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From looking over the used C5 market over the last month I feel that C5 values have pretty much flattened out. More desirable models with low mileage and in good order are holding strong numbers.
The C6 will take a solid hit once C7 hits the ground for sure. I am actually counting on this and will be keeping an eye on the C6 For Sale area late next summer.
Going back in time I recall the C6 really hit the C5 but not so much the C4. I would expect that to be the case next year.
I sold my 2007 Z06 to clear a spot in the garage for a C7. I got out early before the hit. But there will always be folks like me that have to own the "best vette yet".
I owned 2 C4's, 2 C5's and 2 C6's. So I've been through this a few times and can speak from experience.
Prices of c6's are lower and will continue to lower. Once the c7 comes out, the c6 prices will fall off even more. This will also push down the prices of the c5 as well.
I agree it will affect the C6 noticeably. It may affect the C5 a tiny bit in your trickle down philosophy but I don't think it will affect it by any significant or noticeable amount.