jefferygleason

Last July I bought a black '92 Coupe, Auto, 12K miles. Pics here.

I liked the car, unbelievable condition for its age. I paid $15,300 for it. BB value was around $13,000. I negotiated down from $18,000. I told the dealer he was way over book value and he said "yes, but try to find another one with only 12K miles on it." I kind of agreed with that and so I bought it.

Now, I'm looking into doing something different and I'd like to sell the car. However, each time I talk to a dealer I get the same story. The car is only worth 8 or 9K trade-in. WTF?!?! A year later it still has only 19K miles on it. I feel like the car should be worth a minimum of $13,500 retail and I'd like to get $12K trade-in. Am I nuts? I mean for 8 or 9 grand, it might as well sit in the garage.

Is it just the current economy or are my expectations way too high. Keeping this car means not accomplishing this goal that I have for probably another 20 months or so, which is fine. Here are some questions:

1. Would it be financially wise to store the car and keep the low miles on it and revisit this exercise when the economy rebounds?

2. Will this car be a collectible in x number of years with this low of mileage? If so, how many years do you think that will be?

3. Am I dreaming and should I just drive it, enjoy it and accept that I paid too much for it?

Thanks for your opinions.

Jeff

RedVette84

If you can find a private buyer you might get your price or close to it. That's if the buyer is looking for a quality car and is willing to pay for it. Most will not. Trade in - forget it. Many people have the opinion that our cars aren't worth anything and should be practically given away. Keep it,drive it and have fun with it.

Mojave

It has way too many miles to be a real collectible. Way too many ZR1's and Grand Sports with less than 500 miles for a 19K mile car to be collectible. I think your best chance to get top dollar will be private party. It may take some time to sell, but $12K might be possible. I would not bother messing with any dealers in this economy.

Demonic85

A year ago the market wasnt so far into the tank like it is now. The value of used cars has plummeted. I agree that the best course of action would be to sell it to a collector (or someone stupid )

Sweet 90

1) No
2) No, maybe in your grand kids lifetime
3) Yes
4)Just IMHO

Jim

tdogg21

if you store it long enough, in a few years it will be worth something. but like other people have said, your miles are really low, but not super low, if you know what i mean. if you want to enjoy it, just drive it and have fun. but i know the feeling of driving when you have a low milage car. my 87 only had 18000 miles on it and i love driving it, but also love having such low miles. it might be another 5 to 10 years, but after the c7 comes out and the economy imporves, i think the value of the c4s will rise.

RollaMo-LT4

Funny how when the dealer is selling, it's some rare car worth big $$.
But when they are buying, it's just an average used car only worth trade in book value at the most.

Sad, but true. Your only hope is to find a private buyer that agrees it's worth more than BB value.

xlr8nflorida

In the future always try to get the car for KBB or NADA or somewhere in between. That being said, you got yourself a really nice low mileage Corvette. Each Corvette goes on its own merits and everybody on this forum always says your overpaid until it comes time to sell their car.

The problem right now is that the economy is in the tank and all cars are almost impossible to sell unless its a fire sale. People are trying to pay their mortgages etc and are not necessarily out looking to buy new toys and if they are, they often go for a C5 or C6 so they can lease it. There are tremendous deals on GS, Callaway, and ZR-1 right now which will hurt the LT1 C4 value.

In regards to a collector - at least 30+ years. All Corvettes are collectors but the special models are the ones to look for. Also, none of the special ones are good deals when you look at time value of $$ invested in the market over 30+ years.

As I see it you have 3 options:

1) Sell it and take a bath in this economy.
2.) Hold onto it, drive it limited mileage and enjoy having a pristine C4.
3) Drive the wheels off of it and enjoy the car.

My choice with that car would be 3. However, there is nothing wrong with 2 either. Insure it with a Grundy etc, get discounted insurance and just enjoy having a nice C4 that is for weekends etc. It really depends on your personality. I do 2 on my ZR-1. Just remember that if you do 2, you won't ever get rich. I simply do it because I like a near perfect C4 26+ years after they first rolled off the production line.

