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Javelin (Forum Supporter)
Javelin (Forum Supporter) MegaDork
4/25/21 3:30 p.m.

This 11-mile 2004 C5 Z06 CE sold for $45,750 in October of 2020 on BaT: https://bringatrailer.com/listing/2004-chevrolet-corvette-25/

The buyer never followed-through and the car got relisted and finished up yesterday at $65,000: https://bringatrailer.com/listing/2004-chevrolet-corvette-25-2/

That's a 42% ($19,250) increase in 6 months. 

Now the collector grade Corvette market is it's whole own discussion, and 04 CE's aren't exactly rare (over 2,000 made, and nearly all of them preserved less the GRM project), but is this the result of the market for V8/stick-shift cars going bananas with all the OE's announcing the death of ICE; the result of runaway inflation/economy; or both?

It's a little hard to wrap my head around...

Appleseed
Appleseed MegaDork
4/25/21 5:35 p.m.

Want to bet someone noticed the trunk was filled with 2x4s and pieces of plywood the second time around?

A 401 CJ
A 401 CJ SuperDork
4/25/21 6:18 p.m.

But the interior......!!

Carbon (Forum Supporter)
Carbon (Forum Supporter) UberDork
4/25/21 6:59 p.m.

Who knew printing printing and distributing so much money would hurt its value? Weird right? 

dps214
dps214 HalfDork
4/25/21 7:06 p.m.

I mean strictly speaking it didn't actually sell last year, and still could fall through again this time.

The 1-3 digit mileage cars like that are all either museum pieces or attempts at profitable investment. I wouldn't really pay attention to their 'values' because it's all gambling (or 'speculative' I guess to use a nicer word) and in no way relevant to any car that any of us would be buying or selling in all likelihood.

Javelin (Forum Supporter)
Javelin (Forum Supporter) MegaDork
4/25/21 7:35 p.m.
dps214 said:

I mean strictly speaking it didn't actually sell last year, and still could fall through again this time.

The 1-3 digit mileage cars like that are all either museum pieces or attempts at profitable investment. I wouldn't really pay attention to their 'values' because it's all gambling (or 'speculative' I guess to use a nicer word) and in no way relevant to any car that any of us would be buying or selling in all likelihood.

I agree that it's value in a vacuum is pretty meaningless (good luck trying to gauge what a 30K or 60K mile one is worth off of that price). For me the interest was the delta between October and now (and yes, it most certainly sold, the buyer was charged the full 5% Buyer's Fee of $2,137.50 despite not paying for the car) being such a large percentage. The reason why it's useful is because it's literally the exact same car, and not just a "similar" one.

dps214
dps214 HalfDork
4/25/21 7:44 p.m.

What I meant was the buyer backed out meaning the seller still had the car and didn't get any money....meaning it didn't sell. For all we know the same thing happens again. Probably not likely, but who knows.

Javelin (Forum Supporter)
Javelin (Forum Supporter) MegaDork
4/25/21 7:46 p.m.
dps214 said:

What I meant was the buyer backed out meaning the seller still had the car and didn't get any money....meaning it didn't sell. For all we know the same thing happens again. Probably not likely, but who knows.

Either way it still shows that the perceived value has risen 42% in 6 months. It still takes more than one bidder both times.

Mr. Peabody
Mr. Peabody UltimaDork
4/25/21 8:02 p.m.

In 2019 I bought a new 2018 race bike for $6100. It should be worth, maybe, $4000.

They're selling right now for $7500.

The current market is nuts

 

bearmtnmartin (Forum Supporter)
bearmtnmartin (Forum Supporter) UltraDork
4/25/21 11:00 p.m.

BAT has to be a laundry. The prices are so out of step with any other auction house or sales entity.

Mr_Asa
Mr_Asa UberDork
4/25/21 11:13 p.m.
Javelin (Forum Supporter) said:
dps214 said:

What I meant was the buyer backed out meaning the seller still had the car and didn't get any money....meaning it didn't sell. For all we know the same thing happens again. Probably not likely, but who knows.

Either way it still shows that the perceived value has risen 42% in 6 months. It still takes more than one bidder both times.

