Hey guys,
Been lurking for awhile and just started looking at C5s. How do you go about finding a fair price? I look at KBB, Edmunds, NADA...I check out what's on these forums, craigslist, Autotrader and Vettetrader...prices are all over the place. I see 03 verts for 23k-39K, then I see 2000 verts for 24K and sometimes higher.
I'm looking to buy a 2000-2004? vert with less than 40K miles in the middle of August or September. I know that location and time of year makes a difference, but how does one make an informed decision?
I've read people responding with "What are you willing to pay..." but how do you answer that when there is nothing solid to base your offer on?
Les

 

Basically.. find the best condition car for the least ammount possible. I thought that was always a good rule of thumb..

my recent purchase was.. 03 Z06 with 30K miles for 24K OTD. It books at about 29-30K.

All depends on how you deal with the private party or dealer.. Rolling in there pre-approved for a loan ammount helps too.. Just know what you want to pay before you go.. If youre only comfortable with paying say 23K for a car.. you should be able to get a good example for that much money.. And search for cars in that range. Good luck.. hope to see a "just got my vette" post soon.

 

The big problem for me is that you can see what everyone has listed as a selling price but you don't know what it sold for. If one was able to see that the majority of say 03 verts were selling between 22K-26K (just a made up example), then I know where my offers should be. Of course like a bell curve, you will have those at both extremes (high and low price).

I budgeted myself to $25K, sold an 03 G35 Coupe to get most of the way there and working summer school to have it all there by middle of August. I will be a cash buyer, no loans!

Les

 

Well make sure you get a carfax for the car.. and "test drive" a bunch of vettes until you find one in your range that just screams out buy me. And if its at a GM dealer with certified vette tech's then you should be on the right track. You can take the VIN to a dealer and they can run a service history as well to see if it has had TSB's or recalls done on it or whatever. GL in your search.

 

At the end of the day, a car is only worth what someone is willing to pay. The best part is you're the one paying, so you get final say. Make your offer and hope it works out. You may find that your offer changes depending on the car you find....or conversly, if your offer is hard and fast, you will find the car changing with every ad.

Best of luck, and remember that the chase is half the fun

 

However, also remember that your insurance will provide coverage based on BB value. We all know that many Corvettes are worth a lot more, at least emotionally, however the replacement value should also be considered. I would start at the BB value of a private party sale in excellent condition and work up from there. Most on-line resource sites, Edmunds, Kelly Blue Book, Carpoint, etc. are all within a few hundred dollars of each other. Any additional $$$ you spend is based on the factors that you are looking for. Try to buy the latest model your budget can afford.

Not all owners will want to depart with their beloved Vette based on BB value, however it is a starting point for you to work off of.

Good luck!

 

Then the prices of some the C6s are dropping to under 30K (not necessarily verts), making some of the asking prices of C5s even more confusing.
Les

 

I don't know what type of vette you are in the market for, but I am selling mine and live in Warrenville IL. It's posted in the C5's for sale section here under F/S 1999 Corvette Coupe 6speed Show Car. It's a very nice car and you would be hard pressed to find a nicer customized car. pm or call me if interested 708-421-2212 Ben, and price is of course negotiable.

 

Looking for 2000-2003 convertible. Mag red, electron blue or possibly torch red.

 

I would use Kelly Blue Book Private Party figure for your area and select the condition based on the actual condition of the car you are looking at.

Be sure to deduct for any work needed or cost to restore car to stock if modded. A seller is nearly always better off to return their car to stock and sell off the mods separately. Most buyers look for a stock car when shopping.

Above all do not be in a hurry, be flexible on color and when you determine what you feel is a fair price for you on the car you are looking at make an offer based on that and stick to it.

I bought a near mint super loaded 2001 Vert with nearly new Michelin run flat tires in January from the original retired lawyer owner with a complete maintenance record from the original dealership they bought it from for $13,000 which was $3,000 less than their original "bottom dollar selling price" that they would sell it for.

I made the offer and let them know I was still shopping and the offer was good unless I found another vehicle before they accepted it. They emailed me 5 days later and accepted my original offer and I picked the car up that afternoon for $13,000.

A car is only worth what a willing, ready and most importantly CAPABLE buyer is willing to pay!

 

You need to zero in on exactly what you want without ? mark. Once you pick the year, body style and color, add all options to the list.

Then track the asking prices for a while, even if they're all over the place. When your choice comes up you will know.

In the end, be prepared to negotiate. No seller wants to think he sold out. No buyer wants to think he paid too much. Some good lines from another member I remembered.

 

Do the research in your area for what they currently are listed for. Then try to get the best car for the lowest list with adjustments.


