C1 to C7: Least Expensive / Best Value Models
There is a Corvette for almost every budget
In retrospect, I think that the Corvette has generally been a pretty good value for the money. Looking back over the first seven generations of production, some models stand out as superior investments, and there is a Corvette to fit almost any budget.
I’m very frugal and I tend to look for the least expensive way to purchase a vehicle. But there’s yet another way to look at vehicles: determining the best value, using whatever criteria is necessary. In a Hagerty article, they examined each generation of Corvette and picked out the least expensive model and also what looks like the best value, using condition #2 (“excellent”) in their price guide. Of course, this is all rather subjective, depending on how you perceive value.
In this short post, I will summarize the least expensive way to buy each generation and leave the value proposition to those who want to read the article from the link at the end of this post. I recommend reading it and comparing the findings with your own opinions.
C1
The first generation Corvette began production in 1953 as a rather crude, underpowered six-cylinder cruiser. By 1962, however, it had developed into a powerful, well-built sports car that rivaled the early muscle cars of the day.
One of the cheapest C1s to buy today is the 1957 283ci/220hp version. The Hargerty valuation for one in #2 condition assesses a value of $86K. Although not as powerful as the other varients, the valuations for the higher horsepower models rise very quickly into the six figure range. But although the least expensive ‘57 has the base engine, it has the same style and classic two-headlight face with contrasting coves.
C2
The C2 brought many significant improvements in both design and mechanicals. Many people feel that the C2 Sting Ray is the iconic Corvette due to its styling, but the new ladder frame and independent rear suspension, disc brakes, and the big-block engines introduced in 1965 really defined this generation.
According to Hagerty, the C2 has the biggest spread in price of any Corvette generation. The least expensive model today is a ’64 327ci/250hp convertible valued at $72,600. From there, prices rise quickly into six figures all the way up into the millions for one particular variation. Of course, rare or desirable options can add thousands of dollars to C2 prices.
C3
The C3 had a long production run and many cars were built, so as you might suspect, the supply/demand equation makes some of the model years in this generation very reasonable in price.
A 1976 180-hp L48 in #2 condition is valued at $19,800, and a #2 condition 1976 350ci/210hp L82 is valued at $21,600.
C4
The fourth generation also had a long production run and is, on average, the least expensive generation available. It was a huge technological improvement over the C3, but unimpressive performance in the early years, the odd 4+3 manual transmissions, frame flex, and the failure-prone all-digital “Atari” dashes were some of the negative aspects of the earlier cars. There are many C4s on the market at any given time, which keeps prices low.
All C4s are quite inexpensive (excluding ZR-1s or Callaways), but the least expensive C4 of all is the ’85 coupe that’s worth $18,500 according to Hagerty. However, it has 100 fewer horsepower than later models, so the best bang for the buck comes with the later ones.
C5
The C5 is both lighter and stiffer than its C4 predecessor thanks to hydroformed frame rails, and its transaxle both improved weight distribution and freed up interior space. Drive-by-wire throttle and variable effort power steering were other new features upon the C5’s debut in ’97. Most importantly, though, the C5 Corvette introduced the world to the all-aluminum LS V-8 engine.
Although Hagerty claims that there isn’t much variation in the C5 generation, and that base coupes are currently worth a little over $28K, this doesn’t seem accurate to me. I see many lower-mileage C5s in excellent condition selling for $20k or sometimes even less.
C6
The least expensive and least desirable C6 was the first-year model that was introduced in 2005. The Hagerty valuation tool estimates a coupe in #3 (“Good”) condition is currently worth $21,600, so I assume one in #2 condition would be worth around $25k. From there, the prices for the later Z06 and Grand Sport models rise very quickly to around $50k.
C7
The last front-engined Corvette, as well as the last one available with a manual transmission, the C7s have held their value quite well. Hagerty values a first-year coupe in #3 (“Good”) condition currently at $38,900. That seems about right to me. The prices of the seventh-generation models stayed above $40k for many years and show no sign of going down anytime soon. As with previous generations, the later Z06 cars are barely depreciating and are holding close to $80k.
Here is a link to the full Hagerty article:
Informative post, Glenn. Thanks.