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I own and drive a black 2011 GS with A6. I am the second owner. Car has 30,00 miles. I feel it is worth $30,000. Book value is only $26,500. I ask what nicer car can you get for $30,000? I would never give it away no matter where it is in the depreciation cycle. It is a matter of finding the right buyer.
Mine is an Arizona car, kept in a climate controlled garage. I added Hawke ceramic pads, Koni shocks, Corsa cat back exhaust with X-Pipe and a DeWitt radiator to address AZ heat.
I am in the camp of "it is worth more than the book says".
^Just off the cuff what do you believe a car like mine is worth if you were in the market?
I was in the market recently. I think if it's a 3LT and in good shape then it could realistically sell for 27-29. C6 Grand Sports where the owners are asking 35+ sit for months and months before the owners realize that no one is going to pay 35k for a C6 anymore unless it's a Z06. You can get used C7s now in the high 30s which is pushing C6 prices down even further. If I were selling a C6 at the moment I'd be making a deal while I could still get 30k for it. A lot of people will be looking for 2012+ for better seats and other minor improvements that came with that year. 30k can get you a lot of car these days.
Assuming car has a clean title, 2 or less owners and under 50k miles
2010-2011 GS ~ 27-29k Condition and trim dependent.
2012-2013 GS ~ 28-31k Condition and trim dependent.
I think a lot of Corvette owners think that low mileage is going to add a huge premium to their car. And it does add a small premium, the problem is that there are SO MANY low mileage cars that ultimately it waters down the value because it becomes a buyers market when they all have low miles.
From what I can see, and admittedly I'm very new to Corvette ownership (but incredibly happy to have finally made it) many owners think that the cars are going to become collectible at some point. I look at this as the same thing that happened with baseball cards......the reason baseball cards from the 30's through the early 70's had value was because nobody thought they would. So they were played with and thrown away and bent and folded and put on bike wheels. The few that survived in pristine condition were valuable because they were survivors. When the kids in the 80's started collecting cards and paying big money for the old cards they determined to make their new cards become valuable by collecting 3 of every card and putting them in plastic sleeves for protection. Card companies pumped out as many cards as people would buy and smilled all the way to the bank.
Now chevy certainly isn't pumping out the Corvette in huge Camry or Accord numbers, but they aren't (at least the non special runs) limited edition numbers. Then on top of that, many of the cars are effectively put in plastic sleeves and get 500-1000 miles or less a year. My 2005 corvette had 16,000 miles on it. It's beautiful and everything I could ask for. The first owner paid $55,000 in 2005, the 2nd owner bought it 7 years later with 9,000 Mikes for $35,000. I bought it at 12 years with 16,000 miles for $19,900. He tried to sell it for $23,900 and nobody would make an offer so he lowered it. It books anywhere from $19,000-24,000 depending on the source and how they value the miles, location and condition.
I plan on enjoying the car and DDing it as much as the weather will allow. It's taken huge depreciation hits already and I figure it isn't going to go up in price so why not enjoy it. I totally get that for some owners just having the car for weekend driving is the goal, and that's totally cool. I just don't think anyone that looks at the car as a possible investment is going to be happy. I will say just looking at it parked in the garage makes me smile!!!
Last edited by fireparamed; 12-18-2017 at 01:58 PM.
I did notice that both KBB and Edmunds suggest markedly lower pricing than CARFAX does. My vehicle in specific shows mid $34,000 with CARFAX and $26 to $27 K with KBB and Edmunds. Certainly gets confusing when someone has an emotional attachment to the car. I believe in driving it and enjoying it though not giving it away at time of sale based on a book value.
The mid engine C8 will be out soon.......then watch prices tumble
Not apples to apples as many folks can't afford that mid-engine asking price. I see the usual depreciation curve bottoming out at 10 years not a big dip.
Had quite a time trying to follow your post, but think I got the gist of it, and agree with your final sentence. I study C6 values in all 48 contiguous states daily, via autotrader, cars.com, cargurus, and craigslist, along with a few smaller sites. AT ABSOLUTE MINIMUM, 70% of C6's for sale on car lots exceed the KBB "excellent" suggested dealer price by 15% or more. Yesterday, I saw an ad at a Chevy dealer for an '08 base 3lt, with 18,000 miles, for $36K. While that is extreme, it is common to see the same car for $32K. That is the reason why so many owners think their cars are worth far more than they are. No doubt, premium C6's demand higher prices, and should, but "premium", in my book, amounts to less than 2% of registered Corvettes.
I paid $28k for the 08 A6 shown below with 39k miles; it was traded in to a GM dealer. I wouldn't pay so much from a private seller, but from a GM dealer you know they go over it and actually do the work that needs doing. Mine had brake work and a full service before I drove it away. Its peace of mind.
And of course Victory Red is worth a few $k for sure!
^Just off the cuff what do you believe a car like mine is worth if you were in the market?