Scenario:
3 vert vettes in your area for sale.
- 1999 with 30k miles asking $22k.
- 2001 with 25k miles asking $28k.
- 2003 with 50k miles asking $29k.

You have to look at it saying an 03 might be a bit better (newer and such) then an 99 but it has almost double the miles. The 2001 is priced too high but has good miles and only a couple years off the 99. I'd tell the seller that there is another one for sale for cheaper you are looking into. You don't have to disclose all the exact info. Just say its within your year range and has only a few thousand more miles. I would personally adjust the price $1k per year as a buyer and what I'm willing to pay for. So the 01 and 99 I'd pay maybe $2k more for the 01. It's got a few less miles so lets say another $1k for it. If they are in the same condition that would make it about $25k I'd be willing to pay at the most for the 01 but would try to get it as close to the 99 pricing as I can. As with the 03 being a couple more years newer then the 01 but lots more miles I'd adjust as $1k more if it's worth it to the buyer (ie; is in better condition then the others, has an expensive mod you want, is the right color compared to the others, etc).

This example is just saying to find a base price for what they go for in your area. Adjust to price accordingly to what you feel comfortable for the differences in the vehicles. I said $1k per year to me, I'd go $1k per 10k miles, maybe take off $500-1000 for any body work or maintenance it might need right away, etc. You can further adjust if you can justify it to your self as the buyer because it's the color you want or something like that but that's up to you and wont really change the value to other people.

Everyone is going to have their own way of figuring out what they are willing to pay. Go straight by the book if you want but you will pay more then if you have the time and money to bargain with. A private sale will be easy and cheaper if you have all cash. You don't get that support from a dealer but you save probably 1-4 grand.

good luck.

 

I know you are looking at convertibles, but as a point of reference - I recently purchased a 2001 Quicksilver coupe, 6 speed, polished aluminum wheels, 1SC options (heads-up, etc), both tops, 12 disk cd changer, etc ... nice car ... with 2,340 miles for $26k from a Chevy dealer.

My brother-in-law recently purchased a 2004 coupe, automatic, both tops, 12 disk changer, 1SB options (heads-up, etc) nice car, well maintained, with 72,000 miles for $21k from a used car dealer.

If you look around, there are nice low mileage C5s available. Call your credit union, with the cars you are interested in. They will give you THEIR loan values on the cars - another good information source.

With the C7s coming out, the C6s will become more affordable with subsequent declines in C5s.

 

After looking for a year I found mine in March here in the C5 For Sales section. I noticed a person with a WTB ad so I looked in to his ad to see what responces he was getting and a person in NY suggested he look at the one on Craigslist in Houston. I live near Ft Worth so I pulled that ad up and now I am a very happy owner of a N/blue 99 FRC. It was not the color I was looking for but it was to nice to pass on. So watch and look at all ads. You won't have to ask here if the price is right, you will know when you find the right car!

 

I have always used KBB as a good indicator of value.....

 

KBB is a good start. But I would offer LESS than KBB.

There are more C5's for sale than buyers with money.
Use that to your advantage.

Last winter you could have paid 33% less than what people are asking now,
and by next winter it will be even less.

 

Lots of factors come into play when buying a Corvette. Prices vary just with color selections alone. As an example, a black on black coupe or a red vert with black top and black interior will be less expensive than say 2001 arctic white Z06 or a nassau blue convertible with an oak interior and top.

Then theres maintanence records, and of course overall condition. KBB, NADA, Edmunds etc. are the guides youre looking for. Some folks think that these "guides" are a direct price quote for the real market value. Thats not true. If you find a car you like, and its somewhere between the suggested guidelines of one of the above books and what a credit union says the car is worth, then youre probably fairly safe to plunk the money down.

Another guide would be looking at Ebays COMPLETED LISTINGS, not what the BIN price or asking price is.

Also, remember the old addage about an item is only worth what someone is willing to pay for it..... to an extent. If you find your idea of the "perfect car" and its a grand or 1500 more bucks than what the guide books suggest.... its probably worth it to YOU to buy it. And after all, who are you trying to please the most here with the purchase? YOU!

Good Luck

 

If you find a car you like and are willing to pay the asking amount, what else do you need?

-Alex

 

When I bought my 200 vert back in 2004, I decided what I wanted to spend and waited till I found the car for the price I wanted to pay. It's NOT, after all, Rocket Science. Pretty simple actually!

 

Go to the auction site and look at Completed Listings. That will give you a sense of the range actual deals are going down. I've also had good luck with KBB on the buy and sell side.

Oops, sorry -- 81C3 also gave you this advice!!!!