According to
MeasuringWorth,
$12k in 1980 is worth in 2007 (latest available data):
$30,202.77 using the Consumer Price Index
$26,595.73 using the GDP deflator
$36,805.24 using the value of consumer bundle *
$29,504.21 using the unskilled wage *
$44,777.86 using the nominal GDP per capita
$59,397.74 using the relative share of GDP
Any way you slice it, that's quite a value...I should of bought a few Cobras back then!