This car, Lot F61, sold for $15,900 at the Mecum Des Moines auction on July 16, 2010. At first glance and gut reaction, the 2000 Corvette convertible seen at Mecum’s Des Moines auction this past summer would seem to be a no-brainer at the price where it was hammered away to a new home. There will always be those who favor the triple-black car, be it a long, black Cadillac or a Corvette. The prospect of owning a perennial roasting oven is tempered—not just with air conditioning, but also with the sheer cool factor of black. Johnny Cash and Roy Orbison knew what they were doing. The subject car’s paint appears to be largely without major flaws or repairs, but the worn tires show that a few dollars will be spent down the road. The chrome Z06 alloy wheels give this particular example a nice stance. The cloth top, while somewhat weathered, had no major flaws and was perfectly serviceable. Inside, one immediately notices the optional, dual-memory sport seats, which exhibit normal wear, as do the carpet and steering wheel. Overall, the condition of the car raises no serious red flags. At closer inspection, all of these minor age-and-use flaws would seem to be outweighed by the Active Handling package, an in-dash CD player with a 12-disc changer in the trunk and dual-zone heating and air conditioning as further niceties ordered above and beyond the stock car when it was new. An under-the-hood inspection reveals a GM service campaign sticker, which means at least some dealer work. There were no apparent leaks or broken items—everything is there. My own preference is for a 6-speed manual in such a car, but there are also those with a bad left knee or with other reasons to prefer an automatic, which this car had. I can’t and won’t fault it for this equipment.

Why so cheap?

This was a $45,000-plus car when it was new, and it doesn’t show major wear, accident damage or poor repairs. And this car has a top that goes down. So, why did this handsome car sell for just $15k in 2010? Could it be the glut of C5 Corvettes churning through the used car marketplace, especially given the deep discounts and zero-percent financing offered towards the purchase of a new C6? And recall, these are just used cars produced in large numbers, 13,479 in 2000 alone. Also, this car was now ten years old, and not likely to get you high fives in the gas station or a valet-chosen parking place in front of your favorite restaurant. But let’s say that I’m being a bit hard on the used Corvette market. There is another factor. There is something that most folks who attend non-used-car-dealer, non-traditional auctions, such as this Mecum collector car auction, come to expect. We all expect to see a consignor-supplied description on the car’s windshield card. That element was completely absent here. There are two reasons why this description is important: First, potential bidders get information—hopefully credible—about the car. The second reason is less obvious, especially at a fast-paced collector car auction. This missing information leaves the auction announcer—the person who introduces the car as it goes on the block—with very little to say about the car. The auction announcer is in the same knowledge-starved position as the potential buyers who inspected the car during the preview. As a consignor and a buyer at numerous collector automobile and motorcycle auctions, I can tell you that less is not more in this environment.

Supply and demand rule

Could this car have done much better at a traditional wholesale used-car auction? Perhaps—but probably not enough to make much of a difference. As with anything else, the laws of supply and demand set some of the parameters for desirability and collectibility. Many of these C5 Corvettes are now in the traditional used car market, so supply is outweighing demand. This is not a formula for rising values. This is a good car for the retail buyer. If pressed, I’d have to say that perhaps this car was even slightly well sold. This was also the opinion of B. Mitchell Carlson, CM’s senior auction analyst, who also covered this sale—and drives a value-priced C5. But remember, when you go to sell your Corvette at auction, provide a good written description to entice bidders. That gives the auctioneer, who is trying to get you all the money, something to work with.