I'd say that price depends on the options listed on the fender tag. You did ask for a picture of that didn't you? 1970 is when options proliferated the Mopar model lines. If this has a list of desireable options, that could justify the price. However, here is the conundrum with that, desireable options up the value of the car if you go the restoration route. If you heavily modify it, then you may be better of buying a better condition Satellite for less up front dough. If this is a very base car with a 383 3spd tag( yes that was the standard trans) and no options, then that price is a bit high. I recently picked up a 70 Road Runner, 440 six pak, air grabber, 4 speed in almost the exact same condition for $3500, for a point of comparison.
Also, having just done a Camaro, be prepared for sticker shock. Building the mopar will easily cost 3-5x as much. There is a lot of repro metal out there and a selection of aftermarket suspension sustems as well, but the choice of vendors are significantly less and this impacts the discounts you can negotiate.
For a quick assesment of market values of Satellite, Road Runners, and GTXs, hop over to moparts.com and browse the 1970 and earlier B body classifieds. You can find everything from basket cases, to proejcts to completed cars. I also believe there was a completely restored, running, Air Grabber, 383 Road Runner on protouring.com for $25k. Compared to some other ones out there, that is a screaming deal.
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