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I might add...there is talk that GM is already talking about the C7 and it could be out as a 2010 or 2011 model (meaning it would need to be ready for 2009 and 2010). Is it likely that it could be out by then if they are just talking about it now....who knows they could already have prototypes made they'd never tell us though
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It really all depends on what deadlines are set by GM upper management.
The engineers who worked on the C6 have already started working on the C7. I would say they are placing about 20-30% of their energy on it currently. The rest is improving the current C6 with any changes that may arise.
For the C5 they started in the late 80s early 90s...The C5 was supposed to start production as a 1996 model, but they had to push it off.