"What You Get For...," a popular column in The New York Times, examines the real estate market based on a set budget. You know, what you get in Queens for $1,000,000 vs. what you can get in Belchertown, Massachusetts, for the same price. Needless to say, the results are predictable.
But the car market isn't the housing market, and for us this is a very, very good thing.
You see, with $20,000 cash in hand, we could have ourselves a brand-new Honda Insight, a Chevy Colorado or two Nissan Versas. Or we could give the new car dealership the finger, take our pile of cash and wave it in front of this guy we ran into who happened to be selling a Corvette.
He took the pile of cash. We took delivery of our newest long-term road test vehicle, a 2002 Chevrolet Corvette Z06. It's a $20,000 car powered by a 405-horsepower 5.7-liter LS6 V8. It's gonna be a good year.
What We Bought
In 2001, the C5-generation Corvette got a shot in the arm and a fancy new Z06 badge. The Z06 package, available only as a fixed-roof coupe (FRC), upped the output from the base Vette to 385 hp from 350 hp, added bigger brakes, reduced the weight and jacked a high-performance suspension under the whole package. But the 35-hp improvement wasn't quite enough, so the following year the 2002 Z06 got a bigger shot in the arm by way of 20 more ponies, bringing the LS6 V8's final tally to 405 hp and 400 pound-feet of torque. This was, of course, delivered to the rear wheels by way of a six-speed manual transmission. That's the kind of used Z06 we wanted — the most powerful one. Unfortunately, that usually means the most expensive one.
It was easy to find 2001 Z06s with reasonable mileage at or below our $20,000 ceiling. It was more difficult to find a 2002 Z06 with reasonable mileage, no aftermarket mods and a careful owner for the same price. We drove a few, ran Carfax on all of them and finally settled on a weekend toy owned by a guy who just couldn't deal with two cars anymore. It's a rough economy out there, so when we said $20,000, he threw us the keys.
The car we found had only two options: self-dimming mirrors and a memory function for the seat and mirrors. When new, these options retailed for $270. When the car was new it carried a sticker price of $51,180.
Why We Bought It
There's a badge on the side of the car that says "405 Horsepower." So that about says it all. The only question is, why didn't we buy one of these years ago?
Times are tough; banks are failing. The government owns GM. The Italians own Chrysler (and so, partially, does the government). Having a second car just isn't as easy as it used to be. But for those with the means and desire to have a metric bucket of fun, there are deals to be had.
The 2002 Chevrolet Corvette Z06 is one of the coolest Corvettes ever. It might have fewer horsepower than a standard 2009 Corvette, but that's missing the point. In 2002 this car had over 400 horses and 400 lb-ft. It ran with Ferraris, Lamborghinis and Vipers costing three times as much.
But with used cars — especially four-wheel toys like this — come a litany of question marks. How well was this car maintained? How much mileage does it really have left? What do 40,000 miles do to a 405-hp fiberglass tub that had questionable (that is to say, bad) materials, fit and finish even when it was new?
We'll find out.
We said in "10 Best Used Cars for Less Than $19,999" that the Corvette was "the fastest car on this list. That it's dropped down to under $20K makes it an astonishing bargain. Compared to the regular C5 Corvette, the C5-generation Z06 was produced in tiny numbers — just over 28,000 were built between 2001 and 2004. And many Z06s were bought by older buyers who wanted the best, but actually didn't put many miles on them. And many have been pampered. So if you're looking for one, scour the obits and hit the estate sales!"
We followed our advice, looked long and hard and bought what we hope is the right car for a staggeringly good price. For the next 12 months and 20,000 more miles, follow along on our Long-Term Road Test blog. It'll be fun; we've already done burnouts.
Current Odometer: 41,906
Best Fuel Economy: 14.9 mpg
Worst Fuel Economy: 13.6 mpg
Average Fuel Economy: 14.2 mpg
Edmunds purchased this vehicle for the purposes of evaluation.
