corvette value
Le Mans Master
Joined: Aug 2006
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From: If opportunity doesn't knock, build a door. South West Florida / Livin' The Dream
St. Jude Donor '12
Banned Scam/Spammer
Joined: May 2007
Posts: 15,685
Likes: 1,330
From: Machineguns, because I don’t compromise
The point being made is in what relation to time. Of course $2750 is good money.... But in relation to how long for how many miles of "memories"??? Suppose the owner got his $2750 worth, or did he let it sit? Did he even buy it correctly in the first place? Blah blah.
My '01 Zo6 is one I'll own for life. I'm sure my 3 month old son and I will have lots of memories in it. He'll probably inherit the car someday.... Who cares about $2750?
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
Some peoples car's are down $20,000+ since buying it new.
The point being made is in what relation to time. Of course $2750 is good money.... But in relation to how long for how many miles of "memories"??? Suppose the owner got his $2750 worth, or did he let it sit? Did he even buy it correctly in the first place? Blah blah.
My '01 Zo6 is one I'll own for life. I'm sure my 3 month old son and I will have lots of memories in it. He'll probably inherit the car someday.... Who cares about $2750?
The point being made is in what relation to time. Of course $2750 is good money.... But in relation to how long for how many miles of "memories"??? Suppose the owner got his $2750 worth, or did he let it sit? Did he even buy it correctly in the first place? Blah blah.
My '01 Zo6 is one I'll own for life. I'm sure my 3 month old son and I will have lots of memories in it. He'll probably inherit the car someday.... Who cares about $2750?
Banned Scam/Spammer
Joined: May 2007
Posts: 15,685
Likes: 1,330
From: Machineguns, because I don’t compromise
$2,750 lost on a used car over 3 years isn't a big price to pay for the fun of driving it, but it is a lot to lose for not doing pre-purchase homework to find out what the car is worth today. Overpaying might as well be losing $2,750 in one day because if you tried to sell the next day that 2.75K is gone.
I'm buying a house right now. I've lost count how many people are $50-$100k upside down in their house in the Atlanta area!!!! 30% of market is in short sale (not in forclosure, but owes more than it's currently worth-sale needs bank approval) or foreclosure.
I'm buying one right now for $70k less than it was paid for NEW back in 2002. So much for appreciation. It's a good home/area/deal for me though.
Cars are like fast moving real estate. After enough years of payments you might have equity, excluding what was spent on water heaters, transmissions, landscaping, tires, and HOA fees.
Enjoy life, what a ride!
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
I hear ya.
I'm buying a house right now. I've lost count how many people are $50-$100k upside down in their house in the Atlanta area!!!! 30% of market is in short sale (not in forclosure, but owes more than it's currently worth-sale needs bank approval) or foreclosure.
I'm buying one right now for $70k less than it was paid for NEW back in 2002. So much for appreciation. It's a good home/area/deal for me though.
Cars are like fast moving real estate. After enough years of payments you might have equity, excluding what was spent on water heaters, transmissions, landscaping, tires, and HOA fees.
Enjoy life, what a ride!
I'm buying a house right now. I've lost count how many people are $50-$100k upside down in their house in the Atlanta area!!!! 30% of market is in short sale (not in forclosure, but owes more than it's currently worth-sale needs bank approval) or foreclosure.
I'm buying one right now for $70k less than it was paid for NEW back in 2002. So much for appreciation. It's a good home/area/deal for me though.
Cars are like fast moving real estate. After enough years of payments you might have equity, excluding what was spent on water heaters, transmissions, landscaping, tires, and HOA fees.
Enjoy life, what a ride!
How big is the house and how much is the going rate in atlanta? A buddy was down there a couple years ago and said they were doing a lot of new construction. I've been looking at some houses in Texas that are going for peanuts considering the size of the home. I'm talking about 3,000 square foot brick houses with 3 car garages going for 250K. It is a good time to have savings and not have debt.
Moderator
Joined: Jul 2005
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From: West MI
CF Banner Relay Captain
West MI & JAX/NE Florida
Events Coordinator
St. Jude Donor '11-'17, '21
Some peoples car's are down $20,000+ since buying it new.
The point being made is in what relation to time. Of course $2750 is good money.... But in relation to how long for how many miles of "memories"??? Suppose the owner got his $2750 worth, or did he let it sit? Did he even buy it correctly in the first place? Blah blah.
My '01 Zo6 is one I'll own for life. I'm sure my 3 month old son and I will have lots of memories in it. He'll probably inherit the car someday.... Who cares about $2750?
The point being made is in what relation to time. Of course $2750 is good money.... But in relation to how long for how many miles of "memories"??? Suppose the owner got his $2750 worth, or did he let it sit? Did he even buy it correctly in the first place? Blah blah.
My '01 Zo6 is one I'll own for life. I'm sure my 3 month old son and I will have lots of memories in it. He'll probably inherit the car someday.... Who cares about $2750?
