VCCA Home Forums TECHNICAL - 1945 AND EARLIER 1937-1945 Indecision over a 40 Chevy Coupe

I hope for feedback from a group who knows. I have an opportunity to purchase a restored 1940 Chevy Master Deluxe Coupe and am unsure of the value. The coupe was restored approximately three years ago. From the pictures the owner has, it seems to be a "body off frame" restoration. The engine was completely rebuilt, the interior was replaced with original type. It has the original-type wind-up clock, a working tube radio, all new glass, rubber, etc. The paint was redone back to original black, not show quality but presentable. The chrome and stainless is about the same. The present owner has lost interest in the vehicle and stored the vehicle for the past three years. He has logged only 50 miles since the restoration. Unfortunately, moths seem to have "found" the coupe and have caused minor damage to the seats on the passenger side.
I can't seem to get a handle on values for this model. They seem to be all over the place from checking eBay and the Auto Trader OnLine sites.

The car is too nice to rod out but appears to be just not fine enough for a picky vintage Chevy collecter. I guess you would classify it as a damn nice "Driver". Probably an high 7/low 8 on a scale from 1 to 10.

I guess my question is, what ballpark value would a knowledgeable Chevy collector place on it?

In order to determine a fair market value on this car, several questions will need to be answered.
1. When you say that from pictures it seems to be a "body off frame restoration" is that a statement from the seller or your idea from the pictures? A true good quality "body-off frame restoration" adds alot to the value of a 1940 Chevrolet.
2. Have you seen the car in person? I judged a VCCA car this past summer that was gorgeous on the outside/paint/interior/etc and the underside looked like rust/rust/rust. Pictures are nice, but unless you see the car from every angle including the underside, you will not have a true picture of its worth.
3. What accessories come with the car in addition to the ones that you mentioned? Wing tips, front
grille guard/ rear trunk guard /day/night mirror/ fog lights/ fender skirts/ flying lady hood ornament/ compass, etc. all add alot value IF they are original 1940 Chevy accessories.
Do you have any pictures that you can post on this message board or pics that you can send to me?
4. What body style is it? Master 85 was the entrance level car in 1940, Master Deluxe the middle priced one and Special Deluxe the top end. Is it a Business Coupe or a 5 passenger coupe with a back seat?
The car sounds like one that you should persue if you are interested in it, but you obviously want to purchase it at a fair price.

It would be impossible to put a fair price on the car without an experianced Chevrolet collector looking at it.

It seems strange that anyone would have gone thru all that work and not have a good paint job.Also if the interior was redone it would have been with "modern" materials and moths would not have eaten it.

The owners usually loose intrest because there are problems with the car that they can not solve.


Could be worth anywhere from $4000 to $15,000.

