[Z06] 02-04 Z06 question???
Race Director
Joined: Jan 2008
Posts: 16,028
Likes: 170
From: oregon
Please don't let the facts get in the way of a good story!! Here is a perfect example last month: Mint Z06, low miles, original owner sold for $18.5k
http://forums.corvetteforum.com/c5-c...lk-tr-zo6.html
http://forums.corvetteforum.com/c5-c...lk-tr-zo6.html
and honestly it's the biggest head scratcher i've seen in years. local dealers likely would have paid this or more for the car.
every now and then you get lucky and find a guy who just doesn't care but you'll be waiting some time and possibly flying cross country
if you know any local dealers then can print out auction sales and you can see what dealers are actually paying for cars.
all shooting out really low offers is going to do is get you A: frustrated when sellers don't bite or B: a POS car that the seller really wants to get off of
Thread Starter
Intermediate
Joined: Jan 2014
Posts: 36
Likes: 0
I just added the recent sales on ebay and averaged the price and sure enough its the same as Edmunds Private Party value. An average takes into account the pristine hangar queens and the beat to hell junkers and gives an in the middle price. So, this is NOT bottom dollar, it is an average of the best and the worst. Probably not what owners want to here but the statistics unemotionally tell the true story of what is happening in the market
edmunds is always lower than ebay, well, unless the car is beat to hell and that's why it's closing low
manheim and ebay typically track each other within a few %
again, this is bottom dollar and most sellers aren't interested in selling a nice car for the same money as a beat up one
you should see some of the stuff dealers take in on trade. they require time and money to turn for retail
manheim and ebay typically track each other within a few %
again, this is bottom dollar and most sellers aren't interested in selling a nice car for the same money as a beat up one
you should see some of the stuff dealers take in on trade. they require time and money to turn for retail
Thread Starter
Intermediate
Joined: Jan 2014
Posts: 36
Likes: 0
I disagree Racebum. I think sales like this occur all the time but, unlike this seller, most people try to haggle for a few months, get sick of it, then sell their car for market value or trade it in for an even lower price! This seller knows the game and puts it up for sale at or slightly below the average to get a quick sale. This is what I do also....sell at market value and the car sells immediately. Still much better than trading in to a dealer!!
well, it sold the same day
and honestly it's the biggest head scratcher i've seen in years. local dealers likely would have paid this or more for the car.
every now and then you get lucky and find a guy who just doesn't care but you'll be waiting some time and possibly flying cross country
if you know any local dealers then can print out auction sales and you can see what dealers are actually paying for cars.
all shooting out really low offers is going to do is get you A: frustrated when sellers don't bite or B: a POS car that the seller really wants to get off of
and honestly it's the biggest head scratcher i've seen in years. local dealers likely would have paid this or more for the car.
every now and then you get lucky and find a guy who just doesn't care but you'll be waiting some time and possibly flying cross country
if you know any local dealers then can print out auction sales and you can see what dealers are actually paying for cars.
all shooting out really low offers is going to do is get you A: frustrated when sellers don't bite or B: a POS car that the seller really wants to get off of
Instructor
Joined: Jul 2011
Posts: 197
Likes: 0
From: bay area CA
I disagree Racebum. I think sales like this occur all the time but, unlike this seller, most people try to haggle for a few months, get sick of it, then sell their car for market value or trade it in for an even lower price! This seller knows the game and puts it up for sale at or slightly below the average to get a quick sale. This is what I do also....sell at market value and the car sells immediately. Still much better than trading in to a dealer!!
Instructor
Joined: Jul 2011
Posts: 197
Likes: 0
From: bay area CA
I just added the recent sales on ebay and averaged the price and sure enough its the same as Edmunds Private Party value. An average takes into account the pristine hangar queens and the beat to hell junkers and gives an in the middle price. So, this is NOT bottom dollar, it is an average of the best and the worst. Probably not what owners want to here but the statistics unemotionally tell the true story of what is happening in the market
" I just added the last sales of 2001 Corvettes on Ebay and the average cost is $13,300."
i just looked through completed 02-04 z06 listings, and i see a few going for $17k with 80k+ miles. an '02 z06 with 36k for $18k was by far the best deal i saw.
01 Coupes will sell for noticeably less than 01 z06 in white.
Thread Starter
Intermediate
Joined: Jan 2014
Posts: 36
Likes: 0
GetKong,
Edmunds makes an adjustment for the z06 giving it a higher value. We don't get to see the entire database of vehicles sold, we can only use about a 1 month slice of EBay sales to base our opinions. I would tend to trust the actual sales data averaged out over a longer period of time...and that is the info Edmunds presents.
Edmunds makes an adjustment for the z06 giving it a higher value. We don't get to see the entire database of vehicles sold, we can only use about a 1 month slice of EBay sales to base our opinions. I would tend to trust the actual sales data averaged out over a longer period of time...and that is the info Edmunds presents.
