Trying to price a new Vette
04-17-2015, 03:08 PM
#41
Burning Brakes
Thread Starter
The worst depreciation hit comes in the first 3 years of ownership I believe. So the hard and short answer is no. you won't get close to MSRP for a 1 year old vehicle.
Like I said. As soon as you drive it off the lot, you are taking a 20% hit (and that's being generous, for most cars it's closer to 25%).
Like I said. As soon as you drive it off the lot, you are taking a 20% hit (and that's being generous, for most cars it's closer to 25%).
Because they all seem to be nowhere near that low.
04-17-2015, 05:00 PM
#42
8th Gear
Member Since: May 2008
Location: Illinois
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Hello Everyone. IMHO buying a new Corvette is not a money making proposition, ever. Hopefully in this reply is an image of a car for sale at Carmax right now. 2015 Coupe 2LT. From looking at the pictures I'm going to go out on a limb and say it has the ZF1 appearance package, A/T, Red Calipers, and Transparent Roof. I'm going to assume it has the Battery Protection Package and the Performance Exhaust (why get the ZF1 and look mean if you aren't going to sound mean?)
Anyway, I figure the MSRP for this was around $67k and Carmax is selling it for $60k with 2,000 miles on it. I've dealt with Carmax and like working with them but if they paid more than $55k for this car I'd be shocked. So this thing is selling at least 10% below MSRP and Carmax might have paid $55k. Not 20% off but close.
Bottom line: New Corvette prices only go down.
Having said all that...why would you sell it? Drive that thing because...'Merica!
Anyway, I figure the MSRP for this was around $67k and Carmax is selling it for $60k with 2,000 miles on it. I've dealt with Carmax and like working with them but if they paid more than $55k for this car I'd be shocked. So this thing is selling at least 10% below MSRP and Carmax might have paid $55k. Not 20% off but close.
Bottom line: New Corvette prices only go down.
Having said all that...why would you sell it? Drive that thing because...'Merica!
04-17-2015, 05:11 PM
#43
Burning Brakes
Uhhhhh I can get a brand new Vette from the factory optioned the same for less than $60k using supplier/credit union discount.
Screw CarMax, I have not been there in years and been offered a decent deal to buy or sell a car. They have gotten so big now and have so many people buying their cars they dont need to give anyone a decent deal because there is always another sucker waiting in line.
Screw CarMax, I have not been there in years and been offered a decent deal to buy or sell a car. They have gotten so big now and have so many people buying their cars they dont need to give anyone a decent deal because there is always another sucker waiting in line.
04-17-2015, 07:14 PM
#44
Burning Brakes
Thread Starter
Hello Everyone. IMHO buying a new Corvette is not a money making proposition, ever. Hopefully in this reply is an image of a car for sale at Carmax right now. 2015 Coupe 2LT. From looking at the pictures I'm going to go out on a limb and say it has the ZF1 appearance package, A/T, Red Calipers, and Transparent Roof. I'm going to assume it has the Battery Protection Package and the Performance Exhaust (why get the ZF1 and look mean if you aren't going to sound mean?)
Anyway, I figure the MSRP for this was around $67k and Carmax is selling it for $60k with 2,000 miles on it. I've dealt with Carmax and like working with them but if they paid more than $55k for this car I'd be shocked. So this thing is selling at least 10% below MSRP and Carmax might have paid $55k. Not 20% off but close.
Bottom line: New Corvette prices only go down.
Having said all that...why would you sell it? Drive that thing because...'Merica!
Anyway, I figure the MSRP for this was around $67k and Carmax is selling it for $60k with 2,000 miles on it. I've dealt with Carmax and like working with them but if they paid more than $55k for this car I'd be shocked. So this thing is selling at least 10% below MSRP and Carmax might have paid $55k. Not 20% off but close.
Bottom line: New Corvette prices only go down.
Having said all that...why would you sell it? Drive that thing because...'Merica!
No, actually 10% is not anywhere close to 20%. In fact it's half!!
I UNDERSTAND BUYING A CORVETTE WILL NOT MAKE YOU MONEY.
Having said that, they seem to depreciate slowly.
Anyone else seen a 2014 going for 45k with low miles?
Last edited by sanantguy; 04-17-2015 at 07:19 PM.
04-17-2015, 07:39 PM
#45
NO one is selling their low miles 2014 C7 for 25% off MSRP, and you'll be hard pressed to find one at 20% off MSRP.
The MSRP on new C7s has gradually risen since the C7 was first released. This helps resale values, since buyers are all comparing new to used. The more expensive a new 2015, the higher the value on used 2014s, since the 2 are correlated.
