I appologize if this is the wrong forum for this thread, but nothing really pertains to my question at hand. I have been contacted about a 1987 Iroc Z T top car fully loaded, white in colour, with only 17,000 original miles on it. The car is said to be abosolutely spotless, and never seen wet pavement never mind winter/rain. The car is there for me to purchase, and I am wondering everyones thoughts on it's true value. I don't believe this car is a straight out collector car that should take stupid money to buy... but I am willing to pay the right money to take the car into my hands. Again I know the car is spotless, and has been VERY well taken care of. Please feel free to give me your thoughts. I wont' to pay as little as possible, but not insult the owner either. Thanks for any and all comments.

 

go to nada.com or look up a kelly blue book value of the car, they have different categories for the car as to what condition it's in, options etc. etc.

 

Thanks for the link, but NADA is not a very good resource for this type of cars caliber. It suggests the car is only worth $4300 US. I only wish I could buy this car at that value... LOL!!! I am actuall a car dealer/service manager here in Ontario Canada, this fella would like to trade for my fully restored 1970 Firebird, so I am trying to be as fair to both of us as possible.

 

NADA is what the banks go by if you need to borrow money for it, so it is a good resource.

 

Well not to come of rude at all, but that price is so far off, it is insane! This car has to be worth double their quote. I was guessing the car is worth closer to $10 - 12,000 CDN money, and I am asking $12,000 for my Firebird.

 

A fully restored '70 Firebird is worth around 5k (low retail)US to 22k US. Thirdgens aren't at the collector status yet, so the price is lower on them where the first of the 2nd gens are considered to be in the collector status.

 

Make sure that 17000 mile car is not a 117000 mile one.
87 IROC's had a five digit odometer. My 87 has only 2290 miles on it and I am the original owner.

 

The car is owned by the original owner, and is fully documented right down to the storage and the milage it was stored at every year. The milage is correct at 17000 for sure. but thanks for the input.

 

Here is a pic of my Firebird for those interested...

 

Maybe Scott Meyer will chime in. He's the original owner of an '87 350 IROC-Z with 12k miles.

 

I'd be tradeing soon if I was you but that's just my opinion.

 

It all depends on the options! NADA, KBB and Edmunds are a joke so don't bother with them. They will only tell you what the value is based on the year and model. They don't take collectability status or demand into account. For example, KBB gives $7900 for a 1987 Buick Grand National with every option and 17k miles. You won't find a GN with those miles in that price range.

I need to know more before I can give a real number. What is fully loaded? Does it have the 350? A 1987 IROC-Z with leather, TTops, 350, Bose and option package 3 (1SC) will range from $12k to $15k, depending on cleanliness and paint condition. A 305 will bring considerably less, unless it has the 5 speed. A 5 speed will bring in maybe $2k less. These values are in US dollars.

In recent years, Barrett-Jackson has sold 1987 IROC-Zs from $18700 - $25900. We all know BJ prices are inflated, but the buyers believe these are the values and are willing to pay an 8% fee on top.

1987 Chevrolet Camaro For Sale
Camaro Iroc Z-28 For Sale

This is the one your talking about I think: Too high of a price IMO.
eBay Motors: Chevrolet : Camaro (item 4631035653 end time Apr-22-06 19:00:00 PDT)

I was offered $16k for my car 2 years ago!

 

However, NADA does have a section for collectables. it's just that the Iroc hasn't made it into it yet. They have an '87 Z28 convert as a collectable, and they do have pricing for collectables that are older such as most of the 2nd gen cars, I personally do not see 12k in a car that still has a blooming ton of them on the road, 5-6k maybe, but not double that.

 

Agreed with everything sm said. Those "value" sites aren't worth anything. Depending on options it'll be in the $12-$16,000 range most likely. And there are not, tons of mint 87 IROC-Z's on the road still. There's barely any in any condition anymore.

 

Try to goto the bank, and get a loan to buy a 19 year old car for 12k and watch them laugh at you, they'll pull out the NADA and tell you what the car is worth to them, and what they will loan you for that.

That is considered real world and not the fantasy world that people think these cars are 'collectables', they won't be for about another 15 years or so.

 

I don't think the guys that are buying cars like the one mentioned in this thread are barrowing from the bank. I sold my 67 GTO a few years ago, it had been in my family since 1968 and I wanted something out of my era. I looked at several sites like the NADA and even placeing it in a collectable catagory showed it to only be worth 10K. I got twice that and the guy thought he got to me. I ran the NADA on the 87 I just bought and it was around $3000, I'll stand in a line pasing out green cash if you can bring me all the really nice 87 350 IROC in the country for what NADA says they are worth.

 

Yeap, that's the one, and yes far to high of a price in my eyes too, but I am trying to work with him some, but it will have to be within reason. The car is gorgeous, but like you mentioned no leather etc.. not a very rare car at all.

 

There's a problem here guys. It's called supply and demand. You can have a mint condition car that is the rarest of the breed and completely perfect with every desirable option, and if there isnt' someone out there that wants it more then they want XXX number of dollars in their pocket, you're goign to sit there with your car for a really long time.

