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The 2008 'Corvette' calendar year was quite interesting starting with the continuation of record sales prices and appreciation factors. You may recall our 2007 analysis when our appreciation chart reflected double digit appreciation for many models. In fact, our top twelve appreciating Corvettes included five solid axle Corvettes, two mid-years, three C3 models and two C4 models – both Grand Sports.

What a difference a year makes! As 2008 progressed, and especially the final quarter of the year, the state of the US economy took its toll on the housing, banking and automotive industries. Unfortunately, it also dipped down into the collector car segment of the automotive industry – including Corvettes.

But this is not a complete doom and gloom story. Our 2008 appreciation chart continues to show the top twelve Corvettes from an appreciation perspective. No longer does the chart show all with double digit appreciation, but there was one that did meet that threshold.

Our new 2008 chart covers three generations of Corvettes: the solid axles, the mid-years and the third generation Corvettes.

In addition, the 1953 through the 1988 Anniversary models number 55 and of these, 38 are showing single digit appreciation with an additional four showing a ‘no change’ in average price. This data is shown in our 2009 Price Guide that is now available.

We continue to see the first through third generation Corvettes bidding and selling well – providing they are original and documented. Of course, those restored with high performance optional motors continue to break the $100,000 threshold.

However, we have noted there has been some slippage with these big ticket Corvettes recently. As a theoretical example, one that sold for $150,000 in June 2008 may bring only $125,000 in today’s market.

Quite surprisingly, we found the 1976 Corvette at the top of our appreciation chart at 10% followed by the 1977 model at 9%. Evidently what we are seeing is renewed interest in the last of the traditional C3 body style models prior to the C3 change to a ‘fast back’ body style with the 1978-1982 models. It is also interesting to note the 1976 and 1977 T-Tops are selling at approximately $10-$12,000 LESS than the C3 chrome bumper Corvettes with the same body silhouette.

Seeing the 1962 Roadster and the 1963 Coupe near the top of the appreciation chart came as no surprise. Both had been priced below the $50,000 threshold in average price during the previous year.

The 1962 was unique, but not just because it was the last of the first generation body style. In addition, the popular 327 motor was introduced with this model.

In our opinion, the 1963 Coupe still remains underpriced at an average price of $54,500. With its unique split-window styling it should command more in today’s market. It looks like the buyers may be sharing our opinion based on its appreciation chart position at #3. This model was the only repeat Corvette shown on our 2007 chart last year.

Two other solid axles on this year’s chart, the 1957 and 1960 models, were new additions. The features of the 1957, with its ‘clean line’ styling and vast array of motor options, were instrumental in its appearance on this year’s chart. The 1960 continues to be a popular model with its ‘last of the notable grill’ treatment. It, too, has crossed the $50,000 threshold at an average price of $50,400.

The mid-years continue to show their popularity with the appearance of six models on this year’s chart. Note that four of the six are priced below $50,000 in average price. It appears that in the near future, those below $45,000 will be considered to be a good buy. Today that threshold is $35,000.

As we so often indicate, the 1964 Roadster model is the entry mid-level Corvette based on price. Despite this fact, it too has moved to the appreciation chart. Its counterpart, the Coupe, is on the good buy threshold at $35,000 in average price.

One third generation Corvette, the 1970 Roadster, made this year’s chart at an average price of $29,500. These are few in number as a work stoppage during the 1969 model year extended production of the 1969 and shortened the 1970 production year to seven months. There were 6,648 Roadsters built in 1970 compared to 16,633 produced during the 1969 model year.

On a comparative basis, not much has changed on the depreciation chart related to percentages since the 2007 chart last year. At that time, the percentages ranged from -14% to -20% very similar to the chart above. All of the Corvettes on the 2007 chart were C5s.

The current chart includes the addition of C4s and C6s. The continuation of C5s includes a new appearance of the 2003 models. Last year the 2004 models seemed to hold that same place with the C5 series. The big question is when will the C5s bottom out from a depreciation perspective?

The C5s are truly excellent buys for consumers who want to experience just how far the Corvette Team has gone in building a handling and performance Corvette with comfort and convenience feature without the big price tag.

The 1997-2002 models are priced below $24,000 in average price. One buys a lot of Corvette for these low prices.

The C6s have joined the depreciation group – but this is normal for newer models. However, given the incentive programs the dealers have to offer during these troubled times with the automotive industry these Vettes are showing accelerated depreciation beyond normal expectations.

