MANY UNSOLD NEW 2005's in dealer's lots in Miami
#1
Burning Brakes
Thread Starter
Member Since: Jan 2005
Location: Miami & Naples, FL
Posts: 796
Received 433 Likes
on
110 Posts
Unmodified C8 of the Year 2021 Finalist
MANY UNSOLD NEW 2005's in dealer's lots in Miami
While I am waiting for my 2007 to be built next in a few weeks, just for the heck of it I called around local dealers to see what's on their lots.
I was astounded to learn how many unsold brand new 2005's were still around. The C6 was red hot when introduced last year and is supposed to be GM's "crown prince" - so how can there be so many deadbeat 2005's still unsold?
Plenty of coupes and convertibles with MSRP in all ranges - in all colors. Never titled cars on original MSO - not lease buybacks or order cancelations.
The odd part is that the dealers are not giving good deals on these cars either. I can buy a new 2007 for less money than these dealers want for two year old cars !!! Does not make sense.
Also, there are hundreds of unsold 2006 models too - many with old VIN numbers built back in October and November, 2005. These are 8 month old cars sitting with no buyers.
There are no sales incentives from GM for the C6, and the dealers must be choking on their floor plan interest carrying these 55-65 thousand dollar cars.
It is troubling to learn that C6's are not selling so great as reported in the published sales statistics. It concerns me that a two year old C6 has no market in an area where Corvette sales are the hottest in the country.
Any comments from any forum dealers??
I was astounded to learn how many unsold brand new 2005's were still around. The C6 was red hot when introduced last year and is supposed to be GM's "crown prince" - so how can there be so many deadbeat 2005's still unsold?
Plenty of coupes and convertibles with MSRP in all ranges - in all colors. Never titled cars on original MSO - not lease buybacks or order cancelations.
The odd part is that the dealers are not giving good deals on these cars either. I can buy a new 2007 for less money than these dealers want for two year old cars !!! Does not make sense.
Also, there are hundreds of unsold 2006 models too - many with old VIN numbers built back in October and November, 2005. These are 8 month old cars sitting with no buyers.
There are no sales incentives from GM for the C6, and the dealers must be choking on their floor plan interest carrying these 55-65 thousand dollar cars.
It is troubling to learn that C6's are not selling so great as reported in the published sales statistics. It concerns me that a two year old C6 has no market in an area where Corvette sales are the hottest in the country.
Any comments from any forum dealers??
Last edited by THECORVETTEMANN; 07-03-2006 at 10:38 PM.
#2
Drifting
I keep seeing the same three verts in so. Florida on Ebay...the reserve is higher than I can buy an '06 for....
#3
Burning Brakes
I am puzzled too. That is NOT at all what I have seen here in palm beach county. Most dealers have little to no C6 inventory thats whay I ordered. Maybe a certain dealer got a "deal" on excess inventory? Don't knoe, but that is far from what I have seen here.
#4
Team Owner
Member Since: Sep 2005
Location: Big Bend Country, TX
Posts: 29,114
Received 2,186 Likes
on
1,337 Posts
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
NCM Lifetime Member
Same here in TX. Serves the dealers right for being so greedy when the C6 first came out. On the other hand, it's killing trade in or resale value for those of us that would like to trade for a different Vette.
#5
It makes me wonder if the sales stats are based upon cars built, cars shipped to dealers, or cars actually sold.
IMO the market is flooded with C6's. Also, GM sold some 6000 Z06s in '06. I believe that a significant percentage of these were purchased by people who would have bought a regular C6. Hence, C6 sales are negatively impacted by Z06 sales.
Check out the TOTAL sales of C6s both regular and Z06. It's about the same as any 'normal' vette sales year in the past 10 years or so.
This indicates that perhaps there is a total available market for any flavor of C6 and all GM really accomplished with the Z06 is cutting up the pie diffenently and perhaps making a bit more per sale on each Z06 than on a C6?
Just think of buying an unsold '05 now! DBS, roof, crank pulley etc and normal depreciation. IMO a good price would be no less than $10k off msrp.
Now the 07s will be flooding the market and Z06 supply will eventually catch up with demand. Also, the roof fiasco might, IMO, result in dampening of C6 sales until it is actually remedied?
all IMO.
IMO the market is flooded with C6's. Also, GM sold some 6000 Z06s in '06. I believe that a significant percentage of these were purchased by people who would have bought a regular C6. Hence, C6 sales are negatively impacted by Z06 sales.
Check out the TOTAL sales of C6s both regular and Z06. It's about the same as any 'normal' vette sales year in the past 10 years or so.
This indicates that perhaps there is a total available market for any flavor of C6 and all GM really accomplished with the Z06 is cutting up the pie diffenently and perhaps making a bit more per sale on each Z06 than on a C6?