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
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Racer
Joined: Mar 2007
Posts: 422
Likes: 0
From: California
All joking aside, depreciation speaking, $2750 for a car that is commonly found in the same sentence as cars costing significantly more (porsches, vipers, ferraris even, sometimes) is nothing. That IS half a vortech supercharger though 
Drifting
Joined: Feb 2006
Posts: 1,600
Likes: 2
From: Outer banks North Carolina
Fair price,
I wont be tradeing my Vette In on a c-6! If I wanted a c-6 I would buy one and pay cash for it. Like most cars the c-5 is not a good investment as it losses value at a steady rate. As far as losing value a new one [c-6] really loses value much faster than an older one, mostly in the first 5 years. What I said about spending more for a really nice car will pay off in the long run if you buy the car to drive and enjoy for a few years. Go ahead and buy that so called "bargain Vette" for $10,000 or so and then spend another few thousand for a new tranny,paint,tires, etc...Actually, by buying nice Vettes over the years and keeping them nice I usually get my money back plus the real enjoyment of driving a Corvette! I bought my first Vette at 19 years old and at 62 am still driving a Corvette.
Dave
I wont be tradeing my Vette In on a c-6! If I wanted a c-6 I would buy one and pay cash for it. Like most cars the c-5 is not a good investment as it losses value at a steady rate. As far as losing value a new one [c-6] really loses value much faster than an older one, mostly in the first 5 years. What I said about spending more for a really nice car will pay off in the long run if you buy the car to drive and enjoy for a few years. Go ahead and buy that so called "bargain Vette" for $10,000 or so and then spend another few thousand for a new tranny,paint,tires, etc...Actually, by buying nice Vettes over the years and keeping them nice I usually get my money back plus the real enjoyment of driving a Corvette! I bought my first Vette at 19 years old and at 62 am still driving a Corvette.
Dave
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
Fair price,
I wont be tradeing my Vette In on a c-6! If I wanted a c-6 I would buy one and pay cash for it. Like most cars the c-5 is not a good investment as it losses value at a steady rate. As far as losing value a new one [c-6] really loses value much faster than an older one, mostly in the first 5 years. What I said about spending more for a really nice car will pay off in the long run if you buy the car to drive and enjoy for a few years. Go ahead and buy that so called "bargain Vette" for $10,000 or so and then spend another few thousand for a new tranny,paint,tires, etc...Actually, by buying nice Vettes over the years and keeping them nice I usually get my money back plus the real enjoyment of driving a Corvette! I bought my first Vette at 19 years old and at 62 am still driving a Corvette.
Dave
I wont be tradeing my Vette In on a c-6! If I wanted a c-6 I would buy one and pay cash for it. Like most cars the c-5 is not a good investment as it losses value at a steady rate. As far as losing value a new one [c-6] really loses value much faster than an older one, mostly in the first 5 years. What I said about spending more for a really nice car will pay off in the long run if you buy the car to drive and enjoy for a few years. Go ahead and buy that so called "bargain Vette" for $10,000 or so and then spend another few thousand for a new tranny,paint,tires, etc...Actually, by buying nice Vettes over the years and keeping them nice I usually get my money back plus the real enjoyment of driving a Corvette! I bought my first Vette at 19 years old and at 62 am still driving a Corvette.
Dave
Drifting
Joined: Feb 2006
Posts: 1,600
Likes: 2
From: Outer banks North Carolina
Fair price,
Thanks for the comment, I agree that the bottom has dropped in vette prices but a lot of that is the location. Vette prices around here are holding up pretty well but so is home prices etc.. We have taken an economic hit but not nearly as bad as some areas in the country. Some of this is due to the large Military presence here and our proximity to the ocean on the outer banks. Both seem to help keep the economy doing fairly well. I respect your opinions on Vette prices and agree with you on most of what you say. Were all Vette people here so heres a big wave from Dave on the outer banks
Thanks for the comment, I agree that the bottom has dropped in vette prices but a lot of that is the location. Vette prices around here are holding up pretty well but so is home prices etc.. We have taken an economic hit but not nearly as bad as some areas in the country. Some of this is due to the large Military presence here and our proximity to the ocean on the outer banks. Both seem to help keep the economy doing fairly well. I respect your opinions on Vette prices and agree with you on most of what you say.
Were all Vette people here so heres a big wave from Dave on the outer banks
Race Director
Joined: May 2005
Posts: 11,992
Likes: 1,331
From: Middletown, DE
My home probably lost 15% of its value in the last 2 years (and that's not nothing!) but I'm thankful it did not do worse!
Race Director
Joined: Jan 2008
Posts: 16,028
Likes: 170
From: oregon
Last year this time it would be difficult to find a good 97 or 98 C5 for less than 16-17K, now there are tons of them for 11-12K asking price and I wonder what the seller is actually accepting? Are these 12K asking price Corvettes selling for 10k or less? And what is worst for owners is the prices continue to fall.
My guess is that banks just are not giving out loans to people like they did in 2007 so people who want these cars and do not have the savings can not get approved. People who have savings are worried about their jobs and the economy and do not want to spend money on what is a second car that can only be driven 6 months a year if you want to keep it garaged and out of the rain and snow.
My guess is that banks just are not giving out loans to people like they did in 2007 so people who want these cars and do not have the savings can not get approved. People who have savings are worried about their jobs and the economy and do not want to spend money on what is a second car that can only be driven 6 months a year if you want to keep it garaged and out of the rain and snow.
another thing is the blow out deals on C6's and 0% loans. buying a new C6 is actually easier than getting a bank loan from what i gather. when you can get a new 2009 for $39-47k right now {prices from forum mall}, add in 0% and the c5 is not looking so pretty for someone who has to get a loan.