In the auction world, it’s getting harder and harder to stand out from the crowd.

A new website called Dutch Auctions is trying to do just that by turning the traditional auction format on its head. Instead of watching bidders drive the price higher, buyers watch the price move in the opposite direction.

The car starts at a set price. If nobody bites, the price drops. It keeps falling until someone decides the deal is too good to pass up and buys the car.

Sounds like it could be a lot of fun — especially if you have the nerve to wait.

One of the cars being offered is this 32,000-mile 2002 Corvette convertible, finished in Quicksilver over a black leather interior. The opening price is $23,500.

Think it’s worth that much? Buy it.

Think it’s too high? Keep waiting.

Of course, that creates the dilemma that makes a Dutch auction interesting: The longer you wait for a better price, the greater the chance somebody else decides the price is right and beats you to it.

This three-owner C5 Corvette has traveled just 32,483 miles in nearly a quarter-century and comes with a clean Carfax showing no reported accidents, structural damage or title problems. The history also includes 29 service records.

Better yet for enthusiasts, this one has three pedals.

Under the hood is Chevrolet’s 5.7-liter LS1 V8, rated at 350 horsepower and 365 lb-ft of torque, paired with the desirable six-speed manual transmission and a 3.42 rear axle.

The Corvette wears Quicksilver paint with a black power convertible top and rides on polished five-spoke wheels wrapped in Goodyear Eagle tires. Don’t forget the round (oval) taillights in the back and the now-unusual pop-up headlights.

Inside, this C5 is nicely appointed with black leather sport seats, dual-zone automatic climate control, a head-up display, driver memory settings and a power telescoping steering column. The cabin remains largely original, though the seller notes some staining on the front of the steering wheel.

This example has been with its current owner since 2011, with about 6,000 miles added during that time. An oil change was also performed in preparation for the auction.

So, is $23,500 too much for a low-mileage, six-speed C5 convertible?

With a traditional auction, you’d have to decide how high you’re willing to go.

With this one, the question is just the opposite:

How long are you willing to wait?

Source:
Dutch Auctions

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