Repo Find! 1968 Chevrolet Corvette Convertible

It’s not every day that we see a bank auctioning repossessed classic cars on eBay, and frankly the listing for this 1968 Chevrolet Corvette Convertible here on eBay includes more detail than some owners expend on cars with six-digit “Buy It Now” values. So… well done Mr. Perry, Oklahoma Bank Representative Man!

This first-year “C3” or Third-Generation Corvette took a one-year hiatus from the word(s) “Sting Ray” (’63-’67) or “Stingray” (’68-’82). The 1968 models stand alone among C2 and C3 Corvettes by wearing no references to a graceful sea creature of any kind. The prior generation “C2” Corvette graced “America’s Sports Car” with an independent rear suspension and four-wheel disc brakes, which continued on the 1968 re-design. The new body allowed for seven inch wheels, putting more rubber on the road (thanks to classic-car-history.com for some details).

This could be mostly dust, or the result of moisture or standing water encroaching into the interior through the tired convertible top. A removable hard top was available for four-season touring. The C3 benefitted from an completely redesigned cockpit as well, with plenty of instrumentation.

Base and optional 327 cid engines offered 300 and 350 HP respectively, plenty of thrust to match the prodigious sports car handling, and enough to get most drivers into trouble with minimal delay. The “Car Guy” bank representative has documented this as the original numbers matching 300 HP base 327. Of course Chevrolet offered 427 cid V8 engines for buyers who felt that “too much is just enough.” How high would you bid on this dusty first-year C3?

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Comments

  1. tompepper

    (The Odometer currently shows 21,341, actual mileage is unknown (title says Odometer “Exempt”).In Pa.and a lot of other states this means over 100,000 miles

    Like 2
    • Joe

      Many states have a odometer exempt rule after a certain number of years also.

      Like 3
      • carsofchaos

        Correct Joe. A couple of years ago I bought a very low mileage 51 Chevy from Pennsylvania. When I went to title it here in NJ, they told me they could not put the actual miles on the title, but only “Exempt”. I was not happy. I felt they diminished the value of the car.

        Like 1
  2. Rustytech Member

    Somebody must like it, it’s up to $8100 already. That’s about $2000 more than I’d offer in this condition.

    Like 1
    • Hertz Donitt

      Yep. And it will only take about $25,000 and three years to make it driveable.

      Like 2
      • Tom Member

        I always wonder when people say it will take $25K (and of course a lot of time….that is a given….especially if you are doing all the work yourself) but most people cannot do all the bodywork and paint, all the mechanical, all the electrical, all the interior work, convertible top, mount and balance tires, R & I glass, ….in most cases……you have to outsource some of the work….not to mention all of the emblems, chroming, gaskets and grommets, trim, tires, wheels, fasteners, the list goes on and on. I live outside of Chicago. Paint and body work done correctly on this car is 15-20K alone IF you have to out source. Mechanical considering rebuilding everything from motor, trans, components, brakes, rear end, exhaust, …….at least another $15-20K, probably more than that. Interior work and top, 10K maybe more like 15 with dash restoration, console ……Maybe these numbers come from those who have not done a restoration before…..i have done many and work in the industry. Sorry, just frustrated. This car if you don’t do much of the work yourself will take $60-70K in my neighborhood, if you want #1 condition you WILL be north of $100K. Don’t get me wrong, you can buy a paint job here for $299. a “really good paint job”…..not perfect…..no body work, is north of $8K done right, or more. this car needs absolutely EVERYTHING restored, refinished or replaced. EVERYTHING. If you live in an area where you are dying for work and are talented I guess you charge a lot less. Ok I’m done.

        Like 1
      • Tyler

        Yep! We restored a 71 Corvette 20 years ago & even back then, paint & body work was $10k. Last year I had my 85 GMC Sierra painted. It was a rust free truck & needed only basic prep before shooting, cost 6 grand for a plain white all over paint job. There is a reason the patina look & rat rods are in vogue, cost!

        I can do just about anything mechanical & electrical, but when it comes to paint & body work, there is some kind of wizardry involved, of which I fail massively.

        Like 2
      • Hertz Donitt

        Thanks for the reply. My point was about the time and money required to make it “driveable” . Projects always take twice as long and always cost twice as much as originally estimated. And the next owner can spend $100,000 on a base Corvette if they choose to.

      • carsofchaos

        I think it does depend on where you live to an extent, and also how much you can do yourself. When I am having a car painted, unless it’s a simple scuff and shoot job, I do everything myself other than the painting. I strip the car, sand the paint, fix the door dings and dents, primer the car, mask off anything I need masked off, and then take it in for paint. I generally pay around $1500-$2000 for the paint job, and have been happy with the results 9/10 times. Is it at a Barrett Jackson level of quality….no….but I also didn’t drop $10k-$15k on the paint job, either.

        Like 1
  3. Rudy

    Seller does a fantastic job of describing a car he doesn’t own but ‘repo’d’. Like the ’72 coupe he has listed better than this one.

  4. Craig

    I’m just curious as to what bank would issue a loan for that thing to begin with.

    • Steve R

      People have been able to finance collector cars for years, it’s nothing new. I wouldn’t, if it’s not a necessity I don’t need it unless I can pay for it on the spot.

      Steve R

      Like 1
    • CATHOUSE

      It is possible that the borrower put the title to this car up as collateral for a loan.

