Built from 1962 to 1967, the second-generation Chevrolet Corvette is famous for many feats. It’s the shortest-lived version of the iconic sports car, it was the first available with big-block V8 engines, and it spawned quite a few rare iterations.

Often regarded as the most beautiful Corvette ever designed, the C2 Stingray was previewed by the equally stunning Mako Shark concept. Once available to the public, the C2 became the basis for a few limited-edition Corvettes that are now among the rarest and most desirable. The Z06 is one of them.

The first-ever Z06 was born in 1962 when Chevrolet still supported the AMA ban on factory racing. Dedicated to privateers who would continue to race Corvettes, the Z06 was essentially a race-ready package with an enlarged gas tank. Chevrolet built 109 examples.

1962 also saw the arrival of the Grand Sport. The result of a program initiated by Zora-Arkus Duntov to produce a lightweight car to compete against the Shelby Cobra, the Grand Sport was developed in great secrecy due to the AMA ban. But as soon as they learned about it, GM executives canceled the project. Duntov put together only five cars.

Finally, there’s the Corvette L88, the car I’m here to discuss. Also created with racing in mind, the L88 was just as wild thanks to a beefed-up 427-cubic-inch (7.0-liter) big-block V8 engine.

Introduced in 1967 alongside the L89 Tri-Power, the L88 was fitted with lots of race-inspired parts, including lightweight heads, bigger ports, 12.5:1 compression, an aluminum radiator, and a huge four-barrel Holley carburetor. The mill was officially rated at 430 horsepower, five below the Tri-Power, but its actual output was said to be around 560 horses.

Because it required other expensive options, including Positraction, heavy-duty suspension, and power brakes, the L88 added a 35% premium to the base Corvette. The high sticker and the fact that Chevrolet was months away from launching the brand-new C3 resulted in only 20 customers buying an L88.

Incredibly rare and extremely powerful for mid-1960s standards, the C2 L88 is now a million-dollar collectible. In fact, the most expensive Chevrolet ever auctioned as of 2023 is a 1967 L88. It’s actually the car you see here, which changed hands for a whopping $3.85 million in 2014. And it’s scheduled to go under the hammer in 2024, when it could set a new record.

What makes this L88 so expensive? Well, besides being one of only 20 units produced, it’s also unique thanks to its Rally Red exterior and matching interior. It’s also highly original and boasts multiple awards won between 2001 and 2018. The engine, however, is not a numbers-matching mill. The original engine was replaced very early in the car’s life. But it’s a period-correct service engine, so it’s pretty much the next best thing.

As I said, this L88 was auctioned off for $3.85 million in 2014. It set a new record at the time, surpassing an L88 convertible that traded hands for $3.52 million in 2013. Scheduled to go under the hammer in January 2024, this Rally Red L88 could be the first to fetch more than $4 million.