Long time lurker looking to buy first Corvette - someone with champagne taste on a beer budget.

Just looked at a 2002 vert that has 54k on the clock. It's Electron blue with black interior - it's THE color combo I want. These seem tough to find without really traveling. Overall it seemed pretty good, everything appears to be in working order and no crazy amount of wear and tear. Leather looks really good. This car has the adjustable suspension, HUD, automatic, performance axle, and no CD changer.

Current owner has had the car for about 10 years, but according to the Carfax he's the 4th owner. The car has lived it's whole life in the Chicago burbs. It appears to be fully stock - exhaust, intake, radio, etc. Wheels are in decent shape, but not perfect. It has non run-flat tires and he says rears have 10k on them (as if that means a lot of life left) and the fronts have a bit more than that. Wear seems even. All the brakes were replaced last summer.

The column lockout recall appears to have been done since steering wheel doesn't lock when car is turned off.

Top seems to be in very good shape. Car seems to drive nicely - no squeeks or rattles (it was under 25 degrees as well).

Carfax shows an accident on passenger rear in 2014, he says someone backed into it and they replaced the rear bumper cover - repair looks good and fitment is spot-on.

Issues he mentioned:

• Gauge bezel rings for speedo and tach fell off inside the cluster so they're just flopping around in there (guessing aftermarket..?)
• Chip on hood about half way up on passenger side about the size of a quarter (touched up, but not a great job)
• Left headlight gears buzz for about 4-5 seconds after headlights retract (known issue w/ gears)

Things I noticed:

• Plugs behind both door handles on door panels missing (easily replaced)
• Fitment of center stack bezel on right side of radio not flush (semi-common prob? - maybe related to dash disassembly for bezel rings?)
• Both front turn/DRL lenses have a little condensation inside on reflector part and look to be worn (easy fix/upgrade)
• Gap between both power seat controls and bottom cushion
• Front bumper cover has a decent chip/chunk of paint missing bigger than the size of a quarter near the opening of the passenger side foglight. This would require a repair/repaint.. no touch up can hide this.

He's asking $16k for the car but I think it's more of a $14-14.5k car. KBB shows it as being worth closer to $13.5k for private party.

Aside from the paint, I should be able to fix all the rest of the items myself.

I don't plan on modding too much - just having some summer fun with my kids and go to the occasional local car show/meets.

Thoughts? Am I being too picky for something at this price point?

 

Well, it's the best color and seems like a good deal, especially if you can get her for $14.5K. I've had my whole hood (EB) repainted for $500 so you can have a perfect C5 for a little more than $15.5K.

• Another $500 at the paint shop

 

16k is too high. Maybe if this car was mint. I wouldn’t overpay for this specific example, sounds like it’s in driver condition and will need a little money thrown.

 

I live in in same market as you. I paid $14,500 out the door (as in tax, title and license) to a dealer for a '01 with 97,000 miles; over a year ago (my car equipped with the manual and Z51 suspension). I spent another $3,000 last year for new top, tires and other minor things. My car had a clean Carfax, more owners than the one you are looking at. "Your" 2002 generally regarded as among the best years.

My car had top of the line Michelin run flats (zero pressure) and lots of tread life left. Just as important, check the date code on those tires. This car demands fresh rubber. I threw away tires that had tons of tread life, but had signs of dry rot. New BF Goodrich all seasons were transformative. If the tires are not new in age...perhaps a good negotiation point (deduct a grand there).

According to the place that replaced my top; the age is catching up on our cars...he does a lot of replacement tops for C5s. Like mine, the rear windows are letting go. Some folks attempt a re-glue and there are varying degrees of luck with that. Best assume you will be the owner that gets to replace that top. Ask the seller if they are willing to press in fairly hard on that back widow- if it holds- then you are probably good.

I replaced the driver's side seat cushion at the same time as the top..I have that same gap you noticed after the replacement (not a big deal).

The recall work that GM did on these cars, most people will tell you was worthless. In my case, I would agree After my first newbie post, fellow members told me to get the LMC5 in ASAP; and I did. A very effective bit of kit that.

