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Affordable Corvettes

America's coolest sports car

One of the reasons Corvettes are so popular is that they've always been medium-priced sports cars with high-end performance. For instance, a new 2005 model costs about the same as a BMW Z4 or a Porsche Boxster, but has a level of performance commensurate with cars costing double its current $43,445 base price. Even so, that's a lot of money for a two-seat car, and prices for certain vintage Corvettes can easily exceed that figure, particularly for mint condition high-performance models from the 1950s and '60s. Original fuel-injected or big-block Corvettes often top $100,000 at auction.

But did you know you could be driving a Corvette for less than a new Miata? How about less than most used Miatas? Chevrolet has built thousands of Corvettes, and some are bargains just waiting to be snapped up. We'll provide an overview of the entire production run. For those not familiar with Corvette model designations, they are referred to by their series, as in C1 (the first Corvette series), C2 (the second series), etc.

C1 (1953-'62)

The first Corvette series is highly prized by collectors, even with very rough resto projects starting in the low $20,000 range. There are probably no big bargains here, although 1954-1955 models sell for less than 1953 ones. The first year for the 283-inch engine and 4-speed transmission was 1957, making this year worth more than the otherwise similar 1956 models. The 1958 through 1961 models are all worth about the same, while the 1962 model (first year for the 327-inch engine) is priced slightly higher. Engine options mean more than the year built, with "fuelies" (fuel injected models) being the most expensive. Beware of plain-Jane Corvettes "upgraded" into fuelies. Expect to pay $30,000 to $80,000 for a running C1.

C3 (1968-'82)

Now we start getting some bargains! The 1968 "Mako Shark" Corvette (so nicknamed because of its resemblance to a Chevy show car of that name) was initially well received, but the first model year had quality control problems. Buyers also complained that the 1968 was not called a Sting Ray; so, in late 1968, "Stingray" emblems (with a contracted spelling to differentiate from the earlier model) were affixed to all cars. For many years the 1968-1972 models had low resale values, but collectors are now discovering their merit. Rare 427-inch engine packages like the racing L-88 and the 435-hp L-89 now command over $80,000. The 427-inch engine was upgraded to 454-inches in 1970.

The same basic coupe and convertible bodies were used until 1972. They had small chrome bumpers on the nose, giving rise to the nickname, "chrome bumper cars." In 1970 the 350-inch LT-1 engine with 370 horsepower made the Corvette a highly responsive street machine, but in 1972 tightening emission controls spelled the end for high-performance engines. The 1968 to 1972 Corvettes' values are in transition, with mint, low-mileage performance models exceeding $60,000, but more common models with non-original engines or paint are available for as little as $10,000. These models have the greatest chance of appreciating in value down the road.

In 1973 the chrome bumpers were replaced with body-colored urethane bumpers and the Corvette started down the path to lower performance. In 1975 the 454-inch engine option was dropped and the 350 was de-tuned to 205 hp. The convertible was axed in 1975, and the rear spoiler was eliminated in 1974. As a result, 1973 to 1982 Corvettes are among the least valuable Corvettes of all time. Expect to pay $5,000 to $15,000 for usable drivers, with 454s and convertibles going for more. In 1978 two special models were made, the Indy Pace Car and the Silver Anniversary models. These were not as rare as once thought, with over 6,000 Pace Car and over 15,000 Anniversary models sold. These sell for $15,000 to $35,000. The last year for the C3 was 1982. Since the C4 was late in arriving, there are no 1983 Corvettes.

C4 (1984-'96)

The new wedge-shaped Corvette was highly anticipated. Although horsepower was still lacking, Chevy spent a lot of development time on handling and braking to make this Vette a great driving car. And with electronic fuel injection, the power output slowly began to inch back up. The new model was successfully raced, ironically outrunning Porsches due to superior handling and brakes, not horsepower.

Early cars were troubled with stiff shocks and a rough ride, which was gradually tuned out. Initially only offered as a coupe, a C4 convertible came out in 1986. The early manual-transmission cars had an unusual 4+3 Nash gearbox that was difficult to use, but in 1989 this was replaced by a ZF 6-speed box with annoying electronic override that restricted shifting (to meet EPA fuel restrictions). Enthusiasts loved neither gearbox and most C4 Corvettes had automatic transmissions.

In 1990 Chevy introduced the Lotus-designed four-valve DOHC ZR-1 Corvette. This limited-edition model boasted 380 hp and a healthy price tag of $58,995. The price climbed steeply each year and power increased to over 400 hp, but the ZR-1 never sold in significant numbers. The LT-1 engine designation returned on the pushrod 350, which now produced 300 hp. The special blue-and-white Corvette Grand Sport was a limited edition 1996 model with wider ZR-1 wheels and the LT-1 engine. Regular C4 coupes and convertibles now sell for $10,000 to $25,000, with ZR-1s changing hands in the $35,000 to $45,000 range. Be aware that servicing the ZR-1 engine is expensive and parts are rare.

C5 (1997-'03)

The 1997 C5 Corvette was a big improvement, with a stiffer chassis and even better handling. The first models were all fastback coupes with 345-hp LS-1 engines. In 1998 a convertible was added, while a high-performance notchback coupe, the 385-hp Z06, came out in 1999. These were very popular with performance enthusiasts. In 2002 the Z06 was bumped up to 405 hp. C5 Corvettes start at $20,000 and go up to $40,000.

C6 ('04-Current)

The C6 model replaced the C5 in 2004. These are nice cars, but they are too new to be bargains yet.

How to Get the Best Deal

As you can see, there can be quite a spread in values even among cars of the same year. This is due to condition, options and originality. One way to save money is to buy a "non-match number" car. This means the engine has been replaced, so the engine serial number differs from the original engine number shown on the chassis tag. Collectors are not interested in non-original cars, but if you are more attracted to a lower price than future appreciation, then a modified Corvette may be just the ticket. Likewise, non-original paint colors, body modifications and performance updates generally result in lower value. None of these make a Corvette any less fun to drive, but they will impact its value. You could be cruising in a Corvette for less than the price of a new Kia, so what are you waiting for?