I have always been a Corvette fan, until now owning one has been out of my reach. I have been looking for months and have decided on a C5, I love how they look, and it falls into my budget. In particular I am looking at a 2001 hatchback with a removable roof panel with 87,000 miles for sale by a dealer (link below if anyone cares to take a look), I am a little leery of this year due to the oil consumption issues I have read about.

Is a 2001 worth seriously considering? What should I be on the lookout for? I've checked the Carfax on this one, no reported accidents, it has had 8 owners with the last one only having it for 6 months.

The Carfax also noted the following service work being done in addition to oil changes:
30,472 miles - front brake pads, rotors resurfaced, fuel filter replaced, axel seals replaced.
49,682 miles - tie rod end replaced, tires replaced.
62,829 miles - drive belts replaced.
70,999 miles - sunvisor repaired/replaced.
79,200 miles - new tires, front brake pad replaced, air filter replaced, front brake rotors replaced.
87,000 miles -4-wheel alignment, drive belts replaced.

Thank you in advance for any guidance, comments and suggestions.

Used 2001 Chevrolet Corvette Base Millennium Yellow for Sale in Waupaca WI | VIN: 1G1YY22G915107045 (drivepetersen.com)

 

From the pictures the car looks very clean and well maintained cosmetically anyway. It'd be a good idea to have it checked out mechanically. The advantage to the higher mileage is that whatever gremlins the car had would have shown themselves by now. Check all the weatherstripping, tire condition etc. Great choice in color too..........

 

I've had 3 Corvettes - 98 C5 Convertible/ 06 C6 Coupe/ and currently a 2003 c5 Z06. I've been an active member of Corvette Forum for almost 12 years. This is the first post i've seen with a significant concern about oil consumption being an issue on 2001 LS1's. Definitely not saying this is made up, but there are many other far-more prevalent issues with C5's than this, I assure you. Electronic Grimlins, grounding issues, Column Lock, LS6 Valve Springs, Fuel pumps, fuel gauge, Leaking rear dif, and the oh so common EBCM issue. You name it, you will find problems, but that would rank extremely low on my list of concerns. The LS1 platform is, if not the most rock solid platform ever created, definitely top 5. 2001 would be a very solid choice year for a C5 as the EBCM is easily rebuildable. I wouldn't hesitate, even in the slightest, to purchase this car if the price is right and it meets your requirement list! Good Luck and post up some pics when you buy it!!

Looks like a great well cared for and maintained car from the pictures and history and I love Millennium Yellow! (Only thing that would hold me back is that it's an Auto) I'm a little partial, see my MY Z below

Welcome to the Forum!






-Tyler

 

No matter what has been replaced, you are considering a 22 year old car with >87K on the OD. Are you a DIY fixer? The C5 is not a car for the limited/occasion DIY person to fix things. All years are plague with electrical and mechanical gremilins that are sometimes difficult to Diag. Are you up to the Challenge to fix mechanical and electrical issues? If not, is there a local respected Corvette repair shop to fix things and do you have the $$ to pay for repairs? When I shopped for my C5 and after reading all the CF pros and cons by year, I decided to buy the last year (04) of production making sure the gas tank leakage issue was either resolved or not an issue with VID#, a car under 50K on the OD, sold by a respected GM dealer or owner that had repair receipts, and there was a local mechanic that could fix stuff on the C5.

I wish you well in your C5 hunt. Take your time and travel if necessary. I went to 4 States plus within MD that I finally found the car I bought, and not regretted.

 

It appears you have done your home work. The oil issue is about the only main issue that year and only the late built models that year.

the only thing visible is the driver seat wear but you can replace the foam fairly easy on these seat and cheap. Soak the leather with conditioner will help restore the leather some and preserve it.

The C8 is mostly easy to work on if you are sone what mechanical. The 7 an 6 models can be more problematic in the electronics since they have more.

The key here is the car looks un modified so odds are good it may not have seen abuse like some do.

There often is a price discount on Yellow as people either love them or hate them. We just picked up a Yellow C6 and got it for about $1500 less than most others in the same condition.

Just one issue on yellow. It attracts bugs. In the spring parked outside bugs will be around it. They are just attracted to the color.

At $16k you should not get hurt as my buddy just sold a 90k 04 coupe in grey for near $20k.

Still see if they will take $15k before you pay $16K. Never hurts.

Note 8 owners may not really be like that depending how the car was passed along.

Mine was listed at 7 but 3 were dealers and auctions that owned it a short time.

The real owners were 14 original owner. 2 years then 7 years and only 1,400 miles by the last before I got it.

Follow the paper trail.

Many Vettes show a number of owners as small dealer move these cars via auctions as they have a hard time selling them.

 

Some bolt-on mods with the tail lights, front turn signal, air intake and maybe some more.
you need to have it lifted and assess by a trusted mechanic, without link to the dealer, just to identify the potential issues. Otherwise, 8 owners is a lot, for me it is a red flag for something…
I don’t fancy the adjustment of the right headlamp cover to the front face.
otherwise good advices on the previous post . Check tires, undercarriage, play in suspensions, bearings, look for leaks, quality/age of the brake fluid and every receipt you can get.
as said earlier, it is anyhow an old car, you should have 15-20% cash advance to be able to have it repaired it in a trustworthy mechanic, if you are not yourself inclined and equipped to do it.
last things : read the codes in the dash, then wipe them, drive the car and read them again, it’ll give you some hints. Drive the car and have a feel for it and listen for unexpected noises…drive on bumpy roads and take slow 90degrees turn, like going into a parking lot and hopefully passing a small gutter to hear the ball joint and bushings.

my 2cts,
TCFS

 

I'm on my third yellow vette. C6, C7 and now C5.

