Resale values still dropping?
Le Mans Master
Joined: Dec 2004
Posts: 5,493
Likes: 809
From: West coast CA
You could find the occasional new 1LT for under $40K back in 2005, when the C6 was brand new. I'm actually impressed that used values are so high.
As with any cars, the options depreciate the most. If you bought a loaded C6 near MSRP, you're not going to get much of your money back on resale - but then you knew that when you bought it.
As with any cars, the options depreciate the most. If you bought a loaded C6 near MSRP, you're not going to get much of your money back on resale - but then you knew that when you bought it.
Le Mans Master
Joined: Oct 2001
Posts: 8,510
Likes: 926
From: Alaska
Look at it this way, more people can finally own the car they have dreamed about. It is what drew me back to being able to afford a new C6.
Seriously, if anyone buys a Corvette that is a depreciating assest and then gets muffed because it loses value. Well, thats life.
Seriously, if anyone buys a Corvette that is a depreciating assest and then gets muffed because it loses value. Well, thats life.
Instructor
Joined: Aug 2009
Posts: 106
Likes: 1
From: Texas
I agree with some of what you're saying. When I did buy new, I always went the online route and requested Internet quotes. Those are non-negotiable for the most part, so it makes it much easier. Send out 5 emails and you know where to buy from...no listening to BS required.
The msrps keep rising and I keep getting more tired of the "game". The "game" is being told how much money we are "saving" off the msrp. The more the msrp rises the more we save but in the process the retail selling prices creep upward with no additional added to the car by way of value.
You know, it's like the local jewelry stores that frequently have 50-100% off sales. OK, so some people may be paying twice what the sale price actually is???
I'll tell you what might drive up vette prices in a few years.....scarcity!!!!
How so? Wasn't there a post a few days ago about another slowdown of the BG line to 8 cars per hour? If demand drops off to near nothing for new cars then the existing new ones in dealer stock and used ones might become more valuable. Or they might not.
Eventually the vette might be like the Viper was....a corporate icon, halo car, but made in such small numbers that prices stayed very high.
I think it might be the dealer attitude coupled with the nonstop msrp increases that are helping to decrease sales. I mean, you walk in that there's this HUGE msrp and a dealer who maybe has added on some " market adjustment" just for grins. I mean, who needs that action?
And yes, the cars can be bought long distance from selected dealers who understand they can make good money selling high volume at lower margin rather than very low volume at very high margin etc. But the local guy in anytown USA just walks into the dealer lookin at a new vette and gosh darn it all the price just takes your breath away.
Then Joe average would have to endure hours of psychological torture to try to get the price down from the ridiculous msrp all the time the salespeople telling him better buy now 'cause the msrp is going to go up again next month....and the month after, and the month after etc.
Pretty soon a modestly optioned Z06 is going to sticker at 100 grand.
I think many potential buyers are just becoming weary and don't want to play this game anymore.
As for used vettes they are a bargain but only if their warranty is absolutely, positively, without a doubt intact and not voided due to tuning or performance mods etc. If I were in the market for used right now I'd want to take the car to a dealer and PAY the dealer a hun or so just to provide me IN WRITING that the car was not modded and still in warranty.
One thing that will happen to many lower cost used vettes is that they will much sooner than "usual" get into the hands of people at such low cost that they will be modded beyond recognition almost immediately. It's what has happened to Camaro class cars for years because they depreciate so fast. It's a shame...if the resale prices stay higher owners have to sacrifice more for their cars and are less likely to butcher them ( my opinion ) with drastic mods.
This is why it's almost impossible to find an unmodded old 60s muscle car....all depreciated to next to nothing and then went to teenagers who tore them apart ( literally ). The older performance vettes ( mid to late 60s I'm thinking ) can be found in much more original condition precisely because they were not modded early on.
You know, it's like the local jewelry stores that frequently have 50-100% off sales. OK, so some people may be paying twice what the sale price actually is???
I'll tell you what might drive up vette prices in a few years.....scarcity!!!!
How so? Wasn't there a post a few days ago about another slowdown of the BG line to 8 cars per hour? If demand drops off to near nothing for new cars then the existing new ones in dealer stock and used ones might become more valuable. Or they might not.
Eventually the vette might be like the Viper was....a corporate icon, halo car, but made in such small numbers that prices stayed very high.
