hiznhrz

I felt like one lucky guy when I bought my 2006 LMB Z06. Today, while I still consider myself lucky I’m also thinking I’m not the only one feeling the pain brought on by the state of our economy. I’m trying to hold onto my Z06 but with two daughters in college and a very uncertain defense market I’m seriously concerned.

The other night I was looking at Z06 prices in the forums C6 For Sale section in case I find myself having to sell. There was a guy trashing a for sale thread by telling the seller his Z06 was way overpriced and its value was going to drop like a rock as soon as the C7’s hit the market. I understand there are no certainties but I'm looking to understand what others are thinking…

In 2009 I bought my 12K mile LMB Z06 with Nav for $41K. This past summer (2012) my Z06 had 14K miles and I had a buyer who was happy to pay my $43K asking price. At the time I thought I needed to sell but my contract at work was renewed so I ended up not selling my car.

Today the car has 15K miles on it. People trying to sell still seem to be asking $40K to $43K for a Z06 with under 20K miles. I don’t know if they are getting their asking price.

By this summer people will likely be hot on the C7. Do you think a 2006 Z06 with under 20K miles would sell for $40K or more? If not, what do you think they would sell for this coming summer?

If I can hold out until 2015 and assuming the economy has fully rebounded and is going strong, do you think a 2006 would sell for $35K or more? If not, what do you think a 9 year old Z06 would sell for?

Thanks in advance for your thoughts.

crAzy

I just paid 41 for my 06 LMB with 20,000 miles on it. I thought it was fair.

avenger88

I call bullsh!t on all the people saying the cars are going to drop like rocks. Even if they dip into the mid 30s they will come back up just like how the c5z dipped, climbed, then leveled off. No matter what any one says IMO they will always go down a little but still be pretty much what they are now. They will also always be pretty much the best bang for the buck as far as super/sports cars are concerned

Sm5654

I have been thinking about this as well... my take on the whole thing is while the C7 is set to come out, the new version of the Z06 won't be out for at least a couple years right? Shouldn't that help our value a little bit? It's not like the base C7 is going to be able to touch a Z06 around a track or on a 60 roll...

Mr. Gizmo

I paid about 60k for my 2009 in fall of 2009 brand new with 17 miles. I figured the car would fall to 35k and stick around there. For me the hobby was worth 25k of sunk fees and a few hundred a year in insurance. I know guys that dump 50 to 100k to join a fancy a$$ golf country club and have to maintain a bar tab/greens fee spend of 500-600 bucks a month to keep that membership.

Sm5654

I agree... I'm willing to take a little hit because no matter how you look at it a car is a depreciating asset. But however much your Z is worth I bet you smile every time you push the gas pedal down!

THE BLACK WIDOW

I'd be willing to bet the new C7 Z06 will be selling for 90k +. Let all the guys trash talking spend the big bucks. I know exactly who you are talking about too..

J

Meanmachine08

Ive been finding 08 Z's with around 4000 miles on them for 49k. Id be willing to bet those prices could be talked down a little but that seems pretty reasonable to me. For 47-49k I feel like you would be getting A LOT of car for that price.

IAIA

I spent $46K in September for a LMB Z with 8500 miles on it. I had a couple other leads in the lower 40's, with a few more miles (up to ~18K), but was willing to pay more at a boutique Corvette dealer because he gave me $14K for my '02 Z. It had 112,000 miles on it!!! Who would've bought that from me??!!!

tim414

this^^^^^^

tim414

I will also let the C7Z be around for a few MY's as well. Let them update/work bugs out of it. I did same w/C6Z holding out and buying a new '10. I do NOT plan to buy a new one again either. To many other things I want to do before I retire. I will pick up a garage queen C7Z if their 'all that', meaning their something to own. I'm not enthused about ZR, I wanted the C6Z because I'm one of those nostalgic guys who relish the number '427'.

Add: I learned w/C6Z that buying new, there are always examples sitting around which can be had for 10's of thousands less than a new one. I wanted the new 427 Z though, because as a kid I wanted a 427 Vette and have always liked the coupes best for some reason. I had a vert before the Z and I did like it, but have NOT missed it.

Ensoniq

I just don't see the value of the Z dropping, faster than the depreciation rate, until the high performance version of the C7 comes out in a few years. I think the Z and the base C7 are slightly different markets.

Andydp

In 2010 I paid $ 49,500 for a 2006 VY ZO6 with 276 (yes, 276) miles on it. I now have about 16K on it

At the time, Kelly Blue Book had its list lower BUT they added $ 15K premium for low miles.

I don't feel I got taken by any means.

Yes the C6 will experience a "drop" but like others said, they will rebound, especially if GM doesn't come out with a 427 equipped ZO6. Just to add to the others, this is still the best bang for the buck anywhere in the world.

In reality I'll never get my purchase price back, but it should maintain a relatively higher value than a 7 year old Impala.

Random84

Mileage is always interesting to price-adjustment; but let me provide a counter-point (note - my personal observations as a buyer):

I think the vast majority of buyers for used C6Z's are (and will be) financing for whatever reason as the buying demographic shifts once the "latest and greatest" comes out in the C7. To finance the bulk of $40 or $50K for a used car is an interesting task, as even though many here lump in all Z06's by trim level... from a purchase standpoint these cars depreciate based primarily on year - with mileage and condition (and then trim) seeming to be less important on average.