Add A Comment »
speedyhawk101 says:
12:53 PM, 01/24/2010
I own an 02 Z06. I bought the car first off because I love Corvettes, but mostly because I love driving and I wanted a car that does everything and not just one or two things. Straight line performance, I've gone 11.8 @ 117.5mph. Want to auto cross? No problem, it will do that too. Wanna go on a road trip? I've done 27.5MPG on I-40 running 70-80mph. Need a car that you can jump in and drive to work if need be? This car can do that as well, factory clutch is light and easy and the mannerisms in and around town are very tame. I usually average about 18mpg in town and around 21mpg mixed driving and I am not what you would call a conservative driver. I like to lay into the throttle every chance I get.
The bottom line is that there are better cars out there, no doubt, but can they do what this car does and do it as well and for as little as this car cost? Not Likely. Yes there are short comings and faults that can be found, it is not a PERFECT car. But are there really any perfect cars? Not really. Regardless of the make and model you will always be left desireing something more, it's just human nature.
bimmerjay says:
08:54 PM, 01/19/2010
I still can't believe the interior in this car. The comments that it looks straight out of the early 90's are spot-on. And yes I've been in it, just atrocious.
mind_ride says:
01:44 PM, 01/19/2010
Looking at the interior of this car, my eyes have liquefied out of my skull.
I can't believe how many apologists are coming to GM's defense over the choice of materials. It's these these same low consumer standards that allowed Chevy to justify use of that garbage in the first place. Now we know where it got them.
zapp109 says:
06:56 AM, 01/19/2010
Ya great deal for sure, I own a 2004 Z06 with full exhaust, cam, and boltons. 430whp. What Im not getting is Why the fuel milage is so bad?? I beat the **** out of my Z and my worst fuel mileage might be 13. But cruising I still get over 23mpg. As far as the interior is conserned, its a vette they are all the same GM quality interior, I can tell you this the interior is better than my 2003 Roush Mustang. And as far as it being a grandpa car as someone stated, well grandpa better be quick with reaction time cus this car will bite you in the a** if your not ready. I mean let me put it this way my car bone stock ran 12.1 @ 120mph in the quarter.. And now runs 11.6 @ 125mph on street tires... Comeon this is a performance car built for one reason....
billd64 says:
09:56 PM, 01/18/2010
If you are going to evaluate the car you should throw away your preconceived notions about questionable materials. Material quality and fit and finish on my 2 C5s owned over a 12 year period was equal to the so called leaders. When you do your evaluation you should try doing at least 5 or 6 track events each year and see just what is impressive about this Vette. I put 43K miles on a 2003 Z06 over 6.5 years with 5K miles on the track. It can take a beating and keep on ticking.
Bill
e34bmwlover says:
03:06 PM, 01/18/2010
Wow nice addition to IL long term fleet. 1487 is probably jumping for joy.
Anyway, I think they should get E39 M5 too, costs around 20k, 400 HP, seats 4 etc.
Oh yeah M5 is going to have a interior that's actually nice to be in, just a FYI.
wjtinatl says:
08:02 PM, 01/16/2010
Wow! What a great addition. Will be very interesting to hear how a 7 year old Detroit steed holds up. My bet is it costs less to maintain and own (excluding insurance), than a new Camry or Altima. Just go easy on those burnouts! As far as the interior, yeah it's lousy for 50k, but for 20k it's worlds better than a Corolla, Sonata or other 20k grocery getter. Looking to replace my trusty 8 year old Focus SVT, may have to browse the Auto Trader for one of these! Have fun....
dcd58 says:
01:34 PM, 01/16/2010
Every time I get in mine, turn the key, there is a grin on my face. Ok, so I own a 2001 Z06. With the mods done to my car it has more horsepower than an 02. Even some of those modded.
I'm not here to brag. I've been reading about how bad the interior is. So with the money you save on buying this car, do what I did, upgrade your interior! I now have leather in my car that they put into Bentleys and Mercedes. This has got to be one of the best sports car ever made that "normal Joe's" can buy!
papa_stone says:
07:16 AM, 01/16/2010
Great car to buy.. I think they are the best vette and the slickest car GM has ever made.. Sure the new ones are faster, and edgyer but the Z06 looks right. Having a different body, and being lighter just makes it more special.
