Good time to buy a ZR-1

[ZRapid-1]

Bad time to sell.

Only one ZR-1 at this weekend's Mecum Auction.

Lot F36 // Kansas City 2016 // Mar 11-12 $16,500
1992 Chevrolet Corvette ZR1
LT5/375 HP, 6-Speed

Engine
350/375 HP
Color
Red

HIGHLIGHTS
- 350/375 HP engine
- 370 ft/lbs of torque
- Only 502 ZR1 Corvettes built in 1992
- One of 130 produced in Bright Red
- Believed to be 42,000 actual miles


With prices like this, it's almost worth buying a second one!

[edram454]

yes they are going for ridiculous amounts. not a good time to sell. keep the faith and enjoy your car. speculators were wrong for buying these cars new for tons of money. These cars are similar to the Porsche 928's. to me, that was the best porsche with avant garde good looks, a porsche v8 etc... but they, for whatever reason, are not worth much money. they were a lot of money new but have no resale value compared to its siblings. I think its the fear of buying a car with a reputation of having obsolete parts and few people to work on them. Nobody wants to buy a problem like that unless they are true fans of the car and willing to pay the potential price.

Porsche 928 are very expensive to work on and parts are also scare so they have the worst resale value of all the porsches. Our cars dont suffer from much engine failures or failures in general just the bose speakers, injectors etc.. that we have all replaced already. It took me a while to buy my z for that very reason.. the fear of something breaking and not being able to find or afford the fix for it. Being a member of this site made me see that this community of owners are committed to helping each other and solving problems so we can keep these cars relevant and on the road. Many people dont know about this site and quite frankly, if it wasnt for this site, I would not have bought my zr1. It is a great time to buy a z just remember you are buying to enjoy the car not for its resale value.. yet..

[Johnny5]

Originally Posted by edram454

yes they are going for ridiculous amounts. not a good time to sell. keep the faith and enjoy your car. speculators were wrong for buying these cars new for tons of money. These cars are similar to the Porsche 928's. to me, that was the best porsche with avant garde good looks, a porsche v8 etc... but they, for whatever reason, are not worth much money. they were a lot of money new but have no resale value compared to its siblings. I think its the fear of buying a car with a reputation of having obsolete parts and few people to work on them. Nobody wants to buy a problem like that unless they are true fans of the car and willing to pay the potential price.

Porsche 928 are very expensive to work on and parts are also scare so they have the worst resale value of all the porsches. Our cars dont suffer from much engine failures or failures in general just the bose speakers, injectors etc.. that we have all replaced already. It took me a while to buy my z for that very reason.. the fear of something breaking and not being able to find or afford the fix for it. Being a member of this site made me see that this community of owners are committed to helping each other and solving problems so we can keep these cars relevant and on the road. Many people dont know about this site and quite frankly, if it wasnt for this site, I would not have bought my zr1. It is a great time to buy a z just remember you are buying to enjoy the car not for its resale value.. yet..

AMEN to the BROTHERHOOD!!

[gbrtng]

[QUOTE

With prices like this, it's almost worth buying a second one![/QUOTE]

Make me an offer I can't refuse.
=D>

[PostmanZ]

Indeed great time to buy now.......however we all know what happens when the market reaches the bottom. Only way to go is back up ;-)

I recall (as a Ferrari Testarossa fan) seeing Testas selling for $35-40K even with low mileage for years and years. NOBODY wanted those things as they were deemed "totally 80's" and the styling was too outdated. Not to mention the legendary tales of 5 figure repair bills. Fast forward to 2012/2013 and all of sudden everybody and their brother HAD to have one....next thing you know $35K jumped to $135K. Same thing with the air cooled Porsche 911 market. Nobody gave a $hit about air cooled 911s for many, many years........now look at it.

These things go in waves.....eventually one day down the road years from now, these ZR1s will be deemed "must have" by enthusiasts and we'll be the ones thinking back to these days and how easy it was to get a cherry ZR1 for $20K and under.

