1991 Corvette ZR-1, Lot 183
Chassis number: 1G1YZ23J0M5801196
Power was suddenly back in fashion when the Chevrolet Corvette ZR-1 was launched in 1990, with 0-60 mph in 4.3 seconds and a top speed near 175 mph. Its 4-cam LT5 engine was built by Mercury Marine engineers—to a Lotus design. The car cost $62,675 when new—$25,000 more than the basic Corvette.
This 1991 Corvette ZR-1 in the Lewis collection has traveled a mere 7,500 miles from new and shows no wear to speak of—other than lightly on the red leather driver’s seat. The red paint doesn’t have any stone chips. According to the average 15,000 miles that modern motorists travel each year, it is fundamentally new, although the tires have died of old age and will need to be replaced.
The engine is the 375 horsepower, 350-ci, 32-valve, 4-cam V8, backed with a 6-speed manual transmission, power rack-and pinion steering, and disc brakes all around. The ZR-1 has bigger brakes and wider tires than mainstream Corvettes, plus the power band of a Ferrari, with a red line of 7,400 rpm. This 1991 Model ZR-1 has both tops, the red solid roof and the black glass moon roof. ZR-1 prices have been soft in recent years, but nothing offers more performance for the money.
1993 Corvette ZR-1, Lot 187
Chassis number: 1G1YZ23J1P5800028
This 1993 Chevrolet Corvette ZR-1 is the second of three belonging to the Lewis collection. It was bought from Kompact Kar Korner in Lynnwood, WA, in 2006 and is one of 448 built in 1995.
The paint on this 15,975-mile car is near-perfect, with no scrapes or chips. The gray leather interior shows well and is in nice shape, commensurate with its mileage.
1993 also marked the second generation of the ZR-1 and some significant changes were made. The 32-valve, 4-cam V8 engine was boosted from 375 horsepower to 405 horsepower, thanks to modifications to the cylinder heads and valvetrain. Other changes included 4-bolt main bearings, platinum spark plugs and a Mobil 1 synthetic oil requirement.
The ZR-1 is a 175 mph supercar, which can go head to head with more expensive machinery, but it will actually start first time the next morning. Prices remain at bargain levels, but that can’t continue forever, and the pool of low-mileage cars is shrinking.
1995 Corvette ZR-1, Lot 188
Chassis number: 1G1YZ22J6S5800181
The third Corvette ZR-1 from the Lewis collection is the newest and in the most conservative color. Again, with only 7,500 miles, it is effectively a new car.
The white paint shows no marks or scrapes, the black leather interior is unmarked and the moon roof is tinted black (a new, white moon roof is included as well).
This was the 181st Corvette ZR-1 built in Bowling Green, KY, in 1995; the last one made was number 448 and it was built on April 28, then driven straight across the road to the Corvette Museum. To the very end, the ZR-1 was an exotic option to the base Corvette, whose performance was gradually narrowing the gap. In 1995, a base Corvette cost $36,785, while a ZR-1 was $68,043.
Once again: In a few years time the prices that Corvette ZR-1s are selling for today are going to seem like a bargain.
{auto}1610{/auto}
SCM Analysis
Detailing
| Vehicle: | 1991 Corvette ZR-1 Coupe, 1993 Corvette ZR-1 Coupe; 1995 Corvette ZR-1 Coupe |
| Years Produced: | 1990–1995 |
| Number Produced: | 1991: 2,044 units; 1993: 448; 1995: 448 |
| Original List Price: | 1991: $62,675; 1995: $68,043 |
| SCM Valuation: | 1991: $30,000; 1993: $32,000; 1995: $38,000 (For original, low-miles examples with full documentation) |
| Tune Up Cost: | $300 |
| Distributor Caps: | N |
| Chassis Number Location: | Front of the dash, next to windshield, driver’s side |
| Engine Number Location: | Engine block pad surface |
| Club Info: | National Corvette Restorers Society (NCRS) |
| Website: | www.ncrs.org |
| Alternatives: | 1996 Corvette Grand Sport; 1988–1989 Corvette Challenge racer; 1987–1991 Callaway Corvette |
| Investment Grade: | N |
These three ZR-1 Corvettes, Lots 183, 187 and 188, sold for $26,910, $26,910 and $31,590 respectively at the Bonhams & Butterfields’ sale of the Wally Lewis Collection in Portland, OR on June 11, 2011.