I look foward on upcoming issues about it..Thanks Inside line for your sacrifice ;)
raptor169rider says:
07:41 PM, 01/15/2010
Good choice Insideline, it wont disappoint.
I have the regular model (convertible) corvette of the C5 generation and the only thing wrong with the interior in my opinion is the cheap center console. and the stereo does kinda suck. but this is still a 1997 design thats 13 years old. of corse it will seem old and cheap. thats exactly what 90's cars were. so in that perspective I can understand its minor flaws.
on the other hand...its:
-ridiculously fast for the money. (and in general)
-handles like nobodys business, and yes I know even in droptop form.
-looks great, i think its a better looking machine than the C6
-seats work better than they look
-wont fail you......ever,ever,ever, I have never had a single problem with this car. and everytime I get in it, its driven hard.
-has an enourmous trunk.
-will do burnouts till the cows come home.
so basically, its a lot of car for not a lot of money.
Its one of those where once you know your going to drive it, you cant keep it under 60 and im thrilled to drive it, cheap leather, plastic, and all.
z0sixxer says:
07:16 PM, 01/15/2010
Sensational pick up. The 2002 Z06 remains a very capable supercar to this day. At $20k, these cars are an absolute steal. They are amazingly fun to drive, and the performance is mind blowing. The styling is timeless, in fact people still think my 02Z06 is a brand new vette. The interior is a bit dated, but that's not what you buy a Corvette for. At this price, you can't have everything, but Chevrolet gives you just about everything you can ask for in a sports car with this vehicle. The interior is nothing fancy by today's standards, but it's comfortable and gets the job done. The car is also very reliable and cheap to maintain. In the year I've owned it I've spent less than $150 on maintenance and repairs. Parts are cheap and easy to come by, and most jobs are easy enough for anyone to do them. Insurance is also cheap compared to imports. The biggest expense on the car is tires, so make sure you buy one with good tread life left.
Ride quality is second to none. The C5 was named the best engineered car of the 20th century by the Society of Automotive Engineers, and for good reason. The C5 was the first car to use a frame with hydroformed frame rails, a complex process pioneered by Corvette engineers. As a result, the frame is several times more stiff than the previous generation Corvette, and at the time was far superior to any frame used on any sports car. As a result, the car was much more stable, handled better, felt better at high speeds, and drivability was improved because squeaks and rattles were eliminated. A rear transaxle design was also used to improve weight distribution, and as a result, 50/50 weight distribution was achieved. People don't realize what an amazing car the C5 really is. The Z06 just takes it to a new level. If you've never driven one, you are missing out. Even by today's standards, it's an amazing sports car in every single aspect.
majin_ssj_eric says:
06:37 PM, 01/15/2010
No doubt I'd love to drive this car. I just could never BUY a car with an interior that bad. Still a great drive if you can get past that...
pflyer says:
06:35 PM, 01/15/2010
Great choice. I have owned two Vettes. Unless you have owned one, you just don't get it. Do their interiors suck? Yes. So what? It's still a Vette. If you want a nice interior, buy a Prelude.
stingray454 says:
12:56 PM, 01/15/2010
Ahhh, you guys finally bought the same car as me! I have the same year and model, only mine is Electron Blue, has 51,000 miles, and isn't completely stock. Modifications I've done include: Stainless Works long tube headers, Bassani X-pipe, Corsa Indy exhaust, Hurst shifter with MGW Gripper knob, Vortex Rammer intake, VetteWorks air bridge and smooth intake coupler, Goodrich braided stainless brake hoses, Aziren Racing sport seats (based on Sparco shells), Hardbar harness bar with 5pt. harnesses, and a Kenwood stereo. It dyno'd 380 rwhp, which is about 450 at the crank.
As you can see, I mostly modified things that I thought sucked from the factory: seats, stereo, and shifter. The rest were pretty much done for sound and a little more power without effecting reliability, durability, or driveability. Just about all of them were easy to modify, and not very expensive.
