- 1969 L88 Corvette Sells For Astonishing $631K
- Huge Range
- Legend of L88
- Exponential Hike
- Market Cooling Down?
- Likely Garage Queen
1969 L88 Corvette Sells For Astonishing $631K
Listed on BaT for the second time this year, this L88 C3 Corvette sold to a lower bid than it fetched last time when it didn’t meet the reserve.
Huge Range
The C3 Corvette encompasses arguably the most expansive range of values in the used car market. Decent examples of post-1972 models can be purchased around the country for less than $20,000. While the most desirable versions of the third-gen sports car are sold for prices within an arm’s length of seven figures. Those equipped with the legendary L88 package are among the most desirable. And that’s what we have here with this Riverside Gold offering.
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Legend of L88
What makes the L88 Corvettes as valuable as they are in the eyes of collectors today is the backstory. Equipped with the otherworldly 427 ci V8 engine, which was advertised to have significantly less power than it actually did, these cars possess amazing performance potential far surpassing their time. More interestingly, though, after General Motors had imposed a bad on all motor racing, Chevy decided to sell their L88 offering to the public anyway, as a drag racing special. The 216 units built are as special a part of Corvette history as it gets.
Exponential Hike
For those who haven’t had their pulse on the used car market’s trends, the pandemic has really shaken things up over the past couple of years. From the chip shortage to an overall unprecedented rate of inflation, the effects on the market have been extraordinary. Prices have skyrocketed, which means that this refurbished L88’s $631,000 BaT listing isn’t exactly a surprise.
Market Cooling Down?
What is a bit out of the norm in this scenario is the fact that the same car was listed earlier in the year, without meeting the reserve. You might be surprised to find out, though, that the high bid came in at $640,000 at that time. That’s $9,000 higher than what it sold for this time. The seller apparently figured a lowering of their expectations was needed. Additionally, the Corvette received far fewer bids and overall attention the second time around. This is a confirmation of recent trends that show the market has been cooling down.
Likely Garage Queen
This L88 was not a garage queen by any means. It was used for drag racing since it was purchased. And it went through a few modifications and six owners over the course of its life. Back in 2018, the car was restored to its original condition, a process that included a repaint to the authentic Riverside Gold paint. With 14,600 shown on the odometer, this C3 would certainly appear to be in great shape. It wouldn’t be a shock to anyone, though, if it spent the foreseeable future sitting in a collection, rather than enjoyed on the open road.
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Keyword: 1969 L88 Corvette Sells For Astonishing $631K