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New Driver

Valuation question

I'm a new poster here.  I'm looking at a future purchase of a 1998 Corvette pace car.  I'm in the research phase and I'm having trouble with the valuation part.  A #2 quality car on this site has a current value of $32k. But as I look at actual transactions I see actual selling prices in the upper teens to mid 20's  (Mecum 2020 auction results) which I understand includes the buyers fee.  The mid 20's cars are under 10k miles. Now when I look for cars that are for sale on the usual on line selling sites, I see asking prices from the mid 20's to mid 30's.  The typical mid 30's cars have mid 30's miles. There are a couple of lower miles cars but they still have asking prices in the mid 30's. Anybody have some guidance on this?

Steve

2 REPLIES 2
Hagerty Employee

Hi Steve, my guess would be that we are a little bit high on these, but also that some of those auction cars were in the #2- (flawed, but better than a #3 or #3+) range. Also, our values for C5s assume a manual transmission, but most of the ones we see out there are autos and that notes a 10% price deduction in our guide. 

New Driver

Hi Andrew

All of the cars I am considering are manual transmission cars.  I'm of course unable to examine these cars to judge between #2 and #3 but I think it is reasonable to believe a 10k mile car will show less wear and tear than a 30k+ mile car and yet I don't see the impact of miles on price. So, if we look at averages, the cars for sale have an average asking price of $31k with an average of 22k miles while the sold cars average $21k and 22k mi.  That seems to be a pretty big spread in price.  I have some friends that are "Corvette guys" and they tell me that Corvette owners always believe that their cars are waaay more valuable than they really are (more so than other brand enthusiasts).  So, is that the difference? If so how do you convince a guy that he's 30% high?  

Steve