[ZR1] Zr1 prices fall sharply
11-02-2008, 08:20 AM
#121
Le Mans Master
If you have a C6 Z06 & don't have to unload it, relax & enjoy it. Don't let somebody else make out & get your great ride just cause the market is soft right now. Who cares if the resale has dropped a little, it's nothing compared to what some are down in the stock market( which will eventually come back). I have an 08Z that I've owned since new, unmodified mint condition, 6600 miles that has 2 years left on the full GM warranty & then 2 more years of powertrain warranty. How can you beat that. So what if it's only worth somewhere in the low to mid 50's, it's still a fantastic value. If you are in the market to buy, it's a great time whether you"re going new, 08 leftover, or slightly used 08. Relax, enjoy & be happy.
11-02-2008, 11:45 AM
#122
Hmmm. It's interesting when people say if you have to finance a $100K car you can't afford it or you shouldn't be buying it.
I could finance the ZR1 for 5 years and prolly pay a total of $12,500 in finance charges, or I could put that $100K in the market in stocks that are 50-70% off and more than likely double it in 3-4 years.
Why would i pay cash again?
Especially when I'm down about $300K. Take out another $100K and lose that growth for the future. Not smart.
I could finance the ZR1 for 5 years and prolly pay a total of $12,500 in finance charges, or I could put that $100K in the market in stocks that are 50-70% off and more than likely double it in 3-4 years.
Why would i pay cash again?
Especially when I'm down about $300K. Take out another $100K and lose that growth for the future. Not smart.
A simple example few discuss is the "failure" ot 401K's. Not only because of bad investments but because people do not contribute or plan. Historically, we retired at around 65 from a company with a life long pension and died 70.
Now, the average person over 50 has less than $60,000 in their IRA and 401k, and may live to 90. Guess who is going to have to take care of all those people? Best
11-02-2008, 03:17 PM
#123
Melting Slicks
how long do you guys think those good deals will last? I plan to get a z06 maybe zr1 in the next 3 month to a year. good deals probably will last awhile?
11-02-2008, 04:41 PM
#124
We are witnessing a "perfect storm" of ideology (Obama) and finance (housing, auto, and national-personal debt). Values are guesses, since no one can count on anything. Big and small businesses are precariosly perched in light of increased security and loan to value considerations.
As credit cards get pulled back and people have to live on cash, we are moving toward a cash economy necessarily reducing disposable income and life style.. Prices will continue to drop for the forseeable future.
This is going to get very ugly. Save your money and relax. Best
11-02-2008, 05:43 PM
#125
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Wait until the Dow goes to 5000 then buy your car. You'll save your %5k. Hold the car 30 years and it will worth a million dollars. I personally witnessed this in the 70's - glad I put my money in the market, made a hell of a lot more.
11-02-2008, 06:05 PM
#126
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By the time the Dow goes to 5000 the ZR1 will be history; I believe the ZR1 may exist in its present form for maybe this M/Y, then where will all you guys be that are waiting to pay sticker for a car that is not produced anymore? S.O.L. Sit there and wait and see what happens.
11-03-2008, 12:38 PM
#127
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11-03-2008, 01:08 PM
#128
Bigger, Blacker, Faster
Im not sure if you pulled the trigger yet, but i was at the tail of the dragon this past week and i ran into a guy that had a ZR1 that he bought "AT" sticker. I'm not sure what dealership he got it from,but i know that he was from Texas, and that he bought it from a Texas dealer.
11-03-2008, 05:18 PM
#131
11-20-2008, 03:23 PM
#134
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11-20-2008, 11:43 PM
#135
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11-21-2008, 03:39 AM
#136
Team Owner
Prices will continue to drop. You can buy a low mileage Ferrari 430 for what some paid for a ZR1. It will get much worse before getting better.
We are witnessing a "perfect storm" of ideology (Obama) and finance (housing, auto, and national-personal debt). Values are guesses, since no one can count on anything. Big and small businesses are precariosly perched in light of increased security and loan to value considerations.
