An 850 percent markup over MSRP is the sort of return even America’s greediest car dealers can only dream about, but that’s what happened at Barret Jackson’s Palm Beach Auction last Saturday when the first ever retail example of the new Corvette E-Ray Went under the hammer and sold for $1.1 million.
The good news in this case is that the only people profiting are from nonprofit DonorsChoose. The E-Ray 3LZ, which has an MSRP of around $115,000 including destination charges, was donated by Chevrolet with all proceeds from the auction going to help provide resources to teachers working in public schools in low-income communities.
Legendary Corvette engineering guru Tadge Juechter was in the auction room helping whip up some bidding fever and to see someone agree to pay almost 10 times the face value of the Corvette to take it home. That generous buyer was Rick Hendrick, chairman and CEO of Hendrick Automotive Group and owner of 14-time NASCAR Cup Series champions Hendrick Motorsports.
Related: 2024 Corvette E-Ray AWD Hybrid Is The Quickest ‘Vette Ever, Hits 60 In 2.5 Seconds
The C8’s switch to a mid-engined layout was already arguably the biggest change to happen to the Corvette in its now 70-year history, but the E-Ray introduces more Vette firsts in the form of all-wheel drive and hybrid assistance.
Wider bodywork gives the E-Ray a similar look to the rev-hungry Z06 Corvette, and the two are very closely matched in terms of price, power and straight-line performance. The Z06 comes in at $106,695, makes 670 hp (679 PS) and takes 2.6 seconds to reach 60 mph (96 km/h), while the base E-Ray costs $104,295, pumps out a total of 655 hp (664 PS) and needs just 2.5 seconds.
But the two cars go about their business in very different ways. The rear-wheel drive Z06 uses a naturally-aspirated 5.5-liter DOHC V8 to make the scenery blurry, whereas the E-Ray sticks with the base C8’s 495 hp (502 PS) 6.2-liter pushrod V8, but adds an electric motor on the front axle. Like Porsche’s upcoming hybrid 911, the E-Ray can’t be plugged in to charge it up, but it can run briefly on electric power to save you falling out with your neighbors on early morning getaways.
