Are ZR-1's really that cheap?

Aurora40 · 04-15-03, 06:38

I did a check of Edmunds on a 1990 black ZR-1 in the best condition they list with 6,000 miles on it. The highest price (dealer) was $15,000. Kelley Blue Book had $20,000. However, the NADA has a high retail of $31,500.

A 1995 with the same mileage is $45,000 high on NADA, $34,000 on KBB, and $33,500 on Edmunds.

Does anyone here know anybody that has purchased or shopped for a ZR-1 recently? Can you really get a 1990 with 6K for $20,000 or a 1995 for about $35,000? I guess it doesn't matter because we will get a house first (if for no other reason than to have somewhere to park the ZR-1 and Aurora inside...) but I was pretty shocked by that. If you go to places like ZR1.net or the few I've seen in classifieds (mostly AutoWeek) you'd get the impression that 1990's went for around $35-40K and 1995's went for around $50K.

Nagchampa · 04-15-03, 07:21

I always use eBay as a measure of a vehicles value. They are usually worth a little more than they sell for.

IanO · 04-15-03, 07:50

Quote:

Originally posted by Nagchampa
I always use eBay as a measure of a vehicles value. They are usually worth a little more than they sell for.

Wouldn't it be fair to say that a car is worth what it sells for.

I know of a guy around here that has two ZR-1s... I believe they were purchased as an investment when the demand was really hot. I should ask if he was also one of those people who paid double for their early Miatas

Aurora40 · 04-15-03, 09:56

Quote:

Originally posted by IanO
I know of a guy around here that has two ZR-1s... I believe they were purchased as an investment when the demand was really hot. I should ask if he was also one of those people who paid double for their early Miatas

I doubt a Miata will ever be valuable. However, don't laugh about the ZR-1. It has great potential to be an incredible collector's car in the future. Most collectible cars don't start out that way. There is a period where they are traded pretty cheaply. I bet you'd find that nearly all collectible Corvettes were pretty affordable at some point in their lifetime.

I always find Ebay to be a bit on the low side. I guess I just figure any car that shows up there must have some real problems.

.

stevefromatl · 04-15-03, 12:38

for $50k I think you'd be much better off getting a new or slightly used Z06 that will out perform the ZR1 in every way, plus you'd get much better financing if you are going that route. But that's just my opinion. It would be hard to find a ZR1 in good shape for under $25k, they're going for more like $30k or more and that's for a '90 or '91. On the other side a ZR1 will probably depreciate less, but might be harder to resell.

Nagchampa · 04-15-03, 02:14

I would get the Z06 if I was looking for a daily driver and the ZR1 if I planned on keeping it forever while driving it occasionally.

blkZ28Conv · 04-15-03, 03:15

With time the ZR-1 with 6,000 miles will be worth $$$$ ( totally stock, matching numbers, all paperwork, etc).
My 63 Chevy II Nova SS is now worth biggggg $$$$( >$75K). Who would have thought this back in 1973 ( death of musclecars years? 1983 ( foreign invasion)? and even 1993 ( hi-tech era)?

b0rf · 04-15-03, 04:26

Show me a '63 Nova that has sold for over $75k within the last 6 months and i'll buy it from you.

bretfraz · 04-15-03, 04:33

Quote:

Originally posted by blkZ28Conv

My 63 Chevy II Nova SS is now worth biggggg $$$$( >$75K). Who would have thought this back in 1973 ( death of musclecars years? 1983 ( foreign invasion)? and even 1993 ( hi-tech era)?

Ummm..... excuse me...... did you just say a '63 Nova SS is worth more than $75,000?

I mean, a "survivor" '63 Vette fuelie roadster is worth about $50,000. Unrestored 100% original '63 spilt window fuelies are doing about $60,000. An L78 '65 Vette roadster sold for $65,000. A '69 Nova SS396/360hp with a ground up resto sold for $21,000. Reggie sold his '70 Yenko Deuce 350 Nova for $51,000.

Where exactly did the $75,000 number come from?

blkZ28Conv · 04-16-03, 07:13

Offers!!!!!

100 point restoration( no reproduction parts) '63 Chevy II Nova completely documented stock 350cc SS. Not for sell and you will not see, like many rare items, in the public domain or general public access sources. The point here is that if ones picks the right vehicle in 40 years it may be worth $$$ ( the highest amount someone is willing to pay) or nothing. If worth nothing ( book value only) and one purchased it because one loved that peculiar model and / or performance features, history and sheer joy of driving it you will still be happy. Do not risk your child's college fund or your retirement with such a venture but if life's vocation allows... have a little fun. Some people buy boats, some love to travel and some like driving and owning something different with history. I am the latter ( stable also includes 67 RS SS, 67 Chevelle 396 convertible, 69 Z28 502)

MBZ 500E · 04-25-03, 05:45

Last year when I was looking for my car I checked pricing on edmunds, KBB and NADA........Edmunds was off by $8 - $10K :scared. and the other two were pretty close to correct.

When buying collectable cars you really need to look at Autotrader to get an idea of what the cars are selling for. If you look on a biweekly basis and note prices of cars and how quickly they sell you can estimate the appropriate price.

As blkZ28 said, it's whatever the market will bare.

If you want to get a collectable car now is the time. Since car manufacturers are offering 0% financing on new cars the used car market has really softened. Once the market picks up again prices will rise.

bretfraz · 04-25-03, 07:07

I agree that a place like Edmunds is going to miss the mark on collector cars. It's really not their forte.

But I personally would not let the Auto Trader be my guide to collector car values. I've rarely seen more "dreamer" prices anywhere else than AT.

If I want accurate "real world" values for collector cars, I'd go to Sports Car Market. Keith Martin and staff are some of the best informed, knowledgable, and experienced appraisers and commentators in the entire collector car world. Sports Car Market magazine is a MUST READ for anyone interested in the collector car market.

You absolutely, positively need to know the prevailing sale prices from national auctions on any particular car. The only price I'm interested in is the price where real cars are changing hands with real money. Fantasy prices are everywhere but reality exists in one place only.