So I have been offered a 1998 convertible 6 speed for $8k, down side is it has 150,000 miles on it. It is offered by the second owner. The second owner bought it off the original owner in 2005 and has put the vast majority of the miles on it. It looks to be very clean and the owner has all of the service records on it. He has added c6 wheels exhaust and a cold air intake in the years he has owned it. It is silver with a black top.

Does this sound like a decent deal? is 150k too many miles?
I know its all subjective but I am wondering if this sounds like a good deal or a should I look else where ?

I currently own a 1994 automatic coupe with 90,000 miles on it, and have been looking at buying a C5 .

Thank you for any thoughts on this matter.

 

If the proper maintenance has been performed for the life of the car and everything checks out now, that price is OK. There are a number of C5s here on the forum that have as many or more miles on them and still are running strong.

However, if your budget allows, for a few thousand dollars more, you can probably find a newer car with a lot less mileage on it.

 

Sounds like a good deal. Use NADA for an accurate price guide

 

Does this car have everyone of your must haves? Are you a DIY mechanic and not afraid of digging into electrical problems? Do you have a repair budget? Have you read the Sticky Threads at the top of the page concerning the C5 issues? Even with normal maintenance and replacement done on worn parts, 150K on the meter and 21 years in age takes a toll on everything in a car. I agree with Vetteman Jack, if your budget can handle it, look for a younger less mileage Corvette. JMHO. Good luck on your decision.

 

First read the stickies so you know what to look for. My concerns would be: any lights on or codes (particularly relating to ABS/traction control), how's the top? How's the clutch? Harmonic balancer? Tires? These things I just mentioned if they all needed to be addressed within one year of ownership, could come close to equaling the $8,000 purchase price of the car. These things could easily be issues with a car with half the miles. Some will say miles matter- some will say miles don't matter.

I bought my '01, manual in December of 2017 from a dealership and paid $14,000 for it (out the door). It had 97,000 miles on it and impressed me as a very solid well cared for car. With that said, I spent over $3,000 on it in the first year- documented as follows:

$86 Costco battery
$15.50 (interior parts- radio ****, $8.50; plastic door panel $7)-Amazon
$159.99 Car cover-CarCover.com
$47 LMC5 steering column lock-Compliance Parts
$13 St. Michael visor clip
$18.50 trunk bump stops 4x-Amazon
$25 trunk struts 2x-Amazon
$16.95 deck lid bump stop-eBay
$18 deck lid struts 2x-Amazon
$1,300 (new top/window repair)-Mr. Trim
$206 seat cushion (Ecklers-$86 part, $120 labor, Mr. Trim).
$735 tires (BF Goodrich G-Force Comp-2 A/S)- Pep Boys
$13 air compressor-Pep Boys
$6 Green Slime flat repair-Pep Boys
$15 valve stem caps (NCM souvenir)
$16 indicator bulbs and Torx driver- Auto Zone
$15 Duralast air filter- Auto Zone
$7 plastic door panel-Amazon
$106.19 Oil Change- Auto Showcase
$388.63 plugs A/C Delco and Duralast wires- Route 64 Auto Repair

1st year expenses: $3,207

My second year expenses, so far have been only for new visors and I put on new rotors and pads- so around $400.

I went into this car purchase "eyes wide open" and I expect more expenses. I absolutely love this car. I have put over 11,000 miles on it since- driving it throughout the year, even wintertime weather permitting. My objective was to keep this car for at least 10 years and put another 100,000 miles on it. With that mindset, spending money on it to keep it roadworthy causes me no heartburn. The car is better car today than it was when I bought it. I'd not hesitate to drive it across the US and back again; it is that solid.

You don't buy one of these cars so much as adopt it. Go into owing a 20 year old Corvette with the right mindset; and you will very likely find it a highly rewarding car. The car you are looking at, a manual convertible is in my opinion the best thing going.

So in sum, the car you are looking at could be a very good deal. Just do your homework and be prepared to spend some money on it to keep it up. A C5 was donated to the Corvette museum after the owner put over 770,000 miles on it.

 

Thank you for your reply, I stumbled on to this car as I was looking at a coupe that was beat up on a" you sell it lot".
I am mulling it over and have a 1994 that I purchased last year, so there is a big difference between the two..

 

Thank you for your input, I did check NADA and KBB and it does appear to be a good deal. Owner was very kind and spent over an hour with me showing me his car.. He also said that he has not advertised it and there is no hurry on my part to decide if I want it..

 

Thank you for your reply, I am torn on the convertible aspect although it is now starting to catch on with me. I am or was a ASE mechanic for the Forest Service more than a few years back.. so the mechanical side is not a real concern. I did read the sticky and and am aware of the issues with the C5's.. The 2nd owner is a corvette mechanic and this was his personal driver corvette. He has a stack of records from everything that has been done to the car as far back as when the original owner bought the car..

I again thank you for your kind reply.

 

Go for it. It's a very good price for a vert, and it sounds well maintained.

 

Thank you for your detailed reply. I truly appreciate your taking so much time in replying to me. I also own a 1994 that has required a bit of maintenance since I bought it.
I saw no trouble codes, the top is decent but does show its age, the clutch seemed good , no slipping or chatter, tires are over 80% and less than 2 years old. I didn't see if the HB had been replaced, but the owner has a stack of maintenance records that I didn't go through..
I have recently had a car that has requires huge sums of money due to issues.. but that has been a daily driver for my wife and is a constant source of agony for me..

Thank you for your kind reply