tMichaelis Corvette Perspective

Did your 401K turn into a 301K or 201K a couple of weeks ago?

Many people I know still like to keep their money or at least part of it in tangibles, ie: collectibles, real estate, and, of course, Corvettes and at the end of the day they, at least, have something they can touch, use, and enjoy and not be at the mercy of the whimsical minute to minute greedy market shakers, market makers, and market breakers.

Collectible Corvettes have a track record that transcends decades and their popularity knows no boundaries as evidenced by our customer base of 38 foreign countries and all 50 states.

At light at the end of the tunnel? Need proof?… Barrett-Jackson in Vegas Does 27 Million in the inaugural event taking place October 16th-18th, 2008. Proof that there was no shortage of money for collectible cars considering that this was a first time event/location that took place shortly after the post bailout financial scare.

Food for thought!! email: terry@proteamcorvette.com

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In 1970 Chevrolet Corvette introduced to the racing world a new street legal racing machine. The racer was dubbed the ZR-1. Production was limited to 1970, ‘71, and ‘72. Altogether for the three years, ZR-1 Corvettes totals 53 cars; 25 were produced in 1970, 8 in 1971, and 20 in 1972. Racers saw the natural roll bar effect of the coupe as a safety advantage and, as a result, there are few convertibles.

What is a ZR-1 Corvette? A ZR-1 Corvette is an LT-1 equipped Corvette produced in 1970, ‘71, or ‘72. ZR-1’s were specially equipped with all the heavy duty racing equipment  that had previously been used on the L-88 Corvettes of 1967, ‘68, and ‘69.  The only other Corvettes to receive this special group of heavy duty racing equipment in a package were the ZR-2 in 1971. The ZR-1 included the LT-1 engine, M-22 transmission, heavy duty J56 power brakes, transistorized ignition, special aluminum radiator, and special springs, shocks, and front and rear stabilizer bars.

ZR-1 identification features: (1) LT-1 engine, suffix CTV-1970, CGY-1971, or CKY-1972, (2) J-56 heavy duty brake package with dual pin front brake calipers (power), (3) F-41 heavy duty suspension package, 7 leaf rear spring, heavy duty shock absorbers, heavy duty 5/8″ front sway bar and heavy duty rear spindle struts, (4) M-22 (rockcrusher) transmission, (5) large aluminum radiator with expansion tank (no other LT-1 equipped car has an expansion tank), (6) steel fan shroud, other than 1972’s (most), (7) radio delete (no fenders drilled for antenna). The ZR-1 package could not be ordered with any creature comforts, ie: air conditioning, power windows, power steering, radio, alarm system, rear window defroster, or special trim items like P02 wheel covers.

The ZR-1 cars are the rarest small block Corvettes ever produced. The most common ZR-1 (the 1970) has only 5 more than the rarest L-88 (1967 - 20 units total). The ZR-1 cars are about five times rarer than L-88 cars.

You can see a pair of ZR-1’s Go to: 1970 - NSN-CG2 or 1972 - 241Z

note: portions of this article were taken from Vette Vues Magazine

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This is 2008 (not 2006 or 2007) and little in the news provide for anything euphoric, ie: the fuel mpg fracas, home mortgage fiasco, short sales, grain prices, oil dependency, the upcoming election, the Iraq war, US dollar devaluation, chicken little, and the media… pick your favorite fairy tale, etc.

So do we put off the joy and fun of owning a Corvette? Do we sell the Corvette we currently own? NO!! Because once we get these issues behind us, the new buyer and current Corvette owners will have had 2 or 3 years of cheap fun and you’ll probably do better than break even which is much better than you’ll ever do on your new microwave, plasma TV, washer/dryer, refrigerator, Cadillac, or SUV… Although I do enjoy those after 6:00pm moments of cold beer that I pull out of my depreciating fridge but I call that “The Fun Factor!”

fact one: Gas is cheap compared to the $3.00 to $5.00 12/16 ounce bottle of water that we purchase at sporting and other special events.

fact two: Do you hear the sucking sound of Corvettes leaving North America? Americans love their Corvette but so does the rest of the world and dozens are leaving every month due to the deep discount that foreigners get when buying US dollars, US products, and US companies which means every year there will be fewer Corvettes in North America and the remaining will plain and simply cost more due to supply and demand.

Who ‘da thought that anyone could afford to buy Anheiser Busch? Well, certain foreign companies would get a 30 to 40 percent discount on price offered due to the US dollar devaluation.

Buy… if that purchase does not stretch your rubber band and you plan on enjoying that purchase for two to three years.

Sell… If you need the money or have a better place to put that money but do not wait too long as the US economy will probably get worse before it gets better.

Hold… see above and do not forget to figure in the”fun factor!” I will!

comments? email: terry@proteamcorvette.com

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What is Documentation: Documentation is generally referred to as factory and dealer delivery paperwork, ie: window sticker, tank sticker, shipper copy, warranty book/protecto-plate, dealer invoice, dealer bill of sale, owners manual packet.

Fact one: Most older (1953 to 1981) Corvettes do not have any form of documentation. A Corvette with documentation is the anomaly!

