Things that somehow still happen in the used car market continue to surprise gearheads. There’s no denying that an L88-powered Chevy built after the golden era of the 20th century will fetch the big bucks at almost any auction. If it’s in good condition, that is. But paying over $600,000 for a car in this economy could backfire. Even more so, this particular model brings not only an exciting auction but also a warning. Here’s what you need to know.
Chevrolet made just 216 Corvettes with the L88 package that included the famous 427 cu-in V8 engine. This one was used as a dealership demonstrator and it was drag raced. But the iconic vehicle wasn’t put to through hell for nothing – it set two American Hot Rod Association (AHRA) class world records. And it did all that for the original price of $7,027, which in today’s money would be worth around $50,960.
During its lifetime it went through a refurbishment, had six owners, but also won the Duntov Mark of Excellence Award in 2015. Afterward, it was modified to remind watchers and fans of its racing past. But three years later, the Chevy went through another repainting process which gave it the Riverside Gold original color as part of an effort to bring the vehicle back to its original configuration.
It didn’t have an easy life. However, these cars are very rare. But besides not coming up for auction very often, this Corvette Coupe ups the ante by still having its numbers-matching L88 V8 under the hood together with the original carburetor, radiator, transmission, exhaust system, and rear-axle housing. Just the car’s engine could be considered a point of origin for a great gearhead story. Chevy made it and sold it despite the ban on racing imposed by General Motors. They even advertised as producing less power and designated the power unit as good only for off-road use.
Even though it got away for $631,000 on Bring a Trailer, the story of this 14,600-mile (23,496-kilometer) vehicle might show why the used car market could be in a pickle soon. This exact model was listed for auction back in March when it attracted a final offer of $640,000. But the reserve was set higher than anyone expected, and the bidder didn’t win. Now, it was sold for $9,000 less.
What the current winner paid for this 1969 Chevrolet Corvette Coupe L88 isn’t pocket money. But factoring in the inflation numbers and the price change, one could presume we’re heading towards a not-that-hot used car market. In this case, the seller tempered their expectation by setting a lower reserve, while bidders weren’t as convinced about splurging on what can be safely considered a fantastic vehicle, a car that encapsulated the essence of the free American spirit of that age.
Moreover, the auction didn’t attract as many bidders, watchers, and enthusiasts as the previous one. The March offering had 565 comments, over 95,000 views, and 3,310 watchers, while this one registered only 187 comments, over 43,000 views, and 2,800 watchers at the time of writing.
Finally, one cool and expensive car can’t tell us for sure if the used car market is cooling off. But it points towards a much less effervescent auction environment. Let’s see how October and November look. Things might rebound. If not, well... Then we’re going to be in a downtrend. And it might get ugly.
Car shows on TV and his father's Fiat Tempra may have been Florin's early influences, but nowadays he favors different things, like the power of an F-150 Raptor. He'll never be able to ignore the shape of a Ferrari though, especially a yellow one. Full profile
Would you like AUTOEVOLUTION to send you notifications?
Google News