  5. John Leyshon Member

    The odometer isn’t exactly relevant on a 50 year old classic, unless the seller claims it is original and can’t back up the disclosure. It may well take 25k to get the car right. Be interesting to follow the auction/selling ptice. Just looking around, these cars are all generally over 30K .

  6. Classic Steel

    Geeze this baby was ridden hard and put to bed in a sandblast booth,,,, then ridden hard again….

    Now the car is being ridden by a bank guy….

    Someone buy this baby and drop 35,000 additional dollars to fix body, frame, top , interior, engine, and pop up headlights,,,, then tires, front end. .. body mounts to the frame and car…

    then see it for sale for 20 all together online… Oops..

  7. Dan in Texas

    What a bunch of negative nellies. Bolt it together, get it running and have some fun with it while you fix it up.

    Like 2
    • MFerrell

      Not every old car needs to be a #1 to be enjoyed!

      Like 4
      • carsofchaos

        Agreed! Make it safe and drivable, then work on it over time after that.

        Like 2
    • Gary

      I fully agree with you Dan!

      Like 2
  8. Larry Q

    Oh yeah… $25,000 to make it look good. Buuut are you gonna drive it or just look at it. It’s gonna take a lot more to get it running and stopping

  9. johnfromct

    For those of you that pooh pooh a high end restoration, the reason you typically have to take it there is that a mediocre restoration is only 20% less than the cost of a full on #1 restoration, and the final value of the car will be 50% higher. And restoring a rarer car (e.g. a 68 big block) is only marginally more costly than restoring a base version, but the final value can be 2X to 4X. That’s why bsse cars rarely get restored.

    In the case of this base car, there is no way to break even regardless of doing your own labor. If you like this configuration, buy one already restored.

    I’ve gone both routes (already restored/ needs restoration) on various cars I’ve owned. One rare one I thought was a steal, because there wasn’t that much work to be done ( so I thought). Did most of the work including 50% of the paint. Sourced all the rare parts and did 80% of the mechanicals myself. After all is said and done I might break even on a rare car worth $80K, not a $30K car.

    Like 1
    • carsofchaos

      John you are 100% correct. I can personally restore F100 and F250 trucks all day long, almost with my eyes closed, and they turn out great.
      In 2013 as my luck would have it I got a 1961 300G. It had been sitting at a repair shop for about 5 years, and finally after a lot of effort on my part it was sitting in my garage. I spent a few days cleaning it, going over it, and getting it running. Then reality set in: this was not a car I could restore myself. This was not a car I should even TRY to restore myself. I ended up selling it to a guy in Australia who turned it into the 100 point show car that it deserved to be.

    • Lynn Chitty

      You can’t just slap a set of wheels and brakes of these cars and run ’em while you work on ’em……A Major restoration is almost a legal necessity, I’ve had 2-69’s and a 65,70, 76, 81 and a 82 and there is so much to consider, let’s put the front end, engine (matching numbers Y/N?) and transmission on hold, #1 frame and body mounts? (attend a lift and drop seminar) #2 Torsion arms (control geometry of rear axle) #3 Rear pumpkin locator and pumpkin and wheel bearings etc #4 BRAKES almost certainly these calipers are shot, Brake discs (don’t forget that your E Brakes is a drum brake INSIDE the rear discs….and that’s just a start……forget $20,000……..think CC Tech | Corvette Performance, Restoration and Repair …

  10. DR Member

    It’s unfortunate that 68s are near worthless, BUT very fortunate for true enthusiasts of the chrome bumper C3 beauties.

    Like 1
  11. charlie Member

    ’68 had minimal pollution controls, so a lot faster than a mid-70’s with the same body, if the frame is not rusted out, get it painted, a medium job, and DRIVE it. Do not try to restore it. Mechanically, it is a GM product and parts are available, fix it so it goes and stops, and DRIVE it. Park it in the supermarket parking lot and if someone opens a door into it, so what. Leave it as a driver, there are already too many museum quality ones out there, sitting in garages gathering dust until the old man dies and the kids sell it. Or worse, a 16 year old grandson inherits and crashes it the second time out. My favorite one is a ’42 Caddy fastback, with black bumpers (Cadillac promised to replace them with chrome when the war was over) lovingly tended as a summer car until the early 90’s when grandson inherited and ran it into the ground.

  12. Duffy Member

    Mr. Bank Man, who ever bids on this vehicle had better have won the lottery at one time. Wait till the new owner looks over the rear axle and looks at the frame arch. The new owner will never break even on this one. The 68’s where not a very popular corvette but in this condition much less popular. Just my opinion.

  13. Gus

    Charlie, I believe thats the way to go. Ithink you could get that road worthy for 5-6 grand and be fun in the summer for years. Let your 16 year old grandson drive it with you.

  14. ACZ

    4 wheeled toaster oven

  15. whmracer99

    Auction cancelled due to title issue. Hmmm.

    Like 1
  16. 8banger Dave Member

    Ok, can someone please explain why the 68s are not-so-desirable?

    • leiniedude leiniedude Member

      Hi Dave, here is a little on the subject. First year for the new body style, creating build quality problems. One year only for the push button door handles. I have heard of overheating problems also, all though big block cars that came later also had that problem at times. Pretty sure 1968 cars had slightly different door cards than 1969 cars, making for a smaller cabin. My 1972 is tight but not crammped. Hopefully some of the other members will chime in. Take care, Mike.

  17. Classic Steel

    4500 for a pos is doable

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