I can't speak to the gauge cluster issues.

Sounds like you drove it and you like it- if you are handy and prepared to do a bit of DIY--- this could be the car for you.

 

To me, the most important thing is the condition of the vehicle and whether it is a car I like enough to live with and pay money for. I would want an experienced Corvette mechanic to look at it before writing the check.

Only an amateur in the auto business can call this car $1,500 close. If one can truly do that, they are better than 99% of the used car managers being paid six figures professionally.

 

The price seems high for the condition. Does the owner have maintenance records? My guess would be no and I would say the care for the mechanicals is the same as the care for the visual stuff. Do some research on local sales. Then if still interested in the car make an offer based on your research and the items you've identified with their car. Be prepared to walk away. You don't need this car, you want one. Also, trust your gut. If it doesn't feel right, look elsewhere.

Ask the owner "If he were to keep the car, what 3 things he would do to it?". I've had great success with that question and the answers can be very revealing. I called on a car that was advertised as "needs nothing" only to have the owner answer my question with - rebuild the transmission.

 

These are tough to nail a value down on. There's always the owner who once absolutely Top Dollar Plus 10%, and then there's the buyer who would like a great deal. I just sold my C5 a few months back. I was in a hurry to move it and I priced it to move. Mine was in a lot nicer shape than the one you are describing. With the exception that the tires were shot and needed replaced, my car was about as nice as C5 get. I sold it for $11,800 with a hundred and five thousand miles on it or so. That was back in September. I spoke with the current owner on Friday and he has yet to do anything except to tires to that car.

I only say that to illustrate that there are cars out there that are in really nice shape with absolutely nothing that needs worked on for less money. That is not to say that's a bad deal on that car, it does have half the miles. But mine also had a brand new engine transmission rear end new suspension brakes and electrical harnesses. A new convertible top, my lights didn't have any problems, my HVAC had a new evaporator, compressor, dryer, everything you can do. New blend door actuators, every single piece of that car that had anything that needed anything was replaced.

I would say find somebody here on the Forum who is a fussy Gearhead and pay them top dollar for their car. The one that runs perfectly and doesn't need anything except gas. Things can break at any time but when I see a car that has six or eight issues that a first-time prospective buyer saw on their first look, it tells me that the person didn't do any maintenance and there's plenty more that needs fixed. The type of person who really takes care of their car does not leave the headlights inoperative because of gear is broken.

 

Thanks for the info everyone. I have not seen them, but the owner said he did have the maintenance records. As for him not fixing the headlight - he had mentioned he didn't even drive it a thousand miles last season - after almost 10 years of ownership it's clear he's ready to move on.

Ideally, I would love to spend more $$ on something nicer - the mileage actually doesn't bother me. I'm definitely not stuck on this particular one - I only went to check on it because it was the color combo I really want and it was local, not to mention the price is where I want. I left somewhat disappointed after realizing the flaws I noticed.. I guess my expectation was too high for that price (?). And that's the reason for this post - am I expecting too much for what I want to spend?

The minor issues are not a huge deal, but like K-Spaz says - this says a lot about the owner. I personally would have fixed ALL this stuff as it occurred. This guy is not a Vette guy - he didn't even know he had the performance axle or what the option codes meant.

$15k is my sweet spot because in IL if the car sells for under $15k (private party) the tax is only $25 (due to age). Above $15k, the tax jumps to $750. I realize I can't expect the best, most perfect car for that amount, but it's easier to get the wife to agree to a purchase at a lower price point and then put some $$ here and there into it down the road.

So far the only other C5 I've seen for sale locally that catches is my eye is a super clean 2001 coupe in Mag red & black interior with under 18k miles for $18,750... looks pristine, as it should with hardly any miles on it. I think I'd be insulting the person if I offered even $16k.

 

Well your first guy should move under 15000 if for no other reason than to save you the tax money. I can guarantee you I would negotiate below that.

