In previous years, we were able to break up our annual market analysis into two top 10 lists of Corvettes that were appreciating and those that were depreciating. But 2009 wasn’t kind to Corvette values and the days of double-digit growth appear to have gone by the wayside for the foreseeable future. Our Corvette Values expert Bob Kroupa of VETTE-N-VESTMENTS takes us through the numbers, so grab a tissue and gird your loins before clicking the “more” button because it ain’t pretty.
Talking with many longtime Corvette collectors and dealers, there is one thing we can finally all agree on: This market sucks for Corvette values. Like the banking, housing and automotive sectors, the effects of this stagnant economy have finally permeated down to the collector car market which includes Corvettes. But for buyers (and we know you are out there) there couldn’t be a better time to make that purchase than right now. But you need tools and research to make an informed buying decision and so we are pleased to announce the availability of the 2010 Corvette Pricing Guide.
Corvette sales hit a new low last month with just 624 Corvettes delivered during February 2010. That’s a decline of -39% from February 2009′s 1,027 sales figure and -26.9% off of January 2010′s 854 deliveries. A shortened selling period of 24 days combined with several winter storms that blanketed much of the country is to blame for the decline.
Texas legend Delmo Johnson is one of the pioneers of Corvette road racing with a career that goes back to the early days. His lengthy list of significant Corvette racers he has piloted include Grand Sports #003 and #004 and C1 and C2 Corvettes raced under the Gulf Oil banner. In the early 1990′s, after many years in retirement, some friends encouraged him to come out and race one more time and this 1968/74 Corvette was his ride.
Mecum’s Collector Car Auction made its annual pilgrimage to Central Florida’s Kissimmee auction last weekend. Florida’s temperate January weather makes this auction a favorite and by most accounts, the auction was a huge success. Record attendance was on-hand to watch 147 Corvettes cross the auction block over four days and everyone must have been buying as Mecum achieved a sales success rate of 81% to total $6.7 million in Corvette sales.
The first sales report of the new year hit yesterday and the good news is that Corvette sales are up 1.4% over last year. January 2010 deliveries totaled 854 – 12 Corvettes more than the 842 sold in January 2009. Historically, Corvette sales tend to a breather in January anyway so we are okay with this number. The other significant number for the month is the availability of the Corvette ZR1. National inventories of the supercharged ZR1 have grown by 27% to 191 units.
Barrett-Jackson’s Collector Car Auction just wrapped up another successful Scottsdale auction and Corvette sales remain strong. We counted 112 Corvettes that crossed the block and with the 10% commission added, sales totaled $9.19 million. That’s very comparable to 2009′s $9.8 million in sales.
That line of thunderstorms that rolled through Scottsdale last week did a huge amount of damage to the classic and rare cars that were to be sold at the Russo and Steele auction. Wind gusts of over 50 mph destroyed two of the tents that housed the cars, but luckily no people were seriously injured. After the fire department cleared the area, consignors were let back inside to view the aftermath and for many of these Corvette owners, it sure wasn’t pretty.
Once again, GM has stepped up to the plate to do something good for the neighborhood. During Saturday’s broadcast of the Barrett-Jackson collector car auction, a beautiful 2008 Corvette Z06 427 Special Edition was offered for sale with 100% of all proceeds going to the Red Cross for their relief efforts in Haiti. Joining the Red Cross representatives on the stage was GM VP of Global Design Ed Welburn.