A 2006/07 car is one of the most common, the oldest (8 model years old) and a car with the fewest total options available. These will be where most of the Value Buyers go, IMHO. However, to finance a lower mile car you're still talking $40K+ on average - financing varies significantly and is often capped at a certain price for a given rate, with rates being 1-2% higher for a private seller vs a dealer. Financing costs are tied closely to "blue book" value whether that be NADA, Edmunds or whomever your lender uses... but the fact remains that a 2006 car with 10K miles will be thousands less than a 2008 with 10K miles, and/or carry a higher borrowing rate for the same sale price if you were to get it.

I found when I was shopping, that it was often cheaper (when financing) to look at later model cars with higher trim packages for more money when buying from a dealer as the lower interest rates offset the higher principle cost.

Not to mention, 2008 was another high production year and many of these cars are asking mid-$40's, many have 3LZ trim and will be more desired for extendable warranty (and just being a newer car). Although uncommon, I recently saw an `08 3LZ list for $43K here on the forum (<30k miles) and it obviously sold quickly.

The market is well saturated with these cars and many buyers scour the internet for the best deals (which of course means different things to different buyers but I'm speaking generally towards cost); combined with limitations on financing older cars and the shift of buyers towards younger owners with the ever advancing age of these cars on paper, and I personally expect to see the high end on a typical 20-30K mile Z06 from 2006/2007 to be very, very close to $40K to sell today; with the vast majority listing in the high $30's by next winter (and negotiating from there based on buyer/seller circumstances).

I personally see 2008/09 cars taking up the "mid $40's" based on mileage and trim. I also see dealers being unhappy with their higher-end like new Z06's as they continue to sit when priced "at blue book value."

It might take 6 months to fully settle as sellers try to extract the most value in a low-volume market by waiting it out, but IMHO $40-42K is very good money if you're selling an `06 right now, based on what I've seen.

"IMHO," naturally.

VetteVinnie

For $41K, you got a great deal on your '09. I wouldn't take less than $45K for my '08 on a bad day. Granted, I have over $15K in professional modifications dumped into it, but that's only for the right buyer.

In a fire sale, I might drop to $42 if I had to. God willing, that's not happening anytime soon. I plan to keep this car until I can no longer drive it because I'm too old, feeble, and/or blind. That should give me a good 30-35 years of enjoyment as long as I can still get gas for it 20 years from now.

jwmgr8

In the short term all will continue to go down. Too many variables right now like:
There will no longer be a 427 Z06, my guess is in a year or two GM will bring out a supercharged C7 and or a GS version of the C7. so base will be $50k+, GS will be around $75k+ and the supercharged version will be $110+
all will be introduced to max sales of C7.
Value of C6 will be effected by acceptance of C7. But look at C6 production over last 5 years- if C7 does not go over well we may see GM exit Corvette. And I laugh at the guys that say thats not possible- it is the bean counters that run consumer products companies.
I believe good news for Z06 is last 427 super car, it will always be the special C6, and production was low compared to other C6, in fact I think all we'll see is move toward smaller and smaller engines. The biggest effect on value of Vettes is going to be number of buyers, which I think is shrinking. Maybe C7 will stop that since it looks like it appeals better to to non-corvette guys? only time will tell
Simple way to look at your cars value in short term is to look at value of 1, 2, 3, 4, 5 year old cars on any of the industry trackers then project your car at same rate of decline. Always remember mods do not increase value. And the value of your car will likely be 20% less than what you think?

VetteVinnie

That statement is false. You won't see Callaway Vettes being priced like a base Vette ever. And to the right buyer, the right mods are worth something. It very much depends on who did the work and what work was done to it. The fact that my heads have been refreshed to the point that it won't be dropping valves puts the value UP compared to unmodified C6Z, IMO. My car has and will retain the original engine. Not everyone can say that.

dun4791

I think the c7 will have more affect on the base cars and the z cars will remain fairly stable until the release of a c7z car, and then the msrp on the c7z, will dictate where the prices of the c6z will settle in at........ if the c7z is over 100k, it will actually help the c6z to retain value.


And then there is the styling question. ...... how will the new styling be received.

crAzy

If you think about it the C5Z was $52K new. A decade later some are still going for half that and others a little below that depending on the condition. Now if we take a new C6Z which Base price was $65,800. I would expect to see in the year 2016 they will be low 30's. Its just more car than the C5Z and things are getting more pricey as the years go by. Just like some are saying the C7Z might be damn near in the 6 figure range.

DON T.

I think there is another angle here to think about. I purchased my 09 Z06 with 6000miles on Nov.28th 2011 for 55k. She allready had Kook headers and Corsa exhaust installed by Hendrick Chevrolet. I thought i paid a fair price since i would have spent the $ anyway installing those same mods. Also I wanted Cyber Grey and the car is a pearl. The next week i read where is average age of a Z06 buyer is 54! I sort of laughed at that because i had just turned 54 two months earlier. Now, here is the angle iv been thinking about, GM cannot have this new C7 selling at the same rate as the C6s have been selling the last five years. GM has designed this new C7 to appeal toward a little younger buyer. They want that buyer who is in there mid 30s to mid 40s who will be shopping the Nissan GTR or Porsche Dealerships the next few years. My thoughts are that we will have a reduction in value over the coming months. But after the frenzy wears off I believe there will be plenty of buyers in there 50s who still want to own a 427 C06 Corvette!!!And the values will rise accordingly. Now if GM desides to bring back the Mighty LS7 ? Then who knows, but the C7 forum is abuzz with rumors and i have not seen anywhere where we will see the LS7 again in a Corvette......Live on 427!!!! LIVE ON