This is the third of our five-part series where we take an in depth look at the factors that drive Corvette values. Last week, we looked at the Quantity and Condition Factors. Today, our attention turns to Options. The options list on a model year can change the value of a Corvette considerably. As we discuss the Options Factor and how it relates to Corvette values, we must understand that this factor is very much affected by the Quantity factor. Everybody loves having options and some have more than others. But in the world of Classic Corvettes, he who has the rare options, wins. Why? Back then, a Corvette with more options cost more to build. Buying a Corvette in the 1960’s wasn’t like buying a Corvette today. Today, you can order a package that has a preselected amount of performance or convenience options. Many buyers couldn’t afford a loaded Corvette, and Chevrolet wasn’t building loaded Corvettes unless they were ordered that way. Some options were very expensive for the time and could significantly raise the price. For example, in 1967, the air conditioning option (RPO C60) cost an additional $412.90. Throw in a big block engine (RPO L71), heavy duty brakes(RPO J56), close-ratio transmission (RPO M20 or M21), a radio (RPO U69) and side-exhaust (RPO N14) and the price just went from a base of $4,388 to $6,000 – an increase of over 35%. Perhaps the main option that determines the value of a Corvette is the Engine option. Starting in 1957, Corvettes were optioned with a number of engines that are generally categorized as small blocks, big blocks and fuel injected. Currently, a 1967 with a 427 ci 435 hp engine can bring well over $100,000 while a small block 327 ci 300 hp model might be priced in the $40-$50,000 range. 1974 was the last year of the big block and in 1975, the number of options dropped to just two. Starting in 1984 with the introduction of the C4 generation, Corvettes came with just one engine. In 1996, the final year of the C4, a one year limited option was a choice between the LT1 (350 ci 300hp) and the LT4 (350 ci 330hp). It could be ordered in any of the 1996 Corvettes, so long as they had the 6-Speed manual transmission. Other important options are transmissions (auto or manual) and comforts such as Air Conditioning, Power Steering, Tilt/Tele Steering Wheel Columns and appearance options like Wheels or Side Exhaust. Because Corvettes were base priced without any real options, a buyer might have added just a couple which resulted in low penetration of many of the options we take for granted today. Going back to 1967 model year, Air Conditioning was ordered on just 16.5% of Corvettes built. Just 25% had Power Steering and only 10.5% opted for the Tilt Tele Steering Column. Sometimes a Corvette may have some extra value because of an option not included. Throughout the 60’s and 70’s, Corvettes were sold with an option that removed an option. Confused? Many cars destined for the race track didn’t need radios or heaters so options called the Radio Delete or Heater Delete were selected and the car was built without the radio or heater and the buyer received a credit. Exterior and Interior colors are also classified as an option and a Corvette with a rare color combination can add value to its price. Since 1954, Chevrolet has offered a variety of factory available exterior and interior colors. Because there are records that tell us how many Corvettes were manufactured with a given paint scheme, we can determine the rarity of the color. Having a popular color can also boost value. Red has always been a popular color for Corvettes, so much so that the phrase appears in song (Little Red Corvette) and as a title of book documenting the building of the C5 Corvette (All Corvettes Are Red). Some options are desired due to the inherent design of the model year as opposed to what was put on car. Consider the 1963 Corvette Coupe with its “Split Window” design. When built, Corvette’s Chief Engineer Zora Arkus-Duntov hated the design and argued about the limited visibility the split plane caused. As a result, the 1964 Coupe’s rear window was changed to just one single glass panel. Today, the 1963 Split Window is sought after for that option. Another type of Option is the Special Edition Corvettes. For the most part these are Corvettes that have an added package of options bundled together. The first special editions to be offered appeared in 1963 in the form of the Z06 which contained a 360 hp fuel injected engine, heavy duty brakes and the famous 36 gallon fuel tank. Perhaps the most famous and heavily collected special edition was the 1978 Indianapolis 500 Pace Car Replica. Chevrolet marked the occasion by building just over 6,500 Pace Cars, one for each Chevy dealer plus some extras. Public demand for these special corvettes was huge and many were purchased and then immediately placed in storage. It is not uncommon to see a 1978 Pace Car Corvette for sale with mileage in just the hundreds or low thousands. Chevrolet also marked milestones as special editions, again the first being the 25th Anniversary model produced in 1978. While all Corvettes were considered 25th Anniversary models, Chevrolet put together a special package of options, colors and special emblems. Anniversary models also include the 1988 Corvette (35th Anniversary) that was White, the 40th Anniversary Model which was a dark red called Ruby Red, and the 50th Anniversary Corvette in 2003 that was also Red (Anniversary Red). Other Special Editions included a package to commemorate the end of the three separate generations. In 1982 and 1996, Chevrolet produced a “Collector’s Edition”, again essentially a standard Corvette except for special paint and badges, and in 2004, a Commemorative Edition that was LeMans Blue and contained the first Carbon Fiber hood available on a production Corvette. A great source of learning about options that came on each Corvette Model is The Corvette Black Book by Michael Antonick. In the Black Book as it is commonly referred to, Michael breaks out the each of the available options with its RPO (Regular Production Option) code, the original option price and the quantity produced.

I was pulled out of town unexpectedly earlier this week on a family emergency. I had originally planned to post this series over five consecutive days. However, they are a tad wordy so I have decided to break them up a bit. I am planning to post the Options and Originality Factors next week and then should be able to conclude the series with a look at Market Forces the following week. Thanks – Keith