Crazy asking prices on C5's
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
He is newly registered and really has no facts to base his theory's on besides KBB. Kbb is not a bad guide when it comes to SUV's and normal cars but it is currently basing it numbers on the huge discounts being offered on new Corvettes which is driving the prices of the C5's down.
Like I already told him in another thread. There are Zero C5's selling at the Manheim auctions with under 100k for less then $10,000. There are a few with over 100k in the high 8's and 9's. So if he wants to keep his head in the sand thinking he can pick up a nice C5 for 6k to 7k let him. You might find a desperate guy that lost his job that is dumb enough not to go to Carmax but I doubt it.
Like I already told him in another thread. There are Zero C5's selling at the Manheim auctions with under 100k for less then $10,000. There are a few with over 100k in the high 8's and 9's. So if he wants to keep his head in the sand thinking he can pick up a nice C5 for 6k to 7k let him. You might find a desperate guy that lost his job that is dumb enough not to go to Carmax but I doubt it.
Race Director
Joined: Mar 2001
Posts: 10,030
Likes: 10
From: Prescott AZ
St. Jude Donor '04
You got it wrong. The trade in value for a 97 with 103K miles in fair condition is $6900. http://www.kbb.com/KBB/UsedCars/PricingReport.aspx?WebCategoryId=35&Year Id=1997&Mileage=103000&VehicleClass=Used Car&ManufacturerId=9&ModelId=45&PriceTyp e=Trade-In&VehicleId=7395&SelectionHistory=7395| 31700|60516|0|0|&Condition=Fair&QuizCond itions=
You may say it is not important if a car goes over 100k miles. But for the guy who has to pay repair bills, 100K miles is important. How much is a clutch? How much does a brake job cost all the way around? How much will it cost to replace the engine when it dies? How much does it cost to rebuild a transmission? How much do new seats cost when the worn out leather starts to rip?
You may say it is not important if a car goes over 100k miles. But for the guy who has to pay repair bills, 100K miles is important. How much is a clutch? How much does a brake job cost all the way around? How much will it cost to replace the engine when it dies? How much does it cost to rebuild a transmission? How much do new seats cost when the worn out leather starts to rip?
I've owned well over 150 cars and these cars are easy to work on and not expensive if you don't go to the dealer. That besides bang for the buck is why there so popular and retain some resale value. In 1997 This car sold for about 40k to 45k and it was a great deal then. 10k which is 25% of it's original value is quite a bargain. Even if you put a few dollars into it.
Safety Car
Joined: Oct 2007
Posts: 3,903
Likes: 1
From: You know your drunk when you swerve to miss the tree then you realize its your air freshener! Covington Ga
The 1997 with 103,000 miles probably has a Kelly Blue Book value closer to $7,000 "fair condition" trade-in. Maybe even less. That 98 is probably in the same ballpark.
Since it is a car with more than 100,000 miles, I would never offer more than $5000 or so. Older high mile cars are a disaster waiting to happen. New tires, a new clutch, a brake job, and the buyer could be looking at spending thousands and thousands of dollars more to keep the old car running.
Since it is a car with more than 100,000 miles, I would never offer more than $5000 or so. Older high mile cars are a disaster waiting to happen. New tires, a new clutch, a brake job, and the buyer could be looking at spending thousands and thousands of dollars more to keep the old car running.
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
So how many have you actually owned with over 100k? I've had a few and honestly I put a few $$$ into to make nice. But well under $1000.00 to fix up.
I've owned well over 150 cars and these cars are easy to work on and not expensive if you don't go to the dealer. That besides bang for the buck is why there so popular and retain some resale value. In 1997 This car sold for about 40k to 45k and it was a great deal then. 10k which is 25% of it's original value is quite a bargain. Even if you put a few dollars into it.
I've owned well over 150 cars and these cars are easy to work on and not expensive if you don't go to the dealer. That besides bang for the buck is why there so popular and retain some resale value. In 1997 This car sold for about 40k to 45k and it was a great deal then. 10k which is 25% of it's original value is quite a bargain. Even if you put a few dollars into it.
Race Director
Joined: Mar 2001
Posts: 10,030
Likes: 10
From: Prescott AZ
St. Jude Donor '04
Carmax only buys old cars to auction off, so you won't get trade in value. My guess is that 97 with 103k miles wouldn't get offered more than 3-5k at Carmax. But that is just a guess. Carmax might not even buy it if they can not auction it off. Many used car lots are going bankrupt and nobody is buying.
Carmax's bases there value on AUCTION prices not KBB. Most dealers do the same thing. Stop with the speculation some of us know what we are talking about and yes I have owned my own car business.
The used car lot's are going out of business because the car's took a major hit and they owned 40-50 cars at a time and there upside on the majorty of them especially SUV"s. Additionaly credit has tighten up so much that they can't get the finacing to buy cars and keep them on the lot that is the major reason.
Used car lot's floor there units and hope to sell them in 90 days.
Last edited by Wicked C5; Oct 25, 2009 at 04:30 PM.
Safety Car
Joined: Oct 2007
Posts: 3,903
Likes: 1
From: You know your drunk when you swerve to miss the tree then you realize its your air freshener! Covington Ga
A 1997 Cadillac Seville sold for $40K new. Would you pay 10K for a 97 Seville with 103K miles on it? KBB gives a trade in value of $2025 for that Seville in fair condition. A Cadillac is expensive new, but like all cars it falls in value the older it gets and the more miles that are on it. I can find you cars all day long that were 40K new that have lost most of their value today. Just because a Corvette cost 40K new doesn't mean anything. What matters is what is a 12 year old Corvette worth today? KBB says it is not worth nearly as much as you think!
