Today we conclude our annual Corvette pricing series by taking a look at the Corvette generational pricing highlights of 2006. The years have been good to Corvette and their owners. Every model from 1953-1982 shows yearly appreciation. The newest models are those depreciating, as they should. Yet performance models like the Z06 or special editions like the 1996 Collector Editions and Grand Sports are either holding their own or showing modest appreciation. How many other cars can you point to that offer the same type of investment quality for a fair amount depending on the model and year?
The following are highlights from the 2007 Corvette Price Guide:
Good price performance for these early models with half of them showing double digit appreciation. Last year, in total, these models were the appreciation leaders. This year they share top honors with the mid-year Corvettes. The entry level Corvette for the series continues to be the 1961 model with an average resale price of $41,400 showing an 8% appreciation factor. This is the first year one of the entry models crossed the $40,000 threshold.
The appreciation range for the mid-years was +2 to +13% with seven of the ten in the series showing double digit appreciation. On average, the mid-years showed the same appreciation factor as the early models during the 2006 calendar year. Their numbers were just short of the 10% mark. At the top of the list, from an average price perspective was the 1967 Roadster at an average price of $52,500. Once again the 1964 Coupe was the entry level Corvette breaking the $30,000 threshold at $31,500. The Roadster continues to command $1,500-$4,500 more than a comparable equipped Coupe with the exception of the 1963 models where the Coupe commands an additional $6,000. In the high price category, all but the 1964 models sold over the $100,000 mark. Of course, these models were an array of Corvettes that had low mileage originals, or were restored, equipped with high performance motors, special options, certification and or/documentation. They were definitely not your typical street driven Corvette.
This generation showed a wide range of average prices from a low of $8,600 to almost $26,000. The entry level Corvette a 1978 T-Top reflected a 4% appreciation factor. This “low” price can be attributed to all of the interest in the 1978 T-Topâ€™s companion models, the Silver Anniversary and the Pace Car. These two models represented almost 50% of the 1978 production line. The price leader in the series was the 1970 Roadster, no change from one year ago, at a new average price of $25,900 showing a 9% appreciation factor. When we look at the 1968-1971 models, appreciation levels are comparable to the 1953-1967 models shown in our appreciation chart. The appreciation factor for this series ranged from +2% to +17%. The special editions in the series, The Silver Anniversary, Pace Car and Collector Edition, were all in the +4% to +6% appreciation range. The Pace Car was the price leader at $20,900, followed by the Collector Edition at $18,800 and the Silver Anniversary at $13,500. The price spread between the T-Top and Roadster ranged from $4,400 to $8,800. The latter being the 1975 Roadster at $18,500 compared to the T-Top at $9,700. This time, we see the “last” mystic applied to the Roadster model until the Roadster was reintroduced in 1986.
This series showed good appreciation results with most of the models moving toward the appreciation classification. The appreciation factor ranged from -4% to +8% for this series. None of the Corvettes reflected double digit appreciation, however 23 of the 38 models showed positive results, seven had no change and eight showed depreciation results. One a comparative basis going back two years, 26 of the 38 Corvettes in this series showed depreciation results; one year ago the number had dropped to 20. The trend is definitely going in the right direction. The high price leader in average price was the 1996 Grand Sport Roadster at $43,400. It is considered rare with the production of only 190 units built. It also showed an 8% appreciation factor this year. It partner, the Coupe, also did well at $33,600 for a +6% appreciation. The ZR-1s in the group showed modest appreciation in the +1 to +3% range with the exception being the 1995 model showing -4% at $41,200. The 1990 ZR-1 continues to sell in the mid-twenties at $26,300. On average the Roadster continues to command $4,000 more than the Coupe. The entry level prices are below the $10,000 with average prices starting at $8,200 for the 1984 Coupe escalating slightly each year to the 1987 Coupe at $9,900.
The C5 models continue to head in the right direction as only one showed double digit depreciation in 2006, the previously mentioned 1999 Hardtop. Eleven of the models show depreciation levels at -5% or below compared to -9% one year ago. On the plus side of the ledger, three have reached the plus plateau, the 1998 Coupe at +3% at $20,500, the 1998 Pace Car at +2% at $28,000, and the 2002 Z06 at +2% at $32,500. And the 2003 Z06 was not change at $36,000. Roadster prices compared to the Coupes again had a $3,000 price spread. It is interesting to note the price gap closes in the resale market compared to an average difference of approximately $8,000 between the Roadster and Coupe when purchased new. Another interesting comparison is the Roadster to the Z06. The Z06 has the resale pricing edge at $500-$1,000. Evidently more horsepower outweighs “dropping the top”, however this was the average price spread when purchasing these Corvettes new. You may get tired of hearing this, but the C5 is an outstanding buy in todayâ€™s resale market.
There is not much new to add here. Double depreciation for the new Roadster and Coupe after the drive off the showroom floor is normal. The Z06 prices are holding, settling down to the list price rather than the “pent up over sticker” prices given to be an early owner of these power machines. Our database showed the 2006 Z06 at a modest -1% depreciation factor. Should the Corvette Super Sport 650HP model be announced as a production vehicle, the impact on the sixth generation Z06 will be interesting to see!
The 2007 Corvette Price Guide contains data from the sales of over 5,800 Corvettes from last year to give 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. Available now for $20 through the VetteFinders.com online store. Shipping is now free.
Data Provided by Vette-N-Vestments
VetteFinders.com Releases Annual Corvette Price Guide
Appreciating Corvettes: Top 12 Price Gainers of 2006
Depreciating Corvettes: Top 12 Price Declines of 2006