As for the second guy, go ahead and insult him. He is surely not going to come down if you don't ask him to. You're not trying to make friends here, you're trying to buy a car. If you make a friend along the way that's all wonderful but let's not buy a new friend.

 

Good news - after a chat with my wife about how much would be needed to be spent to get something much nicer, she's totally on board. I can technically afford something twice the price but I just don't want to have that much money tied up in a vehicle that is essentially a toy - this is replacing my motorcycle after all. I've ridden for 20 years and now am just want something I can safely have my kids in.

In her words "a few grand more isn't going to make or break us.."

The search continues...……… boom.

 

I'm not sure I would expand the budget. I think I would just continue looking for a better deal.

 

Typical owner treating a car as a disposable razor. None of the little things kept up with.

With a carfax hit I’d pass on the price especially since the car hasn’t been kept up otherwise.

 

You may be surprised how much of a car the C5 is (we drove our car all day today and parked it with the outside temperature showing 15 degrees). It can be a toy... many treat it that way. But it is also very solid transportation. Almost any 20 or so year old Corvette is going to need something- but to the extent you can find a car that needs less- the better. Drive several Corvettes before buying. If you can afford to spend more, maybe even look at some newer cars ( e.g., the C6). I actually started out searching for a C4 and after driving several cars (C4 and C5); our C5 said "buy me." Drive several cars until one tells you "buy me." If the car you are looking at spoke to you... don't rule it out because it needs a few things. Don't let anyone on this forum talk you in or out of a car; and don't worry about insulting anyone by making a reasonable offer on a car.

This is the perfect time of year to buy a convertible and a very good time to be shopping for a Corvette.

 

I'll offer some of my own (conflicting) advice.

On the one hand, you've found a car that's pretty close to what you want. If you can put your negotiating skills to work and get it at the right price, then you're done!

On other hand, I started out looking for something kind of specific, and my search ended up taking a while, and I found that the more and longer that I looked, the more I learned, and the more open I became to more possibilities as far as color, interior, and options. I looked at a lot of cars. I'm really happy with the one I bought, but it's not exactly what I started out looking for.

Only you can decide what you want, how long you want to spend looking for it, how far you're willing to travel to get it, and how close to perfection it has to be.

So, for what that's worth (about two cents, minus inflation), good luck to you!

 

Howdy neighbor (I’m in Ingleside). Good luck on your search. I was where you are this time last year. I ended up getting a 2002 Z06 from Lux Motors in Buffalo Grove on March 23rd, 2018.

Hope to bump into you, after you get your Vette, at one of the Thursday cruise nights at Kodiac’s in Fox Lake.

 

This is how I see it. 10 % of the C5's out there are pure crap, Another 10 % of the C5's out there are excellent. The other 80 % are average with 50 % of those being low average and 50% being high average, but still average.
the low 10% C5 are in the 5 to 7 K
the high 10% C5's are in the 18 to 22 K
the low average are in the 8 to 12K
the high average C5's 13 to 18 K.

If you can find a car of high desirability ( the upper 10% 18 to 22 K ) for high average money ( 13 to 18K ), you will be doing good. Personally if I was looking for a good used C5, I would take a high 10% car over anything else. A Car selling for 18 to 22K and worth that money over high average cars.

 

TLDR: Price is about $2-$3k too high for me. Don't let the color combo cause you to get tunnel vision and fall in love with a car that is proced too high. If finding that color combo in your area is tough, consider having one shipped to you from a different area (I'd stay away from the northeast and other places with a lot of snow and/or rain).

Longer Version: It definitely seems like he's asking a few thousand more than it is worth. I'm in the Virginia Beach area and you can get a C5 with no issues other than general cosmetic things, such as the chips, for $14-$16k pretty easily. Not sure how the market differs where you are. Just for reference, I bought a 2002 C5 Z06 with 41,000 miles for $22k. It was a one owner vehicle that was in amazing condition with the only issue being a small, hardly noticeable chip on the front bumper.

