Long time friend asks for my help

[magoo]

I just spent the evening with a very good friend of many years looking at a 92.
Of course he is asking for my help and opinion on buying this car. I am very new to anything newer than a C-3 so here I am for advise again. The car is a beautiful 92 cp. white with red interior, tinted removable top, sport seats, adjustable suspension, and chrome wheels. It has a 160 stat, K&N air filter, performance chip, and Flowmaster true dual exhaust. It is an LT-1, automatic, with 15000 original miles. The car really looks show perfect, it is spotless everywhere. Asking price is $25,000 and is probably somewhat negotiable. I think from the threads I've read and participated in that this is probably too much. Please chip in with any response that comes to mind. This friend deserves my help. Thanks

Mike

 

[DRTH VTR]

That seems high to me, but I am no expert. I think it is possible to buy a pretty good C5 for less than that.

However, if that is JUST the car he wants, he will have to decide whether it is worth that to him.

 

[B17Crew]

I feel the price is considerably over the current market value of a ’92 LT1 coupe.

You can purchase a mint ’96 LT4 coupe for that price. For your reference, here’s a link to Rogers in Orlando, Florida. Their prices are high, but they specialize in high quality Corvettes.

http://www.rogerscorvette.com/generationlist.php?GenerationID=C4

B17Crew

 

[Dirtfarmer]

I went to the Kelly Blue Book site and ran the info you provided. It came up at around $10,000.

With more info you could dial in the price a little closer.

 

[wishuwerehere82]

PM Gmjunkie.
He has a nice selection of C4's including a nice Arctic white LT1.
Much more reasonably priced than that.
http://frontiermotors.biz/C4Corvettes.html

 

[Toms007]

The low mileage helps some with the price, but IMO $25K is too much. There are really nice LT1 cars out there for $12-16K.

Is your friend going to drive it or just put it in the garage and look at it? If he is going to drive it, the miles he puts on will really hit hard on the value. I'd look elsewhere myself, hey there's a 1993 ZR1 in ebay with about the same miles for just a bit more than the asking price of the 92 in question.

Again, this is just my opinion.

 

[Sunstroked]

I would hate to tell someone not to buy a great car, but that price seems really steep.

 

[rascal_rascal_99]

That sounds to me like it's about 10k too high...about what Toms94 said too. The only way I could possibly even justify anywhere close to that price is if the car were a perfectly kept mint condition garage queen...which it is definitely not as it has had some modifications done to it, even though minor and easily reversable. I would strongly encourage your friend to look elsewhere.

 

[XS-Style]

For 25k Id have that 01 Z06 Junkie has for sale

 

[magoo]

Thanks guys for all the replys. I printed out all the links for references you provided to show him. I checked the Kelly one myself and got the same results, which seems a little too low for the car. (IMHO) Are these like the earlier cars where the standard shift cars and verts are worth more? Our local dealer, Stoudt Auto Sales has a web site also and I've checked it. They don't seem to have many good comparables but their prices do seem a bit high. Any other thoughts or input is surly welcome. Like what type of offer could be made without offending the seller? Thanks again

Mike

 

[vett boy]

GM Junkie has an 03 over there thats not much more money and it is special.

 

[GS Diva]

I agree with the others...the $25k price is way too much, even with the low miles. For that kind of money, your friend can get into a C5. Have him continue to shop! It's too easy to fall in love with the first one!!

Elaine

 

[vetwanna]

Hi,

Just wanted to put my .02 in. I agree with the other about the price being high. I bought a great 96 LT1 Coupe from GM Junkie last year for less and the car is about as close to perfect as you can get.
Plus whenever I have a question GM Junkie is there to answer it (even my dumb questions) I had him recommended to me last year when I was a newbie looking and it was the best advice I could have received.
Kevin

 

[catbert]

Apparently it's worth more to him that a nice C5. It doesn't seem to be a realistic price in today's market. If he's done any homework he knows that.

 

[jrzvette]

Apparently it's worth more to him that a nice C5. It doesn't seem to be a realistic price in today's market. If he's done any homework he knows that.

Could be the seller is trying to swap out of his 92 for a nice C5.

I have to agree with the others, the car may be nice but it's way overpriced. If your friend wants to spend that much on a C4 automatic tell him to buy any of the 96s from Rogers. At least he'll get a guaranty with the car as well.

 

[Sunstroked]

Honestly I dont think you could make a reasonable offer to him without offending him (the seller). The sad fact of the matter is that the car isnt a collectible, yet. Sure it may be in like new condition, but thats his loss for not driving it. The LT 1 cars are really fun to drive. I would'nt offer anything more than 15K. And that would probably **** him off so bad you would never come to an agreement. But its your friends money, and if he and the seller reach a deal that they both feel good about then it doesn't matter what I or anyone else thinks its worth. If you ever watch any of the car auctions on TV such as the Barrett- Jackson you will hear the commentator say "that was a well bought car" or "a well sold car". Some events will bring prices several thousands of dollars higher than others. That happened this yr between the Scottsdale event and the Palm beach event. The early corvettes were selling for 25-30k less at the FLA event. It was all about the money in the crowd. If I were your friend, for 25k you could pick up what is a collectible C4. The ZR-1 or a Grand sport. Both of these cars are getting 25-30k for clean low mileage examples and their wont be a question of "did I pay too much"?