A 1969 Chevrolet Corvette was just auctioned for $3.14 million. Here’s why it’s worth so much
It went from flop to fortune.
A 1969 Chevrolet Corvette Stingray Convertible ZL-1 was auctioned at the RM Sotheby’s event in Arizona on Thursday for $3,140,000.
That’s the third-highest price ever paid for a Corvette.
The ZL-1 was the highest performance version of the Corvette offered that year.
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It came with a host of upgrades including Chevy’s legendary L-88 427 cubic-inch V8 engine, which was developed for Can-Am racing.
The engine was officially rated at 430 hp not to raise too many eyebrows, but was actually far more powerful. Independent tests discovered its output was in the 560-580 hp range.
It did not come with a radio, air conditioning or heater, which were all considered redundant to its focus on speed, but it still cost $4,781, which was twice the base price of a standard Corvette Stingray.
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As a result, only one ZL-1 coupe and this Monaco Orange convertible were sold, making it truly unique.
It was slightly modified for drag racing by its original owner, but underwent a full restoration that returned it to its factory condition in 2014. The only major component that’s not original is the engine’s block, which had been replaced under warranty during its first year of ownership.
The high bid makes it the third classic Corvette to sell for more than $3 million, along with the $3.85 million and $3,424,000 that were previously paid for a 1967 L-88 convertible and coupe.
