Right on the heels of the shortest Corvette generation came the longest, with the C3 in production from 1968 to 1982. [Fun fact: C4 begins in 1984 as there are no 1983 Corvettes apart from one remaining development mule.] Commonly referred to as “Sharks”, these were in fact the first – and only, prior to the C7’s introduction in 2014 – Corvettes badged as “Stingray” (one word). Most important, however, is the fact that there are two C3s: the ’68-’72 chrome bumper cars and the ’73-’82 “rubber” nosed models, a break that just so happened to occur at the same time as engine options – and horsepower ratings – collapsed and took collectors’ interest in the cars with them. It just so happened that two C3s went on the block in Monterey, one from each end of the chrome-bumpered years and both with engines offering the highest official horsepower rating for their year. But even more interesting is the fact that the 1969 L71 Coupe [Mecum Lot F24] and the 1972 LS5 Convertible [Bonhams Lot 47] both sold for $44k. Now, according to the poll I conducted on various sites, nobody would choose the ’72 over Mecum’s Fathom Green (with green interior!) ’69 even if the former was significantly discounted. Why? In short, the ’69 has the 435 hp L71 Tri-Power motor, M21 four-speed manual (vs. the 1972’s three-speed automatic), side exhaust pipes and its born-with paint color (the ’72 was color changed from “War Bonnet Yellow” during restoration). In the 1972’s defense, the Feds changed horsepower rating regulations from “gross” to “net” – something we don’t have the room to cover here – instantly turning the 1971 LS5’s 365 gross hp into 1972’s 270 net hp despite the engine itself remaining unchanged. But let’s get back to the price(s). The average sale price at auction for one of the 2,722 ’69 L71 Coupes (out of 22,129 coupes) is $65k while one of the 3,913 LS5 drop-tops (out of just 6,508 convertibles) is just under 39 grand. [FYI, the LS5 couldn’t be sold in the Corvette’s biggest market – California – so selling almost 4,000 of them is impressive.] You will notice that the ’72 nobody seems to want exceeded its average while the ’69 didn’t. By a LOT. And seeing as how both are green, I can’t use the same excuse as I did with the ‘67s. And to add insult to injury, the over-average ’72 sports two of the “kisses of death” when it comes to Corvette values: its color change and a NOM (non-original motor). Sure, the VIN states it was an LS5 car, but nowhere does it state that it came with THIS LS5. Also, the ’69 was “refurbished” whereas the ’72 was “comprehensively restored” and was outfitted from new with all the bells and whistles including the deluxe “Saddle” leather (vs. the 1969’s vinyl) interior, air conditioning, removable body-color hardtop, tilt column, power windows, power four-wheel disc brakes, rear luggage rack and deluxe (full) wheel covers. So basically, if you wanted a fully-loaded, as-new, top-dog Corvette convertible from 1972 and don’t mind the color change and NOM, this was your chance. But if it’s a spruced-up ’69 big block coupe you’re after, they show up fairly regularly at auction. [I’d still go for the ’69 though. It’s two times greener than the ’72!]
>>Join the conversation about the Monterey Market Corvette auctions right here in the Corvette Forum!