There is a huge supply of low mileage mint thirdgens. At any given time there are at least 10 that can be easily found on Ebay for bargain prices. There are entire publications devoted to cars like this. At any point in time a serious buyer can go out and get one of these cars. Even the really nice ones aren't that expensive for someone who has reasonable financial resources. The problem is that not many people with those resources want a 80's muscle car that's better known for its link with ******s, trailer parks, and New Jersey then its performance.

They've gotta be priced low enough for a younger kid or someone who's not too intelligent to be able to afford.
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LOL Mul let is censored here.

 

Again, the entire 80s generation of cars is not valued high by banks or dealer books. NADA does give some credit for cars with a collectible demand, but not enough. The GN, Monte Carlo SS, 442, Fbodies, etc are all underpriced. Banks use the dealer trade books of the black book, blue book and NADA. They are designed to be a guideline for the average car. An average 87 IROC-Z with 150k miles will be worth the book value. The clean, low mileage cars are not represented except in collector guides.

As was mentioned, the low mile cars will not be sold for the book value and are in demand today, which increases their value. The buyer will also not be getting a used car loan for the purchase. They have other resources for the finances.

The books are so wrong that most call a 93 Z28 Indy Pace Car just a Z28 with a $4500 value. NADA gives over $10k more for it, so dealers aren't using NADA as a guide anymore. They only use it when it benefits them on the sale, not a trade in. You find a typical 93 Pace Car for $4500 and I'll pay you a finders fee!!

There really isn't any point in having a pissing match over what you think cars are worth. The market is showing the value. The demand for these cars is showing the value. For those that don't think a low mile original car is worth more than book value, I'm glad you don't set the prices!!!

 

These cars are at a cross roads. A lot of people are starting to come around to seeing them as collector cars, and are willing to pay the money for a pristine example. Others still view them as trailer trash. In truth they are worth every penny, because even though you are taking a chance on not being able to re-coop your investment in the short term, you will absolutely making a killer profit on the right car in another 15 years. The smart people understand this now, and that's why you are starting to see certain specific low mileage models go for what you might consider to be crazy prices.

 

Do you guys think that modified camaros will be worth anything in the future? You know..like the ones with a fourth gen interior and an ls1?

...Just curious cause thats what i want to do....

 

For the most part, no. As you have totally lost all originality. Collectors etc. look for untortured pieces, by altering the car like your suggesting. It becomes a car that someone else must desire to really give you good money.

 

I think it comes down to how much the car is worth to you. For instance I bought my '91 bird for ~$4700 a few months ago and it is a low mileage car(48k miles) and in great shape. In the book the car isn't worth much but to me it is because it is in great shape w/ no rust or leaks and has ttops and is a 5speed manual. I know it won't make me money in the long term(especially since it is a L03) but it is a fun driver and for less than $5k it is hard to find anything like it. I figure I can prob get what I paid for it from the right buyer if I keep the mileage low but in the end I'd better off investing you money in mutual funds or even just a CD cuz they with give better returns and won't require maintainence and storage space. So, in the end I am paying for the enjoyment of having the car which is worth it for me.

 

91black5spd,

I agree with you. Collectable cars seem to be terrible 'investments'. If you factor in car tags, insurance, storage, maintenance your lucky to get what you paid for the car.

I don't have a lot of evidence to support this but I think 'killer profit' is a little much. I bet when you factor in inflation, cost of money, etc only two or three cars would out perform the stock market (hemi cude maybe?).

 

Reading this post, reinforces to me two things which I already knew.

1) Some people do get it

2) Some people don't get it, and will never get it

However, as a sidebar, what I am noticing, is sub-par cars, attempting to demand worthy-car pricing. Just this week, in Carlisle, I saw a 1991 Z28 ragtop, red (fair repaint at best, red headlight buckets, tape lines on the door weatherstrips, etc), L98, 48k miles, the red inlays on the stock rims were faded pink, the spokes looked tired, and it was at best an "average" car - asking price, $17,900.

On the flip side, I also saw a red 1987 IROC with only 1,100 miles. T-tops, L98 - no price on it, just a phone number. Car was a basically no mile car, however it still had a little gash on the pass 1/4 panel, and had the worst factory paint I have ever seen - to the point where if I had ordered it new, I wouldn't have accepted it... but a car like this still has a market to the right person...

There were also a bunch of cars in the $6,000-$9,000 range, that truthfully, should have been in the $2,000-$5,500 range.

While it is true that Barret Jackson and other collector car auctions have attributed to crazy prices across the board, in turn, this has made the average Joe think any average car is more worthy than it is - and as such, it's effecting the true *special* examples out there.

I don't care what kind of car it is, but an original, unmolested, low mile example, is always going to demand more - and that's reasonable. It's up to the buyer, however, how much they want to spend. But chances are, anyone looking at a car in that type of condition, isn't just looking for a thirdgen - but they are looking for *that* car, and a high price won't scare them away.