In our final installment of our analysis of the 2009 Corvette market, we present an overview of the Corvette values by generation as documented by our Corvette pricing guru Bob Kroupa of VETTE-N-VESTMENTS.
Someone’s Corvette dream turned into a nightmare last week as the Pahrump Valley Fire Department was called to put out an engine fire in a 1985 Corvette.
Michael P. Keegan returned to his Plank Road home in the town of Watertown on Wednesday to find his 1984 Corvette crumpled under two toppled maple trees. No one was injured or home at the time. The storm left 5,000 National Grid customers without power.
Source: Watertown Daily Times
This custom Corvette is billed as a tribute to the late Ed “Big Daddy” Roth, creator of the memorable Rat Fink character and a key player in the 1960′s custom/hot rod movement in Southern California. The converted C3 features an open engine bay and a bubble-top roof, and the rear end is, well, you just have to see it. The Corvette was spotted outside the Las Vegas Convention Center where it will be on display at the SEMA show this week. A walk-around video is after the jump.
Regular production C4 Corvettes aren’t really known for their collectability yet, but sometimes one comes along that piques our interest and this 1993 Arctic White Corvette Coupe did just that as it crossed the auction block on Thursday evening at Barrett-Jackson’s Las Vegas Collector Car auction. Apparently I wasn’t alone in my thoughts as Lot #93 was hammered for a strong price of $21,000. With the buyer’s premium, the total selling price was $23,100.
The C4 Corvettes marked an interesting time period for the Corvettes and some will argue that Corvette’s return to premium sports cars status started with the iconic 1984 Corvette. However, the differences between the first Corvettes of the C4 generation compare greatly to those cars after 1992 when the C4 received the LT1 350 cubic inch 300 horsepower V8 engine.
SPEED’s announcers particularly liked this Corvette and called it the perfect compliment for the guy who also owned a 1953 Corvette. While we believe there are only about 150-170 of “those guys” out there with a first year Corvette in the garage, we agree that a White with Red interior Corvette does make the perfect the anniversary model even when though the true 40th anniversary models were Ruby Red.
Only 15,898 Corvette coupes were produced in 1993 so the model year doesnâ€™t suffer from over-production which keeps prices down. Arctic white was the third most popular color (3,031) coming in behind the Rub Red anniversary color (6749) and Torch Red (3,172).
This Corvette features the Corvette Preferred Equipment Group #1 option which provides electronic air conditioning, Delco/Bose music system, electronically tuned AM/FM stereo, radio with Seek-Scan, digital clock stereo cassette tape, compact disc player, blue removable roof panel, leather sport bucket seats, 6-way power driver’s seat and 6-way passenger power seat.
Being in mint condition with just 26,072 miles on the odometer and documentation also helped push this Corvette’s value higher.
Our Corvette Price Guide shows a high price of $15,000 for standard 1993 Corvette coupes while the high price on a Corvette convertible of the same year was more than double that at $34,500. So while the buyer paid a premium for that particular model, the price was still consistent with other models from the same year. Of further note is that we still show the standard 1993 coupes depreciation at just 6% last year which is the lowest percentage of Corvettes from 1993. The convertible models from 1993 show double-digit depreciation of 12% last year.
Based on the condition of the Corvette, we believe both buyer and seller should be happy with the outcome of this sale.
Barrett-Jackson Las Vegas 2009: Corvette Auction Schedule
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There’s no doubt the Cash For Clunkers program was successful for both buyers and dealers during the month and half the program was open. And I’m sure you all remember the video of the black C4 Corvette getting the sodium silicate treatment and dying a slow death. Now thanks to the final reporting going on, we learn that nearly 250 Corvettes – all C4′s – met a similar fate.
During the program’s run, 690,114 total vehicles were turned in. Digging through the list provided by Jalopnik we learned that 243 Corvettes were sacrificed for the $4,000 clunker bounty. While Corvettes only accounted for 0.03% of all clunker trade ins, what’s interesting is 100% of the Corvettes traded in were all C4s.
So we took a look at our Corvette Price Guide to see if the value of a C4 Corvette was more or less than the $4,000 trade-in value offered by the Government. Our values assume that the Corvette were in running condition and we selected the lowest value recorded for that model year as the comparison.
|Model Year||# of Clunkers||Low Value|
Many of the cars (Corvettes included) were probably in bad shape when traded. Lord knows we have seen our share of ragged out Corvettes. From the comments on the youtube video of the C4 Corvette that was destroyed, we read the car had a bad transmission, trashed interior, bad tires and a broken top so the cost to fix these items would have exceeded the Corvette’s value.
Knowing that these Corvettes will simply be crushed and discard as opposed to being parted out and recycled is the biggest shame of the Clunkers program.
I felt a great disturbance in the Force, as if 350 cubic inches suddenly
cried out in terror and then were silenced…
One of more interesting time periods for Corvette came midway through the C4 production run when you could order a twin-turbo for your Corvette. In 1991, the B2K twin-turbo RPO was the only non-GM performance option that could be ordered on a Corvette. This limited edition 1991 Series 1 Corvette Callaway Speedster is #8 of 10 made and used to be part of the Otis Chandler collection before being acquired by Chevrolet dealer and Corvette collector Bob McDorman.
Only 9% of the Corvettes manufactured in 1988 received the Z01 35th Anniversary Package and the example that sold today at Barrett-Jackson’s Palm Beach auction could quite possibly be the nicest one in existence.
The 35th Anniversary Package featured a white exterior with white wheels, white seats and steering wheel as well as special emblems and a console mounted plaque. 2,050 Coupes were produced at an extra cost of $4,795 over the $29,489 base price.
Lot #38 was an original one owner Z01 optioned Corvette with only 682 miles. The 350/245 engine was coupled to a rare 4-speed manual transmission (MMF), an option chosen only 19%. For 21 years the Corvette was stored in a climate controlled environment.
The 35th Anniversary Corvette hammered home for $37,500 and with commission the final sales price was $41,250. This easily beats the high price for a 35th Anniversary edition of $32,100 at an RM Auction held in 1998 in Monterey as listed in the VetteMarket.com CP database.
Our Corvette Price Guide’s 2008 high for a 35th Anniversary Coupe was $28,000. In addition, the one year appreciation shows 1% growth over the previous year.
2009 Barrett-Jackson Palm Beach Corvette Schedule