Same here in my area.
'01 Vert Pricing
Team Owner
Joined: Jun 2001
Posts: 55,394
Likes: 1
Many 2000/2001 owners were complaining about burnin oil and they were falling for the bs that GM was claiming (except a few owners like yourself), that "its normal to burn oil" No, its not normal to be put in a quart every 1000-1500 miles on a new car
Finally, GM, the liars that they are, came out and announced it had a ring design problem 
The TSB covered models from 1999-2001, although it was rarely seen in 1999 models. There is a ton of info on it. Here is one source
http://www.c5forum.com/forum/ubbthre...te_id=1#import
Race Director
Joined: May 2010
Posts: 16,574
Likes: 13
From: Winfield IN
Guys, I know we all want to think that our 10-12 Y/O C5’s are worth a bundle but the fact is a 2001 C5 vert with 75K miles on it is worth $12,500 at most in the market. In other words, if you had this car yourself and you had to liquidate all your assets for cash, a dealer would give you no more than $12,500 straight cash for the car (if you are lucky)
So if you buy this car for $16,500, you are paying approx 33% more than what The car is actually worth. Again, I personally would not buy a 75K mile C5. That in no way is a low mileage car, not for a corvette anyway. But If I am forced to buy a 75K corvette that is over 12 years old, my max price on it would be $14,750-$15K and that’s allowing the dealer plenty of $$$ to put it in selling condition.
How well you take care of the car doesn’t roll the miles or the clock back on a car. Trying to convince the dealer its all "highway" miles wont convince the dealer to give you more cash for it either. Caring for a car only means you get to claim the high side of what the market says its worth
Look, at the end of th day there is no right or wrong. A car will sell for what the market will bear and you buy what makes you feel good. But when I buy, I try to use a little financial sense on the purchase and that means I try to pay as little as possible over what the car is truly worth in the market. Typically, a cars value can be seen at auctions (aka auction price), which is less than Wholesale. Try to Allow no more than $2K-$2500 above wholesale (I never pay retail price for a car) and that will be a smart decision. Below is what this car is worth wholesale at the most
\
So if you buy this car for $16,500, you are paying approx 33% more than what The car is actually worth. Again, I personally would not buy a 75K mile C5. That in no way is a low mileage car, not for a corvette anyway. But If I am forced to buy a 75K corvette that is over 12 years old, my max price on it would be $14,750-$15K and that’s allowing the dealer plenty of $$$ to put it in selling condition.
How well you take care of the car doesn’t roll the miles or the clock back on a car. Trying to convince the dealer its all "highway" miles wont convince the dealer to give you more cash for it either. Caring for a car only means you get to claim the high side of what the market says its worth
Look, at the end of th day there is no right or wrong. A car will sell for what the market will bear and you buy what makes you feel good. But when I buy, I try to use a little financial sense on the purchase and that means I try to pay as little as possible over what the car is truly worth in the market. Typically, a cars value can be seen at auctions (aka auction price), which is less than Wholesale. Try to Allow no more than $2K-$2500 above wholesale (I never pay retail price for a car) and that will be a smart decision. Below is what this car is worth wholesale at the most
\
And 75k miles on an 11 year old car is pretty "tame" if you ask me. That averages out to less than 7k miles per year.
Team Owner
Joined: Jun 2001
Posts: 55,394
Likes: 1
1. Newer technology depreciates older cars, thats a fact. Just look at what a 1990 Ferari low mileage (I am talking 20K miles here) testarosa goes for.
2. As time goes buy, seals dry out, other componets do as well, even if you dont drive the car. Any technician will tell you that. In fact, sometimes Lack of use can also create issues. I know this to be a fact as my 1999 C5 vert, which is always garage kept only has 36K mles on it and I have had to replace some components recently that you normally would not be replacing on a 4 y/o car at 9K miles per year.
Again, I have already posted on what a 75K mile 2001 vert is worth market-value How much more you pay for it is up to you. There is no rule that says you have to pay retail for this car. In the OPs case its $17K. If It were me, $14,500 perhaps (if someone forced me to buy a 75K mile vette)
All dealers establish a high price ceiling for wiggle room and to make the buyer think he is getting a great deal whe he lowers the price (this is the oldest trick in the book) Its up to the buyer to decide how aggressive he wanst to negotiate on the car. If he's willing to pay retail, then thats his call.
