Rare 1967 Chevrolet Corvette sells for $2,695,000, but falls short of record

Rare 1967 Chevrolet Corvette sells for $2,695,000, but falls short of recordhttps://d2d49q62n92ko8.cloudfront.net/wp-content/uploads/2021/03/25080743/1967-Chevrolet-Corvette.jpg

A rare 1967 Chevrolet Corvette sells for $2,695,000, but falls short of record. A one-of-a-kind rare 1967 Chevrolet Corvette L88 was sold at the Mecum Auctions event in Glendale, AZ for $2,695,000, which is a ton. But not that much.

The Sunfire Yellow coupe is one of just 20 that were manufactured in 1967 with the L88 option package, which included a racing V8 and the high-performance drivetrain, suspension and brakes to go with it.

rare 1967 Chevrolet Corvette

The car is fully restored and is supposed to be the only one that still has its original numbers-matching engine, but fell way 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.

rare 1967 Chevrolet Corvette

According to Hagerty’s Manager of Valuation Analytics John Wiley, the price paid for the Mecum car was just 2% 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 exceeded the price 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. Hopefully, this will accelerate other Corvette values for other models.

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