Greetings all. Kicking around the idea of getting a C5 in the near future, so I was curious about the market in terms of depreciation or any appreciation. More specifically, what has been the trend recently (last 3 years?) and any foreseeable headwinds?

Not looking at a potential purchase as an investment per se, but I don't want to light money on fire if it doesn't end up being a long term thing. Just trying to be financially responsible!

I don't fit in the C3's or C4's, so those bargains are not physically possible for me, but even disregarding that, it seems like the C5's are the best Corvette value there is when it comes to price and performance.

Thanks in advance.

 

here's a place to start ...


https://www.corvetteforum.com/forums...long-time.html

 

I think C5s are at or near the bottom of the depreciation curve. Last 3 yrs have been mild depreciation but prices are steady now.
Do I think they will appreciate anytime soon? Nope.
Do I think they will depreciate much more? Nope.

C5s are widely regarded as a bargain from a price/performance right now.
Sounds like an ideal time to buy, IMHO.

 

I tend to agree. Obviously the lower the mileage, more options and better condition the car has the higher the price will be asked.

 

buy the lowest mileage, best condition car you can afford and enjoy!

 

Patience is the key. I paid $15.2 for my 1999 C5 with 22.4k on the clock in 2015. Search around for low mileage C5's and you can see the values are higher. My car now has 23.5k on the clock. Your car and deal is out there with patience. Oh!!! and a lot of searching

 

Doh, don't know how I overlooked that one, thanks!

But good to hear it seems like a good time to buy. Unfortunately, trying to find a place with a 2-car garage in my housing budget where I live in Central PA might be trickier than finding the perfect car!

 

Seems to me the earlier cars have been about the same for a good while now. I would expect they will go down a bit further - my early build '98 will be 20 years old next summer, and I think quite a few buyers might balk at buying a 20 year old car, especially as parts become more and more unavailable.

Maybe in 20-30 years time, when the numbers have been reduced by accidents, overly young drivers, parts unavailabity, etc., an early low mileage pristine unmodified car will fetch a good price, as an example of the break out design, when the Corvette shed its "flexible flyer" persona and morphed into a state of the art vehicle.

But I wouldn't hold my breath.......

 

Financially responsible and buy sports car????
Hahahahahahaha

 

Buying a fully depreciated car is not irresponsible. The cost of ownership over the next several years would only consist of maintenance, fuel and insurance. A caffeine habit would likely be more expensive.

 

More of a broader statement
I look at them as toys...

But, don't kid yourself OP, its still gonna be a possibly 17yr+ old car and no matter what mileage/condition - "something" will need doing...and what ever it is - I'll bet its more than a "caffeine habit"...

 

Oh yes, I totally agree and am using "financially responsible" as a relative term pertaining to avoiding bankruptcy, having money remaining for things like food and gas. My family has had boats, so I know very well that anything with a motor will break expensive parts no matter how much/little you use it.

I currently drive a 2013 V6 Mustang and am thinking of adding a C5 to satisfy my lifelong dream of owning a Corvette. But the thought of owning two cars totaling over 20 years old is a bit terrifying, so just upgrading to a brand new Mustang is another possibility. Brand new Mustang and Corvette would be ideal ... but money.

What spooked me about depreciation recently was the Z/28. Seeing 2015 Z/28's marked down to $50k still on lots last time I checked a few weeks ago (MSRP $75k) was eye-opening.

And then seeing like a C5 Z06 with about 10K miles at a dealer for like $28-29K is kind of startling too (and many others that are similar). In 2002 that was a ~$50K car, which according to a random calculator I found on Google, is the equivalent to ~$66K today. So assuming the previous owner sold it to the dealer for ~$25K, in 2016 dollars that's a ~$41K loss in depreciation alone. They basically spent $4.10 per mile in depreciation cost.

So good for me I guess as a prospective buyer (and I don't intend to be judgmental of how people choose to use any car no matter what it is) but I certainly want to be very aware of all of the possible ways a toy will burn my finances. If life happens, old car repairs become too much, etc. and I need to sell it, I want to be able to describe the depreciation costs in cents per mile, not dollars - because yes, it is a toy.

 

From here on out the only C5 IMO that will retain any kind of value will be a Z06.

 

Retain value or appreciate in value?

C5s in general were built in large numbers (for a "higher end" sports car). Don't expect much, if any, appreciation in value. However, I think the vast majority of depreciation has occurred and the price is near, if not at a floor.

