Hagerty Names the C5 Corvette Z06 to its 2023 Bull Market List

The secret is out! Every year this millennium, Crossed Flag faithful have known this well-guarded fact: the best performance car bargain in the world, new or old, is the C5 Z06, period. So if you have a thing for the featherweight of the ‘Vette family, but you’ve been holding off on making a purchase, it might be time to bite the bullet because the collector car hobby at large is starting to take notice of its incredible value, as evidenced by the model’s inclusion on the 2023 edition of Hagerty’s annual flagship “deep dive into the collector cars climbing the value ranks.”

When Dave Hill became the third person in history with a “Chief Engineer, Corvette” section on his resumé, he dreamt of building something that could go toe-to-toe with his predecessor, Dave McLellan’s “crowning” achievement, only he wanted his version of the “King of the Hill” to be a champion of the people. Starting with the slow-selling 3,116-pound Hard-Top Coupe, Hill and his team went about reviving a legend that hadn’t been seen for 38 years.

Under the codename “Billy Bob,” Hill’s team started their passion project in the engine bay. The base car’s 5.7L LS1 was worked over to the tune of 385 HP and an identical helping of twist. Next, to compliment the extra power, a larger-diameter driveshaft was fitted along with a new six-speed manual transaxle, a beefier clutch, a track-focused “FE4” suspension package consisting of stiffer rear transverse leaf springs, revised shock calibrations at all four corners, anti-roll bars fore and aft, and a titanium exhaust system that had previously only been seen on one production vehicle; the McLaren F1. Visually, mesh intake screens, rear brake-cooling vents, and a pair of subtle badges topped off the package that was given the hallowed Z06 moniker. This new Z hit the shelves for the 2001 model year, and it was a revelation! Every performance category, save for top speed, easily eclipsed that of the ZR-1 benchmark; objective one was a roaring success! Even more impressive, though, was how well Hill and Co. checked off the much more ambitious price point target. While the C4’s ZR-1 RPO became infamous for doubling the price of America’s Sports Car, Z06 hit the scene with less than a 10% premium added over the car on which it was based.

Bowling Green pieced together 5,773 units during the Z06’s freshman campaign. Year two saw an upgrade to a MK II ZR-1 matching 405 horses, and demand soared to 8,297 units. 2003 marked the Corvette’s 50th Anniversary, and the Z celebrated by setting a highwater mark for production with 8,635 Zs finding new homes. As a sendoff for the greatest C5, Chevrolet added a Commemorative Edition to the mix for 2004. This package celebrated Corvette Racing’s back-to-back class wins at LeMans by aping the silver over blue livery of the C5.R and, with its unique hood, it became the first American car with a major body panel made of carbon fiber. Of the 5,683 Z’s ordered that year, 2,025 featured this upgrade.

According to Hagerty’s detailed insurance data, it’s the best examples of the C5 Z06 that are seeing the biggest runs in value. #1 Concours condition examples are up a staggering 29.7% year-to-date, with a current valuation of $49,300, and Excellent condition #2 cars are up 15.1% to $34,300. C5Zs in a Good #3 state are sitting at $25,600, which is up 4.9% since January. Strangely, #4 cars, classified as “fair condition,” have actually lost 17.1% of their value this year and can currently be had for under $14,000, but finding itself on the Bull Market List means that the investment gurus only expect the C5 Z06 to continue to climb Cost Mountain.

This marks the first time that a Corvette has made the Bull Market list since 2019, when the C4 Grand Sport was given the nod. On the ’23 list, the Z06 is joined by an eclectic group of peers. The list starts off in Sweden with the 1985-93 Saab 900 Turbo, then takes a turn towards Japan with the little Suzuki Cappuccino, the McFly-era Toyota SR5 Pickup, and the Nissan 350Z representing the Land of the Rising Sun. The only truly old members of this year’s list are the ’36-47 Harley-Davidson Knucklehead – the lone motorcycle on the list – and the AMC AMX. Along with the SR5, the original Hummer is in attendance from the white-hot discontinued 4×4 segment. Things were rounded out in exotic style with the SLR collaboration from Mercedes-Benz and McLaren, the first-gen Audi R8, and the Lamborghini Murciélago (with special emphasis on the sublime LP-640 version), which are up 43%, 37%, and 48% YTD, respectively.

So, Corvette Nation, you’ve been put on notice. There’s probably still time to get your hands on the lightest modern Corvette, and if you already have one of the oft-overlooked gems, some well-deserved respect is here, and you might be looking at a decent chunk of profit if such things interest you at this point in your life. Either way, keep your eyes on the C5Z market; things are getting interesting!

Source:
Hagerty.com

Related:
[VIDEO] Walk Through Corvette History Shows How the Z06 Performance-Oriented Model has Evolved
[VIDEO] Oliver Gavin and GM Engineers Drive the C5 through C8 Corvette Z06s
[VIDEO] Hoonigan’s C5 Z06 Catches Fire at SEMA