Mecum Kansas City Auction, Mar 24-25

[ZRapid-1]

Only 1 ZR-1 for sale.

Sold for $17,000.

1992
Red/Grey
42K miles

https://cdn1.mecum.com/auctions/km0317/km0317-277932/images/km0317-277932_2@2x.jpg

[XfireZ51]

Pretty car.

[Vette73]

Nice looking Z...I guess that's where the market is...Seems like really nice Zs can be had for less than 20K providing the car is in fact as nice as the photo suggests..

[BigJohn]

Auctions do not set values of vehicles.

[Vette73]

Im on a computer all day at work, so it gives me plenty of time to pop around on the forum......Auctions may not set value,but all the nice Zs that the dealers are advertising for low to mid twenties seem to not move at all....

I see the same car advertised for months.....It is what it is...

[ZRapid-1]

Auctions do not set values of vehicles.

It is a data point ...and somebody did buy a car for that price.

In your opinion, what does set the value?

[BigJohn]

An Auction price is controlled by whom ever is there and what they are looking for.
People go to an Auction looking for a bargain; so the selling price is low or below value.
When there are a large number of people biding for the same car; the competition will sometimes increase the selling price above the real value.
The winning bidder can back out later but has to pay the Auction House fees.
The same is true if the seller backs out.

Value is set by the average price a vehicle is selling for.

[DRM500RUBYZR-1]

:thumbsup::thumbsup:

:cheers:
Marty

[KILLSHOTS]

An Auction price is controlled by whom ever is there and what they are looking for.
People go to an Auction looking for a bargain; so the selling price is low or below value.
When there are a large number of people biding for the same car; the competition will sometimes increase the selling price above the real value.
The winning bidder can back out later but has to pay the Auction House fees.
The same is true if the seller backs out.

Value is set by the average price a vehicle is selling for.
And I guess sales at auction are deducted from that average.

[BigJohn]

At Auction if someone pays $150,000.00 for a $25,000.00 car; that will not change the average value of that car. If he try's to resell it, it will be at a loss.
Normally there are four conditions;Fair, Good, Very Good and Excellent.
Each of which will have it's own average value.
There is such a small number of ZR-1's sold at Auction and most of which are sold under true value are bargains for the buyers.
This does not affect the value.

[KILLSHOTS]

At Auction if someone pays $150,000.00 for a $25,000.00 car; that will not change the average value of that car. If he try's to resell it, it will be at a loss.
Normally there are four conditions;Fair, Good, Very Good and Excellent.
Each of which will have it's own average value.
There is such a small number of ZR-1's sold at Auction and most of which are sold under true value are bargains for the buyers.
This does not affect the value.
You initially said auctions do not set values of vehicles. Now you seem to be saying that auctions do not set values of ZR-1s. Neither is true.

[BigJohn]

Believe what ever you want.
If it makes you happy!

[key_on]

I looked at the car while I was at the auction. It's condition was about what you would expect for 40k miles. Showed evidence of quite a bit of oil leakage underneath.

[ZRapid-1]

Different venues attract different buyers.
More likely to get into a bidding war at a live auction and drive the price up.
Seen this happen for other items too – where the bids go over what the same item can be purchased for over the internet.
It brings out people’s competitive nature.

Here’s some recent sales off ebay:

1990 ZR-1, black/black, 36K miles, 368 cu. In., 414 RWHP, $17,200

1991 ZR-1, white/black, 32K miles, HI car, $11,100

1991 ZR-1, black/black, 70K miles, $16,705

1991 ZR-1, red/tan, 116K miles, $10,700


So, if you are a seller, you want the venue that realizes the highest prices - and may want to avoid others – like ebay.
But, if you are a buyer, then you want the venue which has the lowest prices.

[2ljd]

The white '91 Z that was on eBay for $11,100 ended up being pulled. It sold locally for $10K...:(

[Vette73]

How nice was that 368 package? Miles were low.....414 RWHP...You would think that car would produce bigger numbers, but dynos each read differently...

17,200 sounds like a bargain. A bargain if in fact it was nice...

