A POPULAR SIGHT TO Z : NISSAN RESTORING SPORT MODELS TO SHOWROOMS.

Byline: Greg Wilcox Daily News Staff Writer

Twenty years ago Northridge resident Michael Volpe paid $3,000 for a silver-gray used 1973 Datsun 240Z.

Volpe, then a student at Cal State Northridge, remembers the cash outlay causing some financial pain, which eased as soon as he slipped behind the Z's classic wooden steering wheel.

They've been together ever since.

And while the Z's paint has faded, Volpe still has fond memories of tooling around the Valley in a ride that oozed Southern California cool.

``The styling of the car was the main thing,'' Volpe said of his attraction to the Z. ``But the performance was nice as well. I always had a special feel for it, . . . almost a love for the car.''

He's in the market for another one and soon will be able to find it in the showroom of a local Nissan dealer, but at a 1997 price.

Nissan Motor Corp. U.S.A. - the company that made the Datsuns - is betting that there are lots of consumers out there like Volpe whose affection for a set of '70s wheels can be converted to cash.

The company is recycling the popular Z models, which were sold new in America between 1970 and 1996. The Z is still being sold in Japan but is not being imported into the United States anymore because sports car sales were falling industrywide and sport utility vehicle and truck sales were climbing.

Initially the company is creating 10 Z-Stores nationwide, including one opening for business today at Universal City Nissan in the San Fernando Valley.

The stores will specialize in the peppy sports cars and related paraphernalia. The reconditioned used cars from model years 1990 to 1996 will be classified as ``classics'' and the 240 series gets a ``vintage'' designation.

But there won't be anything retro about the price tags.

Michael Sage, Universal Nissan's director of operations, said the cars probably will be priced from $15,000 to $30,000, depending on model year and mileage. Warranties - generally in the three-year, 36,000-mile range, are included, he said.

But before Nissan could get into the vintage end of the business it had to undertake a shopping spree of its own.

Late last year the company started buying back 240Z models, paying up to $2,500 for the cars that would be completely restored from the ground up.

It's all part of a concept by Nissan to keep a sports car image in front of consumers.

``One of the main reasons we determined this was a viable program is there is such a base of demand for the vehicle. It was a very popular model,'' said David Ikchert, Nissan's model line manager.

So far, Nissan has bought back about 40 of the 240 models and most of them were found in the Los Angeles area.

And the company is being secretive about some aspects of the program.

Ikchert won't say exactly how much a reconditioned 240Z will cost or identify the two Los Angeles-area shops that are doing the restoration work.

The cars sold new for about $3,500 when first introduced.

But Ikchert says the work being done will justify the price.

``They are taking every nut and bolt off the vehicle and replacing them. If we determine the parts are not restorable and we need to replace them, we use Nissan OEM parts if they are available,'' he said.

Reproductions are the last option.

When the cars are reassembled they will be repainted the original color.

The company hopes to restore 10 a month until the supply is exhausted and then move into the 260 and 280 model lines.

But there should be a pretty good supply out there because about 123,000 240Z were sold in the United States.

Each Z-Store will get one 240 model a month.

Industry analysts said that this is a good way for Nissan to keep a brand image in front of the public.

``Certainly the Z is the most memorable model out of the Nissan lineup and I'm sure that's what they are trying to capitalize on,'' said Loretta Seymour, director of sales research at J.D. Power & Associates in Agoura Hills.

And she points out that Zs are ``image'' cars.

And Ikchert says that Z-Store cars must pass a 120-point inspection.

Initially, the stores are being stocked with the 300ZX models produced between 1990 and 1996.

But Sage at Universal Nissan said customers can place orders starting today. Its first 240Z should be ready for delivery early next month, he said.

Universal Nissan is planning a Z-Store grand opening this weekend that features a display of some Z models - including the bright yellow 1972 240 that is featured in the company's television commercial.

The turbo-charged model was a gift from the corporation to Morrie Sage, Universal Nissan's president, for being the all-time top selling Z dealership in the nation.

Sage said that all the vintage or classic cars will meet California emission standards when they leave the dealership.

And Z car owners like Volpe and La Crescenta resident Jerry Peterson, past president of Group Z, a car club based in Orange County, think the revival is a good idea. And they are not put off by the price the company is asking, noting that restoration work is expensive.

``I kind of like it. I think it's going to revive our 240s a little bit and make them a little more valuable,'' he said. ``And I think that's good.''

CAPTION(S):

2 Photos

PHOTO (1 -- color) A restored 1972 Datsun 240Z is on display at Universal Nissan in Universal City to promote the company's used sports car campaign.

(2) Proud 240Z owner Michael Volpe of Northridge shows off the vehicle be bought 20 years ago for $3,000.

Gus Ruelas/Daily News