1967 Chevrolet Corvette L88 Coupe and Convertible ($3.4 Million+)
Credit: Hagerty
The 1967 Corvette L88 Coupe stands as an iconic masterpiece among all Corvettes ever made, with a limited production run of just 20 vehicles that year. Boasting a powerful 427 cubic inch V8 engine, one of these coveted cars fetched an unprecedented $3.85 million at a Barrett-Jackson auction in Scottsdale during 2014, setting a new benchmark as the most expensive Corvette sold to date. This particular model is distinguished as the sole L88 finished in red straight from the production line. Its acclaimed, award-winning restoration justified a hefty sum, securing its status as the priciest Corvette for the foreseeable future.
Credit: Hagerty
Much like its coupe counterpart, the L88 convertible is incredibly rare, with only one known to exist in a stunning red color. It fetched $3.4 million at a Mecum Dallas auction, making it one of the most valuable Corvettes ever sold.
Credit: Mecum
In 2013, an exceptional 1967 Corvette L88 Convertible changed hands, marking the highest-priced sale of a classic Corvette up to that date. The allure of the L88 models extends beyond their limited production of just 20 units in 1967. They are also renowned for their powerful 427 ci V8 engine, delivering an impressive 430 horsepower, a remarkable feat for its era. The additional appeal of this convertible lies in the fact that it retains all of its original body parts, enhancing its collectibility and authenticity.
Credit: Mecum
1969 Chevrolet Corvette ZL1
The ZL1 Corvette is a super rare find, with just two of them ever made.
For the production year, 21 different engine choices were available with the creme de la creme being an all-aluminum 427 cubic inch V8 engine with Regular Production Order (RPO) code ZL-1. Created in mind to provide racers with a street-legal option, the ZL-1 option nearly doubled the price of a base Corvette in 1969, allowing this gorgeous car to run a quarter-mile in 11.2 seconds.
The upgrades featured a new crankshaft, a camshaft with higher lift, beefier connecting rods, aluminum heads reinforced with four extra bolts, bigger exhaust valves, and tougher bearing journals. Although a version released in 1969 introduced the open-chamber design with a slightly bigger combustion chamber, this particular car was too early to benefit from that engine upgrade.
Credit: RM Sothebys
Credit: RM Sothebys
One of these two Corvettes, a Monaco Orange color scheme with the black vinyl interior, was auctioned off an RM Sotheby Arizona auction for a hefty sum of 3.14 million, showing just how much collectors are willing to pay for its unique rarity.
1963 Corvette Z06 Tanker ($710,000)
This particular vehicle sold through Mecum Auction for $710,000 in 2016. Although it did not fetch nearly as much as some of the other Corvettes on this list, there’s an interesting history to the development of this model.
The 1963 Corvette Z06 Tanker is a highly sought-after and rare variant of the Chevrolet Corvette, especially cherished by collectors and enthusiasts. It was part of the first generation of Corvettes, known as the C2, which ran from 1963 to 1967 and introduced the Sting Ray moniker. The Z06 option code was introduced in 1963 to offer a performance package suitable for racing.
What makes the Z06 Tanker particularly unique is the “Tanker” part of its name, which refers to its large 36.5-gallon fuel tank, almost double the size of the standard tank. This feature was specifically designed for endurance racing, allowing the cars to run longer distances without needing to refuel as often, giving them a competitive edge in long-distance races like those at Le Mans.
2023 Corvette Z06 VIN 001 ($3.6 Million)
The second-most expensive Corvette on this list (and overall, based on all public auction data available), is this gorgeous 2023 Corvette Z06 with VIN 001.
Featured at a Barrett-Jackson auction, the hammer dropped to sell this vehicle for an astonishing 3.6 million USD. The winning bid for this car went to Rick Hendrick, founder and CEO of Hendrick Automotive Group, and best known as the owner of the NASCAR team Hendrick Motorsports.
In true gentleman fashion, the entirety of the proceeds from this sale went to Operation Homefront, which is a national non-profit organization that supports and benefits military families.
“The proceeds from the sale of this sensational Corvette Z06 will go a long way to helping us help our military families overcome their financial hardships and have the opportunity to thrive in the communities – our communities – they’ve worked so hard to protect,” said Brig. Gen. (ret.) John I. Pray Jr., president, and CEO of Operation Homefront.
