May 27, 2011
We've had the Z06 up for sale for three weeks and slowly dropped the price from $22,900 (pretty aggressive) to $21,900 (more realistic) to $20,900 (priced to sell). The last price drop did the trick. I got a call Tuesday night asking if the car was still available and when could it be test driven? It was late when I got the call so I texted back and arranged to show it Thursday night. Over the ensuing two days we exchanged texts about the condition of the Vette and I answered several questions. I got the sense that this buyer was for real.
Last night, Cliff Hurff showed up with a friend to drive the Z06. I found out that he is 23 years old and a part-time student. He loves cars and has already owned 10 different vehicles including an '02 Camaro. He has always wanted the Z06 and calls it his "dream car." But surprisingly, this is the very first Corvette he has ever driven. And he drove it well on the test drive, despite the fact that he hadn't worked a clutch for over a year. After the test drive I told him the title and the service records were in the house so we went inside. Notice, we hadn't discussed price yet.
Cliff looked over the service records, seemed satisfied, and then, hesitantly asked, "How flexible are you on the price?" I asked what he had in mind? He said, "I'm thinking $19,000..." I pondered this and said, "The lowest we can go is $20,000." He shrugged and said, "I guess I can do 20." We signed papers and a few minutes later I took this picture of Cliff next to his dream car.
It was a point of pride to be able to get the same price for the Corvette that we paid for it a year and a half (and 17,500 miles) ago. That doesn't happen very often. With the previous muscle cars I've sold, the depreciation has been less than main stream cars but still significant. But I'm not going to be like the guy that goes to the race track and only brags about the bets he won. We did put new tires on the car, a water pump and paid for some other repairs. So it wasn't exactly free transportation. But it did hold its value remarkably well, especially at a time when gas prices are through the roof.
Philip Reed, Edmunds senior consumer advice editor @ 59,690 miles
May 13, 2011
So what could you do with our Z06?
Because it's a relatively low mileage car in fairly good condition, and because it is a Z06 (they have much smaller production numbers) it could be added to someone's stable of cars as the occasional weekender. It would be a shame to turn this thing into a coffee table, but sadly that's the life a lot of Corvettes lead. It's a thorough cleaning and a fresh driver's seat away from living it's life in a climate controlled garage.
But because it's a Z06, it's also ripe for some track action. Faster than anything in this price range, you're just not going to be able to buy anything that you can drive to the track, pass a bunch of people and then drive home in for less money. Slap in a good seat, a roll bar, some belts and a good set of tires and use the car for what it was designed to do.
I know what I'd do. How about you?
Kurt NIebuhr, Photo Editor @ 59,214 miles
May 10, 2011
As you know, we're trying to sell our beloved 2002 Chevy Corvette Z06. We don't want to, but after 15 months, nearly 20,000 miles and 197 blog posts there just isn't much left to do with our silver bullet. With that in mind, I took the Vette on a farewell drive. The drive took two days.
This is a great car. A car I could own. I love it. It makes me happy. It's comfortable and mellow when you need it to be and stupid fast when you want it to be. It sounds great, has awesome air conditioning and a huge trunk.
But, as sad as it makes me, our Z06 has got to go. What should we replace it with?
An NSX? A Defender 90? A new Ford Explorer? A certified pre-owned Audi RS4? A Prius V? How about an E39 M5 or a used C6 Z06? What the next car or truck you want to read about?
Scott Oldham, Editor in Chief
May 05, 2011
Our Z06 is now for sale at $22,900 and we have an ad for it on AutoTrader and a barebones "walk around" on YouTube.
May 02, 2011
After nearly 60,000 miles of fun the brakes on our 2002 Chevrolet Corvette Z06 sound like this.
April 07, 2011
New cars are our thing. We only delve into the used car world from time to time for something fun like a 1985 911, 1984 308 GTSi or in this case a 2002 Chevrolet Corvette Z06. So it isn't common that our registration renewals include a smog-test due notice. That's just what happened with the Z06. Do you think it passed?
April 29, 2011
A few days ago I asked what you thought was a good asking price for the Z06 that we'll be selling soon. I was pleased to see that most of you took the question seriously and posted some good comments and tips for the selling process. We've been mulling this issue too and here's what we came up with.
While Edmunds TMV is a great starting point, every used car is different and the price needs to be adjusted for local conditions and for the target buyer. We also like to see what our competition is so we go to Autotrader.com and browse the cars already listed for sale. Then we think about how the price is going to look and how the negotiations will go down. For instance, in this case, we want to stay north of $20,000 so we're going to have to build in some wiggle room to allow for haggling. So, with all those factors in mind, here's what we came up with.
Drum roll please. Our asking price is $22,900.
We think we have a strong candidate because, for a 10-year-old car, 58,000 miles is pretty low. Also, we have new tires, water pump and brakes. The paint is in excellent condition and there are, as they say, "no stories" -- nothing that needs to be explained or justified.
So, we'll be posting the car soon on AutoTrader and eBay classifieds, as well as creating a video walk around. Wish us luck in finding a good home for this great car.
April 26, 2011
It's been over a year of nearly uninterrupted Z06 fun and now it's time to let someone else take the wheel. We're starting to think of separating ourselves from this fine machine and as the sadness grows, so does the need for the right price -- asking and transaction.
The process usually starts with a trip to our TMV guru. No preamble is necessary, just: "2002 Corvette Z06, silver, 58K miles." He closes his eyes and leans back. "I'm gonna want to say..." We wait breathlessly. Meanwhile, other editors throw out prices. With each number comes a point of view, a value judgment about the worth of the car, the strength of the market, the great unknown of gas prices.
We've settled on a price and our ducks are nearly in a row. Before we break the unbearable tension, and name our price, does anyone else have an opinion? (That was a joke.)
Philip Reed, Edmunds senior consumer advice editor @ 58,805 miles
April 20, 2011
The Vette's Average Speed display can be cleared by pressing and holding the Reset button. And hopefully, at least a handful of times while with us, it has been. Otherwise, this slightly-faster-than-school-zone average MPH demands an awkward explanation.
Don't blame me though, friends. No, I whip the old SwissAmeriFranco snot out of this car every chance I get. Set the cruise control at 118, blasting Diamond Dave-era Halen and chain-smoking Gitanes down the length of the San Diego Freeway. And that's just on a weeknight. I really can't answer for my colleagues if they're driving the Z06 like the Leaf.
Damn Leaf - everyone trying to tow a rainforest behind their cars now...
Dan Frio, Automotive Editor
April 15, 2011
Can we keep it a little longer? At least until September? I'll wash it every week, promise.