Race Director
Joined: Jan 2008
Posts: 16,028
Likes: 170
From: oregon
I disagree Racebum. I think sales like this occur all the time but, unlike this seller, most people try to haggle for a few months, get sick of it, then sell their car for market value or trade it in for an even lower price! This seller knows the game and puts it up for sale at or slightly below the average to get a quick sale. This is what I do also....sell at market value and the car sells immediately. Still much better than trading in to a dealer!!
in all honesty that 18.5k sale was probably a good deal worse than trading to a dealer.
dealers could retail that car for 23-24 with no trouble and wouldn't think twice about paying 20-21 especially if it needed nothing
there are many dealers would would lowball simply because they don't want the car but anyone with sales skills can call 50 or so dealers and take bids
Last edited by racebum; Feb 10, 2014 at 07:41 PM.
Thread Starter
Intermediate
Joined: Jan 2014
Posts: 36
Likes: 0
My question is about the market trends in the Spring: I know there will be a larger supply but will the supply exceed demand or vice versa? What has happened in previous years?
I am not emphasizing the cheap ones I was presenting the facts based on statistical data which reflects the "average". From a purely emotional standpoint I suppose it would appear cheap!
I am not emphasizing the cheap ones I was presenting the facts based on statistical data which reflects the "average". From a purely emotional standpoint I suppose it would appear cheap!
so what exactly is your question? you seem to have decided what you think the cars are worth, so just wait for the one that comes along at that price and buy it. you won't convince anyone else that they're asking too much, just like they won't convince you you're emphasizing the cheap ones.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Most Expensive Corvettes Ever Sold on Bring A Trailer
Brett Foote
10 Things Every Corvette Owner Needs (2026 Edition)
Michael S. Palmer
8 Most "Only Corvette Owners Understand" Quirks and Problems
Pouria Savadkouei
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Race Director
Joined: Jan 2008
Posts: 16,028
Likes: 170
From: oregon
My question is about the market trends in the Spring: I know there will be a larger supply but will the supply exceed demand or vice versa? What has happened in previous years?
I am not emphasizing the cheap ones I was presenting the facts based on statistical data which reflects the "average". From a purely emotional standpoint I suppose it would appear cheap!
I am not emphasizing the cheap ones I was presenting the facts based on statistical data which reflects the "average". From a purely emotional standpoint I suppose it would appear cheap!
seasons have virtually no impact on the cars value but sales do tend to slow in the winter and pick up in the spring. find the car you want and start honing in on that model. wait till one comes up close to where you live and make a deal. most the nice cars that are priced reasonably will sell within 2 weeks of listing. modded cars or really low mile high priced cars may take longer as they require a specific buyer
i would personally never ever never buy one of these cross country without flying out to see it first. there is SO much garbage on the market in the c5 market. cars with multiple leaks, rough interiors, higher leakdown numbers from being driven in the ground. sat out in the winter. list goes on and on.
Thread Starter
Intermediate
Joined: Jan 2014
Posts: 36
Likes: 0
Again, I respectfully disagree with you! In my local area I know two sales managers and each has taken a trade in on a 2002 z06. The mint original owner trade in was had by the dealer for $16k. The other 02 Zo6 in excellent condition was traded at $15k. Wholesale on these would be around $17k. Go ask a dealer if you don't believe this data.
they really don't, i've been to dealer auctions and have seen what lots are paying for cars. which again changes depending on condition. if you get really lucky you might find a 100k mile 2001 z06 in good shape, 1-2 owners, good cylinder leakdown, good records, easy life that some old guy just drove up and down the freeway around 15k. if you don't want to spend a lot this would be the type of car to look for. you're also much more likely to find a deal at auction on a coupe or plain FRC. verts and z06's always pull a premium over the coupe/frc
in all honesty that 18.5k sale was probably a good deal worse than trading to a dealer.
dealers could retail that car for 23-24 with no trouble and wouldn't think twice about paying 20-21 especially if it needed nothing
there are many dealers would would lowball simply because they don't want the car but anyone with sales skills can call 50 or so dealers and take bids
in all honesty that 18.5k sale was probably a good deal worse than trading to a dealer.
dealers could retail that car for 23-24 with no trouble and wouldn't think twice about paying 20-21 especially if it needed nothing
there are many dealers would would lowball simply because they don't want the car but anyone with sales skills can call 50 or so dealers and take bids
Race Director
Joined: Jan 2008
Posts: 16,028
Likes: 170
From: oregon
Again, I respectfully disagree with you! In my local area I know two sales managers and each has taken a trade in on a 2002 z06. The mint original owner trade in was had by the dealer for $16k. The other 02 Zo6 in excellent condition was traded at $15k. Wholesale on these would be around $17k. Go ask a dealer if you don't believe this data.