Just think of buying an unsold '05 now! DBS, roof, crank pulley etc and normal depreciation. IMO a good price would be no less than $10k off msrp.
Now the 07s will be flooding the market and Z06 supply will eventually catch up with demand. Also, the roof fiasco might, IMO, result in dampening of C6 sales until it is actually remedied?
all IMO.
#6
Race Director
Originally Posted by THECORVETTEMANN
It is troubling to learn that C6's are not selling so great as reported in the published sales statistics. It concerns me that a two year old C6 has no market in an area where Corvette sales are the hottest in the country.??
#8
Team Owner
Member Since: Sep 2005
Location: Big Bend Country, TX
Posts: 29,114
Received 2,186 Likes
on
1,337 Posts
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
NCM Lifetime Member
OregonC6 "Now the 07s will be flooding the market and Z06 supply will eventually catch up with demand. Also, the roof fiasco might, IMO, result in dampening of C6 sales until it is actually remedied?"
It is the main reason tha I am holding off on buying a Z06. I feel that the prices will come down wit in the next year. Espcially if the Blue Devil super Vette is built.in 2008.
It is the main reason tha I am holding off on buying a Z06. I feel that the prices will come down wit in the next year. Espcially if the Blue Devil super Vette is built.in 2008.
#9
Team Owner
Member Since: Sep 2005
Location: Big Bend Country, TX
Posts: 29,114
Received 2,186 Likes
on
1,337 Posts
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
NCM Lifetime Member
Originally Posted by eagles6998
Those dealers will probably take a big loss!!
#10
Car manufacturer sales are based on shipments to dealers, and not sell through. Sell through would be sales to customers from dealers.
In and around the Philadelphia area at least, there are very few '06 vettes still on lots. The only ones seem to have been delivered the last couple of weeks.
Maybe those '05s are cars that were sold distressed from hurricane affected areas in Louisiana, TX, et al! Flood victims?
In and around the Philadelphia area at least, there are very few '06 vettes still on lots. The only ones seem to have been delivered the last couple of weeks.
Maybe those '05s are cars that were sold distressed from hurricane affected areas in Louisiana, TX, et al! Flood victims?
#11
Burning Brakes
Thread Starter
Member Since: Jan 2005
Location: Miami & Naples, FL
Posts: 796
Received 433 Likes
on
110 Posts
Unmodified C8 of the Year 2021 Finalist
Originally Posted by Wayne88
Says you, because you called a few dealerships.
I live here in Miami and I can only report what I have found in our area. I checked elsewhere in the Southeast US, and there are many dealers sitting with unsold inventory of C6's.
It's gotta hurt resale values down the road.
#12
Premium Supporting Vendor
Member Since: Nov 2003
Location: www.EXOTICVETTE.com - FL Cruise-In VI, VII, & VIII
Posts: 6,853
Received 120 Likes
on
91 Posts
Cruise-In V Veteran
St. Jude's Donor '05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16
Just because there are cars available now doesn't mean the market's flooded with C6's. These cars are still in high demand. I believe (IMO) the problem some dealers have is they are stuck on getting a certain price for the car while other dealers will settle on making a modest profit margin. I believe these type dealers will sit on these over-priced cars until they HAVE to sell them, and by that time they will lose their azz on them because they will be close to two years old. As with ANY new model that is highly desirable, it's going to be marked up for those who want it first. Supply catches up and things 'normalize' somewhat.
Just like I keep seeing all these posts 'why is everyone selling their Z06' There's over 6,000 of them out there. I don't see thousands or even hundreds for sale!?!?! Think some people may be jumping the gun on thinking the cars are not doing so well. Look for any model car on the road that's over 6 months old and I guarantee you will find them for sale used already.
Just like I keep seeing all these posts 'why is everyone selling their Z06' There's over 6,000 of them out there. I don't see thousands or even hundreds for sale!?!?! Think some people may be jumping the gun on thinking the cars are not doing so well. Look for any model car on the road that's over 6 months old and I guarantee you will find them for sale used already.
#13
Burning Brakes
Thread Starter
Member Since: Jan 2005
Location: Miami & Naples, FL
Posts: 796
Received 433 Likes
on
110 Posts
Unmodified C8 of the Year 2021 Finalist
Originally Posted by beden1
Maybe those '05s are cars that were sold distressed from hurricane affected areas in Louisiana, TX, et al! Flood victims?
I checked and the stickers are listing the Miami dealers names on the cars - not being traded from dealers elsewhere.
Run gmbuypower.com and you'll see hundreds of unsold C6's everywhere in Miami & Ft. Lauderdale.
