Hello,
I am currently in the market for a C5 Z06. I am looking at specifically 2003 and 2004. I recently stumbled upon a 2003 Z06 listed for $27,000 which is mostly stock except for an exhaust. My concern comes in at the mileage. Car has about 63,000 miles. I was always told to be cautious of mileage but since this is my first corvette, not sure if this is even considered high. Current owner (3rd) tells me owner 1 kept it for 30,000 miles in 1 year (through 2004 due to it being some type of company car) and owner 2 (friend of the current owner) didnt keep it very long before 3rd owner got it. Owner 3 tells me he has done maintenance himself (oil changes and things of that nature). We spoke on the phone and he was very upfront that the car is in great stock condition except for a cracked HUD bezel (not a big deal) and a small scratch on passenger side. Seems like he had nothing to hide. I am torn on whether to continue considering it, or see if there is something with lower mileage and less cosmetic issue (bezel and scratch). The car looks clean in pictures in my opinion I didnt even notice the scratch until he mentioned it to me. But my main concern is that mileage. Any advice is appreciated!

 

If it have been well treated and maintained 63k is nothing for these car.

 

I feel like these cars are way overpriced. I've been looking for one myself and everyone is trying to sell them in the high $20k-$30k range. For the car you describe, I wouldnt want to pay more than $23k-$24K.

 

That is 3,000 miles/year and is not a concern. Be prepared to replace dated tires, hoses, belts and fluids. Hopefully the clutch was not misused.

 

I personally would not buy a 2004 C5 Corvette just because of the terrible fuel tank design alone.

That being said as already mentioned 63k miles is NOTHING AT ALL. So long as it has not been abused which goes for any car.

There are countless numbers of C5s with well over 250k miles on them and still going strong.

27k dollars? that is insane to me.

 

Welcome to the CF and the search for your first Vette avatar. I suspect you will get many suggestions. You do not mentioned what your mechanical/electrical talents are fixing cars. So, here are my suggestions:
1. Read all the sticky's about the C5 and it's anomolies, electrical and mechanical. IMHO, the C5 is not a car to learn to be a DIY'er. If you are not a skilled mechanic, and since these cars are at least 20 years old locate a shop in your area that has the expertise to work on C5. A good source is the local Corvette Club.
2. The 63K Mileage is usually not an issue if maintence was properly done and the car looks like it was not a beater. Any buy agreement should be dependent on an inspection by a qualified mechanic familiar with C5's.
3. Take a car crazy friend with you to help 'look' at the car. The friend may see stuff you miss because of the 'false' impressions that buyers sometime have. Mine did.
4. Have fun in your search. It took me several months traveling to 3 states until I found my 'avatar'.

 

Hard agree on that. Was gonna try to talk him down to 24 cuz i also would not pay more than that. 27 is just what he listed. he seemed negotiable on price as he explained

 

I bought my ‘01 Z06 with 110k miles in 2020. I paid half the asking price of that one.
If you want a car to drive and enjoy, 63k miles sounds perfect. If you want a time capsule to lock in a vault, go find a lower mileage one. I agree though that $27k sounds high.

 

My mechanical skills are definitely much better than electrical. I have a shop in the town over that specializes in Corvettes luckily so that can always be my fall guy. I am trying to have fun in my search but definitely frustrating when everyone marks these cars up to the moon hahah. I am getting the itch but also am trying not to rush.

 

Oh i definitely plan on driving it the way they are meant to be driven!

 

63K miles is not an issue, but look closely at the tires and clutch fluid. Tires alone can easily be over $1,000. If the clutch fluid is all murky and ugly, a slave cylinder(plus clutch kit) could be in your future, and that’s upwards of $3,000 if you pay a shop.

As stated above the 2004’s had a recall due to a leak on top of the driver side gas tank, I would try to find out if that has already been addressed (tank replacement). The tanks are discontinued, but there are still some NOS out there. Cost me about $1800 on my 2004 including the tank about a year ago.

 

I agree on both counts. During the pandemic prices went crazy and unfortunately some owners are still listing the cars at prices.

 

Exactly. 2019-early 2020, the prices for the Z06 were in the $17k-$23k all day long for really good cars.

 

Just great the way some on this forum love to beat down the worth of a vehicle they own

 

Take it to your favorite mechanic and have a PPI done. I wouldn't worry about the miles. I'd worry about the results of the PPI and the service history.

 

Typically the OEM Harmonic Balancer tends to fail around this mileage, so check to see if it wobbles and/or squeaks etc.

Not a big deal if addressed as needed, though the steering rack has to come out to do the replacement.

 

I don't think anyone on earth wants their car to be worth less?

Just that we all have a breaking point of paying more when buying.

Something is only worth what someone is willing to pay for it.

Yes it is supply and demand, but it's also buyer market vs seller market.

My tiny little compound was 68k dollars in 1985. It is now over 500k.

Ain't no way in hell I would buy this house for 500k dollars. no way. Does that mean I want its value to plummet? Hell no.

 

Sounds like he's in the ballpark...

Hagerty's April '24 value on a '03 Z06 in #3 good condition is $25,100.

 

People may think $27 is high priced but in my area that is the going price and as long as they sell it will remain.

If you look around I think for $27k you may find one with 40k miles if you want lower miles.

I would remain looking for stock except for the exhaust. Also keep with 2003.

Might offer $25.5 and wait. He may call and that is a good Z price as there is a Z06 tax. These cars are limited in numbers and are now on the radar for even non traditional Corvette buyers.

No matter Covid, no matter opinion but C5 prices are going up as they have been very under priced compared to the market. Looking around the same money buys you little anymore.

 

I think you're correct. Sure, I'd like to be able to buy a C5 Z06 in good condition with less than 50K miles for $20K, but those just don't exist.