Hagerty.com

Vehicle Valuation

How much is a vehicles value affected by having a replacement engine? I’m purchasing a 1964 Chevrolet Malibu SS Convertible. The car is between a #2-Excellent and #3-Good by Hagerty’s description. It has been restored - new floor pans, new quarters, new bumpers. The paint is new and the fit and finish is very good. The car is a 327, 4-speed. Based on my estimation and Hagerty’s the price range is between $38,000 and $44,000 plus another 15% for the 4-speed = $45,000ish. I have already decided I’m going to buy the car because I’m getting it for mid-$20’s. I’m buying it to drive not to flip. Now the question is - the engine is a 1962 327. How much does that effect the value?

Hi Pappy, I’m the assistant Editor of the Hagerty Price Guide. The question you ask is a fairly common one. Over the course of 55 years, the chances of the original engine being scattered or just plain replaced with something larger down the road isn’t an uncommon tale. Having the original engine, especially on a more desirable model, such as an SS Convertible is a big bonus. Especially if the car is a near perfect restoration or an impeccably preserved example.

Since you describe the car as between good and excellent, I wouldn’t ding the market value too much. Once you get into “driver” quality examples of just about any desirable car, “matching” status becomes less important. Especially since you’re running an actual 327 and the casting codes would decode as a 327. If it were a Frankenstein build like I’ve done in the past of destroking a mid 70s 350 using 307 parts, I could see someone raising an eyebrow, but even then it might not hurt the value all that much.

It sounds like the car is a heck of a deal and is gonna be a great driver. On the bright side, the non-matching engine means you can put miles on it without worry. So it sounds like a deal that would be hard to pass up, and I doubt you’ll be upside down on it when you’ve had your fun and are ready to move on.

Thanks Greg. Your opinion is very important to me. I have 8 (soon to be 9) vehicles insured with Hagerty’s. Since you’re the expert, should I insure the car for the estimated $44-$45k? Or closer to what I’m actually paying for it?

Sounds like you have a great collection going! That can be a bit of a dilemma when you get a massive deal on a car. Ultimately, I would choose a number that you feel you could reasonably find another one just like it for.

Thanks. Good advice.

Wow! That is a good find. Congrats!