Mecum C5 Bidding Needs Some 'Splainin
09-28-2018, 10:59 PM
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Mecum C5 Bidding Needs Some 'Splainin
OK, I'm watching the Mecum Auctions (slow night on the tube). Up for auction is a 2001 Corvette Z06, Black and appears to be completely stock with correct wheels. The high bid was $15K. That was disappointing. I can't remember if it had a reserve or not, regardless, I expected it to bring at least $20K, but it didn't.
OK, so several other cars go by and a red 2000 C5 Vert, 6 speed, stock with polished wheels rolls off no reserve and it gavels for $26K. Now I'm stunned. Nice car, but that was way up there for a 2000 Vert. Right behind it, another 2000 Vert, 6 speed, but it's silver with a light oak interior. The paint wasn't quite as nice on the silver car compared to the red car. It too is no reserve and sells for $19K. The announcers never made any comment about the mileage on the verts. They usually do if it's unusually low.
So I'm scratching my head as to why the Z06 gets a low ball $15K and the two verts brought strong money. I would have dismissed this as the Z06 might have been a dog if this was a local classic car auction, but this is Mecum and they don't allow any dogs unless they're on a leash.
Any ideas what happened?
OK, so several other cars go by and a red 2000 C5 Vert, 6 speed, stock with polished wheels rolls off no reserve and it gavels for $26K. Now I'm stunned. Nice car, but that was way up there for a 2000 Vert. Right behind it, another 2000 Vert, 6 speed, but it's silver with a light oak interior. The paint wasn't quite as nice on the silver car compared to the red car. It too is no reserve and sells for $19K. The announcers never made any comment about the mileage on the verts. They usually do if it's unusually low.
So I'm scratching my head as to why the Z06 gets a low ball $15K and the two verts brought strong money. I would have dismissed this as the Z06 might have been a dog if this was a local classic car auction, but this is Mecum and they don't allow any dogs unless they're on a leash.
Any ideas what happened?
09-28-2018, 11:32 PM
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Sending a car through the auction can be a real crap shoot. Unless it is a really rare or highly desirable car, you just never know what the bidders will do. If the verts were in similar shape/mileage, I would hope that the Z06 had a reserve on it if those other cars sold for so much more.
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CorvetteBrent (09-29-2018)
09-29-2018, 01:09 AM
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If the people that were there prefer the vert over the FRC design then they would bid accordingly I would think. I would rather have the vert then the FRC if I had to chose but that's just my taste and I don't care for the vert that much either.
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CorvetteBrent (09-29-2018)
09-29-2018, 08:27 AM
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I went to a Mecum auction one time and some of the cars are not that great. A television or a picture will cover a multitude of flaws. Plus, you are buying these cars AS IS. If there is a severe engine knock and a slipping clutch or transmission it's not going to show up on the television. On the other hand you might be able to find a really good deal or they wouldn't be in business to run a successful auction year after year. Plus, you have to pay a buyers fee and transportation of the vehicle which can add thousands to the cost depending on the circumstances.
09-29-2018, 10:02 AM
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Watched this exact same thing last night. Told my wife, i bet it goes for 20K. Was slightly shocked that it brought 15K. My only two thoughts were, 2001 385hp oil burner and high mileage. A low mileage 02-04 brings mid-20s all day long...
09-29-2018, 10:23 AM
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There's a big hype on this site about Z06 vehicles that does not exist in the rest of the world. Some folks don't like the appearance of the FRC and don't have a need for the extra 50 horsepower. Six years ago when I got my 02 vert I only looked at verts and never considered a Z. Seems like the auction buyers were on the same page as me. Maybe it's the queer tire size or other documented problems associated with this model?
Last edited by DDaaryl; 09-29-2018 at 12:31 PM.
09-29-2018, 10:26 AM
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My club drives for Mecum when they hold auctions here in Austin. (I have several green hats). The early days, Thursday and Friday usually have less desirable cars crossing the block. High mileage cars, and those that need work. Some look good on TV but have problems you can't easily see like oil leaks, trans problems, interior finish and so on. Saturday and Sunday is when the cream of the crop cross the block. I drove a '65 Shelby across one Sunday and it didn't sell with a high bid of over $200K. You just never know what a car will bring at an auction.
