Bad Investment: 1990 Chevrolet Corvette ZR1 53 Mile Time Capsule – Sold!
Listed this week on Craigslist in Belvidere, New Jersey is a 53 original mile, red over black leather, 1990 Chevrolet Corvette ZR1 that appears to be for sale by the original owner, who is currently asking $68,500. The #1 “Concours” estimate on the Hagerty Insurance Online Valuation Tool is $41,000, so the current caretaker is banking a buyer will be willing to pay a $27,500 premium for what is a 30 year old new car.
In 1990, the Corvette’s base price was $31,979 and the ZR-1 package added a whopping $27,016 for a combined total of $58,995. That’s the equivalent of $117,538 in today’s dollars. We suspect this seller bought his ZR1 on speculation hoping in 30 years it would be worth a lot more. Turns out that was a bad decision as ZR1 prices stalled in the collector car world for many years and are only now starting to see a modest rise.
Look up a decent financial calculator and you’ll find that the same $58,995 invested in 1990 in an S&P 500 index fund (with dividends reinvested every year and ignoring taxes) would be worth an estimated $1,032,246 today. That’s a much better return than having a new unused Corvette take up space in your garage for 30 years. The moral of the story – buy new cars to drive and enjoy!
Good luck with the purchase!
Here’s the seller’s description:
“EXCELLENT CONDITION 90′ CORVETTE ZR1 COUPE. KING OF THE HILL! ORIGINAL TITLE! PURCHASED AT DALE EARNHARDT CHEVROLET IN NEWTON NORTH CAROLINA“
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