Here's Why the Corvette Z06 C5 Is Expected To Go Up in Value in 2024

Not surprisingly, it's the classics that get the most attention nowadays. The C1 is revered as one of America's first sports cars, while the C2 stands out as a gorgeous rig with big muscle. The early third-gen Corvette gave us the ZR1 and ZR2 before it got ruined by the Malaise Era.

The C4 also morphed into a fully-fledged classic. Not only did it bring back the ZR1, but it also revived the Grand Sport as a limited-edition model. Both are sought after and are becoming increasingly more expensive in low-mileage, tip-top shape.

The fifth-generation Corvette, however, is not there yet. Launched in 1997, it's not old enough to be considered a classic. And even though it's awfully dated technology-wise, it's still labeled a somewhat modern car.

It will take at least one more decade for the C5 to move into classic-related territory, but a particular version is already going up in value. I'm talking about Z06, which Chevrolet offered from 2001 through 2004.

Regarded as a performance bargain throughout the 2010s, the C5 Corvette Z06 has been increasing in value for a couple of years now. Granted, prices didn't go through the roof like they did with some golden-era models, but the early 2020s Z06 saw a slow but steady increase in value, especially at public auction events.

The car also made it on Hagerty's 2023 Bull Market list. It wasn't the only modern vehicle on that list, but it shared honors with notably more expensive supercars like the Lamborghini Murcielago and Mercedes-Benz SLR McLaren. Both were valued at more than $300,000 at the time.

Interestingly enough, the 2003-2008 Nissan 350Z was also on the list with an estimated value slightly higher than the C5 Z06. Specifically, the Japanese sports car had a $37,500-$44,900 tag, while the Corvette was valued at $31,400-$39,300.

Well, Hagerty was right. The C5 Z06 had a solid 2023, and many examples crossed the block for more than $30,000, a sum that would have been considered outrageous only a few years ago. But the range-topping C5 actually fared better than estimated. Many highly original and low-mileage units surpassed the $40,000 mark.

Moreover, a quick look at the 2023 Corvette C5 Z06 auction results reveals that a few owners pocketed $50,000 to $54,000 for their low-mileage rigs. And by "low mileage," I mean cars with less than 5,000 miles (8,047 km) on the Odo, which basically makes them almost brand-new garage queens.

Sure, this means that examples with more than 30,000 miles (48,280 km) can still be had for less than $30,000, but the fifth-gen Z06 is no longer a bargain unless you settle for a high-mileage unit that requires a lot of maintenance. And you know what? This 'Vette will only get more expensive in 2024.

The low-mileage gems are coming out of storage

2023 proved that the C5 Corvette Z06 is slowly but surely moving toward collectible status. As a result, more owners are taking their low-mileage examples out of storage to make a profit. Several cars with just a few miles on the odo are scheduled to cross the auction block in the first months of 2024, and pricing estimates are far higher than those for 2023.

Some of these 'Vettes were driven for fewer than 300 miles (483 km), and I even found a couple of them with dealer miles on the clock. These Z06s are estimated to change hands for $60,000 to $80,000. It's worth noting that some cars have the Commemorative Edition package, which was offered in 2004 only to celebrate the Corvette's 1-2 win at the 24 Hours of Le Mans.

It's the greatest C5 Corvette ever built

Starting with the C6 generation, the Z06 slotted between the regular Corvette and the supercharged ZR1. But things were different with the C5, which never got a ZR1 version. When the Z06 debuted in 2001 as a nod to the original version from the 1960s, it was advertised as a successor to the C4 ZR1.

And even though it wasn't quite as powerful as its predecessor, it outperformed it in every department except top speed. It was also remarkably light at only 3,118 pounds (1,414 kg). Not only was it 127 pounds (58 kg) lighter than the regular C5, but the Z06 was also a whopping 347 pounds (157 kg) lighter than the C4 ZR1.

Come 2023, the C5 Z06 remains the second-lightest Corvette built ever since. The sixth-generation Z06 was marginally lighter at 3,073 pounds (1,394 kg).

Chevrolet rolled out the first modern Z06 with a retuned version of the standard LS1 V8 engine. Called the LS6, it generated 385 horsepower and 385 pound-feet (522 Nm) of torque. In 2002, the Z06 gained an additional 20 horsepower for a new rating of 405 horses. Torque jumped to 400 pound-feet (542 Nm).

The upgraded version needed only 4.2 seconds to hit 60 mph (97 kph) from a standing start and covered the quarter-mile in less than 12 seconds. Its top speed came in at 175 mph (282 kph). All these figures were pretty impressive for the era and make the C5 Z06 a solid performer even more than 20 years later.

The Commemorative Edition has "collectible" written all over it

While the Z06 itself is special due to its status in the C5 lineup and limited production run, the Commemorative Edition stands out as the true collectible of the series. For starters, it was sold for one model year only. It also marked the end of C5 Corvette production in 2004.

The package itself gave the C5 more exclusivity through a special paint called Le Mans Blue Metallic and silver/red stripes running down the center of the car. The bundle was available on any Corvette, but only the Z06 version got the carbon fiber hood and polished wheels.

The Z06 Commemorative Edition is also a relatively rare sports car, having been produced in just 2,025 units. For reference, Chevrolet sold 28,388 Corvette Z06 units from 2001 to 2004. No wonder the Commemorative Edition goes under the gavel for more bucks, right?

Buy one in 2024, or prepare for six-figure stickers

If you're in the market for a pristine, low-mileage C5 Z06, 2024 might be a good year to get one. Yes, they will be more expensive compared to 2023, but prices will only continue to increase. Estimates for low-mileage, as-new examples suggest value could go up to anywhere from $60,000 to $80,000.

That's an increase of 20% to 40% compared to last year's auction results of $40,000 to $50,000. And if this trend continues, C5 Z06 garage queens may end up commanding close to $100,000 as early as 2025. And needless to say, I'm betting on the Commemorative Edition examples with dealer miles to actually blow past the $100K mark in less than 18 months.

Some examples will remain somewhat affordable

There's no doubt that all C5 Z06s will become more expensive in 2024. However, well-driven, higher-mileage cars will continue to move under the $40,000 mark. And they remain a solid option if you're not looking to buy one as an investment.