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True value of a C5

 
Old 04-15-2019, 08:59 AM
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LTCHAPPA
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Default True value of a C5

Looking to buy a C7 to replace my 2003 Vert which I bought new. The dollar value is not good for me as a seller but is a very good value for a buyer considering this car cost over $50000 new. The true value of this car is the pleasure it gave me for 16 years of ownership. Just driving this Vette out of the dealership back then was an experience that I will always remember. Getting this car didnít come so easy, since I had to pay for two college educations and two weddings before I would be able to get this car. I would most likely try to get a 2018 or 2019 used now if I found one I liked.
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Old 04-15-2019, 10:29 AM
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I probably will never know the feeling of driving a brand new Corvette out of the dealership. However, I do remember purchasing my '64, '72, and now the 04 used and the feeling that I had driving them away from the previous sellers (2 private, one dealership). Not top of the world, but close to it.
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Old 04-15-2019, 10:56 AM
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I hope you get a good price for your C5 and get a kick out of the smiling person driving it away.... as you wipe the tear from your eye. But then you will smile again as you drive away in a C7 Corvette. I know that feeling. Last year I traded in my 86 C4 that I bought new in late 85 (had it 33 years). I've had all new cars for more than 45 years, but I then bought my C5 FRC used with my trade in. It has pretty high miles, but I think I got lucky and it runs great. I'll probably have it till the end. Let us see your C7 when you get it.
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Old 04-15-2019, 10:57 AM
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It is good to see a lot of original owners, but I have seen a lot of them sell lately. C5s of any year are really getting up there in age.

GM is offering an addition $3,000 on top of trade in value on any new 2019 Corvette in stock until the end of the month, so if you're serious about getting into a new C7 now would probably be the absolute best time to do it while you can still have some solid choices and not dealing with left over stock dredges after current C7 production ends in June/July this year as was just announced. The big thing will be don't expect a lot to be offered as a trade in. Ideally you'd probably get more in private market if you do decide to get rid of the car but you'd have to both wait and deal with an absolute flooded car market of "good" Corvettes.
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Old 04-15-2019, 11:38 AM
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Originally Posted by LTCHAPPA View Post
Looking to buy a C7 to replace my 2003 Vert which I bought new. The dollar value is not good for me as a seller but is a very good value for a buyer considering this car cost over $50000 new. The true value of this car is the pleasure it gave me for 16 years of ownership. Just driving this Vette out of the dealership back then was an experience that I will always remember. Getting this car didnít come so easy, since I had to pay for two college educations and two weddings before I would be able to get this car. I would most likely try to get a 2018 or 2019 used now if I found one I liked.
I started looking at used C7s recently as my 02 has 105k miles. I've had it for 11 yrs as my only car. I've been looking at 2014 verts for $35k to 40k. Local Chevy dealer has a customer that trades vettes every 6 months!!! They now have a 2019 black Stingray 3LT with 2800 miles for $55,900. If it wasn't black I would possible make the leap as it sounds good.
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Old 04-15-2019, 02:54 PM
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Let's say you get $14k for your '03 C5. That's $36k +/- depreciation over 16 years - which is not much more that a couple thousand a year. Similarly, I paid about $43 for my C5 coupe OTR, back in 1997. Worth maybe $10 today, so that $33k "loss" over 22 years - about $1500/year.

And that's real cheap for so much fun.

To the point about enjoying the experience of a new Vette, driving mine in the summer of '97, was a delight - heads turning everywhere as C5's were ultra rare then, but had received a lot of ink in the press and TV. First day I took it to work, there was a steady stream of people wandering over to have a look.

Last edited by jackthelad; 04-15-2019 at 02:56 PM.
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Old 04-15-2019, 02:59 PM
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Mayor111
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Since you love your C5 so much, and have an amazing history with the car - Im going to ask you to think a bit differently...

What if you bought a USED C7 (even one fully loaded) and KEPT the C5? Hear me out...

A New C7 is going to cost you around $50,000 to $70,000....so lets use $60,000 as a middle/average price...A USED C7 is about $40,000...(of course the Z06 or Grand Sport is more)...

Your C5 is worth...?? Maybe $18,000 to $20,000?? To me, if you bought a used C7 for $40,000 - you'd be saving $20,000 from new - which can more than pay for you keeping your C5...

