Please give me some insight on what to pay for a 92 Z28 with the following:
48K miles
Red w/red leather
5.7 L TPI
All the bells and whistles
Mint condition
If you go by Kelly Blue Book, the retail value is $7,600. I have one located and the owner wants $10,500.
Your thoughts please.

 

About 6 months ago I was heavy in the market for a nice 92Z. My research was nationwide. Kelly Blue Book is basically what the insurance company will pay you if you wreck it. It's not usually representative of what the market reality is.

After months of searching and looking at numerous cars, I concluded that even the $10,000 cars were in need of some work simply because of their age. If you really want a thirdgen car, and this one makes you happy, negotiate the hell out of the deal. The owner knows the car is exceptional and could command the price, but he's also looking at making a killing on it. Show interest, but let it sit if need be. Not many are capable of buying this car outright as a bank will lend nowhere near the purchase price. How long has it been on the market?

If you want it, be prepared to pay. If you have the ability and resources, buy one in need of work for $1500 and put $8500 into it. You'll probably be surprised at how much you can do on a budget like that. You'll end up with a very nice car at the end of that.

As for my search, I gave up and bought a fourthgen.

 

Unless you are dead set on a 3rd gen, I would get a 4th gen if I was going to pay that price. A buddy of mine bought a super clean and stock 95 auto Z28 with 65000 miles for $8500, and it only took him a month or so to find it. But if you are set on a 3rd gen, I would try and talk him down on that price some, because LT1s are getting cheap...

 

What did those things go for new, $19,000 - $21,000? Sounds like it's a nice car, but it's 10 going on 11 years old and the market for these cars isn't very good right now. $7,500 sounds about right to me, but I don't think the owner will like you offering that little. Keep looking, you'll find a car that's the right price!!

 

You will almost never pay full blue book price, even at a dealership, much less more than Blue Book. I would move on. While it is strange to find a 92 with so few miles, they are out there, and 10k is crazy. It's not really a collector's car. For comparisson, I paid 6K for my 93 firebird 3 years ago with 50,000 miles.

 

Seems like super nice third gens go for around 6k-7k in my area. Nice ones go for $3500 to $5000.