In our first two installments of our 2005 Corvette Pricing Trends series, we looked at the Top 11 Appreciating Corvettes and the Top 10 Depreciating Corvettes. In the last installment of our pricing series, we look at how each generation performed market-wise in 2005 and what the pricing expectations are for 2006:
This series is unquestionably the appreciation leader for the 2006 Price Guide with five models leading the way. We would be amiss if we did not identify two of the rare 1953 models that crossed the auction block at an average price of $106,250 at an appreciation factor of 9%. The entry level Corvette for this first generation is the 1961 model at an average price of $38,200 with appreciation identified at 6%. We look for this Series to continue to climb at an appreciation level of 8-12% during 2006. Stay tuned for our action results.
The appreciation range for these models was between 3-12%. As noted earlier, two of the models, the 1964 Roadster and 1963 Coupe were included in the highlight list. The entry level mid-years continue to be the 1964 models that are approaching $30,000 in average price. Not long ago, a good buy was considered to be a mid-year at under $20,000. During 2006, the good buy number will be those that are bought for under $30,000. The price leader for the group continues to be the 1967 Roadster at an average price of $49,500. The Roadsters continue to be priced at an average price of $2,000 more than the Coupe within a given year. The exception is the 1963 Coupe with its unique split-window styling that reflects a wide margin of $7,000 when compared to the Roadster. Also of interest was the high price for these models, seven of the ten broke the $100,000 threshold. Our projection for this series in 2006 is appreciation in the 5-10% range.
This Series reflects a wide range of average pricing from $8,300 (the 1978 T-Top) to $23,500 (the 1969 Roadster). The appreciation factor range from 14%, the 1969 T-Top mentioned earlier to the 1973 Roadster at no-change at an average price of $18,000. None reflected negative results. Most of the higher appreciation factors were registered for the “chrome bumpers” Corvettes. In addition, an array of high performance motors was offered with this Series. Few of the third generation Corvettes are sold at prices under the $10,000 mark. For 2006, prices under $10,000 will become the good buy threshold. Noteworthy is that seven of the models sold for high prices over $50,000. We look for a range of 4-9% appreciation during 2006 for the 1968- 1982 Series.
We continue to see positive trends for the fourth generation Corvettes. Two years ago, 26 of the 38 Corvettes in this Series reflected negative results. Last year this number dropped to 20. During the 2005 calendar year, we noted this number was reduced further to 13. As time progresses, based on current trends, all of these models should begin to reflect positive numbers. As with the previous generation, only four of the 38 models are priced below $10,000 in average price. This is another “Good Buy” level being established. The ZR-1 performance Corvettes are showing good results with four of the six models showing positive results in the range of a 1- 7% appreciation factor with top honors going to the 1990 ZR-1 at an average price of $26,000. Again, much as what has happened with the 1978 Pace Cars, we continue to see 1990 ZR-1s crossing the auction block with minimal mileage.
As noted previously, a number of the C5 models were included in the high depreciation list, however, only one showed double digits. On the plus side of the ledger, nine models are showing depreciation levels at 5% or less with one showing no-change. Note this positive trend, last year results showed 17 of the models reflecting double-digit depreciation and only two were under the 5% mark. Thus, the C5 trends are heading in the right direction. The one Corvette that shows no-change in average price is the 1997 Coupe at an average price of $18,500. From a production perspective, 9,752 of these “first year” were built. We see the average prices of the C5 models depreciating at an average level of 5% for 2006. And, a few of the C5 models should be available for under $20,000, an outstanding buy for the Corvette enthusiast.
The 2005 models were covered earlier. The 2006 model inventory at your local dealer should be good enabling a buyer to negotiate the “right price”. And as we all have seen, the 2006 Z06 is the big news this year. The base price of this world class performance machine is $65,800. We are seeing these sold at Dealer Auctions for an average price of $73,700. For the C6 models, depreciation during 2006 is expected to be at the 10% level.
Bob Kroupa of Vette-N-Vestments contributed this content. Bob is publisher of the Corvette Market Letter and the 2006 Corvette Price Guide, both available for purchase in the VetteFinders.com Online Store.
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