09-30-2018, 01:11 AM
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Been to many Mecums and it’s a crapshoot for sure. I had an ‘02 black Z and it had a decent paint job, (got it with 16k on it) but it never got the attention that my pewter coupe does. I think the roofline puts the uninitiated off.
09-30-2018, 09:17 AM
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I totally agree on your roofline comment.
09-30-2018, 10:07 AM
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As for the auction, 2001 Zs sell for less to begin with (compared to 02-04) for the reasons mentioned about, plus the car was probably higher mileage or had some issues. Plenty of C5Zs sell on here for $15k at a higher mileage. But the good ones sell for $20k-$25k typically.
09-30-2018, 10:23 AM
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Counter/Counterpoint: (does that mean I agree?) yes, the FRC does look more exotic and rare.
I’m only 2 hours from you and most Z’s go in the high teens or low 20’s here. As you state, mileage is a biggie.
As I mentioned, I‘ve been to quite a few Mecums and what I should have mentioned earlier is how deceiving the tv picture is compared to in person. At Harrisburg a few years ago, a C5 was pulled in and put in a ‘special’ place on the side. I decided to see what the big deal was. Basically it was nothing special and I believe it sold for less than expected despite the last minute cleanup before it went on the line.
Buying a C5 is an adventure at best, and there is little that is consistent, price wise, which is why I went for the BEST CAR when I sought my second one. I found 2 nice coupes with similar miles and prices. Preferred the one that was not black, and a single owner and couldn’t be happier. If there was a Z in the mix the decision wouldn’t have been that much harder.
I’m only 2 hours from you and most Z’s go in the high teens or low 20’s here. As you state, mileage is a biggie.
As I mentioned, I‘ve been to quite a few Mecums and what I should have mentioned earlier is how deceiving the tv picture is compared to in person. At Harrisburg a few years ago, a C5 was pulled in and put in a ‘special’ place on the side. I decided to see what the big deal was. Basically it was nothing special and I believe it sold for less than expected despite the last minute cleanup before it went on the line.
Buying a C5 is an adventure at best, and there is little that is consistent, price wise, which is why I went for the BEST CAR when I sought my second one. I found 2 nice coupes with similar miles and prices. Preferred the one that was not black, and a single owner and couldn’t be happier. If there was a Z in the mix the decision wouldn’t have been that much harder.
09-30-2018, 08:18 PM
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Drop tops are still selling for more.
When new it was under 1k differential in 2004 and now I'm seeing verts selling for more than Zs.
Zs to most just don't look all that good compared to a very, and 55hp differential only not going to cut it. MHO
When new it was under 1k differential in 2004 and now I'm seeing verts selling for more than Zs.
Zs to most just don't look all that good compared to a very, and 55hp differential only not going to cut it. MHO
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MSgtrock (10-02-2018)
09-30-2018, 10:00 PM
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I feel that's where the difference comes in.
The Z is in my opinion by far the better car though.
All just opinion though.
09-30-2018, 10:03 PM
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I understand. I was dead set against a black FRC when I was buying my first one. Then I drove one. I’m sorry I sold it, but I’m not sorry I have the pewter coupe now, which is going nowhere.
10-01-2018, 11:31 AM
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OP: you can login to Mecum Infonet for free and get the details on the mileage.
I had considered selling my 2004 Coupe at the upcoming Chicago auction, but I researched last year's event for C5's and it is clear the market is not good. Timing of the event relative to winter storage likely plays a role, but the only ones selling for at or above market value were cream puff super low mile versions.
I had considered selling my 2004 Coupe at the upcoming Chicago auction, but I researched last year's event for C5's and it is clear the market is not good. Timing of the event relative to winter storage likely plays a role, but the only ones selling for at or above market value were cream puff super low mile versions.
10-02-2018, 11:29 PM
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granted i'm an oddball who prefers thinking outside the box, but i specifically targeted my 2000 FRC because i wanted that roofline (for looks and rigidity on the track) but preferred the MN6 gearing. the 2000, while only half the production #s as the 99, had nicer wheels & wasn't the 1st-year test-run of a body style. i didn't care about the LS1/6 power differential, as i was already planning my own mods.