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Five Factors That Drive Corvette Values – Condition

by Keith Cornett on October 17, 2006

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 Corvette’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 Corvette’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 you’ll be looking at Corvettes for sale and come across an ad for a “freshly restored” 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

Five Factors That Drive Corvette Values – Quantity

by Keith Cornett on October 16, 2006

This is the first of our five-part series where we take an in depth look at the factors that drive Corvette values. So what drives the values of Corvettes? Much like any other automobile, Corvette values are based on a number of factors including quantity produced, condition of the car, options, originality and market forces. To arrive at an approximation of price or value, these five factors are combined and those with the best combinations rise to the top of the pricing matrix. All of this is common sense really. Take a low production car in top condition, that contains desirable options, is a documented original and then add demand and you get a highly valued Corvette. The first factor that drives Corvette values is Quantity. Corvettes were never really produced in mass like other vehicles. Sure it seems there’s a lot of Corvettes on the road, but only 1.4 million Corvettes have been made since 1953. Looking at the Total Corvette Production Chart, you can see how production rises and falls throughout the years. Chevrolet broke the 10,000 units per year mark in 1960, the 8th year of production for Corvettes, and by 1963 had moved past 20,000 units per year. In the late Seventies and early Eighties, Chevrolet was averaging 40,000 Corvettes yearly. Production then fell during the early Nineties to the 20,000 level but rose again to average in the mid 30,000’s for the C5 and C6 generations. Many Corvettes were produced in such limited number that price is high due to the limited quantity available. In 1953, the first year of the Corvette, 300 were produced, but because availability is so low, we don’t see these Corvettes for sale all that often. Vette-N-Vestments tracked the sale of just two 1953 Corvettes in all of 2005, with sales of said year averaging over $100,000. In 1979, nearly 50,000 Corvettes were produced and because such a large quantity exists, decent cars can be found for $6,000 and up. The Quantity Factor is also impacted by the production of various body styles. Looking at our previous example of the 1979 Corvette, only one model was offered that year, the T-Top Coupe. In 1963, Chevrolet offered buyers a choice between a coupe and a convertible, and production between the two models was split nearly 50-50. But because the 1963 Coupe model was the first and only year with the famous “Split-Window” design, and because only 10,594 were built, the 63 Coupe is worth more due to its limited availability. However, just because one year’s production total is lower doesn’t always make it more valuable than same models in similar years. In 1997, the first of the C5 Corvette, only 9,752 Corvettes were produced. Examples of these Corvettes can be found in the $15,000-$20,000 range and even though they are the first year of the C5 generation and produced in limited quantity, they still lead the C5 category in depreciation.

Total Corvette Production Statistics 1963 Corvette Split-Window Coupe 1979 Corvette T-Top Coupe
That leads us to the next factor we’ll cover on Tuesday: Condition. The Five Factors that Drive Corvette Values:
Part One: Quantity
Part Two: Condition
Part Three: Options

Coming Monday: Five Factors That Drive Corvette Prices

by Keith Cornett on October 13, 2006

On Monday, October 16th, we will be kicking off a five-part series entitled “The Five Factors That Drive Corvette Prices”. This in depth look at Corvette pricing and valuations will run through Friday, October 20th. Here is a preview:

What drives the values of Corvettes? Much like any other automobile, Corvette values are based on a number of factors including quantity produced, condition of the car, options, originality and market forces.
See you on Monday!
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Featured Corvettes at VetteFinders.com

by Keith Cornett on October 13, 2006

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 Corvette Convertible For Sale 1966 Corvette Coupe For Sale 1971 Corvette Coupe For Sale
1958 Convertible 1966 Coupe 1971 Coupe
$59,995 $44,490 $14,900
     
1996 Corvette Convertible For Sale 2003 Corvette Hardtop For Sale 2006 Corvette Convertible For Sale
1996 Convertible 2003 Z06 2006 Convertible
$18,900 $38,900 $52,995
Interested in receiving the Featured Corvettes newsletter? Click here to subscribe. 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.
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Video: Corvette Museum Details Expansion Plans

by Keith Cornett on October 12, 2006

The National Corvette Museum's Expansion PlansThe 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.
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Celebrity Sighting: Rush Hour Corvette For Sale on eBay

by Keith Cornett on October 11, 2006

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:

The Rush Hour Corvette - 1972 Convertible The Rush Hour Corvette - 1972 Convertible The Rush Hour Corvette - 1972 Convertible
The Rush Hour Corvette - 1972 Convertible The Rush Hour Corvette - 1972 Convertible
Click here to view the eBay auction
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2006 Z06 CorvetteI 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
Image: CorvetteImages.com
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Corvette Image of the Day: Little Red Corvette

by Keith Cornett on October 10, 2006

Spotted this cool C1 Corvette on Flickr. The Corvette was parked at a mexican restaurant on a hilltop in El Torito, California.

Little Red Corvette
Source: Flickr
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Corvette Wins 2 Strategic Vision Total Value Awards

by Keith Cornett on October 9, 2006

2006 CorvetteBoth 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.

“GM’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. “If 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.
Image: CorvetteImages.com
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September 2006 Corvette Sales

by Keith Cornett on October 5, 2006

GM’s September 2006 Sales Report has been released and Corvette sales still remain strong. Calendar Year-to-Date sales are up 20.9% with 27,903 Corvettes delivered in 2006 vs 23,080 in 2005. Year to Year monthly sales are up 23.9% with 3,056 Corvettes sold in September 2006 vs 2,372 Corvettes in September 2005. There were 26 selling days for the September 2006 period vs 25 selling days in September 2005. Source: GM
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