101mph. A 1953 Corvette covered the same distance in 18.1 seconds, with its motor running out of breath at 102mph. Considering the fire-breathing beast the C3 had been at the start of its production life, the 1978 model graphically demonstrated how profound emission regulations impacted vehicle performance. This Pace Car sees limited use, sitting in a shed connected to a battery tender most of the time. However, it is in excellent mechanical health, with the seller stating they wouldn’t hesitate to drive it anywhere.

Many buyers speculated when Chevrolet released the 1978 Corvette Limited Edition Pace Car, storing their new purchase, believing that values would climb significantly. Sadly, the opposite was the case. Not long ago, you could purchase a pristine low-mile example for less than the original sticker price. However, values have begun climbing, and the seller’s BIN figure for this one is realistic. The action hasn’t been intense, but history shows that this often changes as an auction draws to a close. I would be unsurprised if someone hits the button if the bidding gets close. I hope they don’t leave it in storage when it gets to its new home because cars like this deserve to be driven and enjoyed. The seller realizes this, and that is why I take off my hat to them.

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Comments

  1. Rick

    My absolute favorite iteration, probably because I saw the race it paced. The paint popping on the hoop is worrysome though..that steel underneath is a very integral part of the cage.

    Like 5
  2. Art Engel

    I worked at the Chevy dealer back in the late 70s, I liked the looks but hated these Corvette slugs with a passion. Most of them were automatics, this one has the standard base 350 with no real horsepower and tall rear axle ratios, close your eyes and you’re in the family wagon wagon.

    Like 8
  3. Marky Mark

    Was selling Chevy in ‘78 and remember buyers paying well over sticker for these anticipating a windfall. Unfortunately unless they kept the car in the wrapper with no miles, that never materialized.
    The seller here should have invested in some carpet shampoo or a professional detail and a new set of floor mats which would help this car present much nicer for minimal cost. New carpet and mats would be even better.

    Like 0
  4. Bamapoppy

    Adam, the Corvette has paced the Indy 500 TWENTY times?

    When doing the Corvette show circuit years ago there was a couple who had a trailered ‘78 Pace Car that the owner bragged about it even having the original air in the tires. Here’s hoping he finally got his money back out of it.

    Like 4
  5. John

    I worked in a Chevy dealership when they came out doing paint and body. Every Chevy dealership in the country could get 1 car. Ours got auctioned at the dealership and they got way above sticker for in. The winning bid said he was going to garage it and it wouldn’t see the sun again for a long time. I didn’t see anything special about them with a smogged down 350 and the first year of that rear “fish bowl” window I hate.

    Like 3
    • Rocco

      Maybe it hated you too

      Like 1
    • JoeNYWF64

      I bet Malcolm Konner got more than 1. Supposedly the largest of all corvette dealers at the time. I heard they at one time also had 1 of the Corvette concept cars at the dealership! – may have been the reynolds alum body one or the 2 rotor or another.

      Like 0
  6. John

    I too worked at a dealership when these were offered. Ours had a sticker price somewhere in the 16K range. A base L48 was about 14. No buyer would touch the pace car. They had to cover it in the showroom because little kids were always trying to walk on the poor thing. I loved the space-suit seats though! I remember it was transferred to a sister dealer and later sold for 27K?

    Like 2
  7. Frank Sumatra

    L-48, automatic means you are buying paint, stickers, silver interior, and spoilers.

    Like 9
  8. jwaltb

    More of a nightmare than a dream. And 175 HP? It must have been towed around Indy to set the pace.

    Like 2
    • Frank Sumatra

      I have to assume the real Pace Cars were L-82, 4-speeds, with the FE-7 suspensions and had a fair amount of attention paid to them by the Chevy engineers

      Like 0
      • Rocco

        Wrong! The pace car was only a cosmetic option

        Like 1
      • Frank Sumatra

        By “real” Pace Cars, I meant the ones actually used at the race.

        Like 1
  9. PRA4SNW PRA4SNWMember

    The seller realized that the car of their dreams was a big letdown and are now selling it and praying not to take a big loss on it.

    Like 4
    • Claudio

      I totally agree with your comment

      Like 1
  10. Danny G

    After 72, Corvettes mostly became sporty underpowered pos, and this one is no exception…..

    Like 0
    • PRA4SNW PRA4SNWMember

      So did everything else.

      Like 1
    • Rocco

      So corvettes from 88 up don’t have any balls!!??

      Like 1
  11. jokacz

    Seem to recall that half the Vettes made in ’78 were either Pace Cars or Silver Anniversaries. No wonder they aren’t collectable.

    Like 0

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