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
sabastian says:
02:48 PM, 04/26/11
I'm really surprised that you ever got this thing for $20k in the first place, but then again you also got the Miata for $2k. Maybe there's something in the water in SoCal. I just took a quick look through ebaymotors, and the closest thing I could find to your car was this one:
http://cgi.ebay.com/ebaymotors/2002-Corvette-Z06-Silver-w-black-Interior-6sp-LS6-/320690318968?pt=US_Cars_Trucks&hash=item4aaaa1ee78#ht_500wt_1182
Buy it now is $22k which is more than you guys paid 20k miles ago. Like I said, I'm surprised you got your car for the price that you did.
parchisi64 says:
02:48 PM, 04/26/11
I wager Eleventy Billion
maxedoutmax says:
02:59 PM, 04/26/11
I'd say 20k... the car is relatively low mileage and no known issues.
agnh says:
03:04 PM, 04/26/11
$18900.
tmanz says:
03:14 PM, 04/26/11
two words "Charity Raffle"
adavis2493 says:
03:25 PM, 04/26/11
I'd say $21,900. You've seemingly put a fair share of money into it, and it is also fairly low miled for the age. I'm sure you can find somebody who is willing to buy it.
Here's a little tip though. I had to sell a deceased family members 2004 Volvo C70 w/ 41,000 about a month ago. The estimated value for it was around $11,000, but I decided to start a little high at $12,700. I put a note on the window that it was for sale, and then I went to my local Volvo dealer to see what they would give me.
I pulled into the Volvo lot, and was approached by a young guy who was looking for a new car.
He then bought the car from me on the spot for over $1,500 above KBB for excellent condition (it was in fair-good condition).
Anyway, what I am getting at, is that you should take it to a dealer or something Corvette related and approach your clientele first.
hybris says:
04:23 PM, 04/26/11
$25,000 considering the work you put in and didn't you guys just put new tires on this thing?
mmmmmmmm3 says:
04:23 PM, 04/26/11
For "good" condition private party, Edmunds TMV puts it around ~ $17K. The other major pricing website puts it around $20.5K. I find Edmunds low but $20K is probably optimistic.
I'd say $19.5K for sale price. I'd probably stay under $20K when posting for sale to attract more attention and make it known that the price is firm.
ebsz says:
05:32 PM, 04/26/11
It would have been cool to see what this car could have done on the track with the new tires.
blkzeosix says:
05:37 PM, 04/26/11
Just let go of mine for 18,750 w/ 69,xxx miles. I was higher mileage but had new brakes and PS2's. I'd say starting at 19,500 and being able to come down to 18,750 range would make it a fair deal for both parties. GLWS!
silverstang1 says:
05:38 PM, 04/26/11
lol theres always Carmax. Cant believe you guys sold the 2005 Mustang to carmax. but im glad you did or I probably never would have had it.
09cobaltsstc says:
05:57 PM, 04/26/11
These hold there value very well. I would say put it up for 22k obo. In Arizona I see them on CL for 20-27k with around the same miles. They are a great value for the preformance you get. I have been considering getting one so I look pretty often I very rarely see them below 20k.
wjtinatl says:
06:03 PM, 04/26/11
In NW Florida, 'Vette's are extra strong on resale. Down here, I'd say 23.5k. But on the left coast my number would be 21k.
diddiyo says:
07:36 PM, 04/26/11
wjtinatl,
i just bought a 2003 z06 from a dealer in tampa. 1 owner, 30k miles, well maintained, clean carfax, brand new tires etc. got it for $24,000
$23.5k for a 2002 z06 that's close to 60k miles... not so sure.
joefrompa says:
04:10 AM, 04/27/11
$19,800 is what you will post it at - I don't think you guys have the chutzpah to put the car for sale above what you paid, but you also know you got a good deal on it originally. :)
stingray454 says:
07:21 AM, 04/27/11
Wow, I'm pleasantly surprised at the numbers seen here. This car definitely holds its value well. I have no intention of selling mine anytime soon, but it's nice to know it's still worth quite a bit. Mine has exactly 3,000 fewer miles on it than Edmund's, but mine is Electron Blue (more desireable color). I paid $47.5k for mine brand new back in 2002, and it's nice to know I can still get a little less than half of that amount back if I sold it today, nearly 10 years later. Hell, I consider its resale value gravy, as I feel like I've received $47.5k worth of fun and enjoyment out of the car already.
banhugh says:
08:28 AM, 04/27/11
they got a good deal based on the original engine problem the car had. Read the first few blog entries on it...
They fixed it, but on the other hand used it for an extra 20k miles. But then again they replaced the tires which I hope are now around half way done I would say sell it exactly as much as you bought it and give yourselves a pat on the back!
blkzeosix says:
09:57 AM, 04/27/11
But before she goes, post a video with some smoke billowing out of those rear fenders. I mean, you wouldn't want to give it to the next owner with too much tread left now would ya.
skyggge says:
12:37 PM, 04/27/11
As other people have mentioned, you guys got a hell of a deal the first time around. In DFW similar Z06's go for at least $24k (when you guys first got it).
dougnash2009 says:
01:19 PM, 04/27/11
Did you guys play at Recreation park when you were finished taking photos...?
02z06dave says:
01:48 PM, 04/27/11
i think like some have said that 20k is a good starting point.
those who think they should ask more because of the money they have put into it are stupid. fixing problems that come up dont make it worth more money. if anything less money because it has a history of some problems.
ptcdawg says:
02:20 PM, 04/27/11
How does the price they paid for the car relate to what it is worth? Answer, it doesn't.
yeslawrence says:
02:35 PM, 04/27/11
There has been what seems like a strange uptick in the price of used cars... i sold a 2005 elise back in 2009. At the time i priced it comparable to the other ones that were sale. I took a look at the prices of 2005 elise cars for sale just recently and they were slightly higher than i sold mine for!!! Not sure if they are getting what they are asking, but maybe since the economy seems to be doing a little better, it has helped used car prices...