GASPEDDLER

iTrader: (2)

Kymmee actually watched it go across the auction block and reported the sales price on a Facebook IROC group.

https://www.mecum.com/lots/FL0117-26...z-convertible/

PurelyPMD

iTrader: (3)

Miles rule.

kymmee

Watched the live feed off and on for the last several days. Happy to report that the 3rd gens actually brought more $$ than a few of the 2nd gens and sorry to report to Corvette owners, but 80's early 90's vettes were selling for less also.

ray jr

iTrader: (2)

wow !! that car brought all the money ..

BizJetTech

iTrader: (3)

Someone over paid!....just my opinion. I inspected the car this morning.
Very nice but nothing special - 305 TPI automatic vert IROC
I did not expect it to go that high even with those miles....

ray jr

iTrader: (2)

80's and early 90's corvettes are garbage .. im actually surprised the 2nd gen camaros did as good as they did .. not a big fan of them at all ..

scottmoyer

That's a fully loaded, low mile convertible. It has all the interior upgrades, has the engine upgrade and has the convertible top. Top it off with low miles and you have a car that people will want to enjoy. This is a brand new car for the person that wanted it in 1988, but couldn't afford it then.

BizJetTech

iTrader: (3)

Respectfully, I disagree. I was the seller of the 91 RS with 20K miles at Mecum. You mean to tell me that IROC was worth $18,500 more than my 91 RS? Sorry, I just dont see it. But we all have different points of view on value, that is what makes the hobby fun interesting. Thanks for sharing your opinion.

scottmoyer

To the right buyer, yes. The car you sold was an RS, not the top of the line Z28 or the earlier IROC-Z. This IROC-Z had substantially lower miles than your RS and was fully loaded. The interior of your RS was the base interior, not the upgraded interior, and your car didn't have ttops or convertible.

So, yes. The top of the line, loaded, '88 IROC-Z convertible is worth considerably more than a base model RS, with base interior, hard top and base 305 engine. Unfortunately, the L03 was the top engine option for the RS, but that's all you had.

BizJetTech

iTrader: (3)

I've been buying and selling third gens since the first one hit the showroom floor at the dealer. I've had a bunch. 1LE, B4C, IROC's Z/28's etc. Having owned and sold all original ultra low mileage cars in the past I feel more than qualified to disagree with you. So we will leave it at that!

ray jr

iTrader: (2)

ive been owning, buying and selling since they were new also .. RS camaros just never seem to do well compared to the iroc-z .. two different animals

BizJetTech

iTrader: (3)

Dont get me wrong, I agree with you.
I'm just sayin that IROC was no $27,500 car !!

scottmoyer

Well, I'm glad you feel more than qualified to disagree with me. I have also been involved with these cars since the early 80s, so I feel I am more than qualified also. I've been a part of this History forum for 17 years, researching the cars and their values. I've been published in books and magazines as a resource on these cars, and have been a VIP guest of Chevrolet at multiple shows and events. You can disagree all you want, but historically, base model cars will never sell for the prices of fully loaded models. Especially fully loaded models that have almost no miles on them!!

ray jr

iTrader: (2)

honestly i think a 1,000 mile tpi convertible should bring that all day .. i mean thats a new car right there ..

BizJetTech

iTrader: (3)

Well I wont disagree with that! That was not the point I was trying to make MR Moderator. The point I am trying to make is that IROC was no $27,500 car! Using this a measure to OTHER rare third gen's such as a 1LE, or B4C, that would be like saying those cars would bring $200,000. Thats crazy!
Lets just agree to disagree MR Moderator.

scottmoyer

We're going to have to disagree because the 1LEs are nothing more than just bigger brakes. I know people unfamiliar with the details of these cars are familiar with buzz words that they think improve the value, but a 1LE is nothing more than a brake package. So to say that they should bring considerably more money, is again, only because of the buzz words flying around the auctions.

ray jr

iTrader: (2)

1LE camaros dont seem to be bringing a whole lot more than the fully loaded iroc-z .. convertibles are always the top model for sports cars ..

ray jr

iTrader: (2)

and when i mention 1LE camaros i am talking about the 91-91 z28 1LE'S .. i dont know much about the iroc 1LE camaros ..

BizJetTech

iTrader: (3)

The auctions are a very POOR indicator of what a car is REALLY worth.
How many ultra low mile IROCS like that car have you seen sell for that kind of price on your forum? Problem with auctions are there are WAY too many uneducated buyers that just have a ton of money to throw down without knowing what a car is truly worth. So if you are using auction prices as a measure of appraisal, you are making a big mistake. So you are saying limited roduction options (such as 1LE) dont add value? I disagree with that as well.

ray jr

iTrader: (2)

i agree on the auction deal , prices are all over the place for these cars at auctions .. some high some low .. on the 1le deal , i was comparing the iroc-z to the 1le 91-92 z28 .. im sure the iroc 1le has more value than a regular iroc-z . .

scottmoyer

Well, if you want to know, people selling these high priced cars don't sell on this forum. Unfortunately, we have issues with members not willing to pay the price for correct NOS or reproductive parts, let alone a complete car! They usually go through collectors, or the auction.

