Oldguard 7

As I sit here reading the forum I begin to think. Why are prices for an old corvette so high? For example the price for a corvette in 1970 cost about $4,000+ A '72 coupe cost a little over$ 5,000 in 1972. A '77 cost $6,848.
The chrome bumper vettes now cost 4-5 times that and some have high miles and mechanical ills the seller probably wouldnt disclose to a prespective buyer. The prices for these cars can cost as much as a new c5. If you are willing to spend 15-30k+ then why not buy a 2002 vette. Hoping not to offend anyone here Im only playing devils advocate. As I was thinking about old corvette prices I saw OSIXX's thread about corvette prices.....we must have been on the same wavelength. In your opinion why do you feel one must or should pay for a 30+ year old vehicle at 3-5 times the price it was when it came out 30+ years ago? Has anyone else thought about that while deciding to purchase the loveable c3?


[Modified by Oldguard 7, 9:04 AM 12/5/2002]

vettfixr

I'll give this one a shot. Corvette prices are based on demand and uniqueness. You can get many C3s for under 10K and end up with a car that for the most part is all there but needs a little work. I think that's what the majority of people who enter the hobby are looking for. Once you've been in it for a while and become addicted, you learn more about the cars and start looking for a more exclusive model. Traditionally convertibles, Big Blocks (especially with air) and limited production models bring a higher price. Why? Because there aren't as many good examples of them out there. Also, after having owned a C3 for a while you understand that the cost and time fixing a not so well taken care of car can be significant. If I was to do it all over again I would buy a car that was for the most part in excellent working order and looked as good as I wanted and then just maintain it in that condition. Bringing a car back from the dead can be a daunting task and unless you are willing to spend countless hours in restoration mode it's easier and sometimes cheaper to buy one completely restored. Why would you spend the dollars on a C3 vs. a new C5. Again exclusivity. How many good examples of C3s do you see on the road vs. C5s. When I drive my C3 every stop becomes a mini car show. People of all walks of life appreciate these cars if they are well taken care of. On the highway I've almost been run off the road by people trying to get a better look. I don't think I'd have the same experience in a C5 no matter what it looked like. To many people they are just new cars. Another aspect is what would you get for 15K to 20K in a new car. A Hyundai? Maybe a Corolla or a Cavalier? Somehow I don't think they have the same personna as a C3. If you think C3s are high you should do a search for collectibles and see what people pay for trinkets. I guess it all comes down to what you want to spend your money on. This is JMHO, no warranty implied or offered. :D

mrvette

I have to say that over 90% of the C5 sales/drivers on the road are just that owners/drivers and not ture vette folks...no car club, no shows, know nothing particularly except the sales hype got to them over the years....
most of the rest are posers who wax/wash for vette club shows and socializing....never work on the cars, NEVER would modify a thing except maybe a 4000 bux set of wheels.....
you true hotrodders/even restorers are into olde tyme performance cars, and so buy something easily worked on,...much less the style...all cars NOT a shark pale by comparison in the style department....so there is THAT attraction.....
in a few years, maybe say another 20 or so, the mid year prices will start declining also, like any other car of that era....because the guys who wanted one as a kid will be too old to care anymore....the younger crowd will not remember them with any particular fondness, so the market softens and of course prices plummet.....

It's kinda like my friend there with the '35 Ford rumble seat convertible....
tons of work, perfect car, show winner many times national level....
great car....NO market.....car maybe worth as much as say 15 grand, at most....
NOW as a hotrod??? lotsa guys MY age would LOVE to have a hotrod of that type, but as a HOTROD, not some restored 90 hp wonder....with wheels/brakes/tires to match......as completed nice hotrod that car could easily fetch 30 grand....same effort into it.....

There is an butt for every seat, car salesman's addage.....IF one waits long enough, it can eventually sell....but that's NOT very practical mostly....

GENE

Schmucker

I think of it like this. If a new Corvette costs 50k and a new Corvette then was 5k, but would equal 50k then, paying 15k for it is a good enough deal. Things are only worth how much people are willing to pay.

yppoh

I gotta agree with Vettfixr. Close friend gave me and my son his '80 which had been sitting 8 years. The car will be out of engine shop in next few days. After replacing engine with 350 HO + 700R4 and new interior and custom paint, new brakes, suspension Etc. will have about $15,000 in a very unique and (I hope) reliable car for my son's first vehicle. He will be 16 next Sept. No way to even try to put a value on the experience we are having together and I doubt any of the $30,000+ plus ricer from daddy cars will be bothering him too much.
I'm totally back to a hobby that started more than 40 years ago. :D

ZD75blue

C3's have the best styling... Put a Ferrari or Lambo beside one and you notice that they all are the same vintage, the same style... but the vette captures the eye. It has soul poured into it, they scream for more...

The small block Chevy or big block for that matter fits the same as it does a Nova, Chevelle, Camaro... parts are easy to find. C3's are relatively easy to work on until you get into the IRS and auto tranny.

A car that pulled .7 lateral g's on stock air pressure tires of the day... throw on some late model rubber and have a good ole time.

