I missed out on buying a car several months ago from a guy I know. He traded it on a C8 and the dealer now has it for sale. I'm trying to negotiate with them and am curious of everyone's thoughts.
2002 Vert.
Speedway white/black
Loaded loaded, F45, magnesium wheels etc....
15k original miles.
etc etc...
Obviously mint condition.
What is the most I should pay ?

All opinions are welcomed, and valued,
Mark B.

 

I would say right around $20K. A good way to obtain a correct value is to call your bank or insurance provider. Both can provide you with feedback. For comparison, I am in the process of purchasing an '04 Z06 with a cammed LS3 for $26,000. USAA valued the car at right over $16,000 with a maximum loan to value of $19,400.

 

Interesting. I picked up a 04 Z06 CE last Summer from a long time fried that was moving to a different car scene and had trouble with the USAA and NFCU not recognizing the market price for the car. I forget the NFCU # but USAA quoted me the exact same price for value.

I'm actually looking for a 96 LT4 car or a 96 GS driver and I suspect I will have the same issue. Easy enough to put down the difference in cash but for anyone looking to finance the entire purchase I'm seeing a gap between market values and banks values.

To the OP I agree with BLEKVET, $20K is a good price.

 

I agree with the price that has already been provided, however I will bet the dealer is asking $24-26K for it. If it is the exact car you want, negotiate the best deal you can and buy it. A few thousand more for a car that you will enjoy for a few years will be more than worth it. Remember it’s a hobby not an investment!

 

23k

 

If mint I would say $22K - $24K. I would check the date code on the tires and also check to see when the fluids (coolant / brake / oil / etc) were changed. When I purchased my 2004 coupe I looked at a bunch of C5's and C6's and they all needed new tires. That's $1K+. For peace of mind I had the dealer change the fluids.

 

Hi Mark,

Is it the C5 at MacMulkin? If so I too looked at it when he posted it for sale before he traded it, he was willing to sell it to me for $24k. I hope you can get it for around that amount as I believe they were asking $29,000. Let us know how you make out!

 

Do you have the Corvette DNA app on your phone? Great resource for estimating values for corvettes. It accounts for condition, mileage and options. All that being said asking prices are still a little inflated after a run up the last few years. Sounds like a nice car. Good luck!

 

Download the Corvette DNA in your phone. It's fantastic for estimating values on Corvettes. That being said, asking prices are still elevated after the run up the last 2 years.

 

Move to C5 General for further comments on the car. Moved since this is just asking for comments on pricing,

 

Not trying to be a jerk but if the car is an original 15,000 mile car and in the shape it should be for that mileage...$20,000 is a highly unrealistic price. It is the price one could dream of and one I would personally like to buy a half dozen or so for. A dealer who understands those cars is not going to turn it for that number if he keeps it for a year. He most likely paid more than 20 for the car wholesale.

It is a $24-25,000 car all day long and if you keep the mileage reasonable, one you are never going to lose money on. I actually would not be surprised the dealer wouldn't take that for it right now but he is obviously in a position to get more than an individual would. They are only low mileage once and there is no substitute for a "mint" 20 year old desirable Corvette.

 

Is the car a M6 or auto? The M6 cars seem to fetch a premium. Also a millennial anti theft devise.
When you say loaded, what does that mean, do you have the SPID/RPO codes? Z51 suspension will have stiffer springs and shocks. HUD? Magnetic ride?
I like the speedway white cars, very nice looking. Magnesium wheels are somewhat rare (I have them on my car) and save un-sprung weight.Tires will be about $1k if the car has old tires.
Edit: Missed the F45 reference

 

JPARGO Yes Sir same car......and they're pretty firm on the price.....

 

Are you gonna bite?

 

It's a shame that you weren't able to do a deal before your friend traded the car in. Your buddy probably could have gotten more from you than from the dealership, and you could have gotten the car for less than what the dealership is charging.

Unless you are dead set on a speedway white car (or you want a show car that you will never actually drive), I would pass on this one. Having super low miles greatly inflates the value of a C5 (especially when sold by a dealer). The thing is all that extra value goes out the window if you actually drive the car. Further, these cars were designed to be driven. If they have been left to sit like this one, they tend to develop problems if you suddenly start driving them. You'll need to replace all the fluids, and pretty much anything made of rubber. New tires will be $1K+. Those F45 shocks will give up the ghost soon (if they haven't already), and they are expensive to replace. You could get a really nice C5 in great condition (same year and specs) with 50k miles on it for many THOUSANDS less. Keep in mind a 2002 with 50k miles was only driven about 2300 miles a year. It isn't hard to find a C5 with around 50k miles that has been very well cared for and has already had regular maintenance (with all major wear items having been replaced). Just my $0.02.

 

My insurance company recently totaled my white 2002 vert with 60,300 miles, M6, and paid me $26k. I don't think I could have sold it for that much.

 

I'll throw my two cents in here as I've been looking for a replacement C5 for the past year or so.....20? Absolutely not.......I think mid 20's for sure....The dealer? Bet he's trying to get in the upper 20's, say 29 as already mentioned.

Again, as already mentioned, I've seen some really nice C5's on BAT with 60-100k miles on them go for 12-16k, so there are decent deals if you're not dead set against having one with super low miles like this one.

 

OH NO! I'm so sorry to hear that your C5 got totaled. I hope you find a new one soon.

 

Bought my 2000 C5 vert just before Christmas for 18K. Had 44K miles which comes out to 2000 a year. A one owner car, mint condition with a six speed tranny (My only must have)

 

There are better deals out there. You just have to be patient and do a lot of searching. Last fall I picked up an all stock 2002 Z06 with only 30K miles on it for $18K! Granted, that was an exceptional low price but I had been looking for over a year before stumbling on this one.

If you really want to use the car I would not pay a premium for a low miles car. As soon as you start driving it the extra money you paid for it goes out the window. Even with my car, I'm having that dilemma. I did not pay a low miles premium but still sometimes think I shouldn't put a lot of miles on it. Then I tell myself, "Self, you got a 30K miles car for the price of a car with more than twice the miles so treat it like an other $18K car".

Now if you want a garage queen or one that only goes to car shows then maybe it is worth spending the premium.