Corvettes for Sale - Used Corvette Classifieds

It is no news that 2011 was a radical year with several major events challenging the markets as never before. From a stock market perspective, it was a wild roller coaster ride for the DOW falling several hundred points, 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 Japanese automakers. Exports from Japan virtually came to a halt and are finally in a long recovery process.

For Corvette specifically, the colored paint pigments were 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 WOW factor.

Corvette, for one, has been criticized by consumers who believe the model has become dated from an interior and styling design. This concern shows in production and inventory results.

The production of recent models remains in negative territory with the numbers from 2010 at 12,194 and 2011 at 13,596, down considerably from 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 average resale numbers.

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 (1968-1982) results 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 Corvette models with ‘no change’ and the remainder at depreciation percentages, many in the double digits. The C5 Corvettes (1997-2004) continue to show some stabilization with a mix of single digit appreciation, ‘no change’ 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 depreciation – a trend common place for all the new models.

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 turnaround for these models now in the 8% to 12% on the above chart showing two C1’s, 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 the mid-years 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 Corvettes listed (1964) were at the low end of entry prices, below the $40,000 which offered their buyers the popular mid-year styling at amazingly good prices.

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 axle Corvettes. Much as with the mid-years and early C3’s, buyers found entry prices with appreciation potential and traditional ‘cove’ side styling, ‘grill teeth’ (1960), and conventional trunk capacity.

This year’s depreciation chart shows the return of three Corvettes: the 1993 Roadster; 1994 Roadster; and, 2009 ZR1. All three showed only a -10% depreciation factor on our chart one year ago and are now at -13% and -14%.

At the top of the chart is the 1990 ZR1 with depreciation showing -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 been surpassed by new performance competition, a new body style and the affordable pricing 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 Roadster (1998-1999) 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 depreciation in 2011.

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, Corvette resale prices are on the right track. We look forward to seeing this trend continue during the next year – 2012.

Following are highlights from our 2012 Corvette Price Guide:

1953-1962: As the Corvette consumer population ages 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 mid-year Corvette 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 restoration.

Appreciation factors range from 2% to 12% for this generation. 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 earned cash!

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 appreciation 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, the average 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 factor.

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% depreciation.

All of the 1996 models, including the Special Editions, show depreciation factors of 7% to 20%. The high price for this series continues 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 $7,700.

Of special interest, is that none of the C4 models showed any appreciation – yet. However, two showed ‘no change’ in 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 frequently heard questions like ‘how low can these C5’s be priced? ” Good question! Now we are finally starting to see the beginnings of an appreciation trend. Five of these models are showing ‘no change’ in average prices.

Others are showing appreciation numbers ranging from 1% to 7%, lead by the Z06 models. For example, you can buy a lot of Corvette with a 2001 Z06 for an average resale price of $20,400 and 7% appreciation. Now that’s powerful stuff!

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 series showed high single digit and low double digit depreciation – the norm for any never model.

The 2010 Grand Sports appeared to be the exception showing 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 are included in the 2012 Vette-N-Vestments Corvette Price Guide. The price guide remains priced at $15 for Vette-Finder subscribers.

Available Now:

The 2011 Price Guide with Appreciation/Depreciation figures for 1, 2 and 5 Years

As indicated in our 2011 year review, you should consider subscribing to our monthly Vette-N-Vestments Corvette Market Letter. It provides complete results from major Corvette auctions (engine, transmission, options data, condition, and sales prices, plus more, for each Corvette auctioned.) The market letter also provides the latest Corvette news, vintage articles, price charts, and more. Combined with the Corvette Price Guide, only $40 + free shipping!

2011 Market Analysis

Annual Review of Corvette Prices in 2011