I know there are several threads regarding the value of C6's with the introduction of the C7, but I have an observation as it relates to an optioned out base C6. For example, I have been looking at base '08+, 3LT, NPP, Z51 or F55, and they're around $30k for a clean one with less than 60k miles. I looked at the private values on edmunds, kbb, and NADA, all of which suggest a low $20k value. Conversely, Z06's and GS's are selling for around trade-in values. I'm not sure what's driving this, but it's making me reconsider what I'm looking at.

 

A car fulfills the need for transportation. The Vette is not a need. It is a want, therefore its an emotional decision. That is why Vettes often surpass the NADA, kbb etc values. That is why most Vette buyers determine their price point and search out the best deal for them regardless of the printed value. IMHO.

 

That's odd....can't speak for the Z06 , but most GS prices I see around here are looking pretty high and I would suspect "above" trade value that was given to the guy who traded it in.

 

I bought a 2008 over book value. Go look at some of the ones going for KBB and you will realize why. I'd rather pay top dollar for something that I know is worth it.

 

Pretty much says it right there Brian. In my area KBB, etc. are fairly useless for a well maintained C6. I also wonder if the higher prices on the used C7's are keeping the prices high for the C6 also. As I have looked for a C7, overall they are nearly at new car prices. Could be a domino affect.

 

I've noticed this phenomenon when looking at Porsche 996 turbos before I ordered my C7 last winter. Real world prices seemed high compared to book values. Is there any way to see stats on "retail" sales or just auction results? I wonder what the spread between asking prices and actual sales are.

 

I recently bought 2 used cars from my local Chevy dealership. The cars were for my daughters, but I figured why not see how much they would offer me in trade for my 2005 Z51 w 60k miles on it towards a C7. My car is clean and runs great. If I HAD to sell it I wouldn't take anything less than $23k. If I was willing to wait I would ask $25k. They wanted to offer me $17.5. Not even close, and you know that if they're offering $17.5 they're going to jack it up to low-mid $20's, or sell it at auction.

 

KBB is useless on any car most of the time. NADA & Edmunds seem to be more accurate, but none of them are good for these cars.

 

^This.^

 

Ridiculous low-ball offer from dealer. What do dealers use to base their offers on? Possibly feedback from their wholesalers...

 

I've said this a number of times on the C5 forum and on the C7, so now I'll say it on the C6. When it comes to a Corvette, the "books" are a joke. They're high, they're low and rarely on target because Corvette does not fit their tracking model. The Corvette is a low volume car with prices that fluctuate based on the seasons. Also, consider that the "books" are a throw back to your grandpa's days when there was no internet. They've outlived their usefulness. Car dealers use them as a tool to fool buyers into thinking they're getting a bargain when, in fact they're overpaying for a vehicle. With Autotrader, ebay, Craigslist and Cars.com, you've got more real data than grandpa ever had all at your fingertips. You can track your data on a spreadsheet and check it daily if it fits your needs so you know what you should be spending.
Want further proof? When you buy a house do you go to a "book" or do you rely on comparables? Right, you look at actual houses, with actual prices. So why when it comes to a car, for most of us, the second largest purchase, should we rely on an ancient process that's out of date?
If you're buying a Chevy Cruze, maybe the books work, but for a Corvette, they don't. BTW, I just purchased a used Corvette. None of the dealers I contacted quoted the "books" for my trade or for the Corvettes I looked at. When it comes to Vettes, the books don't work.
BTW, when it came to my trade, all the dealers used the same tool, the auction prices.

 

Very well said!!!!

 

Beats me where these retail values stem from, but when I was shopping, they were closer to a wet dream than any seller's willingness to price. I found the Z06 numbers to be laughably off as well.

 

This kinda sounds like the guy thats doing that TV commercial for one of these internet car dealers. The guy has his pod, or whatever you want to call it in his hands and is standing in a used car lot and says something like this..."There, you researched it for 60 seconds and now you're an expert"....lOL. Wonder if the the internet has one of those sites what will make you an expert golfer in 60 seconds ?.....

 

Hi Stephan.

 

Roadbike56,
Thank you for taking the time to provide an informative and well thought out response to my inquiry...very helpful. I did do a number of searches with not much success. I know these noobie questions can be frustrating to experienced folks, but hey, that is why we are noobies. Thanks again.

 

A lot of dealers just give auction price. So they factor that and even projected value into their offer.

Some Vette owners are in lala land though. $60k for a 13 GS for example that cost $70-75k MSRP brand new which means about $63-68k if you got a decent deal.

But you will most likely lose trading in any car. Either on thr old car or the new car or both.

 

Dealers use wholesale prices from their local auction results. Three separate business models are at play with car stores: new, pre-owned and service. They are NOT in the gambling game. Most will take a trade to auction and turn it into cash unless the "used" wants to try to retail it (usually given 30+- days) and pay trade-in. Dealers "pre-owned" lots are stocked from the auction (they buy what sells and not what comes in on trade 95% of the time). "New" is not interested in waiting for the "trade" to turn into "cash" IF "used" can retail it. Different business models. They will pay only wholesale (even if you think - and the paperwork shows) that they are giving you more than that. Next class will deal with how a "buyers order" is structured for accounting and appearance...

 

Kbb was almost spot on what I paid for my car from the dealer...

 

I would really like to know how the BB numbers are arrived at. If I sell my car to a guy through a newspaper ad, the bluebooks have no way of knowing what the sale price was. Even if they somehow get reported numbers from dealer sales, I would expect that as a whole, dealers would realize that they benefit from skewing these numbers if they report them to the bluebooks...lowering the trade-in numbers and bumping up the sales prices. The industry depends a great deal on these BB numbers but I just can't see how they are dependable numbers.