Last edited by GR8-LIFE; May 31, 2012 at 01:58 PM.
Team Owner
Joined: May 2003
Posts: 23,480
Likes: 9
From: East Meadow NY
St. Jude Donor '12
Look, at the end of th day there is no right or wrong. A car will sell for what the market will bear and you buy what makes you feel good. But when I buy, I try to use a little financial sense on the purchase and that means I try to pay as little as possible over what the car is truly worth in the market. Typically, a cars value can be seen at auctions (aka auction price), which is less than Wholesale. Try to Allow no more than $2K-$2500 above wholesale (I never pay retail price for a car) and that will be a smart decision. Below is what this car is worth wholesale at the most
Race Director
Joined: May 2010
Posts: 16,574
Likes: 13
From: Winfield IN
it really has nothing to do with avg per year. Time and miles are 2 mutually independent factors that affects car value. Time itself does it for 2 reasons
1. Newer technology depreciates older cars, thats a fact. Just look at what a 1990 Ferari low mileage (I am talking 20K miles here) testarosa goes for.
2. As time goes buy, seals dry out, other componets do as well, even if you dont drive the car. Any technician will tell you that. In fact, sometimes Lack of use can also create issues. I know this to be a fact as my 1999 C5 vert, which is always garage kept only has 36K mles on it and I have had to replace some components recently that you normally would not be replacing on a 4 y/o car at 9K miles per year.
Again, I have already posted on what a 75K mile 2001 vert is worth market-value How much more you pay for it is up to you. There is no rule that says you have to pay retail for this car. In the OPs case its $17K. If It were me, $14,500 perhaps (if someone forced me to buy a 75K mile vette)
All dealers establish a high price ceiling for wiggle room and to make the buyer think he is getting a great deal whe he lowers the price (this is the oldest trick in the book) Its up to the buyer to decide how aggressive he wanst to negotiate on the car. If he's willing to pay retail, then thats his call.
1. Newer technology depreciates older cars, thats a fact. Just look at what a 1990 Ferari low mileage (I am talking 20K miles here) testarosa goes for.
2. As time goes buy, seals dry out, other componets do as well, even if you dont drive the car. Any technician will tell you that. In fact, sometimes Lack of use can also create issues. I know this to be a fact as my 1999 C5 vert, which is always garage kept only has 36K mles on it and I have had to replace some components recently that you normally would not be replacing on a 4 y/o car at 9K miles per year.
Again, I have already posted on what a 75K mile 2001 vert is worth market-value How much more you pay for it is up to you. There is no rule that says you have to pay retail for this car. In the OPs case its $17K. If It were me, $14,500 perhaps (if someone forced me to buy a 75K mile vette)
All dealers establish a high price ceiling for wiggle room and to make the buyer think he is getting a great deal whe he lowers the price (this is the oldest trick in the book) Its up to the buyer to decide how aggressive he wanst to negotiate on the car. If he's willing to pay retail, then thats his call.
What modern technology does the C6 have that significantly diminishes the resale value of the C5??? The '98+ C5 had active handling IIRC, which was a pretty groundbreaking feature for its time. We are not talking about the comparison of the C4 vs a C5 here.
Gimme a break, seals do not dry out on an 11 year old car that was driven regularly (i.e. 7k miles per year.) Now, if the car in question was an '01 with 5k miles, then your argument might have value. In all reality, I would rather have a car that was driven 5k+ miles per year as opposed to an 11 year old car with 5k miles. Nothing good comes from a car sitting. What have you had to replace on your '99 that you deemed out of the ordinary for its low mileage???
Race Director
Joined: Aug 2003
Posts: 13,421
Likes: 8
From: Lake Mary Florida
I will never understand owners taking a position to low-ball the value of these high-performance sports cars. Several years back these types of cars lost a big chunk of their value, I'm happy to see some of it returning now four years later.
