This car sold for $51,700, including buyer’s premium, at Barrett-Jackson’s Scottsdale auction on January 16, 2009. In 1971, Chevy’s LT-1 Corvettes were the victim of a pre-emptive move that lowered compression, which GM mandated across the board to meet future 91-octane fuel requirements. The horsepower decrease that occurred as a result left the 1971 LT-1 at a much more conservative horsepower rating of 330, down from the previous year’s 370 hp. These 1971 LT-1s are still a part of the great legacy of the small-block, solid-lifter 350-ci engine, and they were arguably the high-water mark of the small-block in a GM product. The respectable performance figures of the 1971 Corvette with the LT-1 were lost for several years soon after the 1971 model year. The choking, downward trend continued for over almost two decades, with the numbers falling further in 1972 with the addition of more changes and the adoption of a different horsepower rating system. The 1972 LT-1 Corvette was down 31% from its peak to 255 hp. Some feel the performance never returned in the venerable small-block V8, which had been used in Corvettes since 1955. As the former owner of not only 1970, but also 1971 and 1972 LT-1s, I know for a fact that these cars are great performance vehicles. They drive, handle, and perform exceptionally well. In fact, I personally feel they are the best small-block, solid-lifter performance vehicle available. This particular 1971 LT-1 Corvette was a very nice example of the marque. The frame-up restoration to which this vehicle had been treated left little doubt that even though it was the only LT-1 present at Barrett-Jackson, it would have compared well with any other restored examples, anywhere. The fact it was the only LT-1 reinforces the rarity of the breed.

A good second choice to an LT-1/ZR1

Complete with the mandatory 4-speed manual transmission and federally mandated emissions system (“smog pump”), this numbers-matching LT-1 coupe, which I am told belonged to a retired GM employee, was built with the additional options of tinted glass (a feature you should consider a must on a Corvette that could not be purchased with air conditioning), power steering, AM/FM radio, and raised white letter tires. The presence of the knowledgeable, chatty owner to answer questions as prospective buyers studied the car very likely paid dividends and probably left the potential buyer with a comfortable feeling with respect to the car. While the ultimate 1971 LT-1 would undoubtedly be one of the eight LT-1/ZR1 cars built in the production year, this one definitely runs a close second in desirability, given the fact that finding one of eight could be quite difficult and costly—undoubtedly well into six figures. I’d say that the gavel price of $51,700 left this Mulsanne Blue T-top both well bought and well sold. The new owner appears to have made an astute purchase of a great car at respectable money. And while the seller may have ended up on the short end of the stick, based on the costs involved with this caliber of restoration, he fared well enough in the present market.