Good luck and enjoy your C4, its a beauty.

jrzvette

Just be thankful you didn't buy a house a year ago and were trying to sell it now. A Corvette is a toy and with 10% of the workforce unemployed toys take a back seat to necessities.

toptechx6

Pick up the latest issue of Corvette Magazine (October 2009) read the 1984 to 1996 Market Guide beginning on page 57.

cv67

Keep option #3 in the back of your mind and drive the car.


Unfortunately they just arent sought after/collectible so dont feel bad piling the miles on or wrack your brains out worrying about it .
Go get your moneys worth

JerryMiranda

Let me try this again. Very nice car and you have received some great advice as usual from the forum. I stand behind those who say keep the vehicle and enjoy it unless that special buyer is out there who is willing to give you a fair price. Sadly, there are those with no money out there and can't even make the monthly mortgage payment. You also have the vultures, who are sitting on the fence with money, and waiting to take advantage of another's "misfortune". Lastly, you have decent folks, one or two who might appreciate your Corvette and want it bad enough to part with some serious bread. You can reference Blue, Green, Edmund's, NADA, whatever; the vehicle is worth whatever a particular potential buyer is willing and able to pay for it. Enjoy life and enjoy your great car. Don't give it away, sell your body first if times get real tough (only kidding!).

pianoguy

Regardless of the market, you got a lot of car for your money - keep it and enjoy it.

Jon Hekking

Couldn't put it better. I have seen some screaming deals on low mileage C4's, there is too much supply for the demand right now, and as others have said, 19K is really not all that low when you're talking about collectors. Unfortunately, everyone one with what they consider is a low mileage car feels if comes with a large premium attached to it, but it still comes down to what some one is willing to pay. There may be a buyer out there, but it will take some creative marketing. The fact that it's a run of the mill LT1 automatic coupe will make it a little more difficult, JMHO..........

mfi

Unless you need the money...keep it...I am. I have a 92 vert that needs paint...so its worthless, except to me after dropping 7K in it to make it run and look somewhat good. Might even paint it for 6 or 7 K and work the motor a little. I want to move up to a zo6 but no way am I going to give her away, whats 6 k going to do for me. Keep it!!

CorvetteMike2024

JMO..........................

I think that C1 thru 3's can be bought for investment pourposes. Plus these vettes are realy basic the way they built and their components
pretty easy to work on.

The C4's came with alot of new technology involved and put do- it -yourself'ers to the mercy of having to take it to a shop if they were unsure of this new technology. I would venture to say, there are probably alot of C4 owners who dont understand how to diagnos and repair these vettes. So, alot of non vette people are hesitate to buy one. And whenever they ask questions about C4's our C4's are totally undersireable. Dont believe me? Post this in off topic "I am a proud C4 owner".

C5's and 6's are generally bought buy RUB's.


Corvette Mike

jefferygleason

Great comments from everyone. I really appreciate that! I must admit that after reading some of this I'm feeling a bit guilty. I've been griping about losing a few grand on a toy when there are a bunch of folks out there trying to figure out how to pay the mortgage. The reality is that it's a hell of a nice car and the majority of folks don't get to have a Vette no matter what the price. It's a privilege to own one or any other sports car for that matter. Most folks have to settle for a mini van to haul the kids, or even worse, a mustang!

cv67

Agreed...Back in the 80s there was no real good tech out there in newer cars so the desireable ones were always the earlier gens. Nowadays the way to go fast most choose is to buy new, run 12s with a warranty and knock down 30 mpg, hard to beat that.
The older gens are still desirable due to other factors, but the late C3s and C4s save for a couple (Callaway ZR1, GS) just arent considered collectible. They dont have much tech by todays standards and are low on the power scale. Yours should defintely bring more than most due to condition and mileage, no doubt.

Lets face it, unless youre in love with the C4 most buy them because they are a cheap Vette/first sportscar, nothing wrong with that either.

It will take the right guy to come along and find your car, best way IMO is yours needs to be seen in person;took me a year to sell my ZR1 and still lost some on it but I didnt care, bought it to drive.

Buying a C4 and worrying about future value is like wondering if a fat lady is gonna be thin one day. Would be nice but probably wont happen.

Opinions may vary.

kimmer

ps374

Corvettes should not be valued with Kelly BB or Edmunds. Vet-N-Investments should be the only source of Corvette values. These are not Mustangs or Nissians.