I think it might be the dealer attitude coupled with the nonstop msrp increases that are helping to decrease sales. I mean, you walk in that there's this HUGE msrp and a dealer who maybe has added on some " market adjustment" just for grins. I mean, who needs that action?
And yes, the cars can be bought long distance from selected dealers who understand they can make good money selling high volume at lower margin rather than very low volume at very high margin etc. But the local guy in anytown USA just walks into the dealer lookin at a new vette and gosh darn it all the price just takes your breath away.
Then Joe average would have to endure hours of psychological torture to try to get the price down from the ridiculous msrp all the time the salespeople telling him better buy now 'cause the msrp is going to go up again next month....and the month after, and the month after etc.
Pretty soon a modestly optioned Z06 is going to sticker at 100 grand.
I think many potential buyers are just becoming weary and don't want to play this game anymore.
As for used vettes they are a bargain but only if their warranty is absolutely, positively, without a doubt intact and not voided due to tuning or performance mods etc. If I were in the market for used right now I'd want to take the car to a dealer and PAY the dealer a hun or so just to provide me IN WRITING that the car was not modded and still in warranty.
One thing that will happen to many lower cost used vettes is that they will much sooner than "usual" get into the hands of people at such low cost that they will be modded beyond recognition almost immediately. It's what has happened to Camaro class cars for years because they depreciate so fast. It's a shame...if the resale prices stay higher owners have to sacrifice more for their cars and are less likely to butcher them ( my opinion ) with drastic mods.
This is why it's almost impossible to find an unmodded old 60s muscle car....all depreciated to next to nothing and then went to teenagers who tore them apart ( literally ). The older performance vettes ( mid to late 60s I'm thinking ) can be found in much more original condition precisely because they were not modded early on.
Le Mans Master
Joined: Oct 2004
Posts: 9,217
Likes: 153
From: Ft Mill, SC
Right now we are in the dead of winter which is historically when prices are the lowest, especially in the nothern climates for vettes. Great deals are out there when buying, but if selling you'll only get the going rate( which is a lot lower than the super thrifty crowd unrealistically want to get for their vettes). I thoroughly enjoy the chagrin of the super thrifty group(tons on here) as they flail away with no success in trying to unload their vettes at ridiculous prices & nobody even gives them the time of day. Classic is where they price their modded vette at the going unmodded rate & then add on the full price of the mods expecting to get it all back. Makes for great comedy as typically you get back next to nothing for mods. Imho an 08 C6 1LT coupe with lower mileage( around 10/12 thousand) is worth about 28/30 on a trade & maybe a couple grand more for a 3 LT( If you sell it privately that's about all you're gonna get, cause all the private sale buyers are all charter members of the super thrifty club & typically won't pay more than the trade in price. I am not a member of that club & figured out years ago you're better off trading as you typically don't get anymore selling it yourself & you have to deal with the super thrifties if you sell privately)
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Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
I have no idea how some of you can stomach the $20k-$30k loss on a car after 2-3 years. I would love to drive a new vehicle, but as a somewhat frugal person I couldn't handle that.
Not sure I agree with all you say. I sold my C5 to a private party for $6k more than what a dealer offered me on a trade in.
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
Trade in
I have been trying to make a deal with a Dealer for a car similar to what you say you have. It is a 6spd,Z51, 3LT car. They were asking 39,900. It has been on the market for over two months and they reduced it to 37,800 a week ago. If it is still around in late January, they may get the price where it needs to be. A friend of mine traded in His Vette and the Dealer had it for sale that same week "it needed nothing". They were asking $7,500 over trade in!
if they already have a buyer for a trade in, they may give a little more. If they already have a couple of 08's on the lot, they will offer less!
Melting Slicks
Joined: Aug 2003
Posts: 2,966
Likes: 5
From: Wichita Falls Tx
08crm:
You are correct. I had to pay 6% on the $6k when I bought my C6. That works out to $360. I'd do that deal all day long to net $5640.00 in my pocket. Wouldn't you?
You are correct. I had to pay 6% on the $6k when I bought my C6. That works out to $360. I'd do that deal all day long to net $5640.00 in my pocket. Wouldn't you?
Last edited by TexasMadMan; Dec 22, 2009 at 11:35 AM.
