Decided to look at a C5
Thread Starter
Pro
Joined: Jul 2022
Posts: 583
Likes: 210
From: Southeastern Indiana
Decided to look at a C5
I have been on this site for a bit to educate myself about Corvettes. I have located a 2002 convertable with 23,000 miles on it, asking $24,000. I dont know the options yet but it lools good in the pictures. I have a little bit of experience under my belt but am not versed in what exactly to look out for.
is this price too far out? Are parts advable for this vintage? Any help would be appreciated.
is this price too far out? Are parts advable for this vintage? Any help would be appreciated.
Night Owl for life
Joined: Nov 2003
Posts: 24,729
Likes: 4,564
From: Bugs Bunny should'a made a left turn here
Seems kinda high. Are you actually seeking a convertible or is that what just happens to be there?
I have had a coupe for nearly 20 years now but if I were currently looking, I'd go for a 2002/2003 Z06
Good luck with the hunt
I have had a coupe for nearly 20 years now but if I were currently looking, I'd go for a 2002/2003 Z06
Good luck with the hunt
Instructor
Joined: May 2022
Posts: 244
Likes: 131
From: Beautiful Texas Hill Country
Great choice....yes on the majority of parts; hopefully others will chime in. Price is right. Don't commit unseen, drive it or find a vette experienced person to do an in-person evaluation...the cost will be well worth it. Do a CarFax. Google to see if there is a corvette club in the area or look up in the sticky section above to see if anyone posted a favorite Corvette shop close by the seller and pay for an evaluation. Ask the owner for a date code on the tires. Ask for any receipts for work on the vette. Is it stock or modified? Looks like they drove it only a little over 1000 miles a year which may be a good or ?. I have an 04 vert and LOVE IT!
Instructor
Joined: Oct 2016
Posts: 143
Likes: 31
From: Indiana
If it's a garage queen and has excellent maintenance records, then the price is not that bad in today's market. Like other 20+ YO cars, there are some parts no longer available. The toughest one is the EBCM for the ABS brake system. 2001 and newer can usually be repaired, however. If the car is really great and you want it, maybe offer 22k and settle on whatever you feel good about. I've had my 2001 vert for 6 years and love it.
Drifting
Joined: May 2007
Posts: 1,552
Likes: 324
From: Mid Ohio
With that low of miles I'd carefully look at (and count on) replacing rubber parts and fluids. Belts, tires, hoses, and all fluids.
As for price... IMO prices will come down and here in the midwest will be lowest 1st of January.
As for price... IMO prices will come down and here in the midwest will be lowest 1st of January.
Le Mans Master
Joined: Dec 2017
Posts: 5,628
Likes: 3,333
From: Virginia
2021 C5 of the Year Finalist - Modified
St. Jude Donor '21-'22
I think the price is right on for the current market. ALWAYS get a pre-purchase inspection done on any C5 before you buy. If you look at the sticky threads at the top of the C5 general and tech forums that will give you a great idea of what to look out for. Good luck with your search. Let us know how things go.
Thread Starter
Pro
Joined: Jul 2022
Posts: 583
Likes: 210
From: Southeastern Indiana
Thanks for all the responses. I probably should go look at the vehicle. The guy that has it is selling it for his deceased step father and was kinda sketchy with details. Wasn't sure how it was equiped and aknoleged it needed tires.
While i was waiting for him to respond i continued looking at the Corvetts for sale. I started looking at how much car i could buy given the dollars i have to spend. Came across a 2007 C6 with 30,000 miles,new tires and rims, oil changes, never in the rain and looks like it. Pleasant fella called me right back. So now iam goimg tomorrow to look it over. Base model with 6 speed automatic. Guess ill jump up to the C6 section and ask some questions there. I have a feeling it is a real slick one. Thanks again.
While i was waiting for him to respond i continued looking at the Corvetts for sale. I started looking at how much car i could buy given the dollars i have to spend. Came across a 2007 C6 with 30,000 miles,new tires and rims, oil changes, never in the rain and looks like it. Pleasant fella called me right back. So now iam goimg tomorrow to look it over. Base model with 6 speed automatic. Guess ill jump up to the C6 section and ask some questions there. I have a feeling it is a real slick one. Thanks again.
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Good move to check and see what else may be in your price range. Whichever car you get serious about, the advice on having it thoroughly checked out is spot on.
Best of luck in your search.
Best of luck in your search.
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Instructor
Joined: May 2022
Posts: 136
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From: Long Island, NY
Seems like a high price IMO.. .but take all my opinions with a grain of salt b/c im a new jack.. This is just me but i wouldnt pay a premium on a low mileage vette unless you plan not to put many miles on her and just enjoying her once in a blue...I always tell people becareful what you wish for with a 20 year old car with low miles.. .From what im learning it seems like these c5's love being out of the stable and not sitting around. If you want a low mile vette and dont plan on driving it much than I could understand, but if someone wants to drive these bad boys all year round and aint worried about putting miles on it than why would you go with a low mileage one? There's alot of risk there since its been sitting for so long... Mine is nearly 100k and it runs great and dry as a bone. Ive been driving her all summer long and shes seems like a fine wine. Anyone just my 2 cents! Best of luck.. c5's are a good time!
Pro
Joined: Jan 2017
Posts: 502
Likes: 193
From: Central Pennsylvania
IMHO...
Used car prices have suffered from the Covid Economy - C5's are no different, Maybe worse? If you plan on modding it get an 'early' 03 - no later. I wish I'd have known better. I have a Late 03 and the fuel system is NO FUN to work around. Mileage 'is what it is' and I agree with most - the worst thing you can do to a car is NOT drive it. Get the one that pushes your button and don't look back.
Don't forget the Corvette Wave....
Used car prices have suffered from the Covid Economy - C5's are no different, Maybe worse? If you plan on modding it get an 'early' 03 - no later. I wish I'd have known better. I have a Late 03 and the fuel system is NO FUN to work around. Mileage 'is what it is' and I agree with most - the worst thing you can do to a car is NOT drive it. Get the one that pushes your button and don't look back.
Don't forget the Corvette Wave....
Burning Brakes
Joined: Apr 2017
Posts: 968
Likes: 322
Check crank damper, front,rear main seal, oil pan gaskets, rear cv seals, expect to replace battery, tires, tire pressure sensors, water pump, air bladders seat , all fluids, look for leaking steering rack, Car will most likely need an alinement especially if new tires. Check under battery for acid leaks into wiring. Look for the rear window coming unglued. Did I say all fluids all fluids. expect to budget maybe around $3000 to refresh to like new. look at around $18500-$ 20000 if the paint is prefect not buffed out. Any mods to engine run away as fast as you can. My opinion.
Last edited by h8snow; Sep 2, 2022 at 03:19 PM. Reason: spelling
Intermediate
Joined: Apr 2018
Posts: 29
Likes: 6
From: Delaware
Corvette Magazine 2022 buyer's guide says that a 2002 convertible in good condition would expect to sell for $24,500. Average condition: $19,800. So it may be a smart asking price for the seller, but room to negotiate down depending on the condition of the car.