I personally wouldn't pay a penny over $14k for that car based on what I know. I would be hesitant to pay more that $13k if I'm honest. Reason being is I know I can find that exact car, maybe with a little more miles, in great shape for around $15-16k. So why pay that same amount for one with existing issues? Even if you buy from outside of your area and have the car shipped to you, it seems like there's definitely better options out there. My advice is to not fall in love with this car just because it's the right color combo you want. There are plenty of those out there, you might just need to expand your search range and be open to having one delivered to you. Most of those sites that ship have a return policy so if the car isn't exactly as described you get your money back. I have had at least 4 cars shipped, not all for me lol, and only had an issue with one. That one came in and the A/C wasn't working and the issue was not mentioned at all on the post. I contacted the seller of the vehicle, which was a dealership, and let him know the issue. Without any questioning at all I was told to drop the car off at a place of my choosing and mail him the receipt. He paid for the repairs and that was it. Problem solved. If you do get one shipped, I'd stay away from the northeast or other areas that see a bunch of snow and/or rainfall. A lot of the common issues associated with this car are due to corrosion, at least in my experience, and the mentioned areas have climates that are more likely to cause corrosion on cars.This all may seem a bit off topic but I'm just trying to let you know there are plenty of options and if you have any reserves going into the purchase it may be best to just walk, even if the color combo is exactly what you want and it's the first one you have seen.

 

I would only expand the budget if you are looking to go up to the Z06 model. $15k is definitely a realistic budget for finding a base C5 in great condition. Don't be afraid of looking at cars with higher mileage. Generally speaking these cars can eat up the mileage and still drive flawlessy. All depends on how you take care of it and how it's driven. I'd rather pay $13k for one with 100k miles thats in great shape than $16k for one with 30k miles but several issues, minor or not, and an owner that doesn't seem to know his own car,

 

Everybody has a right to their opinion and I don't mean to be disrespectful...But. We have a man in Virginia Beach telling a man in Illinois what a seventeen-year old car is worth within 15% without the benefit of having ever seen it? The alternative offered is to buy one possibly that you need to have shipped to you! We all know how cheap it is to fly to look at cars out of state and to have cars shipped in a covered carrier. But, if you save $2000 doing so before expenses it would be worth it even if you had to buy a color you don't like as well.

Come on guys...geez! I had a forty year career owning new car dealerships and buying and selling used cars. At no point was I good enough to call this type car that close nor was I able to hire that kind of magician. Not without at least looking at the car! The car is not worth $20,000 and is most likely worth more than $12,000. Anything closer is wild guess to make you look like an expert.

 

Well if you read closely, which I realize may be difficult, I said "I personally wouldn't pay a penny over $14k for that car based on what I know. I would be hesitant to pay more that $13k if I'm honest."

Key words being "I personally", "wouldn't pay" and "based on what I know"...I never said what the car is worth. After all, a car is only worth what you're willing to pay. The car has been in an accident and has several issues, which the op outlined, again I know reading is tough. Considering C5's in great shape can be found all day long for what this guy is asking, I think it is too expensive. I'll outline the keywords for you again to make it easier on you...I THINK. Me. My individual opinion.

As far as having a car shipped to you, like I said in my first reply I have done this on several occasions and it has saved me a good bit of money. So I thought it was worth mentioning. No need to fly anywhere to look at the car..not sure where that came from. Also, maybe there is a car around 400 miles away. No need to fly when you can make a road trip out of it. I was just offering a suggestion. Based on what I gather from your reply, you're a little on the older side and may have a hard time accepting all this new technology that allows us to see cars in detail from hundreds of miles away. I also specifically said I'm in Virginia because I understand the market depends on where you live. However, I would have a hard time believing the value of a corvette in Illinois would be higher than that same car in Virgina, especially Virginia Beach.

The purpose of the reply was not to give op a set number on what this particular car is worth but rather to offer my opinion based on the info provided. Which is why I stated what I would pay as opposed to saying what the car is worth. You worked for a dealership for 40 years, huh? So you're well versed in ripping people off and asking a few grand higher than what a car is actually worth? Probably explains why you have an issue with my post lol.