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Depreciating Corvettes: Top 10 Price Declines of 2008

by Keith Cornett on March 12, 2009

1996 Corvette Grand Sport Roadster

Earlier this week we shared our Top 10 Price Gainers of 2008 and now it’s time to look at the other end of the spectrum. The 2008 top decliners is a diverse list that includes last year’s number 2 price gainer, the 1996 Corvette Grand Sport Roadster.

Data from the 2009 Corvette Price Guide comes from analyzing the selling prices of over 5,800 Corvettes during 2008 and then comparing the sales figures to years prior. That method has proven to be a statistically accurate measure of the Corvette Market.

Top Depreciation Models
Year Make % Change Average Price
1996 GS Roadster -20% $52,000
2007 Roadster -20% $41,000
2006 Roadster -18% $38,000
2008 Roadster -18% $45,000
1995 ZR-1 -17% $34,500
2005 Roadster -17% $35,000
2007 Z06 Fellows -17% $64,000
1993 ZR-1 -16% $29,000
2003 Coupe -16% $24,000
2003 Roadster -16% $27,500
2007 Z06 -16% $59,000

On a comparative basis, not much has changed on the depreciation chart related to percentages since the 2007 chart last year. At that time, the percentages ranged from -14% to -20% very similar to the chart above. All of the Corvettes on the 2007 chart were C5s.

The current chart includes the addition of C4s and C6s. The continuation of C5s includes a new appearance of the 2003 models. Last year the 2004 models seemed to hold that same place with the C5 series. The big question is when will the C5s bottom out from a depreciation perspective?

The C5s are truly excellent buys for consumers who want to experience just how far the Corvette Team has gone in building a handling and performance Corvette with comfort and convenience feature without the big price tag.

The 1997-2002 models are priced below $24,000 in average price. One buys a lot of Corvette for these low prices.

The C6s have joined the depreciation group – but this is normal for newer models. However, given the incentive programs the dealers have to offer during these troubled times with the automotive industry these Vettes are showing accelerated depreciation beyond normal expectations.

We are sure you have noted the appearance of the 1996 Grand Sport Roadster at the top of the chart. After last year’s appearance on the appreciation chart with a 50% increase in average price, few are selling now and the ones that do sell are showing a 20% decrease from the highs reached just a year ago. But consider this – when new, the list price was approximately $48,000 compared to today’s average price of $52,000. Original buyers are still ahead of the game.

The C4 ZR-1s are in a “slide” mode with the 1995 as the last production year model, moving down into the mid- thirties. Part of the problem is that a 2004 Z06 that is pumping out 405 horsepower can be purchased below the $30,000 mark. Same horsepower with more options for $5,000 less!


Order the 2009 Corvette Price Guide

2009 Corvette Price GuideThe 2009 Corvette Price Guide covers all Corvette years and body styles with high, low and average prices for each Corvette model. Another important feature of the Price Guide is the provisional one, two and five year appreciation factors for each Corvette.

In addition, the Corvette Price Guide provides the original base price and the number of units manufactured. To complete the content, included is information on motors, wheels, hard tops and factory air conditioning. Price is $15 and shipping is free!

Bob Kroupa of VETTE-N-VESTMENTS provided this analysis of 2008′s top price gainers. VETTE-N-VESTMENTS is the data provider for the annual guide and publisher of the monthly Corvette Market Letter.


Source:
VetteFinders.com
Data Provided by Vette-N-Vestments

Related:
Appreciating Corvettes: Top 10 Price Gainers of 2008
2009 Corvette Price Guide Released

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[VIDEO] All-Electric 2009 Corvette ZR1

by Keith Cornett on March 10, 2009

 All-Electric 2009 Corvette ZR1

Your environmentally-responsible friends will be “green” with envy when you blow by them in the all new 2009 Electric Corvette ZR1. At least that is the premise behind this funny spoof put together by Michael Brown’s Vette Collection’s TV show.

With General Motors hanging on by its fingernails and oil prices as unstable as the whole world’s economy, maybe this will be the ‘stimulus’ to return GM to profitability!


