2011 Market Analysis
Annual Review of Corvette Prices in 2011
BY: Bob Kroupa of Vette-N-Vestments
It is no news that 2011 was a radical year
with several major
events challenging the markets as never before. From a stock
it was a wild roller coaster ride for the DOW falling several
up and down and back again to the positive.
In the auto industry, Toyota took a real
beating with their
product recalls, looked for a moment like they were in a
rebound – and
then the Tsunami hit Japan, hurting not only Toyota but most
Exports from Japan virtually came to a halt and are finally in
a long recovery
For Corvette specifically, the colored paint
in short supply earlier in the year impacting sales for some of
the new colors.
As 2011 draws to a close, the new automobile
market has started
to show positive signs in sales results.
At the beginning of this New Year the major
auto shows in
Los Angeles, Detroit and Chicago were only introducing a
minimum of new models,
particularly for the consumers looking for vehicles with the
Corvette, for one, has been criticized by
consumers who believe
the model has become dated from an interior and styling design.
shows in production and inventory results.
The production of recent models remains in
with the numbers from 2010 at 12,194 and 2011 at 13,596, down
2008 where 35,510 units were built. Inventory levels are now
averaging 143 days
supply when the ideal inventory level is around 60 days.
In the Corvette resale market, our 2011
analysis included the
resale price points of 134 model years and body styles with 7%
of these showing
‘no change’ in average price over the previous
year, 40% acceleration
in growth and 53% showing negative growth, down from the 2010
But all is not doom and gloom! The good news
for Corvette in
the 2011 resale market was the specific generation sales. All
of the first generation
Corvette (1953-1962) showed positive appreciation results as
was the case with
the second generation (1963-1967) models. The C3 Corvettes
were a mixed bag with positive appreciation percentages, no-
change models and
only single digit depreciation numbers in the mix.
The C4 generation (1984-1996) showed only two
with ‘no change’ and the remainder at depreciation
many in the double digits. The C5 Corvettes (1997-2004)
continue to show some
stabilization with a mix of single digit appreciation,
models and single digit depreciation.
The late C6 models (2005-2010) continue to
show the majority
at single digit depreciation and the rest with double digit
a trend common place for all the new models.
|Top Appreciation Models - 2011
To set the stage for this year’s
analysis, we know the
2010 ‘Top Ten’ results showed a range of 6-8%
appreciation for the
C1, C3 and C4 Corvettes. In 2011, we see the beginnings of a
these models now in the 8% to 12% on the above chart showing
a return of several mid-years and some C3’s.
The mid-years take top honors with four models
on the chart.
This says the Corvette enthusiasts are taking another look at
based on these models’ appreciation factor that continued
to grow with
only minor setbacks in the downturn economy years.
Based on the appreciation chart, two of the
(1964) were at the low end of entry prices, below the $40,000
their buyers the popular mid-year styling at amazingly good
Of course, one of our all time favorites, the
1963 Split Window
with its unique styling, topped the 2011 resale appreciation
chart! The 1965
Roadster with its wide array of optional motors and updated
brake package also
appears on the chart. Those looking for traditional Sting Ray
styling and continued
appreciation growth, but at a lower price point than the mid-
years usually sell
for; found many in 2011 at prices in the mid-twenties.
The early models, specifically the 1960 and
1961, found a position
on the appreciation chart at entry level prices for the solid
Much as with the mid-years and early C3’s, buyers found
entry prices with
appreciation potential and traditional ‘cove’ side
teeth’ (1960), and conventional trunk capacity.
|Top Depreciation Models - 2011
This year’s depreciation chart shows the
return of three
Corvettes: the 1993 Roadster; 1994 Roadster; and, 2009 ZR1. All
only a -10% depreciation factor on our chart one year ago and
are now at -13%
At the top of the chart is the 1990 ZR1 with
-21% at $22,000 in 2011. This was a major ‘flip-
flop’ from a year
ago when this first year model was the appreciation leader
showing 8% growth
at an average resale price point of $27,700. Once termed
‘King of the
Hill’, major factors in its demise include that it has
by new performance competition, a new body style and the
of the early Z06’s.
The 1996 Collector Edition Roadster at $16,500
in average resale
price is at a -20% depreciation factor showing a change from
the 2010 appreciation
charts of 6% at $20,700. Again, the C5 pricing of the early
offer much more Corvette at comparable pricing.