Of course, if you do want to sell your C5, then my thoughts are futile...
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Old 04-15-2019, 04:32 PM
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The true value of this car is the pleasure it gave me for 16 years of ownership.
I can appreciate that completely. I've owned my Camaro for 21 years, and now it's time to let it go, as I hope to find a Corvette in need of a good home very soon. Didn't Jay Leno say something like "We never really own great cars, we're just stewards for a certain period of time." -or something like that? I feel that's a valuable perspective for anyone who loves cars, but simply can't have too many at one time!
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Old 04-15-2019, 05:15 PM
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I could never do it. I purchased my 02 new and I'll never let her go until they pry it from my cold dead hands (or a really big wad of cash )
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Old 04-15-2019, 05:23 PM
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Wait for a c8.
C7 resale will drop like a rock after the new release. C5s are already bottomed out.
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Old 04-15-2019, 05:43 PM
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Originally Posted by ~Josh View Post
Wait for a c8.
C7 resale will drop like a rock after the new release. C5s are already bottomed out.
I thought C5's were bottomed out 2 months ago when I bought mine and I new deep down they had not.

I just looked on Ebay and the prices seemed to have dropped even further, there is very little cash in the system overall. A person selling a car today such as a Vette might be better off selling it on consignment because dealers have access to financing so they can charge more.

Right now the prices are supposed to have bounced back a little because of tax refunds but I don't see it...
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Old 04-15-2019, 06:03 PM
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$10k flat is bottomed out. Selling for more in the teens for cleaner cars is one thing. Seeing cars dip below are cars I’d run from.
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Old 04-15-2019, 06:07 PM
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Always expect to lose value on any automobile purchase.
If you think your Vette has lost value, price out a "Caddy" of the same year. New, they cost roughly the same.
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Old 04-15-2019, 06:55 PM
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I'm waiting for a C15. By then I'll have been dead for awhile. Money won't matter.
Meanwhile I'll smile as I ride around in my 03 C5 vert!
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Old 04-15-2019, 07:09 PM
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Originally Posted by Whipitnow View Post
Right now the prices are supposed to have bounced back a little because of tax refunds but I don't see it...
Te IRS has said that refunds are way down this year due to the tax changes. I don't know anyone who has seen a reduction in their taxes - many people in MD/VA/DC area got creamed by the drastic cutback on what you are allowed to deduct. Talking to some folks the other day - their "hits" ranged from $5 to $13k compared to last year. Those people are not buying new cars any time soon.

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Old 04-15-2019, 07:43 PM
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Why buy new? When buying used someone else took the hit on the sticker price. Most used ones are hardly driven so again almost like a new minus the new price.

Unless you really want to order your "option" .
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Old 04-15-2019, 10:55 PM
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Find yourself a well cared for, low mileage C7 - they are out there. You'll save a fortune over new and can still get all the same enjoyment out of the car. C5s, unless you sell them privately, are not going to be worth much as a trade in.
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Old 04-16-2019, 11:52 AM
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Originally Posted by jackthelad View Post
Te IRS has said that refunds are way down this year due to the tax changes. I don't know anyone who has seen a reduction in their taxes - many people in MD/VA/DC area got creamed by the drastic cutback on what you are allowed to deduct. Talking to some folks the other day - their "hits" ranged from $5 to $13k compared to last year. Those people are not buying new cars any time soon.
I guess you don't really read the statistics. Roughly 60+percent are seeing reductions. Those who are not seeing eductions live in states that have high state income taxes (that are no longer deductible). The lower refunds is simply a matter of having less deducted from you pay check. Getting a refund from the IRS is not very good planning. Why loan the Government interest free money?
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Old 04-16-2019, 02:18 PM
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Originally Posted by Phanni View Post
I guess you don't really read the statistics. Roughly 60+percent are seeing reductions. Those who are not seeing eductions live in states that have high state income taxes (that are no longer deductible). The lower refunds is simply a matter of having less deducted from you pay check. Getting a refund from the IRS is not very good planning. Why loan the Government interest free money?
I said I was talking about the MD/VA/DC area, which is a high tax, high services, high salaries area. It's also an area with a lot of professional and hi-tech jobs - and an area that took a disproportionate hit from the tax plan. But I moved out to a low tax state and my taxes are a wash with last year. I believe the 60% statistic was for people who saw a $100 saving or more, which is less than $10/month.
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Old 04-16-2019, 04:22 PM
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Bill Bensons " The Law That Never Was " is a great book as well as The Money Masters done by Bill Still in 1996. These clear up alot on understanding the federal income tax....
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