Super bummed
Thread Starter
Racer
Joined: Jul 2008
Posts: 489
Likes: 137
From: Las Cruces, NM
Super bummed
I've been looking forward to getting back in a C6 after owning a C6, C7 and recently backing out of my place in line for the C8. I miss the C6 and have been looking aggressively for a few weeks. I've found a couple that scream "this is the one i want." But in both cases the bank comes back with NADA value that values the car exceptionally lower than KBB. If i'm not willing to put $5000-$10,000 down (and i'm not) then i'm going to have to wait until the market evens out, and no telling when that'll be. Today i offered $3000 down which left us $1300 apart between what the bank was willing to loan and his asking price. He didn't budge. He knows he will get full asking price in a day or 3.
Race Director
Joined: Oct 2005
Posts: 14,555
Likes: 1,255
From: Saint Albans, WV
I completely understand the financial company’s stance as they’re protecting themselves. They know at some point pricing will stabilize and even with gap insurance I don’t see them ever loaning money with lack of equity.
Melting Slicks
Joined: Feb 2010
Posts: 3,330
Likes: 903
From: Kentucky
$1300 is a lot of money but I wouldn't let it stop me from getting the car I want, especially if you're willing to buy in an inflated market. New car production is up and auction prices are already starting to level out and drop on many vehicles, so I imagine the market will stabilize sooner than later.
Safety Car
Joined: Dec 2006
Posts: 4,591
Likes: 1,669
From: Pearland / Houston Tx
Not to be the a-hole here, but if I was a bank I wouldn't want to loan that high a percentage on that old of a car.
If you can afford to buy a brand new C8....even on credit, then you should be able to pay cash for a 10 year old C6.
Spend this time waiting for prices to drop to save up to pay cash.
Debt on quickly depreciating assets is a killer. By paying cash for cars, paying off house in half the loan time, and living debt free...I was financially able to retire in my 50s.
If you can afford to buy a brand new C8....even on credit, then you should be able to pay cash for a 10 year old C6.
Spend this time waiting for prices to drop to save up to pay cash.
Debt on quickly depreciating assets is a killer. By paying cash for cars, paying off house in half the loan time, and living debt free...I was financially able to retire in my 50s.
Melting Slicks
Joined: May 2020
Posts: 2,135
Likes: 1,309
From: North Little Rock, AR
Thread Starter
Racer
Joined: Jul 2008
Posts: 489
Likes: 137
From: Las Cruces, NM
Not to be the a-hole here, but if I was a bank I wouldn't want to loan that high a percentage on that old of a car.
If you can afford to buy a brand new C8....even on credit, then you should be able to pay cash for a 10 year old C6.
Spend this time waiting for prices to drop to save up to pay cash.
Debt on quickly depreciating assets is a killer. By paying cash for cars, paying off house in half the loan time, and living debt free...I was financially able to retire in my 50s.
If you can afford to buy a brand new C8....even on credit, then you should be able to pay cash for a 10 year old C6.
Spend this time waiting for prices to drop to save up to pay cash.
Debt on quickly depreciating assets is a killer. By paying cash for cars, paying off house in half the loan time, and living debt free...I was financially able to retire in my 50s.
Thread Starter
Racer
Joined: Jul 2008
Posts: 489
Likes: 137
From: Las Cruces, NM
$1300 is a lot of money but I wouldn't let it stop me from getting the car I want, especially if you're willing to buy in an inflated market. New car production is up and auction prices are already starting to level out and drop on many vehicles, so I imagine the market will stabilize sooner than later.
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Instructor
Joined: Aug 2017
Posts: 106
Likes: 7
From: Minneapolis
yep
I've been looking forward to getting back in a C6 after owning a C6, C7 and recently backing out of my place in line for the C8. I miss the C6 and have been looking aggressively for a few weeks. I've found a couple that scream "this is the one i want." But in both cases the bank comes back with NADA value that values the car exceptionally lower than KBB. If i'm not willing to put $5000-$10,000 down (and i'm not) then i'm going to have to wait until the market evens out, and no telling when that'll be. Today i offered $3000 down which left us $1300 apart between what the bank was willing to loan and his asking price. He didn't budge. He knows he will get full asking price in a day or 3.