Cheap, easy, fast... Corvette

Pure excess on all ends :cheers:

TedH

This observation may sound a little 'strange' but I've heard it several times from folks that have seen my vette. To be honest, most people that don't know and love the C3 Corvettes as much as you and I don't often know the difference between a 1968 Corvette and a 1980 (or 82) Corvette. As is often the case, someone will be admiring the car and remember that they 'grew up' with a Corvette that looked something like my C3 (coke bottle shape). The few that have inquired about my 1980 have said something like, "... Nice Vette, I knew one of my buddies that had one just like that back in 1968 or 1969... Isn't that a '69?". So, granted, I bought the 1980 because that is the particular, predominant vette body style (glass in the hatchback) that was around 'new' when I got my driver's license way back when in 1979.

So, my suggestion to you is to get the vette that YOU like the most, in the condition that you prefer to start from. In my case, I bought a high-mileage C3 that had an immaculate, 3 year old paint job. I knew the mechanicals were tired (96k miles) but as long as I didn't have to touch the body, I could take care of them. I still get the 'knowing looks' from those that find the body style 'sexy' and 'unique' and just darn impressive but very few really care whether it has chrome bumpers, big block or 4-speed. It just looks GOOD!

:seeya :chevy

scottw

I don't know about the rest of you but I just love C3s. When I started out my journey I was just looking for a car that I could fix up and drive and have fun with. I started looking at the normal Camaros, ect. but when I saw the C3s, I new I had to get one. The more I looked the more I wanted a convertible. Of course it was more money but thats what I wanted and that is what I got. If I had to do it all over again, I'd do the exact same thing. I have a older car that has plenty of "projects" to keep me busy and I can drive the car and have fun with it. If you really want to look at prices take a look at the late 50s and early 60s. Nice cars but too much for me.
The way I figure it I can spend money on this hobby or another. I use to skydive and spend a lot of money on it. I gave it up, with my wifes help if you know what I mean, and got into cars. No regrets.

The_Dude

Another thing you have to consider is a nice C3 won't depreciate. A new C5 will lose a considerable amount of value as soon as you drive it off of the lot. You also can't buy one for $30k, but you can buy an extremely nice C3.

TedH

You're right about C5's losing value quickly. My 2001 C5 has 27k miles. 'Excellent' condition in Kelly Blue Book renders $32k value. Sale price (not including tax) was $46k just two short years ago (Oct 2000); a difference of $14k. I know: :nopity

My wife's 2002 Acura 3.2 TL sold new for $30k and Kelly Blue Book is $25K; a difference of only $5k.

Not bashing C5's by any means...

Cajun99

You hit the nail on the head. That's why I now own a low mile original unmolested '75 convertible. I've been the route of body-off, partial restore, constant wrenching, etc...I'm tired of all that. Instead of rebuilding or constantly repairing I prefer to maintain the car and enjoy driving it.

My Convertible gets tons more attention than the hardtop too. :yesnod:


[Modified by Cajun75, 11:53 AM 12/5/2002]

bob

They are just like anything else, they are worth what someone else is willing to pay. When I was a kid gas was 20 cents a gallon, so why is it worth $1.75 now? Because I want it and am willing to pay for it. In my case my vette is worth it because when I look at it an drive it I think I REALLY LIKE THIS CAR!!!!.
bob :cool:


[Modified by bob, 11:34 AM 12/5/2002]

Robert N

In the case of any early C3 - it's called Supply and Demand.

Rich80

Amen to all that was said. Makes my heart feel good about the way everyone feels about the C3. I've wanted a Vette since I was 16 and it took me till I was 47 to get it. They are ageless beauty..... :cheers:

killain

I think Vettfixr said it best and I can assure you that there is NOTHING on the road today that looks like a C-3. I keep my Vette completely stock, but come next spring when it returns to the road I know as in the past, there is always someone who notices or comments about my car when I have it out. Plus the prices of say a restored 60's chevelle or camaro is at or even greater than the prices of older corvettes. Old Cadillacs convertibles go for fifty or sixty thousand dollars, so I guess is all relative to what is being sought.

sharkthehunter77

Sharks,especially th chrome bumpered cars, are very very good looking cars. Culturally, most people associate beautifull cars with rarity and expense. It works for European cars so you'd asume the same for vettes right,wrong!
Its understandable that people feel stingrays are gorgeous,they are, but GM is not producing a low volume car for exclusivity as is Ferrari. Most people dont understand this and that general ignorance has in my opinion cuased alot of the speculation. Japanese were doing the same thing with American properties in the 80's. U need to do research and understand what and why something is considered rare and valuable before you pay big money for it.
In my opinion a 68-72 big block is easily worth $30 large! However, all the other sharks are not nearly as rare and should be priced acordingly.

Guru_4_hire

I bought my C3 for 6K i havent seen to many under 12 for awhile

PRNDL

you are realy comparing apples to donuts, so let's straighten it out a bit.

What the car cost new in 1968 or 1970 is irrelevant today due to inflation. Maybe a corvette cost $4,000 in 1969.... but what did they cost in 1953? And what did a ZR1 cost in 1990? $65,000? Pick up a nice one today with low miles for $20,000. There is a used car market and there is a collector car market. Any C3 that costs "as much as a new C5", ie $40-50k is probably a collector car in excellent or restored condition. It will probably not be used the same way a new C5 is used.

The real bargains are still the restored cars that lack the rarity to go for big bucks, and end up selling for far less than replacement value. I think C3s are actually wild bargains compared to what else is available either in the used car market or the collector car market! :) MJ

mp77

They are :cool:

gdh

I bought mine for $9k US 4 years ago next week, I am thrilled that the prices for our vettes are rising, soon it will be time to jump on a C4 ZR-1 or even an 86 vert. as I think that 86 was the first year verts were offered again since 75.