Thanks for the responses. Let me try to expand on what I know about the car. Unfortunately, at this time I don't have any pics.
I was told that the car is a Master Deluxe Coupe, but then again, the present owner didn't even realize that the car had a back seat! . . . and he's the owner!! How can I tell if it's truly a Master Deluxe or a Special Deluxe?
The gas filler is on the right rear fender if that helps. (I have been told that one model of the 40 had the gas filler below the right rear opera window on the side of the body, but I don't know which is which.) It DOES have the rear cushioned seat so I would imagine that eliminates it being a Business Coupe, right?
It has none of the options you mentioned in your response Toolman, with the exception of wingtips.
The paint job is a good one, but does have one scratch that has been touched up on the trunk just above the handle. (his goof, not the restorer's) Buffing and waxing would probably do a lot to help. It had 3 years of dust on it when I saw the car. I do recall that it shined like a new penny 3 years ago when he got it back from the restorer. Chrome and stainless is very presentable, some minor pitting on a few pieces, but buffs up nicely.
To my understanding, and from what the pictures show taken during the restoration, it is a body-off type restoration. All suspension parts were rebuilt, frame sandblasted and painted, new gas tank installed, interior was redone with a high-dollar kit that duplicates the original style interior. It looks absolutely original inside. I saw one picture where rusted floor pan material around the trans was replaced. The dash was redone in the faux woodgrain style. All instruments in dash work and were restored. The frame was repainted. There is no rust anywhere. LOTS of original and NOS parts were used. The restoration is documented with numerous pictures of "before" and "after" stuff. The commercial restorer did a decent job but it wasn't any WHITEPOST job either. Everything works and looks very presentable.
The car runs well, engine smooth, and was completely rebuilt during the restoration. All the wiring was replaced also. It was a complete restoration and the owner really sunk a load in it. It was his "first car" and I really think that the idea of having his first car again was more of a warm fuzzy feeling as the years went by. When he actually got to drive and ride in his "first car" again, almost 60 years later, the bubble burst. He lost interest, and as a result, he has not driven the car much and only 50 miles in almost 3 years! For most of the past three years, it has sat in the garage and he didn't even have the forethought to put a box of mothballs inside it. Thus the return of some moths that have begun their dirty business on the right lower side of the passenger seat next to the door.
He paid big bucks for a working vacumn tube radio and a NOS wind-up clock which fits in the glove compartment door because his ORIGINAL "first car" had one, no other reason. I have known the owner for over 15 years and to be quite frank, his wallet was much deeper than his interest in antique cars. He had the "barn fresh" car shipped here to the east coat from Montana. He is NOT a "car guy" by any stretch of the imagination. Now he has moved on to other interests. He has not offered the car for sale to the public, I approached him. But I feel that if I turn it down, that will probably be his next step. He's ready to reclaim garage space.

I am interested in the car, but at the same time I don't want to make a bad investment. He has mentioned a price ballpark that he would sell for and I know that he would be taking a bath at that price (from conversations in the past concerning what he has in the car) but then again, I don't want to get soaked either. <grin>

I'm just not that familiar with the values of pure stock antique Chevy's such as this. I was hoping that the knowledgeable types here in this forum could help pin down an approximate value for me.
My current "vintage" ride is a restored 1962 2Door Chevy ImpalaSS 327 with factory 4 speed.

Any further advice you guys could give would be appreciated.

1940 Chevrolet information. It is easy to tell the difference between the Master Deluxe and the Special Deluxe models. The nameplate is on the side of the hood near the cowl. Special Deluxe models have stainless trim around the windshield, along the belt mouldings and along the entire side of the hood. Since you identified the car with a back seat and the gas tank filler hole on the right rear fender, then the car is a 5 passenger coupe. I am concerned about "rust" near the transmission area. Maybe you are referring to the removeable transmission cover and not rust? If there was rust in this area, there most certainly was rust in other places. The quality of the rust repairs will most certainly factor into the final value of the car.
Many of us who restore a car from the ground up put more money into the car that what it is worth.
I would need to see the car in person in order to give a good estimate of its value, but it sounds like it is in the $10,000+ value. It's not uncommon for someone to put $20,000+ into restoring a car like this, but the market just doesn't support a 1940 Chevy coupe being worth that amount, unless it is absolutely pristine and loaded with every option known to man.

A friend of mine sold his 1940 Special DeLuxe club coupe for $16,000 recently.He placed an ad in the G&D with a picture.It was an old restoration with lots of accessories.The new owner also spent big bucks to have it shipped cross country.

Toolman, thanks for the insightful response. It sounds like the car is a Special Deluxe since it DOES have the stainless trim as you described. As for the "rust" I mentioned, you again are correct. The restorer replaced the transmission cover. From the "before" pics I saw, it looks like that was about it. Everything else looked pretty superficial and was blasted and repainted. Your estimate of value at 10K coincides with the ballpark figure the owner had mentioned for parting with it. I am comfortable with that figure but quite frankly, am concerned that since I would be buying it mostly as an "investment", can I expect the investment to provide me with a profit down the road, even if it's just short-term of a year or so. I am more familar with the streetrod and musclecar crowd and there does not seem to be a lot of enthusiasm for rodding a 40 Chevy vs. earlier Chevs, and really, it's just too nice a car to go that route.
I guess I'm having trouble because I'm trying hard to make this decision with the head rather than the heart. <grin>

If you are looking for a nice old car to purchase for a driver and to have fun with on car tours and etc., then the '40 Chevy that you are looking at would be a good candidate for that type of prospect. As far as purchasing the car strictly for an "investment", you should probably buy real estate instead.