I've owned mine since new, and it gets driven hard, on the street, and on the track. It's been well maintained, but driven hard. I've had virtually zero problems with mine, and it's proven to be an incredibly durable and reliable car. Which is even more impressive given its supercar levels of performance.
Is it perfect? No. Of course not. No car is. But you're not going to find a more fun car for the money. I guarantee that.
So let the interior bashing begin. I suspect that's the only thing we'll hear about this car during its entire test. The interior isn't all that bad. It's not the car's strong point, but it's not horrible as some of make it out to be. It can't compare to an Audi's interior, but then again if Audi made this car with their interior it would cost $100k. At least. As Jay Leno said about his C5 Z06: "The interior is fine... I think the people complaining about the interior on this car are a bunch of weenies..." LOL Just shut up and drive the thing, and you'll forget all about the interior.
noburgers says:
12:53 PM, 01/15/2010
You couldn't fool too many people in your "guess what our next used long-term road test car" was going to be. Too bad I can't find the link to that article.
yukonjacks says:
11:18 AM, 01/15/2010
I thought all Vettes from back then had chrome wheels? Part of the track suit / gold chain combo.
chevy598 says:
10:28 AM, 01/15/2010
I'll bet that car is one of the first picked out of their car pool every day. That car will be snatched up very quickly. Most people (including me) wouldn't buy a car like a Z06, but I'd be right there when it was time to get the keys for free. You can knock the interior all you wan't because the driving experience is going to make up for it.
icecubefosho says:
10:27 AM, 01/15/2010
By that logic, everyone should be driving ugly incredibly aerodynamic-mobiles if looks don't matter.
You spend all the time in the cockpit, its the 2nd most important design aspect of a car, if its ugly and the exterior doesn't wow you, thats less of a reason to purchase it, no?
wrinklebump says:
10:20 AM, 01/15/2010
How could an interior stop you from buying a Corvette? Who are you trying to impress with this thing, Paris Hilton?
trackwrex says:
09:50 AM, 01/15/2010
Interestingly enough, you have the same mileage on that z06 as i had when i purchased my used CTS-V. I now have about 45k miles and i found out that my rear diff has a leak & so does my power steering hose. I also have the option of replacing my motor mount but... we'll see if I do that. If you want power, go with a K&N intake (short ram). :) But you guys already knew that...
iskch says:
09:05 AM, 01/15/2010
Is a nice bargaing sport car. The only thing to look out is the drive train & electrical problems that might arise in the future.
DCuerpoJr says:
09:00 AM, 01/15/2010
I like the addition of the C5 Z06, but I would like to see a C2 or C3 generation Corvette as part of the long term fleet. The Stingray design has always been one of my all-time favorites.
I've seen the new Stingray concept in person and was completely blown away. I hope they base the C7 design off this awesome concept car.
charlesb says:
08:38 AM, 01/15/2010
This is a fitting tribute to the old General Motors. I won't be reading about this particular "journey", but the long term tests of old cars is a cool idea though.
cr_driver says:
08:36 AM, 01/15/2010
Just as predicted.
I like the selection.
This is a great buy.!
jeepsrt says:
08:25 AM, 01/15/2010
lmbvette says
For all those bashing the interior...remember that the C5 was introduced in 1997. So...the interior was actually designed in the mid 1990's and was on-par for that era.
But the fact that they did not redesign it in until the C6 came out is a joke. I have a '92 Corvette and the interior in that was nicer than the C5. I almost bought an '02 Z06 a few years ago but the interior really stopped me from buying it. I still like the car and look forward to how it holds up to everyday use.
lmbvette says:
07:50 AM, 01/15/2010
For all those bashing the interior...remember that the C5 was introduced in 1997. So...the interior was actually designed in the mid 1990's and was on-par for that era.
ptcdawg says:
07:09 AM, 01/15/2010
SWEET!!!!!!!!!
tonkatoytruck says:
06:28 AM, 01/15/2010
I am really surprised you spent this much money. A standard C5 in decent condition can be had for under $10K. Sure, you lose a few horsepower but it would have been half the price. That is a lot of extra green to fix whatever is ailing the old girl.