Now, I do know of many low mile cars that have sold for the price of this '88 or more. You can do a search on the forum where we've documented past sale prices of low mile cars. Here's some more.

Mecum:
1987 IROC-Z with 340 miles - $32,000 at Indy 2016
1986 IROC-Z with 15k miles - $21,000 at Kissimmee 2016 (This is odd being an '86 with 15k miles)
1990 IROC-Z with 135 miles - $26,500 at Kansas City 2015
1990 IROC-Z vert with 5700 miles - $25,000 at Houston 2015
1985 IROC-Z with 4.3 miles - $34,000 at Houston 2014

And Barrett Jackson had this spectacular sale:
1990 IROC-Z 1LE with 200 miles - $49,500 in 2016

I know of a 1987 IROC-Z, loaded with leather, ttops, 350, etc in a private collection that that has 250 miles on it and the collector paid over $30k. I know the seller, so I know the price!

When auction goers use price guides and tools provided by sponsors like Hagerty, they pay the prices these guides estimate. Hagerty's website has a price valuation tool that puts these cars in line with what they're selling for. Again, not all auction buyers know all of the details of the car they buy. They buy what appears to be a deal today with the expectation that they can flip it in a year or two for a profit. We see it every year when the same cars are crossing the block at different auctions.

ray jr

iTrader: (2)

those are the prices i would expect those cars to go for from what ive seen from auctions and private sales .. something was up with the 86 iroc that sold for 21k , i seen it for sale after that for cheaper ..

scottmoyer

There's also this helping the prices:

http://gmauthority.com/blog/2016/05/...nd-investment/

https://www.bloomberg.com/news/artic...classic-camaro

http://www.caranddriver.com/features...afford-feature

http://phscollectorcarworld.blogspot...s-finally.html

scottmoyer

I agree on the '86. I put it in there to show the sale price of an obscure sale. I don't know why an '86 with that mileage would sell for that price.

Croz

All these prices are in line with Hagerty's evaluations. If you dont think an 88 IROC vert is worth that much with that mileage and there are cheaper, better cars out there to be found, then go get one. I disagree with the statement that there are uneducated people wasting big money on these cars. I believe there are people out there with money, who maybe dont have the time and most likely the skills to fix up a car or want to bother with a project. Instead they value an original, low mileage car that they can drive right away and enjoy that should hold its value if it is kept up. I just purchased my first gen Camaro this week. I didnt want a Z28, a sport coupe, or an RS. It had to be an IROC, with a 5.7, t-tops, loaded and low mileage. Did I pay for it? Yest I did. Do I have the skills and knowledge to buy a project car instead for cheaper? Yes I do. Unfortunately, they are only original once, and low mileage once. If that is important to you, then get your wallet out and prepare to pay for it.

KMK454

Without crunching numbers, it's all speculation. That being said, here's mine:

Mileage/condition rule the day, with options rounding out the package. Combine the two for top dollar. If you can only have one, go with mileage/condition.

And if I was willing to drop $27.5k on an IROC vert, I'd pass on that one and PM chazman about his 5-speed copycat of the above car.

PurelyPMD

iTrader: (3)

I'm going to see what happens in Scottsdale & at Mecum Indy, but I may just consign all three of my 1LE's to BJ Mohegan Sun in June, and possibly a couple of other cars too. Although 3rd gens are on a rise, collector cars in general are heading down as boomers look to simplify their lives.

I'll probably be early in the value cycle on these but bought them right so it won't matter to me.

mikeceli

iTrader: (2)

Glad I have a few listed! .

Jason E

Throwing my 2 cents in here. As someone who has bought and sold a variety of low mileage third gens also in recent years, while the IROC was probably a little overvalued at $27,500, I could see it going for low to mid $20s all day. It isn't like this was a $15k car in the first place.

An RS can be a beautiful car to drive around in, but its not a collector piece. Its not a show stopper. An LO3 was a slug in its day...there's a legion of 4 cylinder cars that will stomp it today. TPI isn't a powerhouse either, but it has a ton more cache than TBI. I'd pay low to mid 20s for an IROC convertible with super low miles. I wouldn't pay more than 10k for a basic hardtop RS. Pricing makes sense to me....

BizJetTech

iTrader: (3)

I agree, I was thinking $22K on that IROC, $27.5 I think was just a bit too much. However, it seems others feel the $27.5 was a good buy. I am just not one of them.

I was happy with the $9,000 I got for my RS.

chazman

iTrader: (4)

I'm glad it got all the money, but....

I payed MUCH less for my 1989, 5 speed, twin of that car, with 7200 miles 7-ish months ago, and I'd rather have my car.

ray jr

iTrader: (2)

so almost the twin to the one that sold last week for 27,500 but this one has more miles and was two years ago at mecum sold for 25,000 .. so some of you think iroc prices are going down not up ..

iroc conv. with 5,700 miles and same color as the one were talking about for 27.5k sold for 25k in 2015 ..

https://www.mecum.com/lots/HA0415-20...z-convertible/