C5 Corvette Book Value on the decrease?
Thread Starter
Instructor
Joined: Jun 2014
Posts: 213
Likes: 7
From: North Texas
C5 Corvette Book Value on the decrease?
Hey everyone I bought my Vette in August and it had a KBB value of 21k. Now 500 miles later it's only valued at 17k. Is this fairly normal for the C5 market and any chance it will bounce back?
Drifting
Joined: Sep 2013
Posts: 1,320
Likes: 204
From: Calabash, NC
Prices normally drop in late Fall when the cars are being put away for the season with a recovery around the beginning of Summer. The $4K swing sounds rather large - I would not be surprised by $2K.
Race Director
Joined: Jan 2008
Posts: 16,027
Likes: 170
From: oregon
kbb has no real merit, cars have always followed nada
kbb was way overpriced before the c7 and dropped a LOT shortly after release
auction prices are stable year round, the seasonal thing is a myth
kbb was way overpriced before the c7 and dropped a LOT shortly after release
auction prices are stable year round, the seasonal thing is a myth
Thread Starter
Instructor
Joined: Jun 2014
Posts: 213
Likes: 7
From: North Texas
NAda puts it right at 20k so that's comforting considering that's what I bought it for. BTW it's a 2002 EB z06 with 64k. It has some mods done to it as well but we all know mods don't really add value
Pro
Joined: Jul 2011
Posts: 571
Likes: 0
From: Elmhurst Illinois
Auction prices probably are consistent, but most buyers here aren't buying at auction.
I expect C6 prices to drop more quickly over the next couple years and therefore so will C5 (to a lesser degree) as C7s become more available on the used market.
Don't buy cars as an investment, just try to enjoy them.
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NADA would be what I would look at if you want a more realistic value amount.
Racer
Joined: Dec 2014
Posts: 338
Likes: 28
From: Central CT
You need to look at KBB, NADA, Edmund's, along with what they're going for locally (private and dealer) to really get an idea. After all, market value is what someone is willing to pay for a product.
I just picked up a prestine 2004 Z06 with 34k on the clock for $22k. Its a great time to buy (at least out this way!).
I just picked up a prestine 2004 Z06 with 34k on the clock for $22k. Its a great time to buy (at least out this way!).
Melting Slicks
Joined: Mar 2003
Posts: 2,928
Likes: 55
From: Port Saint Lucie, Florida
The only loser's
The only losers are the people that have garage queens because what good is a vette if you do not drive it.
I envy the vettes with high mileage not low mileage!
The only winner is the person who buys a garage queen to drive and not to gather dust.
Vacationing in Fort Lauderdale vettes are all over the place being driven by people 65 yrs old plus. The younger drivers are in Porches or Mercedes convertibles.
The C7 is for the mature buyer as a last hurrah!
I envy the vettes with high mileage not low mileage!
The only winner is the person who buys a garage queen to drive and not to gather dust.
Vacationing in Fort Lauderdale vettes are all over the place being driven by people 65 yrs old plus. The younger drivers are in Porches or Mercedes convertibles.
The C7 is for the mature buyer as a last hurrah!
Race Director
Joined: Oct 2011
Posts: 15,041
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From: Holly Springs NC
St. Jude Donor '16-'17,'22,'24
IMHO, I don't use the "books", Black Book, KBB and NADA. Instead I look at values on CARS.com, Autotrader, Craigslist and ebay. You can estimate that there will be some price negotiation, but the asking price sets the tone of the price for any car and usually is a better estimate of what a Corvette is selling for.
Burning Brakes
Joined: Feb 2013
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From: SoCal CA
Le Mans Master
Joined: May 2006
Posts: 6,774
Likes: 361
From: Midland TX
I have always viewed book values as what banks, insurance companies and trade-in dealers use to set/control the value of Corvettes in particular. To me they are just a ballpark "suggestions" for private buyers/sellers based upon averages.
They can however be a very real obstacle - especially if financing, but they are mostly controlled by the Insurance industry (like health care insurance and home insurance, etc.). If you are looking for a bank loan, they will only give you the loan if the car (their car) can be insured for their exposure. Insurance companies don't want to carry the increased liability on a car as its components age (especially picky Corvette owners who fall in the group that insists on pristine repairs). So the quicker they can drive down their outlay to "total" a car, the better.
They can however be a very real obstacle - especially if financing, but they are mostly controlled by the Insurance industry (like health care insurance and home insurance, etc.). If you are looking for a bank loan, they will only give you the loan if the car (their car) can be insured for their exposure. Insurance companies don't want to carry the increased liability on a car as its components age (especially picky Corvette owners who fall in the group that insists on pristine repairs). So the quicker they can drive down their outlay to "total" a car, the better.
Burning Brakes
Joined: Oct 2014
Posts: 874
Likes: 107
From: Detroit MI
KBB is awful for values, it's nowhere near realistic. NADA is closer, but I really like watching eBay, autotrader, etc. I've noticed that later C5's tend to be a little more resilient to depreciation, but as others have mentioned, C5s are going to drop in value as C7's start to hit the used market. I think it's C6's that'll take the larger depreciation hit while C5's should stay rather stable, but I'd expect some drop into the high teens for later cars that have been transacting in the 20's.
I bought my 03 Spiral Gray Coupe with 50k miles on it for $17k in October, and I expect the value to stay mostly flat for a few years. My original plan was to keep it until I could find a reasonably priced C7 used, but so far, I think I like the C5 too much.
I bought my 03 Spiral Gray Coupe with 50k miles on it for $17k in October, and I expect the value to stay mostly flat for a few years. My original plan was to keep it until I could find a reasonably priced C7 used, but so far, I think I like the C5 too much.
Advanced
Joined: Feb 2013
Posts: 96
Likes: 3
From: Mansfield Ohio
Yeah I like those garage queens. I bought mine 2 yrs ago 2004 only had 6500 miles on it. I now have 15000 on it and last year was a bad year personally so didnt get to drive it much. But I bought almost a new car fairly cheap. I bought mine to keep not sell
Le Mans Master
Joined: Jan 2004
Posts: 9,488
Likes: 1,743
From: Knoxville Tn
The only losers are the people that have garage queens because what good is a vette if you do not drive it.
I envy the vettes with high mileage not low mileage!
The only winner is the person who buys a garage queen to drive and not to gather dust.
Vacationing in Fort Lauderdale vettes are all over the place being driven by people 65 yrs old plus. The younger drivers are in Porches or Mercedes convertibles.
The C7 is for the mature buyer as a last hurrah!
I envy the vettes with high mileage not low mileage!
The only winner is the person who buys a garage queen to drive and not to gather dust.
Vacationing in Fort Lauderdale vettes are all over the place being driven by people 65 yrs old plus. The younger drivers are in Porches or Mercedes convertibles.
The C7 is for the mature buyer as a last hurrah!
I've been driving Vettes since the 60's and I plan on doing it as long as I can. If you've got problem with that, it's too bad.
Safety Car
Joined: Dec 2009
Posts: 4,360
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From: Birmingham Al
Right ,at 16 was driveing a 1961 Corvette that was 1964 in 1956 was driveing 66 still driveing a Corvette a 04 Z-16 with 100 more Hp will haul and on the track wil run with anything . I am now 65 C-7 last what ? This is the last hohaw going down the front ststch a COTA in Auston TX. in my street Z-16 @160 MPH that was a YE HA yep old people RIGHT ...