If the Corvette wasn't a unique vehicle then why have a special forum for the vehicle and owners? Why have a freaking museum? Why do people even bother getting together during the week or weekends with their vettes? Heck it just another run of the mill chevy. An overpriced chevy at that. Can you imagine the damn fool who pays $113K for a new ZR1, wow what freaking idiots. Just think that vehicle will lose probably $40K in the first year.
Matter of fact perhaps we should knock of another $5000 of the value because we were stupid enough to spend this much money on a cheap *** Chevy? Why bother?
If the Corvette wasn't a unique vehicle then why have a special forum for the vehicle and owners? Why have a freaking museum? Why do people even bother getting together during the week or weekends with their vettes? Heck it just another run of the mill chevy. An overpriced chevy at that. Can you imagine the damn fool who pays $113K for a new ZR1, wow what freaking idiots. Just think that vehicle will lose probably $40K in the first year.
Matter of fact perhaps we should knock of another $5000 of the value because we were stupid enough to spend this much money on a cheap *** Chevy? Why bother?
Melting Slicks
Joined: Oct 2005
Posts: 2,989
Likes: 352
From: Carson City Nevada
Guys, I know we all want to think that our 10-12 Y/O C5’s are worth a bundle but the fact is a 2001 C5 vert with 75K miles on it is worth $12,500 at most in the market. In other words, if you had this car yourself and you had to liquidate all your assets for cash, a dealer would give you no more than $12,500 straight cash for the car (if you are lucky)
So if you buy this car for $16,500, you are paying approx 33% more than what The car is actually worth. Again, I personally would not buy a 75K mile C5. That in no way is a low mileage car, not for a corvette anyway. But If I am forced to buy a 75K corvette that is over 12 years old, my max price on it would be $14,750-$15K and that’s allowing the dealer plenty of $$$ to put it in selling condition.
How well you take care of the car doesn’t roll the miles or the clock back on a car. Trying to convince the dealer its all "highway" miles wont convince the dealer to give you more cash for it either. Caring for a car only means you get to claim the high side of what the market says its worth
Look, at the end of th day there is no right or wrong. A car will sell for what the market will bear and you buy what makes you feel good. But when I buy, I try to use a little financial sense on the purchase and that means I try to pay as little as possible over what the car is truly worth in the market. Typically, a cars value can be seen at auctions (aka auction price), which is less than Wholesale. Try to Allow no more than $2K-$2500 above wholesale (I never pay retail price for a car) and that will be a smart decision. Below is what this car is worth wholesale at the most
So if you buy this car for $16,500, you are paying approx 33% more than what The car is actually worth. Again, I personally would not buy a 75K mile C5. That in no way is a low mileage car, not for a corvette anyway. But If I am forced to buy a 75K corvette that is over 12 years old, my max price on it would be $14,750-$15K and that’s allowing the dealer plenty of $$$ to put it in selling condition.
How well you take care of the car doesn’t roll the miles or the clock back on a car. Trying to convince the dealer its all "highway" miles wont convince the dealer to give you more cash for it either. Caring for a car only means you get to claim the high side of what the market says its worth
Look, at the end of th day there is no right or wrong. A car will sell for what the market will bear and you buy what makes you feel good. But when I buy, I try to use a little financial sense on the purchase and that means I try to pay as little as possible over what the car is truly worth in the market. Typically, a cars value can be seen at auctions (aka auction price), which is less than Wholesale. Try to Allow no more than $2K-$2500 above wholesale (I never pay retail price for a car) and that will be a smart decision. Below is what this car is worth wholesale at the most
Thread Starter
Pro
Joined: Jan 2008
Posts: 657
Likes: 1
From: Sykesville Maryland
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Burning Brakes
Joined: Mar 2007
Posts: 831
Likes: 0
From: Orange Tx
I will never understand owners taking a position to low-ball the value of these high-performance sports cars. Several years back these types of cars lost a big chunk of their value, I'm happy to see some of it returning now four years later.
If the Corvette wasn't a unique vehicle then why have a special forum for the vehicle and owners? Why have a freaking museum? Why do people even bother getting together during the week or weekends with their vettes? Heck it just another run of the mill chevy. An overpriced chevy at that. Can you imagine the damn fool who pays $113K for a new ZR1, wow what freaking idiots. Just think that vehicle will lose probably $40K in the first year.