Source:
YouTube via eGMCarTech

Related:
The VoltVette: Man Builds a Plug-In Electric Corvette
Diesel-Powered Corvette Subject of April Fool’s Joke

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Appreciating Corvettes: Top 10 Price Gainers of 2008

by Keith Cornett on March 10, 2009

1976 Corvette Coupe

The 2008 Corvette Calendar was quite interesting starting with the continuation of record sales prices and appreciation factors. But the slowing economy in the second half of 2008 put the brakes on double digit appreciation for all but one Corvette model, the 1976 Corvette.

Data from the 2009 Corvette Price Guide comes from analyzing the selling prices of over 5,800 Corvettes during 2008 and then comparing the sales figures to years prior. That method has proven to be a statistically accurate measure of the Corvette Market.

Top Appreciation Models
Year Make % Change Average Price
1976 T-Top 10% $10,800
1962 Roadster 9% $52,700
1963 Coupe 9% $54,500
1977 T-Top 9% $12,000
1957 Roadster 8% $64,800
1965 Roadster 8% $46,100
1960 Roadster 7% $50,400
1963 Roadster 7% $41,600
1964 Roadster 7% $38,200
1966 Coupe 7% $46,200

Quite surprisingly, we found the 1976 Corvette at the top of our appreciation chart at 10% followed by the 1977 model at 9%. Evidently what we are seeing is renewed interest in the last of the traditional C3 body style models prior to the C3 change to a ‘fast back’ body style with the 1978-1982 models. It is also interesting to note the 1976 and 1977 T-Tops are selling at approximately $10-$12,000 LESS than the C3 chrome bumper Corvettes with the same body silhouette.

Seeing the 1962 Roadster and the 1963 Coupe near the top of the appreciation chart came as no surprise. Both had been priced below the $50,000 threshold in average price during the previous year.

The 1962 was unique, but not just because it was the last of the first generation body style. In addition, the popular 327 motor was introduced with this model.

In our opinion, the 1963 Coupe still remains underpriced at an average price of $54,500. With its unique split-window styling it should command more in today’s market. It looks like the buyers may be sharing our opinion based on its appreciation chart position at #3. This model was the only repeat Corvette shown on our 2007 chart last year.

Two other solid axles on this year’s chart, the 1957 and 1960 models, were new additions. The features of the 1957, with its ‘clean line’ styling and vast array of motor options, were instrumental in its appearance on this year’s chart. The 1960 continues to be a popular model with its ‘last of the notable grill’ treatment. It, too, has crossed the $50,000 threshold at an average price of $50,400.

The mid-years continue to show their popularity with the appearance of six models on this year’s chart. Note that four of the six are priced below $50,000 in average price. It appears that in the near future, those below $45,000 will be considered to be a good buy. Today that threshold is $35,000.

As we so often indicate, the 1964 Roadster model is the entry mid-level Corvette based on price. Despite this fact, it too has moved to the appreciation chart. Its counterpart, the Coupe, is on the good buy threshold at $35,000 in average price.

One third generation Corvette, the 1970 Roadster, made this year’s chart at an average price of $29,500. These are few in number as a work stoppage during the 1969 model year extended production of the 1969 and shortened the 1970 production year to seven months. There were 6,648 Roadsters built in 1970 compared to 16,633 produced during the 1969 model year.


Order the 2009 Corvette Price Guide

2009 Corvette Price GuideThe 2009 Corvette Price Guide covers all Corvette years and body styles with high, low and average prices for each Corvette model. Another important feature of the Price Guide is the provisional one, two and five year appreciation factors for each Corvette.

In addition, the Corvette Price Guide provides the original base price and the number of units manufactured. To complete the content, included is information on motors, wheels, hard tops and factory air conditioning. Price is $15 and shipping is free!

Bob Kroupa of VETTE-N-VESTMENTS provided this analysis of 2008′s top price gainers. VETTE-N-VESTMENTS is the data provider for the annual guide and publisher of the monthly Corvette Market Letter.