Unfortunately, we are just report the facts! One bit of editorial: “We see GM with its US financial assistance continuing to build award-winning vehicles!”

We are sure you have noted the appearance of the 1996 Grand Sport Roadster at the top of the chart. After last year’s appearance on the appreciation chart with a 50% increase in average price, few are selling now and the ones that do sell are showing a 20% decrease from the highs reached just a year ago. But consider this – when new, the list price was approximately $48,000 compared to today’s average price of $52,000. Original buyers are still ahead of the game.

The ZR1s are in a ‘slide’ mode with the 1995 as the last production year model, moving down into the mid- thirties. Part of the problem is that a 2004 Z06 that is pumping out 405 horsepower can be purchased below the $30,000 mark. Same horsepower with more options for $5,000 less!

Concluding the price analysis, we continue to monitor other publications that offer Corvette pricing just for comparative purposed. Not much has changed since we reviewed them one year ago. Their data continues to be suspect. All of our pricing data is for Corvettes that are in running order with no major damage. At the low end of our reported pricing spectrum, some may need a little TLC, but they don’t need a hauler, garage or body shop to make them road worthy.

Where does one find the following Corvettes reported to be in good condition: a 1957 at $40,000, a 1963 Coupe at $36,500, a 1967 Coupe at $37,000, a 1978 Pace Car for $13,600 or a 1996 Grand Sport Roadster for $29,000? Another one of these guides shows a 1953 Roadster in good condition for $87,500. And how about this, a 1967 Corvette with the 327 motor, automatic transmission, PS, PB and A/C for $24,200; a 1964 Roadster with matching numbers and a 4-speed manual transmission for only $22,500? If and when we can actually find these Vettes for sale at these prices, we will place them in our buying opportunity column. Just don’t expect too much, too soon as they probably don’t exist as described.

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Following are highlights from our 2009 Corvette Price Guide:

1953-1962: The first generation Corvettes had mixed results with some models showing a negative 5-7% depreciation factor, while on the plus side of the ledger appreciation results ranged for 2-9%. The high average price for this series was the 1953 Roadster at $294,500. At the low end of the price scale was the 1961 Roadster at an average price of $45,000, showing an appreciation factor of 2%. We expect the 1953 model to continue to show depreciation in average price with the majority of these solid axles showing positive results for the 2009 calendar year.

1963-1967: The mid-years have regained the appreciation lead with all models showing an appreciation factor of 4-9%. The price leader in average price continues to be the 1967 Roadster at an average price of $61,000. The entry level price for the mid-years continues to be the 1964 Coupe at $$35,000 in average price.

1968-1982: The average price range for this generation of Corvettes starts at $9,200, the average price of a 1978 T- Top that showed no change in average price from last year. The average price for the series tops out at $29,500, the average price of the 1970 Roadster that showed an appreciation factor of 7%. The average price of the third generation Corvettes ranges from a depreciation factor of -8% to a +10% appreciation factor.

1984-1996: There was quite a change last year in the average price for the fourth generation Corvette models. Our 2008 Price Guide showed many with single digit appreciation factors and a few in the double digit range. The 2009 Price Guide shows none in the appreciation column with two holding on as ‘no change’ in average price. Several are now showing double digit depreciation. The high average price for this series is $52,000, going to the 1996 Grand Sport Roadster. The low end is represented by the 1984 Coupe with an average price of $8,600 and a 1% depreciation factor. Hurting the average price of this series is the pricing of the C5 Corvettes with many selling under the $20,000 mark in average price.

1997-2004: This series continues to show negative results in average price ranging from a -6% to -18%. The high average price for this series is $31,000, going to a 2003 Anniversary Roadster that showed a –9% depreciation factor. As we have said on numerous occasions, one buys a lot of Corvette power in this series for under $20,000. At some point soon, the double digit depreciation factors will improve to single digits.

2005-2009: As expected, all models are showing double digit depreciation in average resale price. We don’t expect this to subside since average prices start at $31,500 for a 2005 Coupe and top out at $64,000 for the Ron Fellows Special Edition Z06. The state of the US economy will continue to have a major negative impact on the average price of these Corvettes.

Most likely the good news will be the 2009 ZR1 prices that are expected to hold based on limited future productions. Stay tuned!

Available Now:

The 2009 Price Guide with Appreciation/Depreciation figures for 1, 2 and 5 Years

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