Affordable Corvettes

One of the reasons Corvettes are so popular is that they've always been medium-priced sports cars with high-end performance. For instance, a new 2005 model costs about the same as a BMW Z4 or a Porsche Boxster, but has a level of performance commensurate with cars costing double its current $43,445 base price. Even so, that's a lot of money for a two-seat car, and prices for certain vintage Corvettes can easily exceed that figure, particularly for mint condition high-performance models from the 1950s and '60s. Original fuel-injected or big-block Corvettes often top $100,000 at auction.


But did you know you could be driving a Corvette for less than a new Miata? How about less than most used Miatas? Chevrolet has built thousands of Corvettes, and some are bargains just waiting to be snapped up. We'll provide an overview of the entire production run. For those not familiar with Corvette model designations, they are referred to by their series, as in C1 (the first Corvette series), C2 (the second series), etc.

C1 (1953-'62)
The first Corvette series is highly prized by collectors, even with very rough resto projects starting in the low $20,000 range. There are probably no big bargains here, although 1954-1955 models sell for less than 1953 ones. The first year for the 283-inch engine and 4-speed transmission was 1957, making this year worth more than the otherwise similar 1956 models. The 1958 through 1961 models are all worth about the same, while the 1962 model (first year for the 327-inch engine) is priced slightly higher. Engine options mean more than the year built, with "fuelies" (fuel injected models) being the most expensive. Beware of plain-Jane Corvettes "upgraded" into fuelies. Expect to pay $30,000 to $80,000 for a running C1.

C3 (1968-'82)
Now we start getting some bargains! The 1968 "Mako Shark" Corvette (so nicknamed because of its resemblance to a Chevy show car of that name) was initially well received, but the first model year had quality control problems. Buyers also complained that the 1968 was not called a Sting Ray; so, in late 1968, "Stingray" emblems (with a contracted spelling to differentiate from the earlier model) were affixed to all cars. For many years the 1968-1972 models had low resale values, but collectors are now discovering their merit. Rare 427-inch engine packages like the racing L-88 and the 435-hp L-89 now command over $80,000. The 427-inch engine was upgraded to 454-inches in 1970.


The same basic coupe and convertible bodies were used until 1972. They had small chrome bumpers on the nose, giving rise to the nickname, "chrome bumper cars." In 1970 the 350-inch LT-1 engine with 370 horsepower made the Corvette a highly responsive street machine, but in 1972 tightening emission controls spelled the end for high-performance engines. The 1968 to 1972 Corvettes' values are in transition, with mint, low-mileage performance models exceeding $60,000, but more common models with non-original engines or paint are available for as little as $10,000. These models have the greatest chance of appreciating in value down the road.