Two years ago, Wally Lewis invited me to view his 92-vehicle collection in Portland, OR.
Now, Bonhams was selling all of the sedans, coupes, roadsters, trucks and automobilia in a no-reserve auction. I remembered seeing three very-original, very-low-mileage ZR-1s (a red ’91 with 7,500 miles; a yellow ’93 with 15,975 miles and a white ’95 with 7,677 miles). All the cars had great paper. I decided to see if I could get a steal of a buy on the ’95. So, I registered with the auction house and attended the preview.
A great buy—but it wasn’t a car
Right inside the main warehouse door, where everything was on display, was a complete, nine-foot-long, dual exhaust assembly in excellent condition leaning against a wall. It was going to be sold along with the models, tires, wheels and assorted car-related stuff in Lewis’ collection. I knew what it was, but checked the part number and dates to confirm that it was from a ’95 ZR-1. These exhaust systems have not been available from GM or VPI for over five years—and they last sold for close to $2,000.
I looked at the three ZR-1s, and as I suspected, the white 1995 car was sporting a new, stainless-steel aftermarket exhaust system. This, along with a new set of Sumitomo radial tires and a replacement battery were all that appeared to have been changed on the white ZR-1.
I decided how much I would bid on the car, but now there was a dilemma. The complete and original exhaust system was going to be one of the first items to be sold. Although I wanted the car, I would need to have the original exhaust assembly. As things turned out, I bought the exhaust system for a grand total of $61, but I did not get the car.
Chevy, Lotus and Mercury Marine—oh my!
RPO ZR-1s have a unique spot in Corvette history. After the 512 Callaway B2K twin-turbos built from 1987-1990, Corvette needed to continue the positive performance push. The ZR-1s were being designed as the Callaway cars were setting records for speed—up to 254 mph.
The powerplants were a collaborative effort between GM engineer Dave McClellan and Lotus Engineering in England. The 350-ci, 4-bolt main blocks were Chevrolet on the bottom and the 32-valve DOHC sequentially-injected top end was from Lotus. The engines and transmissions were assembled in Stillwater, OK at Mercury Marine, and the rest of the car was built in Bowling Green, KY. From 1990 through 1995, 6,922 were built.
LT-5 engines were generally bulletproof, starting with a 375 horsepower rating from 1990 through ’93, then 405 horsepower for the next two years.
Mark Haibeck, owner of Haibeck Automotive Technology in Addison, IL, makes his living by tuning ZR-1 Corvettes to at least 500 horsepower. His company can get 600-plus horsepower out of these engines, but many of the internals have to be changed, and longevity can be an issue.
Low-mileage performance Corvettes
The three cars from the Lewis Collection sold for very fair prices. Including buyer’s premium, the ’91 and ’93 were each $26,910, and the ’95 brought $31,590. The 1995 ZR-1 was probably the best buy of the three cars, given its condition, provenance and low miles.
It’s no secret that many ZR-1s were driven lightly (if at all) by fussy owners who considered them to be instant collectibles. The result is that today, it’s fairly easy to find one with very low miles. But I’d sooner buy one of these cars with several thousand miles on the clock, like the white ’95 here, rather than 1,000 or less. That way, if anything went wrong as the engine was being broken in, it would have been fixed on GM’s dime.
While the car was under warranty, if something in the motor or transmission broke, an option existed to have a new/rebuilt factory replacement sent to the dealer for an exchange. Or Chevrolet would fix whatever was wrong and send it back to the dealership to be replaced in the owner’s car. The repair process generally took six weeks, so many chose to have the exchanged powertrain installed rather than waiting.
The art and science of three good buys
Working on ZR-1s is both art and science, and many parts are expensive and difficult to find. However, a very large percentage of them are still running strong and maintained in excellent condition inside and out.
The market isn’t moving up on ZR-1s, but I think all three of these were well bought. Think about it this way: for the price of a 2012 Camaro, you could own a great piece of Corvette high-performance heritage that should hold its value for years to come—and can quite readily go 180 miles an hour in 5th gear at 6,000 rpm.
These low-mileage, high-performance ZR-1 Corvettes may not be hot collectibles right now, but they were good deals on this afternoon in Portland, OR—even though I didn’t get to steal one for my very own