1967 Corvette Sells for Record Price

September 12th, 2013

1967 Corvette L88

Corvette.

What’s the first image that comes to mind when you hear the word? While probably not the most flattering of terms, cheap thrills is what comes to my mind first.

The Corvette, by design, is a vehicle meant to provide a lot of horsepower and cubic inches at a fraction of the price of cars with comparable power. That’s true whether you’re looking at used Corvettes or even the new C7 Stingray.

One thing I don’t associate with Corvettes is the term “million-dollar car,” and certainly not $3.4 million car.

That all changed, though, this week.

A 1967 Corvette sold at an auction in Dallas this week for nearly three and a half million dollars. The most expensive Corvette ever sold, at least publicly.

Granted, this isn’t the usual Corvette you see parked and for sale at your neighborhood 7Eleven store. The record-breaking car is an L88 version, one of only 20 produced that year and of only 216 built between 1967 and 1969.

CNN Money says,

Equipped with a 430 horsepower V8 engine and a four-speed manual transmission, this L88 was taken straight from the dealership to the drag strip with only minor performance modifications. The car went on to win the 1967 Indy Nationals. Its first owner, Jim Elmer of Portland, Ore., sold the car after he damaged the transmission and rear end and General Motors rejected his warranty claim citing racing use.

That sounds about right for a Corvette, yeah?

Being so rare and having a genuine racing history, though, is what pumped up the price on this machine. It’s pretty, for sure, but $3.4 million? A quick search of the CarGurus used listings shows more than 50 1965-1969 Corvettes for sale, most of which are priced under $40,000. They aren’t the L88 version with a racing history, but is that worth an extra $3.36 million?

I don’t think so.

Is $3.4 million for a 1967 L88 Corvette justified?

-tgriffith

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  1. Anders
    | #1

    A product is worth what the buyer is willing to pay, and the seller is willing to sell it for. So yes, it is worth it to THAT buyer.

    For most of us, NO car that you can drive on the street is worth that.

    This particular setup in a Corvette, I would be willing to pay more than 40K though ;)

  2. Randy
    | #2

    Apparently there were at least 2 people who wanted that car REALLY bad, and folks with so much money that the cost really didn’t matter. I’m always surprised when people who seem stupid have so much money, but many of them inherit it or win the lottery. I’m really happy for the seller, though, who probably got a heck of a return on the investment. No so for the buyer, who likely will find out that as the graybeards start to die off, the market will be flooded with cars like this.

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