Source:
VetteFinders.com
Data Provided by Vette-N-Vestments

Related:
2009 Corvette Price Guide Released

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Corvette Z06 Police Car

The National Corvette Museum put out a call yesterday for silver C5/C6 Corvette coupes that will be transformed into state police escorts for labor day’s National Corvette Caravan celebration. The coupes chosen for duty will have a lightbar and graphics installed and will lead each of the four national caravans converging on Bowling Green.

From the Corvette Museum:

Here is your chance to drive your Corvette down the highway decorated as a state police vehicle with a light bar on top and vehicle markings as the lead in for the caravan! We are looking for owners of four silver C5/C6 coupes that are willing to become State Police Caravan Escorts when four caravans cross into Kentucky. The four lead Corvettes, with help from the Kentucky State Police, will be fitted with vinyl State Police markings and working light bars. A KSP trooper will be your passenger and you will be assigned a border crossing point to meet a designated Caravan. If you are interested, email your contact information and a picture to events@corvettemuseum.org. We will hold a drawing May 15th and announce the four caravan lead vehicles. These Corvettes will also be the featured display on Thursday, September 3 during the event. In case you were wondering…no, you can’t keep the light bar or write tickets. These cars will need to be available on Wednesday and Thursday September 2-3.

In addition to the police escort cars, the NCM is putting together two other special displays. On Friday, September 4th, the NCM will host a “First and Last” display featuring a Corvette from the first and last year of each generation. On Saturday, September 5th, the Museum will display 12-15 Corvettes that were part of the original 1994 Corvette Caravan. If you are interested in participating in either of these displays, contact the national Corvette museum at events@corvettemuseum.org.

Would you like to join thousands of Corvettes from across the nation as they trek to Bowling Green for the 15th Anniversary celebration of the National Corvette Museum? Check out the Corvette Caravan for details on this unique experience.


Source:
National Corvette Museum

Related:
First Look: New Photos of the Corvette Museum’s Expansion

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Corvette Movie Poster: Dragstrip Riot (1958)

by Keith Cornett on March 9, 2009

Dragstrip Riot

Dragstrip Riot promises motorcycle gangs, hot rodders, death, romance and redemption! After a run-in with a tough motorcycle gang, Gary Clarke is blamed for the death of biker. The gang threatens him and his girlfriend and the story comes to a head with a full biker beach riot.

Click here for a larger version of the poster.


Inspiration:
CruiserBlvd
Internet Movie Database

Related:
Corvette Movie Poster: High Rolling in a Hot Corvette (1977)
Corvette Ad Watch: Vintage 1960 Corvette Poster
Corvette Ad Watch: AC Spark Plugs and the Mako Shark

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2009 Corvette Price Guide Released

by Keith Cornett on March 9, 2009

2009 Corvette Price GuideOur Corvette classifieds website VetteFinders.com has released its annual Corvette Pricing Guide and later this week we’ll be posting an analysis of the Corvette pricing trends from 2008.

But what a difference a year makes! As the state of the US economy took its toll on housing, banking and automotive sectors, it also dipped down to effect the Corvette collector car market.

The days of double-digit appreciation are behind us, replaced with more modest gains that most owners should find acceptable given the current climate. There are 55 Corvette models produced from 1953 through the 1988 Anniversary Edition and 38 of them are showing single digit appreciation with another 4 models showing no-change in average price.

We continue to see the first through third Corvette generations bidding and selling well – providing they are original and documented. Those restored with high performance motors continue to break $100,000 threshold, however, there has been some slippage with these big-ticket Corvettes recently. We’ll have more on the top models from both an appreciation and depreciation perspective later this week.

What makes the 2009 Corvette Price Guide unique compared to other guides is the research and cataloging of prices from the actual sales of over 5,800 Corvettes in 2008. This gives us the High, Low and Average prices of all Corvette model years and body styles. The guide also contains appreciation and depreciation figures for One, Two and Five years, as well as pricing for options including motors, wheels and A/C. This method has proven year after year to be a statistically accurate measure of the Corvette Market.