The C4 Roadsters (1989-1994) with pricing from
$10,300 to $11,800
show -13% to -14% depreciation. These models show little change
from year to
year in styling and performance. They are driven, as most
Corvettes should be,
registering mileage and normal wear and tear. Thus, they record
The 2009-2010 ZR’s close out the chart
with a -13% depreciation
rate. This makes one wonder at what price is the consumer
willing to pay for
performance? Has consumer demand exceeded production numbers
for this special
Corvette based on cost? Are there other performance
alternatives at a lower
price point, i.e. 2012 base price ZR with 638 HP @ $112,500
compared to the
base price of a 2012 Z06 with 505 HP for $76,500. We anticipate
the ZR on this
chart again next year.
BOTTOM LINE: As we indicated one year ago,
prices are on the right track. We look forward to seeing this
during the next year – 2012.
Following are highlights from our 2012
1953-1962: As the Corvette consumer
we see more C1 Corvettes being consigned to the auction block.
In fact, a record
number are scheduled to cross the block at the January 2012
auctions. Our 2012
Vette-N-Vestments Corvette Price Guide shows all solid-axle
Corvettes with appreciation
factors from 1% to 9%. Two year appreciation ranges from 4% to
14%, and five
year from 12% to 84%!!!
1963-1967: The same as one year ago,
all models and
body styles are showing positive results. The entry level for a
is fast approaching the $40,000 threshold. This year, 2012, may
be the last
year to purchase a mid-year model under the $40,000 mark unless
it needs major
Appreciation factors range from 2% to 12% for
The two-year appreciation factor ranges from 6% to a high of
15% and the five-year
appreciation column moves from 14% up to 46%. These
appreciation factors surely
give one pause when thinking about where to invest your hard
1968-1982: As you would expect, the
chrome bumper Corvettes
(1968-1973) continue to perform well in the resale market. All
but one model
showed appreciation with the 1973 Roadster the lone exception
with a depreciation
factor of -5% at an average resale price point of $19,900.
The remainder of the models (1974-1982) showed
three with ‘no
change’, four with depreciation, and seven with positive
results. The high average price for the C3 Corvettes was
$29,900 for the 1970
Roadster. The low average price was $9,100 going to the 1978 T-
Top. This was
one of two models under $10,000 in average price.
1984-1996: The 1984-1995
model prices remain
consistent with a minimal spread in resale prices. For example,
price of a 1984 is $7,700 showing a 5% depreciation factor
while the 1995 Coupe
has an average price of $10,750 reflecting a 9% depreciation
This generation’s Roadsters are all
similar from a price
perspective. The 1986 Roadster shows an average price of
$10,100 and a -10%
depreciation with the 1995 Roadster at $12,200 for a -12%
All of the 1996 models, including the Special
depreciation factors of 7% to 20%. The high price for this
to be the 1996 Grand Sport Roadster at $35,300. Representing
the low average
price for this series is the previously mentioned 1984 Coupe at
Of special interest, is that none of the C4
any appreciation – yet. However, two showed ‘no
the one-year as well as the two year columns, hopefully showing
a slowdown leading
to a turnaround in resale price value. Both were ZR1’s.
1997-2004: The ‘late
model’ Corvettes appear
to be picking up momentum from a price perspective. We have
questions like ‘how low can these C5’s be priced?
” Good question!
Now we are finally starting to see the beginnings of an
Five of these models are showing ‘no change’ in
Others are showing appreciation numbers
ranging from 1% to
7%, lead by the Z06 models. For example, you can buy a lot of
a 2001 Z06 for an average resale price of $20,400 and 7%
appreciation. Now that’s
Only six models registered depreciation
numbers. Average prices
ranged from $13,500 to $23,500. Enough said!
2005-2010: The C6 Series offered
numerous models and
special editions. The early models in the series (2005-2008)
showed low single
digit depreciation. Most of the remainder of the models in the
high single digit and low double digit depreciation – the
norm for any
The 2010 Grand Sports appeared to be the
a -6% depreciation for the Roadster at $53,600 and -8% for the
Coupe at $48,000.
All the specific data for all years and models
in the 2012 Vette-N-Vestments Corvette Price Guide. The price
priced at $15 for Vette-Finder subscribers.
The 2011 Price Guide with Appreciation/Depreciation figures for
1, 2 and 5 Years
The 2012 Price Guide features:
130+ Corvette Models and Special Editions.
High / Low / Average
2011 Sales Prices.
1, 2 & 5 Year Appreciation/Depreciation Figures.
Pricing for Optional Equipment including Motors
AC, Tops and Wheels.
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