This is the second of our five-part series where we take an in depth look at the factors that drive Corvette values. Yesterday, we looked at the Quantity Factor. Today, our attention turns to Condition.
Like any used car, pricing and valuations are based on the Corvetteâ€™s present condition at the time of the sale. Many like to use the 1 to 5 scale with 1 or C1 (Condition 1) being excellent, show quality and 5 or C5 (Condition 5) being a project car that is usually not running or unassembled in some fashion. Pricing between these points on the scale can vary wildly so it is important to know what your chosen Corvette model can be purchased for at any point on the condition scale. Most of the price guides will give you an idea as to what the price should be along each point of the scale or at the very least, a High, Low and Average figure.
Corvettes that have been restored are generally classified as excellent, show condition. They are usually a 1 or 2 on the Condition Scale. There are usually two types of restorations. Frame-off or Body-off restorations refer to the car being completely torn down with all components and body panels removed from the frame, and then reassembled. A Body-On restoration refers to a Corvette that may have had as complete a restoration as possible without removing the body panels from the frame. Some Corvettes may have been restored several years prior and are sometimes referred to as an older restoration. These Corvettes may be a 2 or even a 3 on the Condition Scale.
Then there are the Corvettes have been so well taken care of, that restoration may not be needed. At the Bloomington Gold Corvette Show, a separate class called Survivor was created for these unrestored, original Corvettes. While a Survivor Corvette may not be as polished as a restored Corvette, make no mistake that the condition of a Survivor Corvetteâ€™s value based on condition may just as well make it as valuable as that of one that has recently went through a frame-off restoration.
Lastly, there is the Project Corvette. Oh yes, the project car, with all its potential and a seductively low price that can lure you in and trap you. Unless you are experienced in the mechanical and body issues that a project Corvette will have, as well as having the budget, you are best advised to leave these examples to the professionals.
Many times youâ€™ll be looking at Corvettes for sale and come across an ad for a â€œfreshly restoredâ€ model, but the price seems to be thousands more than Corvettes in similar condition. This pricing anomaly could be the result of someone who got into a project and ended up spending way more than Corvette is worth.
On Wednesday, our attention turns to Options.
The Five Factors that Drive Corvette Values:
Part One: Quantity
Part Two: Condition
Part Three: Options
October is upon us. Keep winter at bay by cruising in your new Corvette. If you’ve been dreaming about getting behind the wheel of a Corvette, there is no better place to start looking than VetteFinders.com. The following six cars were highlighted in our October Featured Corvettes Newsletter which is just a small sampling of the 500+ Corvettes now available.
|1958 Convertible||1966 Coupe||1971 Coupe|
|1996 Convertible||2003 Z06||2006 Convertible|
Technorati Tags: Corvette | Sales
The National Corvette Museum unveiled their 50,000 square foot expansion plans at the annual membership meeting over Labor Day Weekend. The expansion includes a library and archives, a cafe, conference center and additional space for the Delivery program.
The cost of the expansion is expected to cost around $12 million dollars. The Building Campaign fund currently stands at over $2.4 million dollars in pledges and donations. With groundbreaking planned for Labor Day Weekend 2007, the museum is busy soliciting donations to determine the amount of the square footage that will be included in Phase 1 of construction.
The video contains the plans for the museum and how the expansion will be integrated into the current structure. It also shows architectural representations of how the space will be allocated.
I will be contacting the museum to discuss our building fund contribution and I urge all Corvette supporters to do the same. Here is the link if you are interested in helping the National Corvette Museum with a tax deductible gift to the building fund.
Source: National Corvette Museum
Editor’s Note:We did have the video embedded on the site but it was causing problems with loading the rest of the page. We removed the embed code and replaced it with a link to the Museum. The video can be viewed here.
Technorati Tags: Corvette | Museum
The 1972 Corvette Convertible driven by Chris Tucker in the movie Rush Hour is up for grabs on eBay. The current bid is at $17,990 and there is just a little over one day left for bidding. The Corvette has a reserve price which has not yet been met, and the Buy It Now price is listed at $49,998. The seller claims that this Corvette is one of the most famous Corvettes in existence due to the movies. I don’t think I would go that far, but the 72 Corvette Stingray is a beauty, despite the fact that Chris Tucker and Jackie Chan signed the dash. Oh wait, that should only add to the collectibility, right? Here are some photos of the Rush Hour Corvette:
Technorati Tags: Corvette | ebay
I just stumbled across this podcast from Open Road Podcast which was posted September 22nd. The discussion of the Z06 Corvette by the commentators covers the good, the bad and the ugly of the new Z06 Corvette.
Mr. Black, as the story goes, finally coaxed a Z06 loaner from GM for a week and the podcast covers the countless burnouts, powerslides and the phenomenal horsepower of the 7.0 liter engine. His comments on the failings of the Z06 are blunt though so don’t get expect a puff piece. His rant about the interior and gearbox may be useful to those within the Corvette engineering/design team. Following the Z06 review is some talk about the Blue Devil/Stingray/SS Corvette. The last part of the conversation details the design of the C7 Corvette. Supposedly, the car is in now in the design stage and from sources who are knowledgeable of the project say that it has some overtones of the Midyear Coupe without being too retro looking. Specifically the term “Split Window” was used. Hmmm….
The guys behind the Open Road Podcasts are consultants within the auto industry and therefore their pseudo names (Mr. Black, Mr. White, Mr. Blonde) allow them to discuss insider information without fear of prosecution. These guys were a lot of fun to listen to and this particular podcast was a great listen. You can download the podcast from their website or subscribe to the Open Road Podcast at iTunes.
Source: Open Road Podcast
Technorati Tags: Corvette | Z06 | Blue Devil | C7
Both the Corvette Coupe and Convertible won their classes in the annual Strategic Vision Total Value Awards. The awards are based on an index which factors economic issues against the total new vehicle ownership experience. The factors that make up the index include reliability, a solid warranty, strong anticipated resale value, durability and innovation. The Corvette Coupe won its class of “Small Specialty over $25,000″ with an index score of 798. The Mercedes-Benz CL Class Coupe was second with a score of 790 and the BMW 3-Series Coupe was third at 784. The average score for the class was 762. The Corvette Convertible won its class of “Convertibles of $30,000″ with an index score of 789. The BMW Z4 Roadster was second with a score of 778 and the Porsche Boxster came in third with a score of 775. The average index in the Convertibles over $30,000 was 755. GM was the top domestic corporation and won 4 Total Value Segments, three of which were won by Chevrolet products. Other GM winners included the Saturn Vue, winning the Small SUV segment and the Chevrolet Silverado 2500/3500 which won the Heavy Duty Pickup segment.
“GMâ€™s new warranty will bring new prospective buyers to the brand, who otherwise might have felt the quality, durability and value was missing,” said Alexander Edwards, president of Strategic Vision automotive research group. â€œIf GM can communicate the right quality cues and value in current and future vehicles, then they will be poised for success in the near future.”Source: Strategic Visions, Inc.
Technorati Tags: Corvette | GM | Awards