As credit cards get pulled back and people have to live on cash, we are moving toward a cash economy necessarily reducing disposable income and life style.. Prices will continue to drop for the forseeable future.
This is going to get very ugly. Save your money and relax. Best
We are witnessing a "perfect storm" of ideology (Obama) and finance (housing, auto, and national-personal debt). Values are guesses, since no one can count on anything. Big and small businesses are precariosly perched in light of increased security and loan to value considerations.
As credit cards get pulled back and people have to live on cash, we are moving toward a cash economy necessarily reducing disposable income and life style.. Prices will continue to drop for the forseeable future.
This is going to get very ugly. Save your money and relax. Best
There may be little incentive to save the vette side of the company. At the very least, the C7 is years away from showing its face. What once was a profitable scenario (vette production) will continue to erode and production of our toys will be discontinued. I believe I read recently there are 8,000 vettes sitting on dealer lots. If that trend continues, the vette may march into history. This almost happened with the C5. If you doubt me, try reading All Corvettes are Red. And times then were a heck of a lot better than they are now.
11-21-2008, 07:50 AM
#137
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11-28-2008, 09:36 PM
#139
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C2 of the Year Finalist - Unmodified 2020
It could get very ugly. We have just entered into a quickly deepening recession. As far as Obama goes, his hands are largely tied and his presidency has little impact upon world economic affairs, at least at this moment. What he might have done in a good economy will be largely tabled in the mess he has inherited. My concern is that car dealerships will start to erode and many more will fail. There are really very few guarantees regarding GM at the moment. Should they go into bankruptcy, there is always the chance that warranties will be modified by the bankruptcy court as a money saving measure.
There may be little incentive to save the vette side of the company. At the very least, the C7 is years away from showing its face. What once was a profitable scenario (vette production) will continue to erode and production of our toys will be discontinued. I believe I read recently there are 8,000 vettes sitting on dealer lots. If that trend continues, the vette may march into history. This almost happened with the C5. If you doubt me, try reading All Corvettes are Red. And times then were a heck of a lot better than they are now.
There may be little incentive to save the vette side of the company. At the very least, the C7 is years away from showing its face. What once was a profitable scenario (vette production) will continue to erode and production of our toys will be discontinued. I believe I read recently there are 8,000 vettes sitting on dealer lots. If that trend continues, the vette may march into history. This almost happened with the C5. If you doubt me, try reading All Corvettes are Red. And times then were a heck of a lot better than they are now.
11-29-2008, 03:29 AM
#140
Respectfully, like the markets, you want to "gamble". A bad habit to get into since the "house" usually wins. Financing is why so many want to be "rescued" by Obama. Egalitarianism is the first step toward socialism and since no democracy has ever existed more than 250 years the timing is perfect. Living beyond your means, i.e. financing instead of paying cash is part of the problem not the solution.
A simple example few discuss is the "failure" ot 401K's. Not only because of bad investments but because people do not contribute or plan. Historically, we retired at around 65 from a company with a life long pension and died 70.
Now, the average person over 50 has less than $60,000 in their IRA and 401k, and may live to 90. Guess who is going to have to take care of all those people? Best
A simple example few discuss is the "failure" ot 401K's. Not only because of bad investments but because people do not contribute or plan. Historically, we retired at around 65 from a company with a life long pension and died 70.
Now, the average person over 50 has less than $60,000 in their IRA and 401k, and may live to 90. Guess who is going to have to take care of all those people? Best
The stock market is not his fault. 401ks are not his fault. Mutual funds are not his fault. The stock market isn't his fault. Simple as that.
$12.5k in financing over 5yrs isn't bad for $100k.
I however 100% agree on this ZR1 now not being a good idea and living beyond your means. I think bluntly that is what got us into this mess in the first place...giving loans to people who cannot afford them. If you need a loan for $100k and can't put half down, don't buy it - buy a Z06 or Z51 and modify it (if you can afford it WITHOUT a LOAN).
No offense to the OP, but wait, just wait.
GM testified it had 90 days of cash on hand. Any idea what that is going to do to value in 90 days? No obviously, but simply watch GM stock and the news related to GM.