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
There are thousands of C4's for less than $5000 in fair condition. C5 is getting there. I just saw a C4 this morning selling for $3.5k that was in fair condition that was being advertised as a good Corvette daily driver. Low C4 prices are not good for C5's, just like lower C6 prices are not good for C5.
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Safety Car
Joined: Oct 2007
Posts: 3,903
Likes: 1
From: You know your drunk when you swerve to miss the tree then you realize its your air freshener! Covington Ga
There are thousands of C4's for less than $5000 in fair condition. C5 is getting there. I just saw a C4 this morning selling for $3.5k that was in fair condition that was being advertised as a good Corvette daily driver. Low C4 prices are not good for C5's, just like lower C6 prices are not good for C5.
Last edited by 0331MARINE; Oct 25, 2009 at 04:10 PM.
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
You have no idea what you talking about. Carmax has it's own dealer auction and generally pay more unless it wrecked or something. Carmax paid my friend $1200.00 for a 1991 Explorer sport with a 148k that a dealer probley would of only gave $500.00 for. I have no idea why but Carmax pay's better.
Carmax's bases there value on AUCTION prices not KBB. Most dealers do the same thing. Stop with the speculation some of us know what we are talking about and yes I used to own my own car business.
The used car lot's are going out of business because the car's took a major hit and they owned 40-50 cars at a time and there upside on the majorty of them especially SUV"s. Additionaly credit has tighten up so much that they can't get the finacing to buy cars and keep them on the lot that is the major reason.
Used car lot's floor there units and hope to sell them in 90 days.
Carmax's bases there value on AUCTION prices not KBB. Most dealers do the same thing. Stop with the speculation some of us know what we are talking about and yes I used to own my own car business.
The used car lot's are going out of business because the car's took a major hit and they owned 40-50 cars at a time and there upside on the majorty of them especially SUV"s. Additionaly credit has tighten up so much that they can't get the finacing to buy cars and keep them on the lot that is the major reason.
Used car lot's floor there units and hope to sell them in 90 days.
I highlighted the part that you got right. Banks are not giving out loans on older cars like in the past. Unless a buyer has cash, they are not getting the car, which means a buyer has to WANT the car and have the SAVED CASH to pay for it. Many people may want a Corvette, but they can not get financing to buy a Corvette. So a seller has less buyers with the ability to buy, which means buyers who have money can pick and chose what they want at lower prices.
Melting Slicks
Joined: Sep 2009
Posts: 2,303
Likes: 5
From: Nevada
Your very active participation in the C5 threads is somewhat puzzling. I think you stated in another thread that you thought C5 models were becoming outdated and you were waiting for something like a 2005 C6. If that's the case, what is your purpose hanging out here?
You seem to have some strong opinions about Vetts, including in another thread offering your view that the Z06 has a poor appearance. If you have never owned a Vette, my impression from another thread, you do have very strong opinions for a non-owner.
Safety Car
Joined: Oct 2007
Posts: 3,903
Likes: 1
From: You know your drunk when you swerve to miss the tree then you realize its your air freshener! Covington Ga
FairPrice not to start S**T or anything, but do you own a C5 or are you just mad because you cant afford one???
Racer
Joined: Mar 2008
Posts: 435
Likes: 18
From: Northern New Mexico
It really depends on how motivated the seller is to actually sell the car. Asking price is one thing, the selling price is usually very different. Most vette owners that I know think their cars are worth much more than they really are (including me). Same kind of thing with the Harley owners that I know. There has got to be a medical term for those of us.
Pro
Joined: Jul 2007
Posts: 708
Likes: 0
From: Medicine Hat Alberta
Why is it that people always complain/argue about other people's ignorance? I find it a waste of time.
Back on topic though, if you plan on buying then look for one with the price you want. If you can't find one, move on.
Back on topic though, if you plan on buying then look for one with the price you want. If you can't find one, move on.
Racer
Joined: Mar 2008
Posts: 435
Likes: 18
From: Northern New Mexico
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
It really depends on how motivated the seller is to actually sell the car. Asking price is one thing, the selling price is usually very different. Most vette owners that I know think their cars are worth much more than they really are (including me). Same kind of thing with the Harley owners that I know. There has got to be a medical term for those of us.
Safety Car
Joined: Oct 2007
Posts: 3,903
Likes: 1
From: You know your drunk when you swerve to miss the tree then you realize its your air freshener! Covington Ga
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
If you want a Yellow Corvette with a black interior and will only accept a 2003, and not a 2002 or 2004, then that will lower the value of the 2002's and 2004 and red ones and black ones because there is one less buyer willing to look at those Corvettes. It works both ways! Likewise, if I want a red Corvette, and exclude Yellow ones, that lowers the price of the yellow ones. It is all about the number of cars for sale and the number of buyers. Increase the number of cars or decrease the number of buyers and the price will fall like a rock.
Melting Slicks
Joined: Apr 2008
Posts: 2,343
Likes: 9
From: Lexington Park MD
I don't want to get involved in this argument but I keep reading that Carmax simply buys cars to put at auction, this is not true. Carmax sells lots of cars to private people just like going to a used car dealer. I have to been to them before. Also, their offers for buying your car are very different depending on whether they plan to try to sell your car or to sell it to a dealer.
As for all of the other arguments in this thread I'll have to stay out because if you can't say something nice then don't say anything at all.
As for all of the other arguments in this thread I'll have to stay out because if you can't say something nice then don't say anything at all.
Racer
Joined: Mar 2008
Posts: 435
Likes: 18
From: Northern New Mexico
That describes me exactly. I didn't buy my C5 as an investment, I bought it because I liked the look and thought it was a blast to drive. I could have saved some money by going to Texas to buy one, but I had a good feeling about this one, service history, and the owner took very good care of her. 