How much less is a car worth with just 1,480 miles on the odometer? One Corvette buyer found out after flipping a $69,995 Chevrolet Corvette he had recently won in a raffle. The car earned a winning bid of $58,500. You could say the mid-engine sports car shed about $7.75 in value for every mile driven.

Used cars are rarely worth as much as they were when new. Many buyers see used purchases as riskier. They don’t know how well the first owner drove or maintained the car. Used car interest rates are also often higher than new car rates. As a result, a total loan on a new $69,000 Corvette may cost less than one on a used $58,000 example. It’s unsurprising that an elite few collectible used cars resell above sticker price.

Why this Corvette took such a steep hit

The red 2025 Corvette in question was purchased by the Rotary Club of Tucson and raffled off. That context helps explain the build. It was an absolute base model. It lacked heated or ventilated seats, a head-up display, and the 15-speaker Bose audio system. Even so, it remained a bright red, mid-engine V8 convertible. It’s fair to wonder whether the Rotary Club recouped its investment through ticket sales.

The club held its final drawing, and the lucky winner took delivery in October 2025. The car may have accumulated miles while attending Rotary Club events to promote the raffle. It’s also possible the winner took one long road trip. Either way, by late November, the owner decided to sell.

They listed the Corvette on Cars & Bids. After 32 bids, it sold for $58,500 on Nov. 25. The car hadn’t even returned to a dealership for its first service.