Matter of fact perhaps we should knock of another $5000 of the value because we were stupid enough to spend this much money on a cheap *** Chevy? Why bother?
If the Corvette wasn't a unique vehicle then why have a special forum for the vehicle and owners? Why have a freaking museum? Why do people even bother getting together during the week or weekends with their vettes? Heck it just another run of the mill chevy. An overpriced chevy at that. Can you imagine the damn fool who pays $113K for a new ZR1, wow what freaking idiots. Just think that vehicle will lose probably $40K in the first year.
Matter of fact perhaps we should knock of another $5000 of the value because we were stupid enough to spend this much money on a cheap *** Chevy? Why bother?
This is one of the best thread iv seen lately.
You guys make me laugh
Pro
Joined: Dec 2010
Posts: 508
Likes: 3
From: Tallahassee, FL
sorry, but I dont think that is a good price at all, not a 12+ y/o car with 75K miles on it and . First, the car is worth about $12,500 wholseale, and even less than that blackbook
2cnd, I wouldnt even buy a 75K mile corvette. Too many miles for that kind of car (JMO).
It is widely known that all cars experience dips at certain miles. 64K is one of those threshholds and this car has well surpassed that and its a corvette to boot. Sorry, not trying to bash a C5 as I am a current C5 owner but I would try to find a Corvette in the 35k-40K mile range and pay around $20k for it.
Look it up on EDMUNDS True Market Value (which is still inflated a bit on what a car is really worth in the market) and you will see a 2004 Corvette Convertible with as little as 35K miles is worth $20K in the market. Forget about what you see on line or what dealesr or owners are trying to sell the car for.
A very high mileage corvete will cost you in MBI insurance as well. Lower miles will give you a wider selection in the Insurance market for repairs (and dont even think about getting one without a warranty of some sort) Low miles alone may save you $1K a year for warranty coverage compared to a $75K mile car (remember that mileage threshold I was talking about as Warranty companies really factor this in)
2cnd, I wouldnt even buy a 75K mile corvette. Too many miles for that kind of car (JMO).
It is widely known that all cars experience dips at certain miles. 64K is one of those threshholds and this car has well surpassed that and its a corvette to boot. Sorry, not trying to bash a C5 as I am a current C5 owner but I would try to find a Corvette in the 35k-40K mile range and pay around $20k for it.
Look it up on EDMUNDS True Market Value (which is still inflated a bit on what a car is really worth in the market) and you will see a 2004 Corvette Convertible with as little as 35K miles is worth $20K in the market. Forget about what you see on line or what dealesr or owners are trying to sell the car for.
A very high mileage corvete will cost you in MBI insurance as well. Lower miles will give you a wider selection in the Insurance market for repairs (and dont even think about getting one without a warranty of some sort) Low miles alone may save you $1K a year for warranty coverage compared to a $75K mile car (remember that mileage threshold I was talking about as Warranty companies really factor this in)
Racer
Joined: May 2008
Posts: 382
Likes: 27
From: Marlton NJ
Just to throw in my two cents, all of the 01's with 60 to 75,000 miles on them in good condition are going between 17 and 21,000 here in NJ. We'd be lucky to find a '97 here for less than 14,000. So IMO around 16,000 sounds reasonable to me. Best of luck in whatever decision you make.
Safety Car
Joined: Apr 2007
Posts: 3,640
Likes: 83
From: . New York
Guys, I know we all want to think that our 10-12 Y/O C5’s are worth a bundle but the fact is a 2001 C5 vert with 75K miles on it is worth $12,500 at most in the market. In other words, if you had this car yourself and you had to liquidate all your assets for cash, a dealer would give you no more than $12,500 straight cash for the car (if you are lucky)
So if you buy this car for $16,500, you are paying approx 33% more than what The car is actually worth. Again, I personally would not buy a 75K mile C5. That in no way is a low mileage car, not for a corvette anyway. But If I am forced to buy a 75K corvette that is over 12 years old, my max price on it would be $14,750-$15K and that’s allowing the dealer plenty of $$$ to put it in selling condition.