Fact Two: Bloomington Gold and NCRS judges do not judge documentation and documentation is not required to have your Corvette judged, other than a title and proof of insurance. These judges are generally quite experienced and judge by a standard and that standard I refer to as “The Duck Test” being; If it looks like a duck, walks like a duck, and quacks like a duck… it most likely is a duck!!! Sometimes the evidence of the “The Duck Test” is so overwhelming, especially when performed by the truly experienced, it replaces the real need for documentation (paperwork).

Fact Three: Sadly, the unreasonable and silly thinking that a Corvette without documentation has little value has created a covert cottage industry of entities and/or persons that make/print/create fake aged documentation.

Caveat Emptor: If documentation is a requirement leading to your purchase of an older Corvette, please hire an expert to affirm that the documentation is, in fact, real and not something that was generated to feed that silly notion that a Corvette must have documentation.

Who to contact for documentation affirmation: CCAS (Classic Corvette Legitimacy Affirmation, LLC), 318 Summit Str., Boonville, NY 13309, ccas4@aol.com
 CCAS, LLC will evaluate certain specific forms of documentation by personal inspection. Please inquire for details. 

Author: Terry Michaelis, terry@proteamcorvette.com

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What is your importance criteria for future collectibility and value when considering the purchase of a Corvette? Here is my thought provoking list and not necessarily in order of importance and I guess it would depend on whether the car was a. restored, b. a driver, or c. unrestored/original:
1. title,
2. VIN Tag Matches Title,
3. VIN tag attachments,
4. body/trim tag (original),
5. numbers match (original engine),
6. numbers match (restoration engine),
7. correct body color,
8. correct interior color,
9. cosmetics/condition,
10. damage free body,
11. gaps on moveable body parts,
12. rust-free chassis,
13. options,
14. documentation,
15. price,
16. value (getting what you pay for).

If I overlooked an item of importance, please email me at: terry@proteamcorvette.com

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1955 V-8 • 700 produced (7 Blue Flame Six; 693 with V-8’s) • values $125K to $350K
1957 Fuelie • 1,040 produced (RPO-684 HD racing suspension, 51 produced; RPO-579E air box, 43 produced) • value $250K up on the RPO-684/579E
1958-’62 Fuelies • RPO 684 + RPO 687 HD brakes + suspension; 884 produced in all 5 years/177 per year • value $150K up (1958 RPO-684 are very special and more expensive)
1958-’61 Dual Four • 245 hp and 270 hp • value $100K up
1963 Fuelie Split Window • 1,300 prox. produced • value $100K up
1965 Fuelie • last year fuelie (771 produced) • value $100K up
1965 396-425 hp • first/last year for the 396 (only 2,157 produced) • value $100K up (M-22 adds $150K to $250K)
1966 427-425 hp • 5,258 produced • #2 in top 40 fastest muscle car list • value $100K up • 15 M-22 produced (adds $150K to $250K)
1967 435 hp • 3,754 produced (popular then/popular now) • colors & documentation is important & rare • value $150K up
1963-’67 Tanker • 63 ’63’s produced, 38 ’64’s produced, 41 ’65’s produced, 66 ’66’s produced, 2 ’67’s produced • values range $125K up • ’63’s are hot and just try to find a ‘67 (probably $500K to $1 million)
1967 400 hp/air/convt. • colors & documentation is important • value $150K up
1968/69 L-89 • 624 1968’s/390 1969’s produced with aluminum head option • value $150k up
1968/69 435 hp • 2,898 (’68) 2,722 (’69) produced • colors/documentation adds a lot • values $100K up
1970 LT-1 • 1,287 produced • value $60K up
1971 LT-1 • 1,949 produced • value $60K up
1972 LT-1 • 1,741 produced • value $60K up • add air and price soars especially convertibles (less than 50)

footnotes:
A) must be the real deal… not fakes or frauds
B) Colors (Black) adds a lot… must be real factory original body/trim tag
C) Original documentation, history, and Bloomington/NCRS show awards adds a lot,br>
D) Original rare options adds a lot (set of Kelsey bolt-on wheels and red stripe tires sold on eBay in ‘07 for $33K)
E) Original, unrestored in excellent condition adds a lot.
condition based on #1 or #2
F) Caveat Emptor (Buyer Beware). We are adrift in a sea of sharks disguised as mermaids.
G) When it is time to sell… be a smart seller. High-profile events like the Barrett-Jackson and Mecum Muscle Car auctions will get you more money for your car than newspaper and trade publication advertisements. Plan ahead if you’re considering selling your baby: seek good lot numbers (pay a premium if you must) and baby-sit your car during the event to answer questions and show pride in your car – it is a reflection of you, and people simply pay more if they like the seller.
A-E) Equals an overall package and desirables.

Much of information is based on writer’s personal knowledge and prices achieved at high profile public auctions.

