A great deal of prestige is attached to being selected to provide the Pace Car for the annual Indianapolis 500. The Corvette was awarded that honor in 1978, and Chevrolet followed the usual practice of leveraging the exposure to produce a commemorative Pace Car Edition. Initially envisaged as a production run of 2,500 vehicles, every dealer wanted their slice of the action. Therefore, 6,502 of these cars eventually rolled off the line. Our feature car is a tidy survivor with no apparent needs or shortcomings. The seller has listed the ‘Vette here on eBay in Smock, Pennsylvania. It has attracted a single bid of $20,000 in a No Reserve auction.
Chevrolet wanted its Corvette Indianapolis Pace Car to make a bold visual statement both in the flesh and on TV. Therefore, it produced those cars in a stunning combination of Black and Silver with Red pinstripes. The roadgoing versions were faithful to that look, with buyers also receiving the appropriate decals that could be applied at their discretion. Another distinctive feature was the removable mirrored glass roof panels, which were a new feature in 1978. This car is a survivor that presents well. The photo quality isn’t the best I have seen, but they seem to reveal no major paint or fiberglass imperfections. The seller doesn’t mention rust issues with the frame or birdcage, although considering the background in the supplied shots, an in-person inspection might be a wise strategy. The decals are crisp, the glass is clear, and the original alloy wheels are in good condition.
Buyers could choose between two engines to power their Pace Car Edition, with the L82 version of the 350ci V8 the pick of the pair. It delivered 220hp and 260 ft/lbs of torque. This car features the L48 version of the small-block, placing 185hp and 280 ft/lbs at the driver’s disposal. The first owner teamed that engine with a three-speed automatic transmission. It is fair to say that the Corvette was no longer the fire-breathing beast it had been at the start of the decade, with the ¼-mile journey taking 17.1 seconds. However, contemporary road tests tended to view the car’s handling favorably. This Corvette’s listing suggests that it has an odometer reading of 31,000 miles, although it is unclear whether the figure is genuine. The seller confirms that it is in excellent mechanical health, making it a turnkey proposition for the new owner.
Another new feature for 1978 was the thin-shell lumbar support seats, which are trimmed in Silver leather in this car. Buyers could also select from a leather/cloth combination, but we haven’t seen many of those vehicles at Barn Finds. Chevrolet also delved deep into the toy cupboard when equipping the interior, adding air conditioning, power windows, power locks, cruise control, a leather-wrapped tilt/telescopic wheel, and a rear defogger. Buyers could choose between an AM/FM radio with an 8-track, or a similar unit with a CB. This car features the former, and there are no signs of aftermarket additions. The overall condition is consistent with a survivor that has been treated respectfully. The outer seat edges don’t exhibit the wear that often plagues heavily-bolstered buckets, wearing nothing beyond the wrinkles expected from gracefully aging leather. The carpet is in good order, and the plastic hasn’t suffered from deterioration due to age or UV exposure. The seller states that everything works as it should, allowing the winning bidder to slip behind the wheel to savor all that this classic offers.
We have previously seen examples of the 1978 Corvette Pace Car Edition on Barn Finds that were bought by investors when new, squirreled away in the belief that they would represent a solid long-term investment. Sadly for them, this wasn’t the case. Values are currently stable, but it would require a crystal ball to determine whether they will ever climb. The current bid figure is within the ballpark of what a seller might reasonably expect to receive for a car of this caliber, and with the low view and Watch List totals, the action may not intensify as the end draws near. Have you ever owned one of these classics? If so, would you consider parking this one in your garage?
Nice vette, I always question why there seems to be these showing up for sale often. Do people clone these a lot? This one looks legit though. One little note, The up close pics of the door ,the rocker trim looks a little bent. Might be just the taking of the pic. I notice stuff like that because I had a c3 years ago and one drunken night i was riding my dirt bike into the tight confines of my garage with the vette inside and got out of control with the bike and slammed into the vette ,bent that chrome rocker. Man was I pissed.Good luck to the seller and buyer
“I always question why there seems to be these showing up for sale often.”
In 1978, the typical Vette buyer was a upper middle class guy around 50 years old. Now the typical seller is that guy’s kids after they’ve inherited the car.
Does the decal on the side get you past the gate? It’s an official car.
That seller must have friends in low places
The 1978 Vette pace cars had their own separate VIN set of numbers. It would be hard to clone and past it off.
I think the reason many of these are seen: there were lots of them built, and lots of them were treated as collector cars from the start. So even decades later, many of them show up for sale.
Nice car, I am told only 200 of the 6,502 were ordered with the silver cloth inserts on the seats and I’m fortunate enough to have one with just 6,000 miles.
My neighbor bought one of these brand new. Drove it rarely and it mainly sat in his garage until his untimely death about 6+ years ago.
I never knew what happened to that car. It spent it’s life up until the end of his, in NJ.
I recall shortly after their release, cars were getting snapped up, then back on the market for 30k. A far cry from sticker and people were buying them up. And then some time later this model just tanked and stayed that way even up to this day. Some sellers cut a fat hog, and those buyers got stuck with a pig.
That 20g bid was by the guy’s brother in law, nice car, but slow
Was selling Chevy’s back then and remember guys coming in and paying $10K over sticker, thinking they were gonna make a windfall one day. We were a big dealer and had a healthy allocation of Pace Cars and also the ‘78 Silver Anniversary which also sold at a premium to list price but not as much.
Now, if those cars are around and with lower miles those buyers may break even if they’re fortunate. If it’s still in the wrapper with very low mileage they may make $10-20K on it. Not a great investment.