The free online version features the average prices of over 125 different Corvette models spanning 1953-2009. The printed version, which contains High/Low and Average prices as well as appreciation/depreciation percentages is available for $15 and can be purchased through the VetteFinders.com online store. Shipping is free.

Bob Kroupa of VETTE-N-VESTMENTS, is the data provider for the annual guide and publisher of the monthly Corvette Market Letter.


Source:
VetteFinders.com
Data Provided by Vette-N-Vestments

Related:
Corvette Values: 11-mile 1978 Corvette Pace Car
Corvette Values: 1970 Corvette Roadster
Auction Results: Barrett-Jackson Corvette Sales Total $10 Million

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1989 Corvette ZR-1

The scene is eerily familiar, yet we are talking about an event that happened twenty years ago today. After months of dodging spy photographers with the automotive magazines eager to capture a new supercar in the works, General Motors took the world by storm with the unveiling of the 32-valve 375 horsepower Corvette ZR-1 at the 1989 Geneva Auto Show.

The new ZR-1 represented Corvette’s return to the high performance automotive arena after decades of languishing under emission standards, reduced power and a corporate mentality that seemed to have no interest in further developing one of the most storied names in automotive history. And like the new 2009 Corvette ZR1, the heart of 1989 Corvette ZR-1 was what made this car special: The all-aluminum 32-valve 4 overhead cam LT5 V8.

Developed in conjunction with Lotus Cars of England and assembled by hand at Mercury Marine in Stillwater, Oklahoma, the LT5 represented a technological leap for Corvette. With 375 horsepower and 370 lb-ft of torque on board, the Corvette ZR-1 could run 0-60 mph in just over 4 seconds and had a top speed over 175 mph.

After the unveiling in Geneva, General Motors invited a select group of media from around the world to drive the Corvettes from Geneva to the walled city of Carcasonne in the southwest corner of France. A stop at the Goodyear test track in Mireval, France gave GM the opportunity to show off its new supercar’s performance and abilities in a series of high-speed cornering and wet-pavement tests.

The media fell in love with the new Corvette and the ZR-1 was on the cover of virtually every magazine in the world. This initial hype fueled demand and when the Corvette ZR-1 went on sale in September 1989, dealers were selling the new car for $10,000-$20,000 above the MSRP of nearly $60,000. Many collectors who purchased the Corvette had no intention of driving them, but to store them as a future classic.

The Corvette ZR-1 program lasted six years and during that time, the LT5s power was bumped from 375 to 405 hp. Almost 7,000 Corvette ZR-1s were built during those six years. The last “King of the Hill” rolled off the assembly line in Bowling Green, Kentucky with great fanfare in April 1995. Residing today at the National Corvette Museum, the Torch Red Corvette sports a windshield banners that reads “The Legend Lives”.


Source:
GMnext

Related:
[VIDEO] The Introduction of the Corvette ZR1 at GM Style
[VIDEO] 1989 Corvette ZR-2 Sells at 2009 Barrett-Jackson
[VIDEO] 1989 Corvette ZR-1 “Snake Skinner” Sells at 2009 Barrett-Jackson

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Friday’s Featured Corvettes for Sale

by Keith Cornett on March 6, 2009

1967 Corvette Coupe for Sale at VetteFinders.com

With the market tanking and more bad news for stocks on the horizon, isn’t time that you put your money to work in an alternative investment that also provides a lot of fun? The classic Corvette market continues to shine and the preowned market is providing some of the best deals in a generation.

You’ll find the greatest selection of new and classic Corvettes at VetteFinders.com, the Internet’s original Corvette classifieds website. The beautiful C1-C6 examples you see here are just a sample of the 500+ Corvettes available now. Want to learn more? Click on the photo or link to read the full ad, view more photos and contact the seller.