Well said JYD. As for an investment, in these parts of the country, the "old car market" is moving into the muscle cars era. Big block 50's thru 70's are hot. There are fewer and fewer guys out there interested in the older cars. However even though my 1940 is bone stock, there are at least 5 different 1940 Chevy street rods within 5 miles of my house. 3 of them are 2 door sedans each with a 350 in it. 1 is a business coupe with a 350 and one is a convertible with a 261 Chevy 6 for now, but soon to be a ragtop with a V-8 in it.

Along those same lines, in my area street rods are hot and older "stock" cars are not. And, street rods are being bought and sold locally at a pretty good clip and dudes are making a nice profit on their investments as well. Also, I have noticed that some of the old cars are being sold for less than the current owners have paid for the vehicles. Basically, from what I have seen, there is a big trend to go "street rod" and the older "stock" type of cars are either taking a back seat, or they are being sold off to street rod types as a future street rod project. And, the dudes that are into street rods usually have big bucks to spend as well. :eek: :eek:

That seems to be the trend here on the east coast as well. Muscle cars and street rods are all you ever see anymore. My stock 62 ImpalaSS hardly even got more than a few looks last month at one of the local "open" Car Shows, and the early stock stuff got even fewer. Concerning the 40 Chevy Coupe I am considering, several of my friends are urging me to buy it and streetrod it. They all say that the bodywork is the hardest thing to get done on the old cars . . . no bodyman wants to spend the time on them without getting big bucks, and the bodywork on this one would not require any work. But it seems a shame to take a damn good looking stock classic and switch it over.
I think for the immediate future I am just going to keep my wallet in my pocket.
Thanks a lot guys for the assistance. Ya'll were very helpful.

Glad to help out, and I think that you have probably made the right decision.

JYD's and the other comments on the direction that old car interests are heading are right on the mark. Car shows around here provide fewer and fewer "old cars" to look at and the street rodders and name plate clubs (mustang,corvette, etc.) are growing daily the old car group are losing numbers and thus interested buyers.

A huge car show is held here locally every June on the Father's Day weekend. It is organized by the "Inter Club Council", which is a sampling from all of the car clubs here within the Rogue Valley. Included among these groups are the Camaro, Corvette, Chevrolet and Antique car clubs. The show is held at Hawthorne Park in Medford, Oregon and cars come from all over to attend, including Washington and California. Various vendors are on site selling their wares, and a band is on stage in the park as well. Each year around 600 vehicles are in attendance, and out of those vehicles, at least 95% of them are street rods and muscle cars....with very few "original antiques" attending. And, the amazing thing is that this show was initially started some 25 years ago by one local antique car club. The vast majority of the cars attending then were the older "stock" cars, with only a hand full of street rods to be seen in the group. Things have certainly changed in the car hobby during the past 25 years or so!

In talking with many of the owners of the street rods at this local show, it seems as though (unlike the local vintage car clubs), these dudes are on tour each weekend, all summer long, and their agendas of places to go are full for the duration. They have tons of fun, and the vast majority of them believe in driving their cars to and where they want to go. Street rods and muscle cars seems to be the trend of the old car hobby now, and unlike most of our older vintage cars, these guys can sell their street rods and turn a profit.......go out and buy another "turn key" rod...drive it, and then sell that one and make another profit. Let's face it, right now muscle cars and street rods are a good investment for those dudes that want to not only invest their money, but have fun while they do it.