Credit: Barrett-Jackson
This specific 2023 Corvette Z06, bearing the VIN 001, boasts the 70th Anniversary Edition package. This edition is decked out with unique Ceramic leather two-tone seats featuring suede inserts, a steering wheel wrapped in suede, and a distinctive set of luggage marked with the anniversary branding. It showcases a naturally aspirated 5.5-liter LT6 V8 engine equipped with dual overhead camshafts and a flat-plane crankshaft, and capable of revving up to 8,600 rpm, delivering a mighty 670 horsepower and 460 ft-lb of torque.
1963 Rondine Concept Car ($1.6 Million)
Credit: Barrett-Jackson
The 1963 Rondine (pronounced Ron-dee-nay and means “swallow” in Italian) Concept Car is a unique and historic piece of automotive design, a one-of-a-kind prototype based on the Chevrolet Corvette C2. Unveiled at the Paris Motor Show in 1963, the Rondine was crafted by the renowned Italian design house Pininfarina. This was a notable departure from the Corvette’s American design roots, showcasing what could happen when Italian style met American muscle.
Zora Arkus-Duntov is said to have exclaimed that “for the first time I now have a Corvette I can be proud to drive in Europe.”
Underneath its bespoke bodywork, the Rondine retained the Corvette’s chassis and mechanical components, including its 327 cubic inch (5.4 liter) V8 engine, capable of producing 360 horsepower. The body was made with heavy steel as opposed to fiberglass, so despite its less-than-optimal design, the Rondine was never intended for production. Instead, it served as a show car to demonstrate Pininfarina’s design expertise and their interpretation of an American sports car.
As an important piece of history for both Corvette and Pininfarina, it was kept in the Pininfarina until it sold in 2008 for $1.6 million in a private sale. Given the provenance of this gorgeous concept car, we’d say that’s a bargain.
Corvette Prices in 2024
The latest Corvette model belongs to the eighth generation, commonly referred to as the C8, which made its debut in 2020. This iteration marks a significant milestone for the Corvette lineage as it introduces a mid-engine layout for the first time, featuring a 6.2L LT2 V8 engine capable of delivering 490 horsepower and 465 lb-ft of torque.
Source: GoodCarBadCar Sales Data
The C8 is offered in two versions: the Stingray and the Z06. Pricing begins at $59,995 for the Stingray, while the Z06 version has a starting price of $86,995.
US sales data for the Corvette indicate an uptrend since 2019, with 34354 units being sold in 2023. With inflationary pressures, it will be interesting to see how the price of the C8 Corvette is impacted.
The 2024 Chevrolet Corvette is available in 18 trim levels. The entry-level, Stingray Coupe 1LT model starts at $68,300 USD. The price for the mid-range E-Ray Coupe 2LZ trim is $ $110,400 USD, while the Corvette Z06 3LZ comes in at $123,650 USD. Bear in mind that these are all MSRP prices.
As a sports car, Corvettes are no exception to high premium rates. According to Forbes, the average yearly premium for a 40-year-old Corvette owner is approximately $3000 a year.
While this is considerably lower than supercar or exotic premiums, auto insurance quotes are dependent on various factors such as the vehicle, driving history, and location, and other key factors that influence this cost include:
- Crash rate statistics: The Insurance Institute for Highway Safety (IIHS) doesn’t have specific accident statistics for the Corvette. However, for midsize sports cars from the 2020 model year, there were 76 fatalities per million registered vehicles. To put this into context, the overall average fatality rate for all types of vehicles stood at 38 deaths per million.
- Performance Characteristics: As the Corvette is a high-performance vehicle, it can increase the risk of speeding and accidents, which in turn can raise insurance premiums.
- Vehicle Value and Theft Rates: Corvettes, especially newer models or special editions, can be quite expensive. The higher the value of the vehicle (which can come with increased risk of theft due to its desirability), the more it typically costs to repair or replace, leading to higher insurance costs.
- Repair Costs: Corvettes parts aren’t cheap, so when repairs are required, specialized parts and labour are likely required which can skyrocket repair costs..
- Driver History: Age and driving record are the mainstays which can significantly impact insurance rates, especially for younger drivers and those with a history of claims due to accidents or traffic violations.