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1963 GRAND SPORT • 5 produced • value $6 million and up (good luck)… none for sale
1969 ZL1 • 2 produced • value $3 million and up (good luck)… none for sale
1967 L-88 • 20 produced • value $1.5 million and up (good luck)… none for sale
1968/69 L-88 • 196 produced • value $350K to $750K (They are out there)
1971 ZR2 • 12 produced • value $350K to $650K (4 known to exist)
1967 L-89 • 16 produced • value $450K to $750K (few known to exist)
1953 BLUE FLAME • 300 produced • value $300K to $500K (VIN 003 sold for $1 million; VIN 005 sold $850K)
1963 Z06/TANKER • 63 produced • value $275K to $400K (add for race history)
1970-’72 ZR1 • 53 produced • value $125K to $200K (few exist)
1971 LS6 • 188 produced • value $125K to $200K (not hard to find)

footnotes:
A) must be the real deal… not fakes or frauds
B) Colors (Black) adds a lot… must be factory original body/trim tag
C) Original documentation, history, and Bloomington/NCRS show awards adds a lot
D) Original rare options adds a lot (set of Kelsey bolt-on wheels & red stripe tires sold on eBay in ‘06 for $33K)
E) Original, unrestored in excellent condition adds a lot.
F) Caveat Emptor (Buyer Beware). We are adrift in a sea of sharks disguised as mermaids.
G) When it is time to sell… be a smart seller. High-profile events like the Barrett-Jackson and Mecum Muscle Car auctions will get you more money for your car than newspaper and trade publication advertisements. Plan ahead if you’re considering selling your baby: seek good lot numbers (pay a premium if you must) and baby-sit your car during the event to answer questions and show pride in your car – it is a reflection of you, and people simply pay more if they like the seller.
A-E Equals an overall package and desirables.

Much of information is based on writer’s personal knowledge and prices achieved at high profile public auctions.

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This past January I attended eight (8) collector car auctions from Florida to Arizona. They were the Barrett-Jackson, Gooding, ICA, Kruse, Mecum, RM, Russo & Steele, and Silver auctions. We found that the quality of credible Corvette consignments is decreasing year by year as it is becoming more difficult for the auction companies to attract high quality credible Corvette consignments as good cars have been and are being consumed by the end user enthusiasts and car collectors. More on this topic at a later date but your thoughts and comments are, as always, welcomed. email: terry@proteamcorvette.com

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Recently I asked David Burroughs his thoughts as they relate to “When to restore a Corvette”? We have recently sold some historically important unrestored, unmolested, low mile Corvettes that the customers are being urged by third party restoration shops to restore instead of preserve them. David’s response was very enlightening and is a great read if you like words and phrases like, vandalism, preservation, typical factory production, historically accurate, historic perfection, cosmetic perfection, DNA, Survivor®, Benchmark®, desirability, and value. Click here and read “Restore It? Or Not!” by David Burroughs. Any questions or comments email me direct at terry@proteamcorvette.com

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A lifetime of desire can turn into a bankrolled disaster if you are not armed with some basics that this lifelong Corvette hobbyist swears by. These are the rules we swear by at ProTeam Corvette. The Corvettes in our collection must pass a series of “duck tests”. Consider the following insider trading when scouring the Corvette classifieds in the local traders. Any questions, drop me a line at terry@proteamcorvette.com 

CLASSIC CORVETTE INSPECTION 101
First Class Inspection • 4 minutes or 4 hours? The time it takes to inspect a classic Corvette would depend on the purchaser’s intended use (From an experienced vantage point). A) Resale = 4 minutes, B) To Drive & Enjoy = 4 minutes & test drive, C) To participate at NCRS or Bloomington Gold shows = 4 hours

Caveats: A)Items may not be as clear or real as they might seem. B) Title and VIN tag must match. C) Trim Tags must be the real deal. D) Documentation must be original (real). E) Bailing wire (substandard) type fixes/repairs are a reflection of the seller, previous owners, and the car. Run!… as more surprises are in order.

Best Advice: A) Pre-purchase inspections by you or a true marque expert. B) Buy the best car you can afford as that may be the car you’ll sell some day. C) Walk the car from multiple angles. Look for old repairs, bows in the fenders, waves in the bodylines, wocky-jocky headlight fits. Make the car talk to you!! Does the hood fit in the hole properly. Check gap around doors. D) Never inspect a wet car (one in the rain) as water hides a multitude of sins. E) Dawn and dusk inspections also hide sins as will the bright sunlight, ie: two-tone paint. F)Know when to bid, hold, or fold!

TOOLS OF THE TRADE:  A)Bright Flashlight, B) Optic Loop or Magnifying Glass (10×20 power), C) Dental Mirror, D) Digital Camera, E) Mid-Year Trim Tag Die Gage, F) Sample of Original Trim Tags (bought at swap meet), G) Bifocal Glasses, H) Black Book & NCRS Specifications Guide, I) Research, J) Experience and Knowledge (most important)

Do Not Overlook These Items of Most Importance: 1) VIN tag and attachments, 2. title matching VIN tag, 3. body/trim tag (must be original), 4. body, 5. frame, 6. engine stamp, casting #’s & dates, 7. documentation (must be original) note: most do not have. Why? Looks, walks, quacks. Duck Test: The anomaly not the norm., 8. past judging certifications/judging sheets, how recent, 9. paint, bright work, fit, and finish, 10. mechanical, 11. the price.

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