2002 Chevrolet Corvette Z06: New Owner's Dream Car
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