There are still those of us that love the old vintage cars, but we are vastly becoming out numbered......unfortunately. :eek: :eek: :( :( :( :(

It may be that the vintage car clubs and indivigual owners are not being active and it appears that the number of vintage cars is on the decline, I don't believe there is a decline except for the reluctance of them to get out and do a "car show" We have just been out played, out coached and out husstled. The clubs that involve the familys are still doing a lot of good. The loners that simply want to gather with their buddies and kick tires and tell lies have moved to the internet forums.
It is my belief that one reason for the decline in folks participating in a "Car Show" of vintage Chevrolets is caused by the way they are conducted, The argueing and bitching about what is to be judged as ok and what is judged as not ok turns off those that are novices, and are out for entertainment as much as winning a plaque or a ribbon. Newbies are often treated as interlopers in "My hobby" "They don't belong here."
More of us are turning to the organized tours for our part of the hobby. My advice is, Get off your duffs, get the car ready to drive, and get your families involved and ...."Go Touring in your Chevrolet"...
Or Get the members and families organized and plan a club show, with a bar-be-cue, a clam bake, a shrimp boil or a picnic, whatever is popular in your neck of the woods, play some games , give away some door prizes , and have an old time car show in the park, parking lot or the sandlot baseball field.

The internet can get along just fine without us being here every day and night! Have some Fun!

I don't agree with the idea of buying street rods for profit. They have the same problems as our restored vehicles. The cost will exceed the value with possible exception of a very few. There are several rod shops or rod builders around here. I know many of them personally. If you count labor as a learning experience and no cost then they might be a break even proposition. Same is true for the restorations.

If you take a vehicle to the rod shop or restoration shop they will start talking at $ 50K tho most will tell you to expect $ 70K or more.

I think I have to agree with JYD and MrMack on most of their points. My nic may be BrandNewCruiser, but I have been a fan of and involved with old cars for many years. I go back over thirty years with my first "project" being the restoration of a 1960 MGA Roadster.
(Somebody slap me if I ever take on another British sports car!)
There IS money to be made in the street rods. It's just like JYD stated. You can buy one "turn-key", drive it and then take it to Carlise, Pa or Charlotte, NC or Louisville, Ky to one of the big annual meets and nine times out of ten, make money on it. A friend of mine has done exactly that four times in the last seven years!
The other thing that we tend to overlook is that we tend to be spoiled. A good example is the owner of the Chevy Coupe that I was looking at. He bought the car because he wanted to relive his youth. . . . . his first car. When he got to the point in his life that he could afford to BUY that first car again, and pay to have it restored, he fell out of love with it. I had to smile when he told me . . . . "after owning a BMW and a Lexus and being spoiled by all of the conviences, I just didn't remember how crappy it was to drive a 40 Chevrolet!" A lot of today's antique car lovers, who can finally afford that "antique car", also want the a/c, the power steering, the power and the reliability to go anywhere at any time. I have also seen what MrMack mentioned, "vintage" car guys turning their noses up at something that "isn't correct" on a car. They do tend to turn off the novice.

I believe its culture. Look at all the car movies out. The video games. All have FAST, Custom cars. SPEED, and FLASH are in now! Everybody wants to be an Individual. All the young kids want tricked out HONDAS with big fat tail pipes, and stereo bass that you can hear a mile away. Drinking beer, and listening to TODAYS music from a DJ, and checking out the ladys... Now thats a hotrod show!!!! It appeals to the younger crowd. I have been to them, and they are alot of FUN!!!

To like the OLD stock vintage cars, I feel you also have to have a love of the past. A slower time, a more traditional time. The time most of you old timers REMEMBER! But sadly enough, a time most younger people do not even have a clue about. Im 40 years old, and LOVE the 30s, and the 40s. I enjoy that time period! I Feel Im the exception, not the Norm. How many people younger than me can relate to that time frame? Not many.
Embrace the younger fans of these old stock cars.
Teach us everything you know about them. Tell us about the the OLD DAYS. We will be the ones to pass this on! It will be up to US, to take that knowledge and package it to the 21st century.