Worth vs. value....tuff call. If I was in the market, I would pay between $27K and $30K, depending on trim level. But, I am far more value-conscious than at least 95% of buyers. I have to be because I am seldom in a car for more than a year or two, and can't afford to be upside-down when selling.
If I were someone who kept a car for 5-10 years, and I really liked everything about your car, I would go over $30K, and be happy for as long as I owned it.
I was in the market recently. I think if it's a 3LT and in good shape then it could realistically sell for 27-29. C6 Grand Sports where the owners are asking 35+ sit for months and months before the owners realize that no one is going to pay 35k for a C6 anymore unless it's a Z06. You can get used C7s now in the high 30s which is pushing C6 prices down even further. If I were selling a C6 at the moment I'd be making a deal while I could still get 30k for it. A lot of people will be looking for 2012+ for better seats and other minor improvements that came with that year. 30k can get you a lot of car these days.
Assuming car has a clean title, 2 or less owners and under 50k miles
2010-2011 GS ~ 27-29k Condition and trim dependent.
2012-2013 GS ~ 28-31k Condition and trim dependent.
You are spot-on, fox. I know where there is a 2011 GS LT 4 convertible with under 40K miles, clean carfax, priced at $29.7K, OBO...
Last edited by buckmeister2; 12-20-2017 at 06:40 PM.
The mid engine C8 will be out soon.......then watch prices tumble
Originally Posted by harleypower69
Not apples to apples as many folks can't afford that mid-engine asking price. I see the usual depreciation curve bottoming out at 10 years not a big dip.
I may be wrong and if so I owe you a cold beer .
I suspect with the ZR1 and the new mid engine model coming out soon, there will be many people looking to "move up".
For example, when the C7 Z06 came out, lots of C6 ZR1 guys initial listed their cars FS and the spike in supply drastically reduced the used ZR1 prices in a short amount of time. Prices recoved a little as they sold off, but they certainly dropped significantly compared to the prices they were getting before the C7 Z06 came out.
It's all supply and demand...
I too am interested in getting back into another Z06 for a daily driver (I miss my old C5 Z06). Prices on the C6 Z06 and ZR1 look fairly attractive at this point, but I'm certain prices will drop after the new ZR1 and C8 drop. I have cash in hand and have an itch to buy something (at the right price), but I have lots of other cars and I know the smart move is to wait for the next models to come out.
^ I don't disagree with "people wanting to move up". I live near Scottsdale, AZ (a very affluent community) and have picked up some great one owner deals when new models are released. Some folks want to drive the latest and greatest. My thought was that the C6's are a great value at high $20 to mid $30 now so I did not see an accelerated dip in depreciation. Whole different group of buyers and sellers in the above $100,000 price point.
I paid $28k for the 08 A6 shown below with 39k miles; it was traded in to a GM dealer. I wouldn't pay so much from a private seller, but from a GM dealer you know they go over it and actually do the work that needs doing. Mine had brake work and a full service before I drove it away. Its peace of mind.
And of course Victory Red is worth a few $k for sure!
Creator of the "Original" whining and crying thread
St. Jude Donor '14-'15-'16-'17
Originally Posted by R&D
I suspect with the ZR1 and the new mid engine model coming out soon, there will be many people looking to "move up".
For example, when the C7 Z06 came out, lots of C6 ZR1 guys initial listed their cars FS and the spike in supply drastically reduced the used ZR1 prices in a short amount of time. Prices recoved a little as they sold off, but they certainly dropped significantly compared to the prices they were getting before the C7 Z06 came out.
It's all supply and demand...
I too am interested in getting back into another Z06 for a daily driver (I miss my old C5 Z06). Prices on the C6 Z06 and ZR1 look fairly attractive at this point, but I'm certain prices will drop after the new ZR1 and C8 drop. I have cash in hand and have an itch to buy something (at the right price), but I have lots of other cars and I know the smart move is to wait for the next models to come out.
Regarding mileage of a used car, one standard that has worked for me is ~10K miles/year. => e.g. a 2008 could reasonably have ~100K miles.
Anything less than that can be considered "low miles".
Reasonable miles + a solid maintenance history is a winner. (just MHO)
Dealers here in the Detroit area have been advertising left over 2017's at 20-25% off of msrp. A base 7 speed for $44k plus taxes. And some people are trying to sell 2014's for $50k?
I certainly agree with your logic, but would like to know where I can get a NEW C7 for $40K. I have seen a few used '17 'Rays in base trim for $44K, but never a new one under $48K.
Jim
Look at the big vet dealers they do volume I ordered from Ohio a 2006 C6 A6 in late 2005 for invoice no bs fees they even gave me a nice car cover. I stayed with family and made a fun vacation out of it a buddy flew in and drove back with me unforgettable experience. Had I know about the tax change in 06 I would have waited for a used but I knew I wanted the performance advantage of the A6.
If you can find one at a dealer find a Private Party <10k mile C7 and save yourself the taxes.
12-17-2017, 04:26 PM
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(just MHO)
