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Here's the story:
Illustrated Corvette Series No. 61 - 1978 Pace Car Special Corvette
"25th Anniversary Collectible?"
The Corvette legend is
founded on racing and performance, and the mid-to-late '70s was the
pits. Power was down, weight was up, and Porsches were eating the
Corvette's lunch at the race track. The announcement that the 25th
anniversary Corvette would also be the pace car at the '78 Indy 500,
looked like the highlight of the decade for Corvette fans. But
controversy was in the mix right from the beginning.
Initially,
it looked like a triple-play for Chevrolet. First, the '78 Corvette
received a sleek new fastback roof that completed the overall redesign
started in '73 with the soft bumper covers. Second, all Corvettes wore
the 25th Anniversary badges. And third, a special edition Corvette
would serve as the pace car at the '78 Indy 500. Then the details set
in.
The
initial idea was that there would be 300 pace car replicas the same
number as the '53 production run. The car would have a two-tone silver
paint (for the silver anniversary), red pin striping, and special
Goodyear tires with "CORVETTE" sidewall lettering. Then the plan was to
make 2,500 replicas, 100 for each year of production. But there were
6,200 dealers that all wanted at least one replica, so production went
up to 6,502 units.
Then
there was the price issue. The RPO Z78 package cost $4,302! Here's what
came with the option. The exterior had special two-tone paint and pin
striping, front and rear spoilers, glass roof panels, sport mirrors,
and red pin stripped aluminum wheels on P225/60R15 tires. The interior
came with power windows and door locks, tilt-telescopic steering
column, convenience group, silver thin-shell seats, AM/FM with a CB
radio or an 8-track tape player, dual rear speakers, and a power
antenna. The $525 L82 engine rated at 220 hp was not part of the
package.
The
controversy started right on the showroom floor. For a "preminm
collectible," quality was not good fender seams were clearly visable on
many cars. Then there were the opportunistic dealers who tacked on
surcharges that bumped the price up to between $15,000 to $22,000. One
dealer was asking $75,000 for his replica. Then, there were individuals
making replicas of the pace car replica, asking full price for their
creations! All that, for a car with no more "grunt" than a regular
Corvette.
In
today's market, '78 Pace Car Corvettes can be purchased for between
$6,500 to $37,500. Between the high volumn and low performance, the
car's value never really took off. But imagine a '69 427/435 Pace Car
Corvette, instead of the '69 Pace Car Camaro. Now you're talking!
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