#14
Advanced
Member Since: Sep 2000
Location: Orland Park, Ill USA
Posts: 71
Likes: 0
Received 0 Likes
on
0 Posts
It shows that the law of supply and demand is alive and well. Dealers that have new 2005's are not finding buyers willing to pay the price they are asking because the buyers can get a newer car for less from someone else. These dealers ignore reality at their own peril and I have no sympathy for them. The real fool will be the person who buys a 2 year old car from them at their unrealistic price.
#15
Team Owner
Member Since: Sep 2005
Location: Big Bend Country, TX
Posts: 29,114
Received 2,186 Likes
on
1,337 Posts
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
NCM Lifetime Member
Originally Posted by Bobby G
It shows that the law of supply and demand is alive and well. Dealers that have new 2005's are not finding buyers willing to pay the price they are asking because the buyers can get a newer car for less from someone else. These dealers ignore reality at their own peril and I have no sympathy for them. The real fool will be the person who buys a 2 year old car from them at their unrealistic price.
#16
Originally Posted by THECORVETTEMANN
I checked and the stickers are listing the Miami dealers names on the cars - not being traded from dealers elsewhere.
Run gmbuypower.com and you'll see hundreds of unsold C6's everywhere in Miami & Ft. Lauderdale.
Run gmbuypower.com and you'll see hundreds of unsold C6's everywhere in Miami & Ft. Lauderdale.
133 total vettes within a 275 mile radius is more than I would have thought at this time of year. Maybe you're onto something!
#17
Former Vendor
Maybe if GM would have dealt with the roof problem instanly in 05 the 06 would not be so hard to sell. Everyone knows about pulley, dead battery, roof and on and on.
Don't buy now wait until the price free fall
Don't buy now wait until the price free fall
#18
Team Owner
Part of an article a freind sent me...GM STRUGGLES,NOT THE VETTE
ad_dap(250,300,'&PG=NBCMSB&AP=1089');
“There’s nothing like a Corvette,” he said. “This thing will do almost anything you want. To own one of these things, you’re a little bit different from everybody else. Anybody can drive a 4-door sedan. It’s about standing out.”
The only factory in the world that builds the iconic sports car, General Motors’ Bowling Green plant rolled out its first Corvette in Kentucky 25 years ago on June 1, 1981.
Industry analysts say the plant remains a bright spot for General Motors Corp. at a time when sagging sales have led the automaker to eliminate 30,000 U.S. hourly jobs by 2008 as part of a massive restructuring plan.
About 35,000 Corvettes are assembled at the plant each year — a small fraction of the 9 million vehicles GM is expected to produce worldwide this year.
But the Corvette — which sells for around $50,000 — is not intended to make piles of money, but instead to create a brand identity and to lure customers into Chevy dealerships to buy other vehicles, said David Healy, an analyst with New York-based Burnham Securities Inc.
“It’s microscopic, but it does the job as a marketing tool for Chevy,” Healy said. “Indirectly it makes money because it gives cachet to Chevy, which otherwise might suffer from lack of charisma.
“It’s a performance mobile. It probably shouldn’t be street legal,” Healy said of the car that can reach speeds up to 180 mph. “It’s a showoff vehicle. It’s a chick mobile.”
GM has sold more than 1.4 million Corvettes since the first one was built June 30, 1953, in Flint, Mich. About 300 of the cars were assembled there before production was moved to St. Louis the next year.
Click for related story
GM sales fall 26 percent in June
Following the passage of more strict environmental regulations in the 1970s affecting the car’s production in St. Louis, GM then transferred its Corvette facilities to a building that had been a Chrysler air conditioning unit factory in Bowling Green.
Bob Heidbrink, a retired engineer who worked for GM for more than 40 years, including 15 at the Bowling Green plant, now gives tours of the facility to Corvette owners who pay an extra fee to watch their new car be built.
Heidbrink said GM was building 10 Corvettes an hour in St. Louis and increased that to 15 after the move to Bowling Green.
By the mid-1980s, however, there were too many Corvettes flooding the market, though it later experienced a jump in popularity in the 1990s when the fifth generation model debuted, Heidbrink said.
Now plant workers are putting in a lot of overtime because of the Corvette’s popularity, said the plant’s union president Eldon Renaud. The plant also produces 4,000 Cadillac XLRs per year.
For an extra cost of about $500, new Corvette owners can pick up their “baby” at the National Corvette Museum’s designated “nursery” and get a personal guided tour of the assembly plant and hands-on training about the new car’s controls.
Like the Taglialavores, Joel and Joann Schotz opted for the VIP treatment and flew in from Phoenix, Ariz., to get their new Corvette at the museum.
Joel Schotz, 58, says he plans to use the car — his fourth Corvette since buying his first at age 23 — for autocross racing, though he and his wife will do some sightseeing first on the drive back to Arizona.
