What Does It Really Cost to Own a C4 Corvette

Owning a classic car is full of joy and heartache. For every perfect Sunday drive on a crisp autumn day, there are hours of wrenching to fix a problem that always seems to come back. Inevitably, this leads to questions about the cost of keeping a retro vehicle on the road.

This video from Brad Hansen offers an answer by breaking down his ownership expenses for a 1996 Chevrolet Corvette Collector's Edition over 52 months. After factoring in the original purchase price, all of the bills, insurance, and the proceeds from selling the Corvette, the grand total was $11,009-or $1.09 per mile.

"After adding up all expenses, it tells me that responsible ownership can be not only fun but a great deal financially," Hansen says. By 'responsible,' I mean driving it enough to keep it in good shape and taking care of preventive maintenance."

According to an AAA study, the average cost of owning a new vehicle in 2023 was $12,182. Hansen paid less than that over four years of driving, though, to be fair, his $11,009 figure includes the Corvette's sale price.

Hansen bought his 1996 Corvette-the final model year for the C4 generation-for $17,000 in 2019. The powertrain is the engaging combination of a six-speed manual and a 5.7-liter LT4 V-8, making 330 horsepower and 340 pound-feet of torque. He looked at several cars of various sorts that year before landing on the Corvette.

"I was looking for a car that would be fun to drive on the nearby canyon roads, but also livable for daily driving," he says. "It needed to be reasonably safe, reliable, easy to fix, and available for under 20 grand. Bonus points if it was stylish and not something you saw on the road often!"

Hansen's Corvette didn't come with any repair records, so he had a few things to fix. Before even going home after buying it, he took the car to a shop to get fresh tires, an alignment, an oil change, new transmission fluid, a drive belt, and wiper blades. Those were the first of his maintenance costs, which over his entire ownership period came to $5554.

Hansen lives in Los Angeles and used the Corvette as a daily driver. He recognizes that driving a nearly 30-year-old sports car through the city's famously awful traffic was sometimes challenging.

"Because the C4 is so low and small, you're on constant alert from other drivers, particularly as modern traffic is full of towering SUVs, trucks, and crossovers who aren't aware that you're right next to them," Hansen says. "I had to use the horn a lot!"

There were times when a classic Corvette was fun to drive in LA, too. Hansen credits the comfortable seats and says there was plenty of acceleration to take advantage of the gaps in traffic. Plus, the car gave him a sense of nostalgic. "Every errand became a cruise back in time," he says.

Earlier this year, Hansen sold his 1996 Corvette to a buddy for $22,600, which was in line with Hagerty's $22,100 price estimate for a Collector's Edition with the LT4 in #3 condition. After some car shopping, he bought a 2007 Corvette with just 12,658 miles. He's already released a video explaining why a newer Vette is a better choice for folks wanting a sporty daily driver. "Primarily, I wanted that same great Corvette flavor with less of the pain," Hansen says. "Compared to the C4, the C6's ride is much smoother, there's more interior room, the trunk is much bigger, it's more luxurious, and it's faster but also more fuel efficient."

Overall, Hansen is pleased with his C4 exercise and the financial outcome after five years. "After adding up all expenses, it tells me that responsible ownership can be not only fun but a great deal financially."

Are you the sort who keeps close tabs on the true cost of ownership for your old cars? Let us know in the comments.