How well you take care of the car doesn’t roll the miles or the clock back on a car. Trying to convince the dealer its all "highway" miles wont convince the dealer to give you more cash for it either. Caring for a car only means you get to claim the high side of what the market says its worth
Look, at the end of th day there is no right or wrong. A car will sell for what the market will bear and you buy what makes you feel good. But when I buy, I try to use a little financial sense on the purchase and that means I try to pay as little as possible over what the car is truly worth in the market. Typically, a cars value can be seen at auctions (aka auction price), which is less than Wholesale. Try to Allow no more than $2K-$2500 above wholesale (I never pay retail price for a car) and that will be a smart decision. Below is what this car is worth wholesale at the most
So if you buy this car for $16,500, you are paying approx 33% more than what The car is actually worth. Again, I personally would not buy a 75K mile C5. That in no way is a low mileage car, not for a corvette anyway. But If I am forced to buy a 75K corvette that is over 12 years old, my max price on it would be $14,750-$15K and that’s allowing the dealer plenty of $$$ to put it in selling condition.
How well you take care of the car doesn’t roll the miles or the clock back on a car. Trying to convince the dealer its all "highway" miles wont convince the dealer to give you more cash for it either. Caring for a car only means you get to claim the high side of what the market says its worth
Look, at the end of th day there is no right or wrong. A car will sell for what the market will bear and you buy what makes you feel good. But when I buy, I try to use a little financial sense on the purchase and that means I try to pay as little as possible over what the car is truly worth in the market. Typically, a cars value can be seen at auctions (aka auction price), which is less than Wholesale. Try to Allow no more than $2K-$2500 above wholesale (I never pay retail price for a car) and that will be a smart decision. Below is what this car is worth wholesale at the most
Soo thats one thing.
Also, I bought it with 43000 on it and if I was to get another I would be looking for less miles but 75k on a 2001 C5 is not a lot of miles. Thats not just wishful thinking, its the truth and depends on what the buyer wants to get out of it. If you were willing to spend a bit more for lower miles, nothing wrong with that but many people may be familiar with the car (the C5 in general I mean) or know someone who has one and be very willing to just get one to enjoy. At the right price a C5 with any miles has a ton of potential for happy/fun use.
And about the "you gotta get a warranty . . .". Well all I can say is Ive had mine for seven years, had I had a warranty I would have paid probably three or four thousand more for the warranty than I would have for any repairs. A friend has his modified 98 for probably ten years.....no problems....so another four or five thousand....third friend...only three years....again no problems. So all I'm saying is...yes warranties can pay off but you have to ask yourself "how do the warranty companies stay in business if they pay out more than they charge you ?", if the answer is "they don't pay out more than they charge you for the warranty" well then there you have it. For most of the people its a loosing proposition. Got nothing against warranties, but saying "don't think about buying one with out it...." is IMO not good advice.
To look at it another way:
Can we agree that a well cared for C5 should go 150k with no problems and still be very enjoyable?
That would leave 75k miles for him to put on the used car for $16500 (very conservative est) but thats worst case 16 cents a mile if it is then worth $5000 when it gets to 150000.
You could walk in and buy a new base coupe for what? $55000, assuming the same lifespan of 150k that would cost you 30 cents a mile if its then worth $10000 when it gets to 150000.
Not arguing the dollars, just the value
Thread Starter
Pro
Joined: Jan 2008
Posts: 657
Likes: 1
From: Sykesville Maryland
Hey guys,
Thanks for all of the help with this one. I haven't been on here in a while but I'm happy to report that my son-in-law did buy the vette.
He wound up paying $15,700 for it. It's a great one owner car and I'm glad he bought it-otherwise I would have wound up with it
Here's a picture of his, and another of both of ours bonding.
Thanks again for helping him make a more knowledgeable buying decision.
Thanks for all of the help with this one. I haven't been on here in a while but I'm happy to report that my son-in-law did buy the vette.
He wound up paying $15,700 for it. It's a great one owner car and I'm glad he bought it-otherwise I would have wound up with it
Here's a picture of his, and another of both of ours bonding.
Thanks again for helping him make a more knowledgeable buying decision.
Race Director
Joined: May 2010
Posts: 16,574
Likes: 13
From: Winfield IN
Hey guys,
Thanks for all of the help with this one. I haven't been on here in a while but I'm happy to report that my son-in-law did buy the vette.
