R-E-S-P-E-C-T: Maybe the shot in the arm we needed!

[LGAFF]

They even mentioned it at length on the broadcast!

BUY THIS CAR….BEFORE IT’S TOO LATE!

01/26/2012

by Bill Stephens
It’s a question I hear in my sleep. I can’t escape it. But, hey, it comes with the territory. When your job description, Expert Commentator, gives those who watch you on television the impression that you have the unassailable answer to this question, you hear it plenty.
“What kind of car should I buy at the auction?”
Obviously, there is no single correct answer. It all depends on a laundry list of wants, likes, concerns, conditions, and considerations—not to mention the price range—that only the potential buyer can determine. However, all things considered, there is one automobile that periodically crosses the collector car auction block that is a genuine, lead-pipe, no wiggle room automotive investment that touches just about every base when it comes to desirability, collectability, performance, styling, significance, and affordability.
The 1990-1995 Corvette ZR-1.
If you were tracing the developments in the performance car marketplace in the late 1980’s, you’ll remember the seismic shockwave the 1990 ZR-1 touched off when Chevrolet announced it was going to be building the “ultimate Corvette” which was soon nicknamed “King of the Hill”. When first released, it was the fastest Corvette ever built with its all-aluminum LT5, 5.7-liter engine constructed by Mercury Marine which could push it to 175+ MPH. The ZR-1 didn’t look dramatically different from regular production Corvettes—an upside or a downside depending on your viewpoint—but there was no argument that when it debuted, the ZR-1 was pricey, stickering for between $60,000-$70,000 when additional dealer markup was tacked on.

1990 Corvette ZR-1’s like this one at the Mecum Auction in Kissimmee, FL may be one of the best collector car investments on wheels.
But today, we see 1990-1995 ZR-1’s selling consistently for between $25,000-$30,000, and these Corvettes are usually in outstanding condition, have reasonably low miles, and are by and large unmodified. In my opinion, one of the all-time great high performance sports cars is changing hands at a fraction of its original cost. But not forever.


Following Black Friday in 1989, mid-year Corvettes saw their values skyrocket beyond the reach of many collectors.
Let’s face it, if you waited until after Friday, October 13, 1989 (Black Friday) to go shopping for a mid-year Corvette (1963-1967), you waited too long because right after that memorable stock market “correction”, collector car prices went into deep space. Mid-year Corvettes (especially fuel-injected models and big-block editions) went from affordable to untouchable practically overnight. Nobody can predict if this will ever happen again across the collector car spectrum, but I’m of the unshakable conviction that at some point in the near future, when the market realizes the historical significance, performance capabilities, and investment potential of the “King of the Hill” Corvette, the price of admission for
ZR-1 ownership will be shooting straight up.
My advice? If you want to immerse yourself into the hopeless euphoria of the collector car hobby, have some love for the Chevy Corvette, and can get your hands on about 20-grand, keep your eye on the Mecum website and click through the consignments scheduled for an upcoming auction. You’ll probably see a ZR-1 or two on the docket, and if you do a little homework, familiarize yourself on what you need to know about the ZR-1’s strengths and weaknesses, and are ready to take the leap, I say there’s no time like the present.
Then, maybe, I won’t hear that question in my sleep anymore.
Maybe.