1958 Corvette Convertible For Sale 1964 Corvette Convertible For Sale 1973 Corvette Convertible For Sale
1958 Convertible
Email for Price
1964 Convertible
$53,900
1973 Convertible
$19,990
 
1991 Corvette Coupe For Sale 2001 Corvette Coupe For Sale 2005 Corvette Convertible For Sale
1991 Coupe
$10,500
2001 Coupe
$15,995
2005 Convertible
$39,999

Selling Your Corvette? Now is the time and VetteFinders.com is the place to reach more qualified Corvette Buyers. Corvette Classified Ads are only $25 and run for 3 months. You can post unlimited photos and you have access to make any changes at any time.


Source:
VetteFinders.com

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Corvette Values: 11-mile 1978 Corvette Pace Car

by Keith Cornett on March 4, 2009

1978 Corvette Pace Car

DM in Illinois submitted this 1978 Corvette Pace Car Replica to Corvette Values:

1978 Corvette Pace Car Replica, VIN #1Z8748592XXX. Optional L82 350/220 hp engine, automatic transmission. 11 original miles. Black and Silver with Silver interior. Indy 500 Pace car graphics not installed. Cruise control, power steering, power brakes, power windows. AM/FM Stereo CB and power antenna. Never been titled – still has original Country of Origin document.

Find out how we valued this Corvette after the jump.

1978 Corvette Pace Car 1978 Corvette Pace Car 1978 Corvette Pace Car

The VIN #1Z8748S902XXX indicates this is a Pace Car replica as they were the first Corvette model to receive their own unique VIN – the 8th digit is a ’9′. Production of the 1978 Corvette Pace Car was limited to 6,502 units. Initially 300 units were planned, however, demand was such that Chevrolet built one for each of its dealerships.

This was the first production Corvette to be identified as a ‘special edition’ as it was designated to be the Pace Car at the Indianapolis 500 Race. A lead story on the front page of the Wall Street Journal indicated this model would become an immediate collectable Corvette. There was a quick impact on the selling price of these Corvettes with the asking of $10,000 over the list price of $13,653 for the 1978 Pace Car.

Demand for this Pace Car peaked shortly after the 1978 Indy 500 Race. By this time, numerous Pace Cars had been sold at the premium price. Many of these owners thought this was an excellent investment and placed their Indy 500 Pace Car Corvettes in storage with the original delivered miles of under 20. In fact, many of these Corvettes remain in storage today, many have never been titled.

It appears that this 1978 Pace Car is one of those Vettes. The original list price included all of the desirable options and included the standard L-48 185hp motor and automatic transmission. This 1978 Pace Car Corvette includes the upgrade L-82 220hp motor which was a $525 option. It is also equipped with AM-FM stereo radio with a CB feature, a $170 upgrade for the Pace Car.

This 1978 Pace Car is in showroom condition as evidenced by the 11 original miles shown. In addition, it has not been titled.

The Pace Car had door decals indicating it was a Pace Car. These were a dealer installed feature. The decals are available, however, were not installed on this Pace Car.

We place a value of $29,000 on this 1978 Pace Car.

On a comparative basis, a 1978 Pace Car with the L-82 motor, automatic transmission and 16 original miles sold for $31,000 at the Barrett-Jackson Auction last January in Scottsdale, AZ. At this auction, the owner of the Corvette had to pay a consignment fee and the auction provided the sales hype as the bidding took place.


Corvette Appraisals:
With Corvette values rising yearly, make sure your insurance coverage keeps up with your Corvettes value by having it appraised online at VetteFinders.com. Our online appraisals are only $69.95 and are usually completed within three business days. Click here to start your Corvette appraisal now.
Source:
VetteFinders.com Appraisal Service
Related:
Corvette Values: 1978 Corvette Pace Car
Corvette Values: 1961 Corvette Roadster
Corvette Values: An Unrestored 1967 Corvette Roadster
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February 2009 Corvette Sales

by Keith Cornett on March 3, 2009

GM released its sales figures today that show 1,027 Corvettes were delivered in February 2009. While the sales number is down 50% over February 2008′s 2,071 Corvettes delivered, the good news is that this is a 22% increase over the paltry 842 Corvettes delivered in January 2009.

READ MORE →