Team Owner
Joined: Sep 2000
Posts: 25,022
Likes: 2,714
From: Far NW 'burbs of Chicago
St. Jude Donor '13
... If you sell it privately that's about all you're gonna get, cause all the private sale buyers are all charter members of the super thrifty club & typically won't pay more than the trade in price. I am not a member of that club & figured out years ago you're better off trading as you typically don't get anymore selling it yourself & you have to deal with the super thrifties if you sell privately
Le Mans Master
Joined: Oct 2004
Posts: 9,217
Likes: 153
From: Ft Mill, SC
I agree that occasionally you will get more for your car selling it privately with little or no hassle( most times there's a lot of hassle, but the super thrifty crowd doesn't mind cause money is involved) Typically that happens when you are the original owner, the car is in excellent condition, it has all the options/colors they are looking for & people know of you & your car & it hasn't been beaten/ no wrecks, bodywork etc. & or they happen to be not totally knowledgeable about vette prices( IE. live ones). Of course most important is, they are not members of the super thrifty club like most of the private sellers, otherwise they would never pay you more than trade in. When I was younger & starting out, I dealt with enough of these cheapskates & usually never made more than the trade in value, so now I usually sell to family members for trade in value or trade. Makes life a lot easier and fortunately I don't need to squeeze every last penny out of the deal
Last edited by musclecar6; Dec 22, 2009 at 11:44 AM.
Team Owner
Joined: Sep 2000
Posts: 25,022
Likes: 2,714
From: Far NW 'burbs of Chicago
St. Jude Donor '13
The msrps keep rising and I keep getting more tired of the "game". The "game" is being told how much money we are "saving" off the msrp. The more the msrp rises the more we save but in the process the retail selling prices creep upward with no additional added to the car by way of value.
You know, it's like the local jewelry stores that frequently have 50-100% off sales. OK, so some people may be paying twice what the sale price actually is???
I'll tell you what might drive up vette prices in a few years.....scarcity!!!!
How so? Wasn't there a post a few days ago about another slowdown of the BG line to 8 cars per hour? If demand drops off to near nothing for new cars then the existing new ones in dealer stock and used ones might become more valuable. Or they might not.
Eventually the vette might be like the Viper was....a corporate icon, halo car, but made in such small numbers that prices stayed very high.
I think it might be the dealer attitude coupled with the nonstop msrp increases that are helping to decrease sales. I mean, you walk in that there's this HUGE msrp and a dealer who maybe has added on some " market adjustment" just for grins. I mean, who needs that action?
And yes, the cars can be bought long distance from selected dealers who understand they can make good money selling high volume at lower margin rather than very low volume at very high margin etc. But the local guy in anytown USA just walks into the dealer lookin at a new vette and gosh darn it all the price just takes your breath away.
Then Joe average would have to endure hours of psychological torture to try to get the price down from the ridiculous msrp all the time the salespeople telling him better buy now 'cause the msrp is going to go up again next month....and the month after, and the month after etc.
Pretty soon a modestly optioned Z06 is going to sticker at 100 grand.
I think many potential buyers are just becoming weary and don't want to play this game anymore.
As for used vettes they are a bargain but only if their warranty is absolutely, positively, without a doubt intact and not voided due to tuning or performance mods etc. If I were in the market for used right now I'd want to take the car to a dealer and PAY the dealer a hun or so just to provide me IN WRITING that the car was not modded and still in warranty.
One thing that will happen to many lower cost used vettes is that they will much sooner than "usual" get into the hands of people at such low cost that they will be modded beyond recognition almost immediately. It's what has happened to Camaro class cars for years because they depreciate so fast. It's a shame...if the resale prices stay higher owners have to sacrifice more for their cars and are less likely to butcher them ( my opinion ) with drastic mods.
This is why it's almost impossible to find an unmodded old 60s muscle car....all depreciated to next to nothing and then went to teenagers who tore them apart ( literally ). The older performance vettes ( mid to late 60s I'm thinking ) can be found in much more original condition precisely because they were not modded early on.
You know, it's like the local jewelry stores that frequently have 50-100% off sales. OK, so some people may be paying twice what the sale price actually is???
I'll tell you what might drive up vette prices in a few years.....scarcity!!!!
How so? Wasn't there a post a few days ago about another slowdown of the BG line to 8 cars per hour? If demand drops off to near nothing for new cars then the existing new ones in dealer stock and used ones might become more valuable. Or they might not.
Eventually the vette might be like the Viper was....a corporate icon, halo car, but made in such small numbers that prices stayed very high.