Despite being "old" with "outdated interiors" and impractical, there will always be a market of some kind for high powered, RWD, V8 cars, which the Corvette nails. The styling is a huge plus as it is generally regarded as an "attractive" car. I don't see values for well maintained C5 Corvettes dipping below $15,000 for the foreseeable future unless the unit has very high mileage (100,000+). The car just has too much popularity in the $15,000-$20,000 range, and the new C7s only help hold that value since in the old days, new Corvettes only went up a few thousand in MSRP (eg base C6 generally sold for $45,000 with no options while a new base C5 sold for $41,000 with no options--the C7 was a dramatic increase to around $54,000+ with no options at MSRP). That makes C7s less affordable, helping C6 values a lot, and helping C5 values, albeit less.

At $15,000 it's bottoming in price. Don't buy a car as an investment though. Bad idea.

 

with most of what has been posted here.

Most of the general rules around used cars apply to C5's:

The later cars are going to command more money vs the earlier cars simply because they are newer (e.g. '03, '04 vs '97, '98 - etc.)...for the same model/options/mileage.

Lower mileage cars command more money.

Convertibles and Z-06's command more money (vs. similar year/mileage/condition coupe).

Overall, the earlier C5's are closer to the bottom of the depreciation curve than the later cars.

A few rules that are a little more Corvette specific:

MN-6 cars will command more money (vs. similar year/mileage/condition auto car).

Modded cars can be +/- a stock car...really comes down to the mods themselves, what they are and how well they are done. Some will add value, some are neutral and some will detract value.

 

If mileage is low, meaning sub 20K and one is purchased today then yes, appreciate in value or at worst hold steady in selling prices. Seeing as how the C5 didn't get a ZR1 or Grand Sport, the Z06 is the only "special" Corvette for that generation. If C5s don't appreciate in value with in the next 5-10 years, then I just can't see it happening.

If we want to really talk about depreciated Corvette "values", then look no further than than the C4. With that being said, in my area I'm starting to see an uptick in "value." Good low mileage C4s(later models) are selling for used C5 prices.

 

I think you are on the right track w a C5. Many of us have had older and newer bodystyle vettes and seem to come back to the C5. It is a great bodystyle and a lot of value for the $$. I wouldn't be too concerned about having two older cars (your dd and the vette)...age is just a number. Focus on finding the right C5 for you. Figure out what you want out of the car, color, options, bodystyle and budget and that will help guide you. Say you like blue and want a hardtop. Right there that takes couples and verts out of the picture and tells you that you could get a Nassau blue frc from 99 or 00 or a Z06 starting in 02 w electron blue or the comm edition from 04....just for an example. Study the market and watch this forum, ebay, craigslist, and autotrader so you can understand value and condition. Once you narrow your search down to a few vettes...research them well: carfax, as much owner info as possible, test drive, inspection etc. Also time of the year can have an impact....for example now is a good time to be in the market: it's winter, it's the holidays and tax time is coming up.....sometimes there are great deals to be had this time of year versus spring and summer where some people tend to put a higher value on their sports cars.
Good luck and let us know if we can help.

 

Here's what Road&Track had to say

http://www.roadandtrack.com/car-cult...s-to-buy-2017/

 

coupes have drifted down since 2010, z06s have been flat

i bought my c5z in the beginning of 2013 and just sold it. very easy car to own and to sell

if i bought another c5 it would be a 2004 z06 with 20-30k miles from some old man on the west coast who drove it once a month. a car like that can be had for 22-23k

the other option is to buy a clean 100k mile car and drive it around. you will lose less as people see 30 and 50k miles as different but 120 and 140k really has no impact, it's all about condition. a nice stock highway z06 with around 100-120k should be able to be had around 16k, 15s if it needs any updating.

the one c5 i would never ever buy are the rough ones or 12k z06s that have been beat. you will spend more on them, have a beat up car and worse resale. i also would not buy a salvage / reconstructed title car. i personally don't have anything against a good theft recovery but SO many people into corvettes are 50yrs old + and they are scared of branded titles. for this reason alone i would never buy one unless it was some insanely good deal. one that comes to mind is a 99FRC i could have pulled for $6000 and it was in decent driver condition with 108k on it. theft recovery car, no structural. a person isn't going to get hurt at prices like that. that said i decided to pay more and get a clean z06. just a better corvette experience. the 99FRC would have been great for a race car

 

Was getting ready to post this exact article. I just bought my C5 and I think I made the right move.