2023!

2023!

Who would have thought that in this year, General Motors would be offering a mid engine, flat plane engine modeled “literally” after a Ferrrari design and hybrid Corvette that is the fastest car on the street as part of the line up? Surely not me, but I think early Corvette pioneers such as Duntov would have said “what the hell took so long”.

As I started the year now with a hunt for 3 more, yes more, 1963 Split window coupes, after scouring Facebook, Craigslist, Ebay and all known sources for such cars I came up 2 short. With that I made my annual trip to Kissimmee Florida for the Mecum auction. The Corvettes this year were impressive. I had many friends running cars and some buying. With the new fee structure I sat this one out particularly as I had little hope of buying any 63 Corvettes for donors. I was correct, there were none there to be had.

What was there were some impressive Resto Mod 63’s and some high level restored 63’s. There were some very nice Fuelies and lower horsepower cars. One in particular was a White /Red 300 AC coupe. A car like this 5 years ago would have fetched $85 to $95K in its best form. This car went on to set a world record of $395K at the auction. My mouth was on the floor. A few days later I spoke to the seller Terry Michaelis, who was equally blown away by the purchase. Terry did remind me however that 10 or so years ago when we both sat on a panel in Scottsdale to discuss the Corvette market, we were all asked to pick the most overlooked car that would have surprising future value. Terry in fact suggested the 1963 was iconic and heavily overlooked. He was dead on.

Often the acquisition cost and restoration would double the resale value on one of these. In fact, in 2017 I had found an original 35,261 mile original engine Silver Red Fuelie that had a 70’s restoration and purchased it for a friend for $165K. This car was as pure as the driven snow but needed a modern high level NCRS restoration that could have easily cost $200K. My friend asked my opinion on this car and I said you will be buried in it.

Now when someone asks my opinion I give it, otherwise I don’t. In this case, in 2017 dollars it just was not cost effective to restore this car as it was not sentimental, and the owner did not wish to be upside down in the car. Subsequently it was sold to another friend who restored it as a hobbyist and does not track his time in a business sense as I am required to do. That car went on to score a National NCRS 99.4 point level which makes it the best of the best. Might I suggest this car is a half million dollar car now, well into 63 Coupe tanker prior levels.

In my view, it is the C8 that has stimulated interest in the 1963. The C8 has brought in new people that likely never cared for the Corvette, however once owning a C8 began to enjoy the rich history of this car and sought to have an older one. I have seen new buyers in their mid 20s buying 63’s over the past year and a half. Many shockingly clueless as to the antiquated mechanical nature of this 60 year old design but smitten with its timeless appearance.

With so many new people entering the Corvette market with an interest in the older Corvettes, the sentiment is consistent. They are stunning in design but uninspiring to drive. This in turn has pushed so many people into commissioning Restomod builds. These builds specifically by our shop, are done in a way that every car is unique and has modern technology. Carbon ceramic brakes, a highly engineered modern chassis, a variety of engine and transmission options and an interior literally made around the client. Every client is physically measured, and the drivers position designed to fit that individual. It is an exciting part of our company business model these days. What is even more telling is that many clients see one car to completion and immediately commission another to be built. We now have clients with their second and third Restomods being delivered. As of date, we are building 11 in house now with 3 more donor cars being hunted!

I personally feel building Restomods helps the values of the authentic Corvettes in existence as many of these donors have no engines and would likely be made into cars they never were. All in all, the Corvette hobby is as vibrant as ever and shows no signs of slowing down. In the meantime, I am a buyer for good donor cars !