I think it might be the dealer attitude coupled with the nonstop msrp increases that are helping to decrease sales. I mean, you walk in that there's this HUGE msrp and a dealer who maybe has added on some " market adjustment" just for grins. I mean, who needs that action?
And yes, the cars can be bought long distance from selected dealers who understand they can make good money selling high volume at lower margin rather than very low volume at very high margin etc. But the local guy in anytown USA just walks into the dealer lookin at a new vette and gosh darn it all the price just takes your breath away.
Then Joe average would have to endure hours of psychological torture to try to get the price down from the ridiculous msrp all the time the salespeople telling him better buy now 'cause the msrp is going to go up again next month....and the month after, and the month after etc.
Pretty soon a modestly optioned Z06 is going to sticker at 100 grand.
I think many potential buyers are just becoming weary and don't want to play this game anymore.
As for used vettes they are a bargain but only if their warranty is absolutely, positively, without a doubt intact and not voided due to tuning or performance mods etc. If I were in the market for used right now I'd want to take the car to a dealer and PAY the dealer a hun or so just to provide me IN WRITING that the car was not modded and still in warranty.
One thing that will happen to many lower cost used vettes is that they will much sooner than "usual" get into the hands of people at such low cost that they will be modded beyond recognition almost immediately. It's what has happened to Camaro class cars for years because they depreciate so fast. It's a shame...if the resale prices stay higher owners have to sacrifice more for their cars and are less likely to butcher them ( my opinion ) with drastic mods.
This is why it's almost impossible to find an unmodded old 60s muscle car....all depreciated to next to nothing and then went to teenagers who tore them apart ( literally ). The older performance vettes ( mid to late 60s I'm thinking ) can be found in much more original condition precisely because they were not modded early on.
Last edited by Gearhead Jim; Dec 22, 2009 at 11:49 AM.
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
Resale values
I knew the resale market was bad - for sellers - but when I saw a Corvette on one of our dealer's weekend infomercials I nearly fell out of my seat. They were selling a 2008 yellow, auto for 30K. That had to have had a MSRP of at least 50K even for a 1LT (although I'm sure there was some heavy discounting going on). If that's what they are retailing it for, what did the poor SOB that traded it in get????? I don't know what the trim level was, and by the time I looked it up on their website it was gone, but that looked like a good deal for someone. I wish I was in the market for another one......
If I had to guess, they gave a rough trade price on the 09 because it had so many miles for a 09. This would be around 28-29K. As I said, they have it on sale for $39,900. Nice mark up huh?
By the way, I offered a trade and $16,000 cash on the 08. My trade is in the Dealer Black Book at $18,500 so I am effectively offering them $34,500 for their car and they will not discuss it even though their car has sat on the lot now going on 3 months! I guess that the economy gets a little worse or the weather get colder before they wake up.
Nuff said!
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
Selling
The car was pristine and only had 11,500 miles on it. All it took was someone to see it and drive it. The rest was easy. As the old saying goes, "YOU GET WHAT YOU PAY FOR". KBB, Edmonds, and the little Black Book, are guides. You set the price and if their are no buyers you can adjust the price or forget about the sale.
I bought my first car in 1955 and got screwed. The speedo was rolled back "happened a lot back then" but I enjoyed the car. Over the years I have bought and sold many many cars and I don't recall ever getting a great deal but I had a lot of satisfactory purchases along with a few bad ones.
Bottom line if someone has what you want and the price is fair in your estimation, you both have a good transaction!
Last edited by lwise4; Dec 24, 2009 at 11:55 AM. Reason: syntax
Le Mans Master
Joined: Dec 2005
Posts: 7,753
Likes: 210
From: North Western Connecticut
If you're really worried about the drilling you get from buying a new car, don't buy new! Let someone else take it in the shorts and you win. I bought new because that's what I wanted...... and I knew I'd get drilled at the back end of the deal.
Bottom line now... I will NOT buy another new vette period! When I want to upgrade my 06 I'll buy a used vette and save the money. Might not get exactly what I want but it's better than losing 20k or more over 3 years. The ONLY way to avoid the major kick in pants from major depreciation is to buy used...... and take your chances!
Bottom line now... I will NOT buy another new vette period! When I want to upgrade my 06 I'll buy a used vette and save the money. Might not get exactly what I want but it's better than losing 20k or more over 3 years. The ONLY way to avoid the major kick in pants from major depreciation is to buy used...... and take your chances!