I agree that there are too many on the road but they are still the best bang for your performance buck. Name one other car with the same performance at this price.
jmess says:
06:13 AM, 01/15/2010
One of the worst things about owning my former 05 C6 was dealing with incompetent GM dealers for service and warranty. You don't have that problem since the car is out of warranty. Find a good local shop that specializes in Vettes. The C6 was the worst quality car I have ever owned and the last GM car I will ever own. Good luck.
1487 says:
05:41 AM, 01/15/2010
it will probably be fun to drive and cost less to maintain than a brand new GTR but since it has that interior I'm sure thats all we will hear about. Nothing is more critical than what type of vinyl and plastic is used on the dashboard. Oh and then we can hear about how its lacking idrive, bluetooth, nav and all the other functions the editors cant live without on today's cars.
yukonjacks says:
05:25 AM, 01/15/2010
I had that same stereo head unit in my 1998 Malibu. Thought it was crummy in an $18,000 car in 1998. Wonder if it was any better in a $50,000 car in 2002?
fuhteng says:
05:24 AM, 01/15/2010
I like it. I just hope Takahashi or whatever his name is doesn't drive it. Actually, since I'm sure he already hates it, we may be spared his inane posts about how it doesn't measure up to the quality of his new Japanese-econobox.
autoboy16 says:
05:22 AM, 01/15/2010
So was this the ONLY car hiding in the photo with the XC60? I guess we were led to believe it was the diesel Benz... Which is cool because i think a 1986+ 300D, 300DT, 300TD, 300TDT, and similar 190 models would make for a better add to the fleet than that much older one?
Its going to be interesting to see how this one holds up!
ahsanman99 says:
05:18 AM, 01/15/2010
Its another grandpa and granny car.and there are too many of these boring looking cars.I will take any european or japenese sports car over this thing.
throwback says:
05:02 AM, 01/15/2010
20K for a Z06 is a great deal. I am looking forward to seeing how this compares with the Camaro in the fun to drive category.
uncanny_man says:
03:24 AM, 01/15/2010
Cool! I'm sure all the posts will bash the interior (as it is an 8 year old gm one), but I hope it holds up. I keep looking at mustangs versus used corvettes, so I'm interested to know what hidden costs show up in this one!
fg2rac3r says:
11:29 PM, 01/14/2010
dang thats a sweet piece of machinery. pretty good bang for the buck. if you guys shelled out an extra twenty grand you could of probably got a 2006 ZO6 and that baby has a hundred more ponies under the hood. well its still a great american car. imo the only american car worth looking at.
the_big_al says:
11:26 PM, 01/14/2010
a Z06 for 20K?? WOW!!
risdo says:
11:14 PM, 01/14/2010
Heck of a deal for 20K.
70ss454_man says:
10:40 PM, 01/14/2010
I look forward to reading the blogs on this car.
Now can you guys please do me a favor and buy an early '90s Range Rover County Classic? 4.2L LWB preferred. Please and thank you.
mustang5507 says:
10:36 PM, 01/14/2010
I love all the comments about the "crumminess" of the interior. Nothing's unduly worn, missing, broken, or cracked. After 8 years, I'd say that's pretty damn good. Sure it's not attractive, but certainly not built to pennies on the dollar.
majin_ssj_eric says:
10:15 PM, 01/14/2010
Looking at that ghastly interior its hard to believe that this car was built in 2002 and not 1992. And I thought the C6 interior left alot to be desired!
spdracerut says:
10:13 PM, 01/14/2010
It's a hell of a performance deal. But beware of breaking expensive parts.... I have two friends that bought them, then both sold them after serious repair costs ($3k for tranny work on one of them, steering column lock failure on the other).
wrinklebump says:
10:12 PM, 01/14/2010
I predict absolutely no one will like this car
notabigdeal says:
09:37 PM, 01/14/2010
This is a good call I always wanted to know how much it would cost and how much S*** i need to put up with if i bought a used sports car. Good Call