I'd still wonder if there is FOMO going on here.  Someone that saw it in October might be hellbent to get it now for whatever reason.

mazdeuce - Seth
mazdeuce - Seth Mod Squad
4/26/21 7:00 a.m.

I don't think BAT is a mature price market. 

Appleseed
Appleseed MegaDork
4/26/21 7:39 a.m.

In reply to mazdeuce - Seth :

It's a MDIBTY market:

My

Dick

Is

Bigger

Than

Yours

 

RacetruckRon
RacetruckRon Dork
4/26/21 7:57 a.m.

$65k for a 17 year old Corvette that's missing the center caps... 

Fueled by Caffeine
Fueled by Caffeine MegaDork
4/26/21 8:00 a.m.

Money laundering. 

Opti
Opti Dork
4/26/21 8:16 a.m.

I think its inflation.

Everything I look at is up. Most of my family is builders and they are complaining about the cost of raw materials, not just lumber, farmers are talking about the price of crops is way up, car parts I ordered 4 months ago that I needed to get warrantied were up 40 percent, gas is up, oil is up. EVERYTHING.

 

I was trading BTC this time last year when it was fluctuating between 6 and 9K. 12 months later its 61K. Makes me wonder if people are worried about the USD (speculation of future drop in value), or if we are already in an inflationary period and most people just havent figured it out yet (actual loss of value of USD)

spacecadet (Forum Supporter)
spacecadet (Forum Supporter) UltraDork
4/26/21 10:49 a.m.

It's a car with so so few miles and cream puff status.. that it's in a collectable condition and car collectors have shown they have money to throw around.... and the C5 market has only gone up for all trims and models over the past year.... ESPECIALLY the clean stuff.. 

There's no logic behind these prices.. Bring a Trailer really means Bring (THE HYPE and) a Trailer (full of money)

spacecadet (Forum Supporter)
spacecadet (Forum Supporter) UltraDork
4/26/21 10:49 a.m.
mazdeuce - Seth said:

I don't think BAT is a mature price market. 

Bingo

golfduke
golfduke Dork
4/26/21 11:40 a.m.

I know two people that have purchased on BaT.  One of them admittedly overpaid for a unicorn, bucket list car that he lustfully WANTED. 

The other bought a car at what he believed was fair market value, and the vehicle turned into a complete basketcase of epic proportions and seller hacks.

 

Take that for whatever it is, but I feel like both examples sum BaT up pretty well-  public auctions for people with more money than sense, and a fair share of shady dealers/sellers who know where the dumb money is at. 

 

 

docwyte
docwyte PowerDork
4/26/21 3:42 p.m.

On the flip side my friend sold his low mileage, very nice 993 C4S on BaT and much to his dismay it didn't sell for crazy money

rustomatic
rustomatic Reader
4/26/21 3:48 p.m.

I treat BAT as fiction.  Yes, I know there are people here who swear it's not and will probably prostrate themselves with bright, shiny check stubs to prove it.  That said, pro athletes really do take lots of steroids (and never admit to it), just like many auctions will not run without determined shills (while telling you they never re-list vehicles).

Javelin (Forum Supporter)
Javelin (Forum Supporter) MegaDork
4/26/21 6:00 p.m.

Well we'll see just how crazy BaT is, because I listed MY Z06 on there: https://bringatrailer.com/listing/2002-chevrolet-corvette-z06-30/

Javelin (Forum Supporter)
Javelin (Forum Supporter) MegaDork
4/26/21 9:38 p.m.

Well that escalated quickly... Bidding already over $20K.

Pete. (l33t FS)
Pete. (l33t FS) MegaDork
4/26/21 9:58 p.m.
Javelin (Forum Supporter) said:
dps214 said:

What I meant was the buyer backed out meaning the seller still had the car and didn't get any money....meaning it didn't sell. For all we know the same thing happens again. Probably not likely, but who knows.

Either way it still shows that the perceived value has risen 42% in 6 months. It still takes more than one bidder both times.

I got some sweet tulip bulbs, too.

Steve_Jones
Steve_Jones HalfDork
4/26/21 10:19 p.m.
Javelin (Forum Supporter) said:

Well that escalated quickly... Bidding already over $20K.

Cars & Bids reserve met :)

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