[ZRapid-1]

How nice was that 368 package? Miles were low.....414 RWHP...You would think that car would produce bigger numbers, but dynos each read differently...

17,200 sounds like a bargain. A bargain if in fact it was nice...

Looks like the buyer got a great deal:
$17.2K for a car with $30K in mods. alone.

eBay item number:
322394259481

"FROM THE CORVETTE COLLECTION OF RACING ENTHUSIAST AND RENOWNED S.FLORIDA CARDIOLOGIST (NAMED LEFT OUT FOR PRIVACY) THIS 1 OWNER SPECIALLY MODIFIED TO OUTPERFORM ANY PRODUCTION CARS OF ITS ERA (AND BEYOND) ON THE RACE TRACK AND DRAG STRIP IS NOW AVAILABLE FOR SALE. OVER 30K IN MODIFICATIONS FORCED AIR INDUCTION ,LINGENFELTER AIR INLET, PORTED INTAKE MANIFOLD,(POWDER COATED DARK GRAY), PHENOLIC SPACER BETWEEN UPPER AND LOWER MANIFLON,PORTED CYLINDER HEADS,POWDERED COATED DARK GRAY LARGER INTAKE AND EXHAUST VALVES, FRESHLY REPLACED FUEL INJECTORS, 368 CU.IN. DISPLACEMENT( ACHIEVED BY LARGER PISTONSWITH ACCOMMODATING CYLINDER HEADS LONG TUBE HEADERS, FULL BORLA EXHAUST, BE COOL PERORMANCE RADIATOR, AUXILIARY COOLINF FANS INSTALLED IN FRONT FENDER WELLS SHORT THROW SHIFTER, LINE LOCK INSTALLED, SHIFT LIGHT, 4-POINT ROLLCAGE AND 5-WAY SIMPSON RACE BELTS DUAL CALIPER FRONT BRAKES(EACH SIDE) PERFORMANCE SUSPENSION PROGRAMMED MODULE-ALLOWING FOR TUNING OF THE SHOCKS FOR DRAG RACE, STREET, AND ROAD RACE MODE DYNO 414RWHP 391 FT/LBS TORQUE HAVE ALL RECEIPTS FOR MODIFICATIONS AND EVERY SERVICE SINCE DAY 1 HAVE ORIGINAL ZR1 WHEELS (SEE PICS) PAYMENT IN CASH OR WIRE TRANSFER SHIPPING COSTS BY BUYER"

[USAFPILOT]

good looking car, and a steal. I don't think I would choose an auction to sell mine, but to each his own.

[Bob Eyres]

For what it's worth, after reading the list of mods on the 368 car, it sounds like it's an "early" modded car. A ZR-1 modded in the nineties would have a lot of the bolt-ons listed there that don't ordinarily get done currently. The phenolic spacers, Forced air intake, fenderwell fans, Borla exhaust, the programmable shock controller module, are all items readily available in the nineties when they were popular items. Now, not so much.

[ZRapid-1]

Here's a deal for someone:

https://longisland.craigslist.org/cto/6095871795.html
1990 Corvette ZR-1 - $17000

Modified LT-5 engine dyno-tuned by Marc Haibeck 511hp, 434rwhp.

Custom Al Knoch leather interior, Corsa exhaust, 4.10 gears, Fidanza flywheel & clutch, P&P heads, Stage 1 cams from South Georgia Corvette ...many expensive tasteful mods, too much to list.

Over $30k in receipts.

[Vette73]

Here's a deal for someone:

https://longisland.craigslist.org/cto/6095871795.html
1990 Corvette ZR-1 - $17000

Modified LT-5 engine dyno-tuned by Marc Haibeck 511hp, 434rwhp.

Custom Al Knoch leather interior, Corsa exhaust, 4.10 gears, Fidanza flywheel & clutch, P&P heads, Stage 1 cams from South Georgia Corvette ...many expensive tasteful mods, too much to list.

Over $30k in receipts.

That's George Maz car....Good guy....That cars the real deal ...

[Blownrunner]

From that angle the c4 is really sharp, can't see why some don't like the generation, better looking than the c3's and c5's, maybe I just have a thing for 90's cars.