Bad Investment: 1990 Chevrolet Corvette ZR1 53 Mile Time Capsule – Sold!

Jan 2020 | Classifinds, Sports Car Saturday

Update: This one got away, but if you have your heart set on something similar, email us the details of what you’re looking for or call Rudy directly at (908)295-7330

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

Do you have a ZR-1 story you’d like to share?  Comment below and let us know!

0 Comments

Submit a Comment

Your email address will not be published.