racebum

this is it. when you walk into a business you're negotiating with an adversary. they aren't your friend. occasionally you may meet a solo operator that loves his customers and is actually giving you advice in your best interest but most businesses put money first and the consumer second

realize this and businesses become much more transparent to deal with in your own mind

radar502

[QUOTE=racebum;1594381267]this is it. when you walk into a business you're negotiating with an adversary. they aren't your friend. occasionally you may meet a solo operator that loves his customers and is actually giving you advice in your best interest but most businesses put money first and the consumer second

realize this and businesses become much more transparent to deal with in your own mind[/QUOT Not all are bad some are Ok and will help you out just have to know the right one but still have to remember is a businesses . Need to deal with this guys with eyes wide open . I see this on the forum so much people walk into GM dealer with a old C-5 and get all bent thinking the GM dealer salesman will give him $16,000 for it and can't understand why not . People need to have a understanding on what's going on with old Corvettes HOT RODS world and the economy of the used hot rod world . Just saying its not all black and white have to understand were the value comes from and what kind of people will appreciate the value .

AmbulanceDriver

Just bought my three owner 02 c5z two weeks ago with 60k on it for 18k. I now owe 14k with a 4% interest rate for 5 years... A lot of it depends on your area but taking a vehicle to trade at a stealership is not a good idea. Sell privately or keep it.

I don't know about most of you but I love the way the c5z looks with flip up headlights and trunk far more than the newer looks of z06's. Yea its got the typical gm interior but if I wanted something with a great interior I would buy a ctsv/atsv not a car that is a proven track car in stock form...

Riteaidkid84

Currently the c5 z06 has the biggest bid to ask price of any vehicle. This is why many will collect dust as new vettes are purchased and old ones are hoarded. This is why the spread is the largest.

Also, Autotrader made an article in September 2016 that the c5 z06 is the best bargain sports car available today.

C4in mesa

I didn't post this saying THE DEALER WAS TRYING TO SCREW ME. I posted this to inform everyone out there that their C5 Z06 isn't worth much. I drive my car and I ENJOY IT. Some owners let theirs gather dust. Not me man I drive my car with no regard to depreciation of its value. I admit I was surprised at first.
To the rich guy who said,
"The dealer will not be able to sell a 13 year old car with over 100k miles, so I agree that the C5 will go to auction and they will not get much for it. The better question is why do you have a loan on a 13 year old car with 100k miles and why are you considering a new loan on an 11 year old car?"
Because I am poor. When I buy something that costs over $10,000 I borrow the money. Your comment sheds light on how ignorant some folks are to guys like me who earn less than $70,000 a year. I don't own my home either I borrowed the money from a bank. I have test drove C6 Z06's and just love them. I don't have $27k- $33k so I have to borrow it. I owe $11,500 on my car. I am not in the hole with it and I am sure I could sell it for more than what I owe. That being said I wanted to shed light on buying a car and then owe more than its worth. That Lexus dealership salesman wanted me to commit to a $54,000 purchase. Give me a break. He should have asked up front if I was able to get my own financing? Rich folks don't worry about money. I am poor so I think about it. As the years go by and I rack up the miles on my C5 Z06 it will continue to lose value. I know that and I don't care.

02BlownZ06

There is a big difference between purchasing a depreciating and an appreciating asset. I would never take 30 years to pay off a mortgage but even if you did that 100k house might be worth 300k by then. It is reasonable to stretch an amortization out longer for an appreciating asset. A good rule of thumb here is if you can't afford to pay off a mortgage in 15 years at what interest rates are now, you can't afford it. Buy a cheaper house. My work vehicle is a new 55K Suburban, but my work pays me for it so I can justify buying new, otherwise you are really wasting a ton of money. Do you know what the smell is when you sit down in a new car? The smell of burning money!!

Most cars in general, the opposite applies, the value usually goes down and goes down fast with most cars worth half their purchase price in 5 years. At least with a corvette kept in good condition that doesn't have outrageously high miles, you might not take quite as big of a hit unless you purchase it new. For play toys such as boats or cars, I buy used, usually 5 years old or older and find that diamond in the rough. When I decide to sell, I generally get close to what I paid.

Example: Bought a 98 Triton bass boat in 2003 for 15K. Owned the boat and used it a lot but took care of it and sold it last year for 13.5K.
I see some of these younger guys dropping 60K on a new rig and stretching payments out 7,10, even more years. That is the dumbest, and I mean dumbest thing you could possibly ever do. The 3 year rule on cars and boats. It will never steer you wrong. buy outright, sell outright. Educate yourself on the market and be patient. If you have a nice car now and still owe 12K on it, dropping 7k on mods puts you in a worse financial position. Put 7K towards the bank note and that car is within the 3 year rule. Get it paid off, then knock yourself out with mods.

