Is it me or ZR-1 is now gaining value?

[MuRCieLaGo]

Hello guys!

I'm looking on some websites since a few days for my 5th summer toy and I noticed that the ZR-1s seem to have gained some value.

I bought in mine at the end of 2015. I remember in 2016 people were posting ridiculous ads. I'm pretty sure some were sold for under 10,000$ USD.

In Canada the cheapest right now is a red 1991 52,000 miles for $19,000 USD.

Am I mistaken?

[G8nightman]

Spring time all cars post at higher prices come fall they list cheaper.

[Z51JEFF]

It does seem prices are up on C4s in general.

[KILLSHOTS]

No. All Corvettes are falling like rocks. Don't fool yourself.

[spork2367]

C4's, as a whole, are dead flat. Some individual models are dropping. Like the 1990 ZR1s. I think we're closing in on the bottom, but not there yet. Some higher optioned C3's are starting to climb, but if you're going to follow that trend, we have another 10 years before C4's start coming up. Here's the Hagerty graph for a base 1993 over the last 5 years. Beside it is the 1990 ZR1. Cue all the people to come in and disagree, but Hagerty has more data points than any other publicly available source. My wife's uncle had a 1993 base model that he sorted out completely, that he could hardly give away.

[shawn8492]

The super cheap C4's seem to be getting harder to find. I am on Craigslist daily looking for deals. Here are some I have bought in the past, but I can't seem to find these prices lately.
84 - 51k miles $2500
84 - 118k new paint and beautiful - $2500
95 - 167k new trans and new leather seat cover included $1700
92 6spd - 230k $1200
These were all good looking great running cars, not junkers.

I think C4's have stopped dropping. C5s really seem to have started dropping, I am starting to see them under 6k which is an awesome deal.

[spork2367]

Originally Posted by KILLSHOTS

No. All Corvettes are falling like rocks. Don't fool yourself.

Originally Posted by shawn8492

The super cheap C4's seem to be getting harder to find. I am on Craigslist daily looking for deals. Here are some I have bought in the past, but I can't seem to find these prices lately.
84 - 51k miles $2500
84 - 118k new paint and beautiful - $2500
95 - 167k new trans and new leather seat cover included $1700
92 6spd - 230k $1200
These were all good looking great running cars, not junkers.

I think C4's have stopped dropping. C5s really seem to have started dropping, I am starting to see them under 6k which is an awesome deal.

Locally there are still a lot of sub 3k 84-87 c4s. 89-95 c4s seem to average about 8k, but the same cars are for sale month after month, so they aren't selling for that. I know when my wife's uncle finally sold his 93 it sold for 6800. That was completely sorted with a very nice repaint.


I don't think the C4s overall are done dropping yet. Although I don't think that's going to apply to the super cheap high mileage cars. I think they have been at rock bottom. But they aren't going up anytime soon.

[DRM500RUBYZR-1]

Originally Posted by spork2367

C4's, as a whole, are dead flat. Some individual models are dropping. Like the 1990 ZR1s. I think we're closing in on the bottom, but not there yet. Some higher optioned C3's are starting to climb, but if you're going to follow that trend, we have another 10 years before C4's start coming up. Here's the Hagerty graph for a base 1993 over the last 5 years. Beside it is the 1990 ZR1. Cue all the people to come in and disagree, but Hagerty has more data points than any other publicly available source. My wife's uncle had a 1993 base model that he sorted out completely, that he could hardly give away.

You are 100% correct with some of your post.

1-" ZR-1 values are dropping."

Well that's true if you look at the last 24 months. There has been a drop a bit over 10%, so you are correct.

2- "Closing in on the bottom, but not there yet."

That would be incorrect. Today's value on a concours level 90 ZR-1 is $41,800.
In 2011-12, same car was $30,900.
That would be the bottom, and that was quite a few years ago.
Today's value is up by over 30% from the low point.

A far more accurate statement would be " while there has been recent volatility in the value of ZR-1s, overall, they are still considerably up from their lowest point"

3- "Hagerty's overall accuracy is good based on many data points."

That would also be largely correct. Some feel Hagerty's own insured values inflate the true value due to policyholders over valuing their cars. While there may be a bit of that, most insurers base the value on what the car is purchased for, rarely more, and they often ask for an agreement of sale if the value lies way outside of their estimate. The rare exception is likely offset by owners trying to reduce cost by insuring for a lower amount.
Hagerty states they use other data as well for their valuations.

Value trends on Hagerty are far more discernible when you select "all" rather than 3 or 5 year periods.


Further observation:
Hagerty value for concours ZR-1s:

90 $41.8
91 $40.5
92 $34.7
93 $39.4
94 $38.9
95 $52.5

I point these out as data that has never been well synchronized to what we observe at most auctions or read about in many posts on various forums, but is no less valid, and in many cases, is even more so.
That should also cue some responses, but remains data that cannot be dismissed.


Marty

[spork2367]

Originally Posted by DRM500RUBYZR-1

2- "Closing in on the bottom, but not there yet."

That would be incorrect. Today's value on a concours level 90 ZR-1 is $41,800.
In 2011-12, same car was $30,900.
That would be the bottom, and that was quite a few years ago.
Today's value is up by over 30% from the low point.

A far more accurate statement would be " while there has been recent volatility in the value of ZR-1s, overall, they are still considerably up from their lowest point"

I was unclear. Bottom of the current decline, not historical low. I don't believe we'll ever hit the lows that occurred after 2008. I believe 91-95 cars are settled and likely won't decline much (assuming no market collapse...lol). I think 90 ZR1s and all other C4's (outside of special models, 40th anniversary, grand sport...etc.) are going to drop a bit more.


That's also why I think low mileage 90 ZR1s are the best chance at making a buck if that's what a buyer is looking for. When all of the C4s start to rise I think you'll see the largest percentage jump there.

[32valvZ]

Ill just add in my .02 In 2007 I paid $16,500. for a 92 in very good to excellent driver condition at 45k miles... I have not seen a similar deal since searching for a ZR-1 this year.. I did buy the 90 I have, but will not disclose what I paid for it out of respect for the seller.... I will say, he gave me a GREAT deal on it will all the extras included.