I hear ya!. Had a really nice z51 c7, m7, owned an '05 GTO, My z51, c6 m7 is the ticket for me. It's a car pricing bubble, just like real estate, was/is. Based on rational thought and principal, I won't pay more and guys know they are gouging and happy to do so. Sad.
Bubbles always burst, it may be next year, good luck!
Le Mans Master
Joined: Jan 2017
Posts: 6,140
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From: Morris County New Jersey
Race Director
Joined: Oct 2005
Posts: 14,555
Likes: 1,255
From: Saint Albans, WV
Drifting
Joined: Apr 2016
Posts: 1,286
Likes: 611
From: DFW Texas
How Much Can You Borrow on a Signature Loan?
The bank or lender you choose will consider your credit history and income to determine how much money you can borrow with a signature loan. While signature loans can range from $500 to $50,000, they tend to be smaller because they are not backed by collateral and therefore present more risk to the lender.If your FICO credit score is high...you should have little problem with $30k as a signature loan.
GD
Race Director
Joined: Oct 2005
Posts: 14,555
Likes: 1,255
From: Saint Albans, WV
How Much Can You Borrow on a Signature Loan?
The bank or lender you choThose will consider your credit history and income to determine how much money you can borrow with a signature loan. While signature loans can range from $500 to $50,000, they tend to be smaller because they are not backed by collateral and therefore present more risk to the lender.If your FICO credit score is high...you should have little problem with $30k as a signature loan.
GD
Melting Slicks
Joined: Feb 2010
Posts: 3,330
Likes: 903
From: Kentucky
I'm already over-paying for the car if i choose to buy it, but you have to stop the bleeding somewhere. I draw the line $1300 away from a deal. Dealerships have a business model that's pretty simple....they simply rely on your business model to suck! People looking at cars are there to buy and have no self-restraint. No doubt that the dealer is counting on me not being able to walk away...if i'm willing to overpay by $3000+ then i'm also willing to pay an additional $1300. My business model is to overpay by $3000 and the dealer come down $1300. I don't need the car, i want the car. I also like putting $ in savings each payday so it's a win-win. But yea, it does bum me out a little bit to be so close and walk away.
Pro
Joined: Sep 2020
Posts: 537
Likes: 169
From: Ogden, Utah
I honestly think the C6 market is like the housing market and everyone just expects things to level off and get cheaper in a year or two. I don't think that is going to happen. I don't think C6's will ever be as cheap as they were a couple years back. If you keep waiting over $1300 then next year that $1300 may be $2600. People caught on to the value of a c6...best bang for buck car you can buy. I think if you keep waiting you will screw yourself out of even more money.
Race Director
Joined: Oct 2005
Posts: 14,555
Likes: 1,255
From: Saint Albans, WV
Melting Slicks
Joined: Feb 2010
Posts: 3,330
Likes: 903
From: Kentucky
It is in my opinion, as far as my money is concerned. The C6 is definitely killer bang for the buck but my GS is not a 40k car, which is what many similar to it are selling for. I wouldn't pay 40k for it and I adore it.
As new car production ramps back up, the used market will correct itself. It probably won't go back down to where it was because of inflation in other areas, but I definitely see values going down. Auction prices are already decreasing in some markets.
As new car production ramps back up, the used market will correct itself. It probably won't go back down to where it was because of inflation in other areas, but I definitely see values going down. Auction prices are already decreasing in some markets.
Last edited by BluegrassMotorsport; Jun 25, 2021 at 01:46 PM.
Race Director
Joined: Oct 2012
Posts: 17,383
Likes: 6,527
From: Melbourne, FL
1300 is nothing. Looking at a new Tahoe and they have 28 THOUSAND in add on fees.. 14k in markup, and 14k in "dealer added upgrades", which are some wheels and tires and probably a ceramic coating done quickly and cheaply. I wouldn't worry about 1300 or 3k in today's environment. Especially if it's the car for you. 1300 isn't that much to avoid the regret of not getting the car you want.