04-17-2015, 08:27 PM
#46
Burning Brakes
Thread Starter
This is an old wives tale that does not apply to the C7, therefore does not help the OP.
NO one is selling their low miles 2014 C7 for 25% off MSRP, and you'll be hard pressed to find one at 20% off MSRP.
The MSRP on new C7s has gradually risen since the C7 was first released. This helps resale values, since buyers are all comparing new to used. The more expensive a new 2015, the higher the value on used 2014s, since the 2 are correlated.
NO one is selling their low miles 2014 C7 for 25% off MSRP, and you'll be hard pressed to find one at 20% off MSRP.
The MSRP on new C7s has gradually risen since the C7 was first released. This helps resale values, since buyers are all comparing new to used. The more expensive a new 2015, the higher the value on used 2014s, since the 2 are correlated.
04-17-2015, 08:33 PM
#47
Drifting
Hello Everyone. IMHO buying a new Corvette is not a money making proposition, ever. Hopefully in this reply is an image of a car for sale at Carmax right now. 2015 Coupe 2LT. From looking at the pictures I'm going to go out on a limb and say it has the ZF1 appearance package, A/T, Red Calipers, and Transparent Roof. I'm going to assume it has the Battery Protection Package and the Performance Exhaust (why get the ZF1 and look mean if you aren't going to sound mean?)
Anyway, I figure the MSRP for this was around $67k and Carmax is selling it for $60k with 2,000 miles on it. I've dealt with Carmax and like working with them but if they paid more than $55k for this car I'd be shocked. So this thing is selling at least 10% below MSRP and Carmax might have paid $55k. Not 20% off but close.
Bottom line: New Corvette prices only go down.
Having said all that...why would you sell it? Drive that thing because...'Merica!
Anyway, I figure the MSRP for this was around $67k and Carmax is selling it for $60k with 2,000 miles on it. I've dealt with Carmax and like working with them but if they paid more than $55k for this car I'd be shocked. So this thing is selling at least 10% below MSRP and Carmax might have paid $55k. Not 20% off but close.
Bottom line: New Corvette prices only go down.
Having said all that...why would you sell it? Drive that thing because...'Merica!
04-17-2015, 08:45 PM
#48
Safety Car
While I agree that selling a year later for MSRP is unlikely, none of you have factored in the price increases. 2014s and 2015s had a price increase. 2016s base MSRP could go up 5k.
Except this guy.
Except this guy.
Last edited by jedblanks; 04-17-2015 at 08:55 PM.
04-19-2015, 08:24 AM
#51
Burning Brakes
Thread Starter
Which sounds odd. Because there are a bunch of 2014's on cars.com right now that are going above current msrp..........with miles on them.
Sure that doesn't mean the dealers will get that price. But they are ALL asking high prices, which more or less sets the market.
Sure that doesn't mean the dealers will get that price. But they are ALL asking high prices, which more or less sets the market.
04-19-2015, 03:38 PM
#53
Wait until next winter. I have watched more cycles of hot cars then I can remember. It's always the same story. They start off with dealers adding price adjustments above sticker. Then the cars drop to sticker followed by below sticker. We are already at the well below sticker stage on the Vette. What follows always seems to happen at the 2 to 3 year point where used resale value plummets almost over night. They are making 30,000 plus Vettes a year. If you want a killer deal wait until next winter! It will be there.
04-19-2015, 03:39 PM
#54
Check ebay and look at completed auctions!
04-19-2015, 03:44 PM
#55
Burning Brakes
Thread Starter
Cheapest I see now for completed auctions is a 2014 1LT coupe, auto that ended at 49.5k
So basically for 3-4k more I can get a 2016 new.
I think your right though, the price drop is coming when the 2016's hit the street more or less.
So basically for 3-4k more I can get a 2016 new.
I think your right though, the price drop is coming when the 2016's hit the street more or less.
04-19-2015, 07:32 PM
#57
04-19-2015, 08:58 PM
#59
Burning Brakes
Thread Starter
04-19-2015, 10:41 PM
#60
Race Director
It will depreciate. They make far too many Corvettes for it to not. If people are able to buy them at 10% off MSRP, it's realistic that the best they can sell used (private party) would be 20% off (e.g. another 10% lower than they bought it new.) The actual #s may change, but the principle will not. Someone is not going to buy a used car (even low miles great condition) for anything close to what they could by a new one for. Even if they'd raised the price by 5% as you mention (and that seems incorrect, since they raised it only ~1.5%), people will not buy a used car vs. new for only a 5% price discount.