He wound up paying $15,700 for it. It's a great one owner car and I'm glad he bought it-otherwise I would have wound up with it
Here's a picture of his, and another of both of ours bonding.
Thanks again for helping him make a more knowledgeable buying decision.
Thanks for all of the help with this one. I haven't been on here in a while but I'm happy to report that my son-in-law did buy the vette.
He wound up paying $15,700 for it. It's a great one owner car and I'm glad he bought it-otherwise I would have wound up with it
Here's a picture of his, and another of both of ours bonding.
Thanks again for helping him make a more knowledgeable buying decision.
Race Director
Joined: Aug 2003
Posts: 15,540
Likes: 275
From: On the Mississippi Gulf Coast
St. Jude Donor '07, '11 thru '24
Official Sponsor of the 60 Day VacatioNN
10,000 poster in the "thread" Part II
Nice score! I just sold my C6 and am now in the market for a C5 Vert, FRC or Z06. I can only hope to be as lucky as your SIL and find one as nice as his for that price! Enjoy and good luck!
Le Mans Master
Joined: Mar 2011
Posts: 6,835
Likes: 302
From: Columbia SC
I bought my 2001 convertible with 60K miles about 1 year ago for $19,000. I only bought it because of the colors. Navy Blue with Light Oak top and interior. It was garage kept and perfect. No interior issues or paint scratches. Had HUD as the primary option. PS: It is a 6 speed. I never mind paying extra for a great cosmetic condition car. I try and buy the best car I can even if I plan to do a full restoration. Not required for this C5 thank goodness.
Le Mans Master
Joined: Jan 2004
Posts: 9,488
Likes: 1,743
From: Knoxville Tn
sorry, but I dont think that is a good price at all, not a 12+ y/o car with 75K miles on it and . First, the car is worth about $12,500 wholseale, and even less than that blackbook
2cnd, I wouldnt even buy a 75K mile corvette. Too many miles for that kind of car (JMO).
It is widely known that all cars experience dips at certain miles. 64K is one of those threshholds and this car has well surpassed that and its a corvette to boot. Sorry, not trying to bash a C5 as I am a current C5 owner but I would try to find a Corvette in the 35k-40K mile range and pay around $20k for it.
Look it up on EDMUNDS True Market Value (which is still inflated a bit on what a car is really worth in the market) and you will see a 2004 Corvette Convertible with as little as 35K miles is worth $20K in the market. Forget about what you see on line or what dealesr or owners are trying to sell the car for.
A very high mileage corvete will cost you in MBI insurance as well. Lower miles will give you a wider selection in the Insurance market for repairs (and dont even think about getting one without a warranty of some sort) Low miles alone may save you $1K a year for warranty coverage compared to a $75K mile car (remember that mileage threshold I was talking about as Warranty companies really factor this in)
2cnd, I wouldnt even buy a 75K mile corvette. Too many miles for that kind of car (JMO).
It is widely known that all cars experience dips at certain miles. 64K is one of those threshholds and this car has well surpassed that and its a corvette to boot. Sorry, not trying to bash a C5 as I am a current C5 owner but I would try to find a Corvette in the 35k-40K mile range and pay around $20k for it.
Look it up on EDMUNDS True Market Value (which is still inflated a bit on what a car is really worth in the market) and you will see a 2004 Corvette Convertible with as little as 35K miles is worth $20K in the market. Forget about what you see on line or what dealesr or owners are trying to sell the car for.
A very high mileage corvete will cost you in MBI insurance as well. Lower miles will give you a wider selection in the Insurance market for repairs (and dont even think about getting one without a warranty of some sort) Low miles alone may save you $1K a year for warranty coverage compared to a $75K mile car (remember that mileage threshold I was talking about as Warranty companies really factor this in)
Sounds like someone with a lot of 'book learning' and no practical experience in 'corvettes.
Race Director
Joined: May 2005
Posts: 11,992
Likes: 1,331
From: Middletown, DE
Ignoring evidence which does not support our preconceived notions is very human and very dangerous.
Looks like the OP got a great deal at $15.7K...