 

There were almost 250,000 C5's built...... I would venture to bet that 200,000 of them are still on the road today. Don't overthink it, it is a 22 year old used chevy with 80,000 plus miles.... of course you're going to have to occasionally repair something. If you climb down the rabbit hole of this forum you will lose your mind worrying about all these little what-ifs. Don't fall for it. I would guarantee all this talk about private inspections and that nonsense on a $15,000 car is BS. Look it over, drive it, and then buy it if your happy. Let everything else work itself out. It's not a million dollar vintage Ferrari.

 

Nice car. Buy it.

 

Tyler, awesome looking ride. Thank you for your comments, much appreciated.

 

Thank you all for the comments, they are much appreciated.

 

Looks like a nice car, well cared for, and what I consider low miles for a 20+ year old car. The driver's seat doesn't appear to show any wear. Maybe they'll send you a picture of the RPO tag in the glovebox to see all of the options. Appears to have a few nice options like upgraded seats, heads up display, nicer hvac controls. I don't see the mag ride dial on center console, maybe it has Z51 which includes larger diamater stab bars and a power steering cooler. Also, and you probably know this... the autogenerated voiceover in the video says it has steering wheel audio controls... it does not because it was not an option. If I wanted a yellow car with an auto, I'd strongly consider it.

 

Very clean, well optioned car. Get an independent inspection, though. I would do that on ANY used car just so you’re not overlooking what may be obvious to a mechanic with the car on a lift. Due diligence, you know?

It seems to be priced OK, but advise reflection on the yellow paint and the automatic. While the yellow paint is not highly sought after, about half of these cars were sold with autos, although the manuals are preferable at this point in time. FWIW…

The above notwithstanding, it looks like a good candidate at that price 👍

 

I bought my first Corvette almost 3 years ago. It’s a 2001 Z06. I found it on my local Craigslist. It’s the only one I looked at or test drove. Then I bought it.

 

My first impression on the listing - looks like a clean car at a good price, I would buy and enjoy if it's what you are looking for!

My only words of advice, change ALL of the fluids (oil, steering, coolant, brake, transmission/filter, differential), that is my rule of thumb on any used Corvette that I buy.

 

My advice would be to set some reasonable criteria for what is acceptable to you and then look for the car that meets what is at least minimally acceptable to you. For me, I was looking for a 2002-04 with less than 70k, with no wrecks and no compression modifications, for less thank $20k, and ideally around $15k. I missed out on several cars during my 2+ months long search but I found one that met those criteria plus some, and I ended up with one that I feel was a good buy for me.

Since you're in a northern latitude, like me, you're in a buyers market right now with the weather getting colder. Folks looking to sell soon instead of carrying over into next year will be a bit more negotiable as we move toward December. I would recommend (as it was recommended to me) that you be patient and stick to your criteria. There's always another deal around the corner, however, be ready to pounce on the right car when it appears. I found mine the day it was posted and closed the deal in the afternoon.

 

As you can see you are getting 1001 responses.

Buying a Corvette is not like a normal car as most are in good shape, few were daily drivers and less saw weather.

You appear to have done your home work knowing what the trouble areas are. You also show you know most of the cars history.

Being only minor mods and an auto this is not likely an abused car.

There is always a risk buying used no matter the miles as I have seen going cars with 80k miles and trashed cars with 40k. Ut you appear to have minimized the risks.

Not sure of your mechanical ability but for the most you s hound be able to hear it run, drive it and look over and under it to tell much on the car.

if you can eliminate and torque tube issues most things on this car is not hard for most to fix at home.

Do check the balancer and as in most auto cars not run hard it should be ok. Look for leaks on the engine and rear. Listen for piston slap cold and if it goes away often a few mins.

None of this is brain surgery.

If you do find a fatal flaw walk away.

At the price you are looking at even a few fixes are covered as some things always pop up. Mine was the rocking seat and worn seat bottom. I fixed both for less than $100. I made tires part of the deal. Most else were elective things I did like an X pipe for the new Borla on the car. They left it off.

Also I did wheels just because I found a set I likes. Other wise I really have found no major things.

I would expect to flush brake fluid, change oil and filters. I just did the rear gear oil. This way I fully know what I have and all were easily done at home.

Brake fluid is the most needed thing as I find most Corvettes have never had it changed and it test horrible. But it is an easy fix.

To be honest buying a Corvette is really easier than most cars due to the care as age means little. Just do not get emotional and over look things.

Also many corvette owners know their way around cars so they are good. But the other half know little and just drive them so you will find this.

 

Always inspect the car and walk of there are red flags.
It's almost hard to find a bad Corvette, most were garage kept and low mileage, over maintained and babied by picky owners. People buy Corvettes to either baby or beat them. If it looks good, drives good and has a clean history I say buy it.

 

Buying your first C5 Chevy Corvette? No problem. Rule of thumb... If the seller is a old guy with relative simple deviations from the stock components that are visible go for it... If your seller is Not a ol guy, forget it!

 

So true. And as an added bonus, if and when you meet the owner to see the car, if he is over 60 y/o, wearing jorts (if the weather permits otherwise Wrangler jeans will suffice), NB shoes and a Corvette insignia Polo style shirt and or Corvette baseball cap, you should not hesitate on purchasing the car. The said type of Corvette owner are the ones that treat their Corvette like they are (a cheap man’s) Bugatti Veyron.