I only say this because I have learned by making those same mistakes in my exuberant youth. Good luck and just keep driving that bad azz looking car!

ArmchairArchitect

This is some of the most solid advice on the forum. I see too many people making emotional ("gotta have it" mentality) rather than smart financial decisions when it comes to cars. Most people don't realize the tradeoffs you make when you overspend (beyond one's means) on a car or any other depreciating asset. The potential financial tradeoffs are not being able to retire as early, not being able to get a nicer house, not having enough of an emergency fund, etc. etc. the list goes on.

If one has to take out a loan on a car...one is overspending beyond their means.

Ask any CPA, they will tell you the only things you should take out loans on are education, homes, or other things that add/create value for you.

I think a lot of people would benefit from reading the forums over at https://www.bogleheads.org/forum/index.php

rbartick

You said you are poor but you want to trade a 2004 Corvette with a lien for a 2006 Corvette with a much bigger lien and I am the ignorant one?

You cannot compare a mortgage to an auto loan. One loan is for an appreciating asset with tax deductible interest and tax deductible real estate tax. The other loan is the exact opposite.

Krystal

I hate to say it out loud but..........you're driving the "new" C4. Your car is old now......it has depreciated to a place where it's a tough sell.

2 generations of newer and better Corevttes as drivers are now on the road.........then their is ALL THOSE C5s still in pretty darn good shape out there you are up against when trying to sell yours.

Unfortunate for a seller .....but pretty good news for a buyer.

Your car is neither appealing as a "new car" or collectible and in demand as old car.

You're currently in a place where your Corvette is just a car for sale and not much more. Tough news for you but great news for the next owner and his desire to get your car or one just like it on the CHEAP.

C4in mesa

Stop over analyzing a quick post. The comparison was in haste sorry. At the same time their lender or they were offering a $37,000 car for over $52,000 at the end of the term. I heard several really bad numbers. Rather than first asking me if could finance the purchase?
Some people trade in cars they don't own outright. I know it's hard to believe but poor people like me typically trade a car in after three or four years. Granted my Z06 is worth less than what I owe wholesale I could always sell it myself. As far as buying a C6 Z06 and it's decline in value I would not pay more than $28k stock. Yes I will finance it.

C4in mesa

I agree 100%. The point of me posting was to shed light on the fact the C5 has become the best value sports car with the Z06 at the top.

ZO6 cracker

My 2004 Z06 with 17000 miles on it is valuable to me. It is not going anywhere. Especially since I do not owe anything on it. And it only cost me 300.00 a year for car insurance. It gives me a great feeling every time I drive it.

cor28vettes

I like your plan B the best.

But if you stick with plan A, post it up in the FS forum at a price you think is reasonable to start off with. And don't overlook freebee Craigslist in nearest big city and your local as well.

Once sold, I would bump up to a brand new C7 and just skip C6. If out of range, see what Mike@Criswell has for ever changing used inventory. If you buy new or used that's a good source. Matter of fact he will give you a price sight unseen as he has other times per his Sunday threads.
Don't hurt to ask.

This is another entertaining thread from last Sunday
http://forums.corvetteforum.com/show....php?t=3967201

Brad Walters

Keep your current Z in STOCK form.
These are going to go up in value soon.

cor28vettes

It's smart on your part to think about money and just enjoy what you got, not what you would like to have gotten at the dealer. Just bide your time and wait for that C6 price to reach out to you, if that's what you want. Till then, a good looking, well maintained C5Z will always be appreciated. Both by their owner and by a car loving public.

Here is 10-pages of advice this 23 y.o. is getting on buying a new one. Good for anyone thinking of making the leap, regardless of age.
http://forums.corvetteforum.com/show....php?t=3968163

druz06

One more on keeping it/modding to your content. Your car is beautiful and will continue to turn heads even as time passes on!

Potent68

Threats? Really?

racebum

this would be welcome

toxic personalities aren't needed, there are plenty in the PRC section on this forum already

TGO

1) You're already upside down on your car. You've been paying for it for two years and have only knocked $3k of the purchase price.

That's why you don't take out a loan on a 10+ year old car.

2) Why do you seem surprised the dealer only offered you $10k on a $12k car? They need to make money on the trade. Otherwise what's the point?

TGO

lol you are in the hole with it. That's kind of the whole point of this thread. If you could sell it for more than you owe then why are you trying to trade it in?