you aren't a dealer, can't offer the tax incentives and really, that's not that far off if they were 60-80k mile cars
typically dealers bid under MMR if they have no interest in the car. if they see completed sales of 17k on MMR a 15-16k covers auction fees and lets them make a sale with the customer on whatever other car they are selling. there are obviously other dealers willing to pay 17k or the car wouldn't have that wholesale number
Melting Slicks
Joined: Mar 2011
Posts: 2,216
Likes: 8
From: Denton Texas
I dont think you understand the z06 market very well. In spring/summer the prices will be going up. 18k is about the lowest you will find a z06, and those are people who may want a quick sale, as in the one that sold the same day. Otherwise you going to spend low 20s for find a clean z with low miles.
Thread Starter
Intermediate
Joined: Jan 2014
Posts: 36
Likes: 0
Precisely correct, and that is why the gentleman who sold his z06 for $18.5k still did better than trading at a dealer. Plus, he sold it in one day and did not have to haggle with people for the sale. This is the price where vehicles of this age and condition move on the market. KBB gives people the impression they are going to sell at much higher prices.
if they can get owners to agree to it, sure, they can then flip the cars at auction or resell them. profit either way
you aren't a dealer, can't offer the tax incentives and really, that's not that far off if they were 60-80k mile cars
typically dealers bid under MMR if they have no interest in the car. if they see completed sales of 17k on MMR a 15-16k covers auction fees and lets them make a sale with the customer on whatever other car they are selling. there are obviously other dealers willing to pay 17k or the car wouldn't have that wholesale number
you aren't a dealer, can't offer the tax incentives and really, that's not that far off if they were 60-80k mile cars
typically dealers bid under MMR if they have no interest in the car. if they see completed sales of 17k on MMR a 15-16k covers auction fees and lets them make a sale with the customer on whatever other car they are selling. there are obviously other dealers willing to pay 17k or the car wouldn't have that wholesale number
Thread Starter
Intermediate
Joined: Jan 2014
Posts: 36
Likes: 0
I agree 100 percent that the "asking" prices will go up! However, the supply of vehicles will also increase. Economics 101: If supply is greater than demand prices will fall to attract the fewer buyers in the marketplace. Conversely, the opposite is true if demand is high. This is the question I am trying to ask the senior members here...what has happened in the past few years with respect to supply and demand.
I dont think you understand the z06 market very well. In spring/summer the prices will be going up. 18k is about the lowest you will find a z06, and those are people who may want a quick sale, as in the one that sold the same day. Otherwise you going to spend low 20s for find a clean z with low miles.
Thread Starter
Intermediate
Joined: Jan 2014
Posts: 36
Likes: 0
Where are you getting your data or is this your opinion or gut instinct?
I dont think you understand the z06 market very well. In spring/summer the prices will be going up. 18k is about the lowest you will find a z06, and those are people who may want a quick sale, as in the one that sold the same day. Otherwise you going to spend low 20s for find a clean z with low miles.
Pro
Joined: Jan 2012
Posts: 594
Likes: 51
From: Kenosha WI
2021 C6 of the Year Finalist - Modified
Prepare to be chastised in this thread.....because according to "EDMUNDS" you overpaid by apx $15G's lol. As long as you're happy and it's what you wanted and happy with the price, I don't think you overpaid...enjoy it
Intermediate
Joined: Jan 2014
Posts: 40
Likes: 1
From: Houston TX
http://www.autotrader.com/cars-for-s...98084362&Log=0
http://www.autotrader.com/cars-for-s...61817997&Log=0
http://www.autotrader.com/cars-for-s...30116517&Log=0
Le Mans Master
Joined: Mar 2002
Posts: 5,955
Likes: 161
From: PNW
Race Director
Joined: Jan 2008
Posts: 16,028
Likes: 170
From: oregon
it's funny to us that have been around corvettes awhile but you have to empathize a little with the noobs. some watch the market and get a handle on it after awhile and some never buy a car, or, they buy some beat up pile that sold for the price they wanted
every now and then a guy gets a good deal though but it's maybe 1% of sales. i know the only reason i was able to get my z06 at MMR was that the owner was moving and needed to downsize and raise cash. nice elderly owned cars in 8+ out of 10 condition almost never sell cheap.
it's almost like a guy has to answer what he wants more. a low price or a nice car. you can have one, but almost never both
every now and then a guy gets a good deal though but it's maybe 1% of sales. i know the only reason i was able to get my z06 at MMR was that the owner was moving and needed to downsize and raise cash. nice elderly owned cars in 8+ out of 10 condition almost never sell cheap.
it's almost like a guy has to answer what he wants more. a low price or a nice car. you can have one, but almost never both