Fox News Autos Test Drive: 2020 Chevrolet Corvette Stingray
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A one-of-a-kind 1967 Chevrolet Corvette L88 was sold at the Mecum Auctions event in Glendale, Ariz., for $2,695,000, which is a lot. But not that much.
(Mecum Auctions)
The Sunfire Yellow coupe is one of just 20 that were built in 1967 with the L88 option package, which included a racing V8 and the high-performance drivetrain, suspension and brakes to go with it.
(Mecum Auctions)
The car is fully restored and believed to be the only one that still has its original numbers-matching engine, but fell far short of the auction record for the model and all Corvettes, which was set in 2014 when a red L88 coupe sold for $3.85 million.
(Mecum Auctions)
According to Hagerty's Manager of Valuation Analytics John Wiley, the price paid for the Mecum car was just 2% percent below its expected value today and shows a strong market for classic cars, but that the 2014 car crossed the block during a peak that coincided with an available tax exemption on such sales that has since expired.
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Nevertheless, the Mecum car's value rebounded from a 2018 auction where it reached a high bid of $1.7 million, which wasn't enough to clear its reserve price.
It also becomes the third-most valuable 1967 L88 and fourth-most valuable Corvette ever sold.