[rkreigh]

Originally Posted by PostmanZ

Indeed great time to buy now.......however we all know what happens when the market reaches the bottom. Only way to go is back up ;-)

I recall (as a Ferrari Testarossa fan) seeing Testas selling for $35-40K even with low mileage for years and years. NOBODY wanted those things as they were deemed "totally 80's" and the styling was too outdated. Not to mention the legendary tales of 5 figure repair bills. Fast forward to 2012/2013 and all of sudden everybody and their brother HAD to have one....next thing you know $35K jumped to $135K. Same thing with the air cooled Porsche 911 market. Nobody gave a $hit about air cooled 911s for many, many years........now look at it.

These things go in waves.....eventually one day down the road years from now, these ZR1s will be deemed "must have" by enthusiasts and we'll be the ones thinking back to these days and how easy it was to get a cherry ZR1 for $20K and under.

value of the ZR-1 is the smiles per miles more than financial. not old enough to be a classic, and most vette guys move to the latest and greatest.

this post is spot on concerning the testarossa, and ferrari's in general

they have shot up lately I saw a pristine low mile Testarossa for 44k about 6 years ago. wish I bought it. I could tack on `100k and likely get it!!! but I buy my cars to drive not sell which I guess is why have so many vettes!!

[PostmanZ]

Originally Posted by rkreigh

value of the ZR-1 is the smiles per miles more than financial. not old enough to be a classic, and most vette guys move to the latest and greatest.

this post is spot on concerning the testarossa, and ferrari's in general

they have shot up lately I saw a pristine low mile Testarossa for 44k about 6 years ago. wish I bought it. I could tack on `100k and likely get it!!! but I buy my cars to drive not sell which I guess is why have so many vettes!!

Right, as a whole, the collector/sports car hobby is in a big time "bubble" right now. A few years after the RE crash, investors started turning their sights to classic and low production sports cars and it's completely out of control right now.

As you said these ZR1's aren't quite near being considered "classics", but the time will eventually come years down the road. For classic American sports cars it usually takes a little more time for appreciation to arrive. The fact that the ZR was produced in limited quantities and the great story that came along with these cars, will be the selling points when collectors start looking for them down the road.

[ZRapid-1]

Here is an interesting list of cars which have recently increased significantly in value.

10 Undervalued Retro Cars Suddenly Skyrocketing in Value
http://www.popularmechanics.com/cars...&date=03152016

They are worth more than our Z's - but are not as much fun to drive...no free permagrin!

[Vette73]

Originally Posted by PostmanZ

Right, as a whole, the collector/sports car hobby is in a big time "bubble" right now. A few years after the RE crash, investors started turning their sights to classic and low production sports cars and it's completely out of control right now.

As you said these ZR1's aren't quite near being considered "classics", but the time will eventually come years down the road. For classic American sports cars it usually takes a little more time for appreciation to arrive. The fact that the ZR was produced in limited quantities and the great story that came along with these cars, will be the selling points when collectors start looking for them down the road.

I agree...I think what will def help the ZR1 is the limited number of cars that were built........What could hold it back though is the original sticker price...

Most of the cars, in fact all that were failing in the 80s-90s are way over sticker price for a really nice one now....

Can you see the ZR1 fetching 70-80 grand? Of course not, at least in my opinion..Will they and should they go up in value down the line? Yes...After all, put headers , some porting work and you have a car that can produce horsepower in the low to mid four hundred range.So,they will keep up with today's technology......You can't say the same thing for many of the so called sports cars fetching tons of money,except maybe of course the Ferraris..

Second or third owner ZR1s down the line should hopefully see an upswing in value on there car....Stay tuned.....

[Bob Eyres]

I'm kind of glad that our cars are still cars, not a commodity.

I bought mine back in '94 when you could get a virtually new one for half the new price, and they were still one of the fastest cars on the road.
Now they're about as quick as a new standard Corvette, but still a lot of fun to drive.

Pity the guy who would like to putt around in an old Splitwindow, or even a '67 big block Corvette, forget it. It will cost you five times what the car is intrinsically worth, just for a "driver". And those cars aren't even driven anymore, except by weenies who would never ever think about putting the hammer down and enjoying it like it was meant to be enjoyed.

It's a blessing that these cars aren't worth much except to the guys that love them, and love to drive them.


OK, rant over