The World Famous Classic Corvette Collection |
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COLLECTOR CORVETTES: What Differentiates the Collector Cars... from toy, driver, or used car?
[text courtesy of Bloomington Gold] It's not uncommon for Bloomington Gold to receive calls from buyers asking details about the new "collector" Corvette they've purchased. We're happy to accommodate but puzzled why they often do it after the purchase rather than before. This article will touch on some of the points of interest prospective buyers ought to consider before purchasing a collector Corvette. First of all, what is a collector Corvette and what differentiates it from simply a used car? I guess nearly anything could be considered a collector Corvette in the eyes of the buyer/owner. In other words, "If I want it in my collection, then it's a collector Corvette, right? However, the traditional definition of a collector car would probably be that the market demand significantly exceeds the supply and therefore, its value on the auction block will reflect it. Some or all of the following characteristics drive demand and value. Does the Corvette you are considering have many, all, or none of them? |
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Probably older than 25 years (although there are exceptions) • Historic significance (the first, last, only, records. accomplishments, etc.) • Limited production • High horsepower • Rare or desirable color • Rare or desirable options • Racing history • Celebrity owner • Condition & authenticity • Limited number remaining • Unquestionably un-restored • Critical paperwork intact • Photos from new • Provenance of ownership Depending upon the number and degree of these characteristics held by the Corvette you are considering, Its collectability can be plotted somewhere on a scale from 1 to 10. In short, If the Corvette is an average restored, Iow-horsepower '64, '74, etc. with no interesting options, history, or knowledge about its past, it will probably not be considered much of a collector car and may score in the 2-3 range. However, that's not to say that it has no value. It may be the perfect Corvette for the person who always wanted an older Sting Ray to polish and drive and couldn't care less about its collectability. It will certainly be much less expensive, and 99 percent of the people who see it on the street won't know the difference anyway. And chances are that it may be re-sold many times thereafter Without losing too much money. However, as the boomers age, the values of non-collector Corvettes will not likely maintain the levels seen over the past 30 years. There is a very large supply of them and the corresponding demand by younger buyers will continue to diminish. So, are they collector cars? Probably not. On the other end of the scale would be a 1967 L88. It's a classic example of all the intrinsic characteristics of a collectible wrapped Into one: Limited production (20), high horsepower (5601+), historic significance (clandestine GM racing project), neat options (or lack of them), plus history in both road racing and drag racing. Some of the 20 still have original engines, loads of paperwork, and photographs to prove their histories. These would move the collector needle up to a 10. Obviously, collector Corvettes fit somewhere in between these examples. WHERE DO I START? Giving examples of all the potential collectable Corvettes available would be impractical. However, the easy examples would Include 1953-1972 Corvettes with interesting colors, high horsepower, and reasonably documented authenticity. Although there are numerous post-1972 Corvettes that are and will become more collectible over time, this article will necessarily limit its scope to pre-1973. With a general understanding of the characteristics that drive the degree of coIlectability, the fly in the ointment is trying to figure out the difference between the authentic collectible and one that's been "created" to appear authentic. Whether collecting artwork, antiques, or toys, the trick is to determine the real from the reproduction. Not always easy but very important When it comes time to writing the big check. Here are some things to take with a grain of salt when you hear or read descriptions about potential collector Corvettes for sale: Matching numbers, All original, Documented, Frame-off restoration, Restored by a Corvette judge, Award winner Granted, these are things we certainly want to hear, but unfortunately they are ambiguous or weasel words that can create an impression far different from reality upon inspection by a truly qualified Corvette expert. Ask the owner the following questions for each term in order to assure this is not misleading hype. Matching Numbers ALL ORIGINAL DOCUMENTED OFF-FRAME RESTORATION RESTORED BY A CORVETTE JUDGE AWARD WINNER After you have done the initial research and everything looks promising, be sure to consider a pre-purchase inspection done by a really qualified and trusted Corvette authority. Bloomington Gold is generally able to provide names of people specializing in the years and types of most collectibles. After getting some experience as a new collector, you will start to repeatedly hear the names of those who are excellent and can be trusted. Just remember: it makes a lot more sense to do the research and ask your questions before the purchase, not after It. For more information on Bloomington Gold. Visit their website at: BloomingtonGold.com Click here to check out ProTeam's Corvette news archives dating back to January 2006 |
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The World Famous Classic Corvette Collection |
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