Depreciation
Safety Car
Joined: Feb 2011
Posts: 4,205
Likes: 21
From: Arlington VA
Also.. if you are THAT concerned about depreciation it doesnt mean you cannot enjoy a C7. It simply means you probably shouldnt be buying new. Wait a few years and buy the preowned C7 of your dreams, without the worry of heavy depreciation. That's exactly what I did with my C6. After owning my C6 for almost 30 months, I can sell it right now and only suffer about a 10% loss in depreciation. About the only regret I have.. is that I took this long to buy a Corvette. Should have been jumped into the game.
Remember new cars generally lose between 30-50% of their MSRP after the first 3 years of ownership. From the 4th year on.. depreciation is not nearly as drastic. This is why you see most lease terms for 3yr/36months or less. I'm still 2-3 years away from purchasing my C7.. but haven't ruled out purchasing a 1st year 2014 model that will be somebody's preowned garage queen that was traded in on a 2016 higher performance C7Zxx.
Remember new cars generally lose between 30-50% of their MSRP after the first 3 years of ownership. From the 4th year on.. depreciation is not nearly as drastic. This is why you see most lease terms for 3yr/36months or less. I'm still 2-3 years away from purchasing my C7.. but haven't ruled out purchasing a 1st year 2014 model that will be somebody's preowned garage queen that was traded in on a 2016 higher performance C7Zxx.
Thread Starter
Intermediate
Joined: May 2013
Posts: 28
Likes: 0
As I said, I am planning on keeping planning on keeping it for at least 10-15 years. I think this car will look/keep up with the times 10-15 years from now. there is nothing else like it on the road! Thanks for all the feedback and making me feel warm and fuzzy about my first vette purchase!!! I hope everyone enjoys their new toys..Lets just hope we get these things BEFORE Christmas 
Race Director
Joined: Aug 1999
Posts: 13,278
Likes: 2,509
From: Bluffton SC via Canton Oh
I think car ownership has to fit into ones "life" plans. For me this is how it went, some of it was planned some not. I'm 60 and my last lawnmower, a toro for $600 was more then the first 3 cars I bought put together. I rarley bought new and when I did I kept the car a minimum of 10 years.
My first corvette was a 2000. Kept it 13 years and it was mint. Bought a 13 GS knowing it was a step up from the C5 but not a keeper.
Now looking at the C7. But not that I am 60 it is time to enjoy busting it for all these years.
Frankly my concerns is not depreciation............. It is driving a +50K car around when I see so many people in need. More of a gulit trip at times. But then I go to my local classic car dealer where people think anything more then 40 years old is worth 20 times sticker, and you can't drive it anywhere...........and it all evens out.
My first corvette was a 2000. Kept it 13 years and it was mint. Bought a 13 GS knowing it was a step up from the C5 but not a keeper.
Now looking at the C7. But not that I am 60 it is time to enjoy busting it for all these years.
Frankly my concerns is not depreciation............. It is driving a +50K car around when I see so many people in need. More of a gulit trip at times. But then I go to my local classic car dealer where people think anything more then 40 years old is worth 20 times sticker, and you can't drive it anywhere...........and it all evens out.
Burning Brakes
Joined: Aug 2004
Posts: 802
Likes: 1
The great benifit in buying new is that you know that someone has not driven the $hit out of it and it hasn't been cracked up. Especially a vette--too tempting for an inexperienced owner to "try it out"
Is that worth $20k depreciation for first yr?? for me --yes.
The other thing is that, I bought my 73 new,,, and it is still new to me.
My C7 2015 will be new so it will always be new.
Steve L
73 coupe since new
Is that worth $20k depreciation for first yr?? for me --yes.
The other thing is that, I bought my 73 new,,, and it is still new to me.
My C7 2015 will be new so it will always be new.
Steve L
73 coupe since new
Pro
Joined: Mar 2013
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Likes: 154
-T
Banned Scam/Spammer
Joined: Mar 2005
Posts: 8,083
Likes: 3,869
From: Bonita Springs FL
Remember, there are hundreds of Vette assembly technicians, engineers, GM shareholders...in fact, every tax paying citizen of the USA, that is grateful for your purchase of a Vette. By purchasing the car, you are supporting all of those people. So, with that in mind, you should feel proud for supporting the economy in a way that not only helps all those folks, but also gives you a great car to drive!
-T
-T
Buy American
AIR FORCE VETERAN
Joined: Nov 2009
Posts: 6,223
Likes: 441
From: Pennsylvania
Remember, there are hundreds of Vette assembly technicians, engineers, GM shareholders...in fact, every tax paying citizen of the USA, that is grateful for your purchase of a Vette. By purchasing the car, you are supporting all of those people. So, with that in mind, you should feel proud for supporting the economy in a way that not only helps all those folks, but also gives you a great car to drive!
-T
-T
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Joined: Oct 2004
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From: Toronto Ontario Canada
Race Director
Joined: Nov 2003
Posts: 16,066
Likes: 4,148
From: Bergen county NJ
The first two years the resale value of corvettes historically stays pretty high. Demand is there and supply is light...the actual depreciation in the private market is usually quite light.
Obviously in the 6th, 7 th, 8 th and 9th year of c6 production depreciation became a factor with increased supply and big discounting by dealers...
But first production year corvettes tend to do quite well in resale for the first couple of years.
Sometimes the third or fourth year sees a more traditional leveling of resale value....when gm does a mid cycle refresh....etc..the clamor for the update can create a slight dip in resale of first year model..
I say for those who have a first year corvette...you get the longest time to enjoy the NEW CORVETTE OWNERSHIP EXPERIENCE and that's easily worth more than a thousand dollar discount second or third year buyers get.
Besides gm often raises the prices a grand a year anyway!
Obviously in the 6th, 7 th, 8 th and 9th year of c6 production depreciation became a factor with increased supply and big discounting by dealers...
But first production year corvettes tend to do quite well in resale for the first couple of years.
Sometimes the third or fourth year sees a more traditional leveling of resale value....when gm does a mid cycle refresh....etc..the clamor for the update can create a slight dip in resale of first year model..
I say for those who have a first year corvette...you get the longest time to enjoy the NEW CORVETTE OWNERSHIP EXPERIENCE and that's easily worth more than a thousand dollar discount second or third year buyers get.
Besides gm often raises the prices a grand a year anyway!
Safety Car
Joined: Oct 2012
Posts: 4,788
Likes: 683
From: Austin Texas
St. Jude Donor '15
You are buying a toy, something for fun, don't worry about the loss of value off of sticker. You are buying the latest and greatest for your own personal enjoyment, don't let money that is not worth much anyway, disrupt your joy.
Race Director
Joined: Jul 2000
Posts: 16,499
Likes: 2,384
From: Out Where the Buses Don't Run, Eglin AFB/ Niceville FL
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If you want to see some real depreciation, buy a new boat or an RV.