Nice job to the buyer at Mecum’s Portland, Oregon sale last weekend who picked up a Crystal Red 2011 Corvette ZR1 for just $56,000. And if your thinking this was a high mile car or maybe something is wrong, it appears to be the opposite as this is a one owner car with only 1,129 original miles.
Mecum’s Portland auction was held over June 16-17. With the smaller two-day format, the top 10 Corvettes generated only $446,500 in sales. Compare that Mecum’s huge Indy auction where the Top 10 Corvettes accounted for $2.6 million in sales.
Only 14 of 32 Corvettes were sold according to our friends at Vette-N-Vestments who compiled the auction data for this post. Portland’s top selling Corvette was a 1967 Convertible which sold for $110,000.
The 638-horsepower Corvette ZR1 is known as the “King of the Hill” and in 2011, it was priced with a base MSRP of $109,800 and the Crystal Red tint coat paint added an additional $850. Throw in the mandatory $1,300 gas guzzler tax and $995 destination fee and this 1ZR-trimmed Corvette ZR1 most likely sold in the neighborhood of $112,945.
We know that Corvette ZR1 prices have been falling in recent years, but it’s still shocking to see the 50% depreciation in just six years for a one-owner car with just 1,129 miles.
Our congrats again to the buyer who was at the right place at the right time, and was the last man standing as the hammer came down. Fantastic buy!