“It’s a real performance value,” Schotz said. “Today the quality of the car is very good. They’ve stayed true to their roots. It’s a car that will stop, turn, accelerate. Let’s face it, it’s not a Ferrari. But it will do what a Ferrari does for a lot less money.”
Gene Taglialavore and his wife also plan to roam the country’s highways in their new Corvette — particularly the famed Route 66, which he’s never driven.
“I’ve always wanted to take Route 66. Now I’ve got the opportunity and the time to do it,” he said. “It (Corvette) just floats around curves and sticks to the highway. You become one with the road. It’s not just a way to get to point A from point B.”
© 2006 The ***
“There’s nothing like a Corvette,” he said. “This thing will do almost anything you want. To own one of these things, you’re a little bit different from everybody else. Anybody can drive a 4-door sedan. It’s about standing out.”
The only factory in the world that builds the iconic sports car, General Motors’ Bowling Green plant rolled out its first Corvette in Kentucky 25 years ago on June 1, 1981.
Industry analysts say the plant remains a bright spot for General Motors Corp. at a time when sagging sales have led the automaker to eliminate 30,000 U.S. hourly jobs by 2008 as part of a massive restructuring plan.
About 35,000 Corvettes are assembled at the plant each year — a small fraction of the 9 million vehicles GM is expected to produce worldwide this year.
But the Corvette — which sells for around $50,000 — is not intended to make piles of money, but instead to create a brand identity and to lure customers into Chevy dealerships to buy other vehicles, said David Healy, an analyst with New York-based Burnham Securities Inc.
“It’s microscopic, but it does the job as a marketing tool for Chevy,” Healy said. “Indirectly it makes money because it gives cachet to Chevy, which otherwise might suffer from lack of charisma.
“It’s a performance mobile. It probably shouldn’t be street legal,” Healy said of the car that can reach speeds up to 180 mph. “It’s a showoff vehicle. It’s a chick mobile.”
GM has sold more than 1.4 million Corvettes since the first one was built June 30, 1953, in Flint, Mich. About 300 of the cars were assembled there before production was moved to St. Louis the next year.
Click for related story
GM sales fall 26 percent in June
Following the passage of more strict environmental regulations in the 1970s affecting the car’s production in St. Louis, GM then transferred its Corvette facilities to a building that had been a Chrysler air conditioning unit factory in Bowling Green.
Bob Heidbrink, a retired engineer who worked for GM for more than 40 years, including 15 at the Bowling Green plant, now gives tours of the facility to Corvette owners who pay an extra fee to watch their new car be built.
Heidbrink said GM was building 10 Corvettes an hour in St. Louis and increased that to 15 after the move to Bowling Green.
By the mid-1980s, however, there were too many Corvettes flooding the market, though it later experienced a jump in popularity in the 1990s when the fifth generation model debuted, Heidbrink said.
Now plant workers are putting in a lot of overtime because of the Corvette’s popularity, said the plant’s union president Eldon Renaud. The plant also produces 4,000 Cadillac XLRs per year.
For an extra cost of about $500, new Corvette owners can pick up their “baby” at the National Corvette Museum’s designated “nursery” and get a personal guided tour of the assembly plant and hands-on training about the new car’s controls.
Like the Taglialavores, Joel and Joann Schotz opted for the VIP treatment and flew in from Phoenix, Ariz., to get their new Corvette at the museum.
Joel Schotz, 58, says he plans to use the car — his fourth Corvette since buying his first at age 23 — for autocross racing, though he and his wife will do some sightseeing first on the drive back to Arizona.
“It’s a real performance value,” Schotz said. “Today the quality of the car is very good. They’ve stayed true to their roots. It’s a car that will stop, turn, accelerate. Let’s face it, it’s not a Ferrari. But it will do what a Ferrari does for a lot less money.”
Gene Taglialavore and his wife also plan to roam the country’s highways in their new Corvette — particularly the famed Route 66, which he’s never driven.
“I’ve always wanted to take Route 66. Now I’ve got the opportunity and the time to do it,” he said. “It (Corvette) just floats around curves and sticks to the highway. You become one with the road. It’s not just a way to get to point A from point B.”
© 2006 The ***
#19
Originally Posted by jesse12804
NOTE:Sales off 26% !!!
#20
Melting Slicks
Member Since: Apr 2005
Location: ---Phoenix, AZ --- Boiler Up, Hammer Down!
Posts: 3,216
Likes: 0
Received 1 Like
on
1 Post
Originally Posted by Bobby G
It shows that the law of supply and demand is alive and well. Dealers that have new 2005's are not finding buyers willing to pay the price they are asking because the buyers can get a newer car for less from someone else. These dealers ignore reality at their own peril and I have no sympathy for them. The real fool will be the person who buys a 2 year old car from them at their unrealistic price.