The Midyear Corvettes of 1963 through 1967 have long been darlings of the collector car community. The C2 Sting Ray, created by the all-star team of Zora Arkus-Duntov, Bill Mitchell, Pete Brock, Larry Shinoda, and Ed Cole, is often considered the most beautiful American vehicle ever produced. It was also the first generation of America’s Sports Car that was built with performance and racing in mind from the word go. Major breakthroughs like independent rear suspension, the big block V8, and legendary RPOs like Z06 and L88 all debuted in the C2 order guide. Midyears have been so dominant in the collector car market that low-production versions of the two-word Sting Ray represent half of the top-ten most expensive Corvettes ever sold, including the two top spots.
According to a new report from Hagerty, we could start to see the C2’s six-decade reign start winding down. Shockingly, the most beloved Corvette generation is one of four automotive icons that aren’t gaining much traction with younger hobbyists. While late C3s (1974-82), all C4s, and classic muscle cars like the Chevelle are garnering a lot of attention with younger collectors – Gen X and Millennials now make up a full 51% of all insurance calls that Hagerty receives on Chevrolet’s A-Body – demand for the mighty C2 is graying. John Wiley’s insurance data dive indicates that a whopping 74% of all C2 inquiries come from people who were alive when the cars were still gracing Chevy showrooms. The typical knee-jerk reaction to hearing this report is to immediately blame the C2’s steep entry prices for the age discrepancy between its interested parties and those calling about the humble C4, but the Chevelle age spread immediately throws a wrench in that theory.
Photo Credit: CorvetteImages.com
Midyear Corvettes of all kinds average an $83,000 valuation – and the most desirable mainstream models, like the ’67 L71 Convertible, command $184,0000 (down 24.6% since last April) in “#2, Excellent Condition.” Compare that to the most popular Chevelles, which regularly pull similar money. A 1967 SS396 in the same #2 condition is rated at $81,600 (+1.5% year-over-year), and the king of the mass-produced roost, the 1970 SS454 LS6 coupe currently sits at $179,000 (-3.2% YOY). It isn’t just the Chevelles outpacing C2s with “the youths,” either. As Hagerty points out, the majority of quotes for heavy hitters like the 1965-68 Mustang, ’60s Impalas, the ’61-’69 Lincoln Continental, and the 1949-67 VW Beetle are going to Gen-X and younger gearheads.
Photo Credit: Hagerty
Does this mean that Sting Ray prices will start to fall in the coming decade? Should people holding C2s as investments panic and sell right now? Or is it the same old story with Corvettes; all of the main players mentioned above feature, at minimum, a 2+2 configuration, and Gen-X and their younger compatriots simply aren’t old enough to give up back seats at this point in time – making this lull in interest a temporary blip in the long-term story of one of history’s greatest automobiles? Time will certainly tell, but if we had to guess, it is the latter situation that we are seeing unfold. Just like – more so than, actually – the first-gen ‘Stang and the Chevelle, the C2 Corvette is timeless in its appeal. It is an integral stitch of this great country’s historical automotive fabric, something that everyone who’s ever seen one is guilty of envisioning themselves piloting at some point in their lives. The Midyear ‘Vette is going to be just fine; these rolling sculptures will still be on the road and trading at auction long after even the Gen-Zs have aged out of the market, but a small window of depreciation COULD be on the horizon. If you want to fulfill your C2 fantasy, your best chance might be just around the corner; keep your eyes peeled!
Source:
Hagerty
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Maybe part of the explanation is the transmission — only 10% of C2 Corvettes came with automatic transmissions (and I suspect a fair number of those have since been swapped for 4-speed manuals), whereas a much higher percentage of C3 Corvettes, Impalas, Chevelles, Mustangs, Lincolns (100%?), etc. came with autos. On the other hand, I suppose the popularity of older VW Beetles would counter that theory, as I don’t think very many of those came with automatic transmissions.
For those on the outside looking in, it is difficult for most to find the necessary money to buy a vehicle that hardly gets driven while the priorities are controlled by having young families, uncertain job security, plus the relative lack of liquidity of a “used car” no matter how wonderful it may be.
Prices will come back as the petrol dollar crashes and all those inflated dollars come home to roost. BRICS is the new norm.
Hard times are here. When the economy picks up again and we have low interest rates. (post Biden) The market will come back roaring.
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