Depreciation predictions?
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Le Mans Master
Joined: Sep 2012
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From: Hagerstown MD
St. Jude Donor '15-'16,'18
Depreciation predictions?
Given the depreciation that is happening with the 2014 models, what do you folks expect will happen with the 2015s? I have heard that the 2014s are seeing more depreciation as they are traded or sold so owners can buy a 2015 with the new A8 tranny. If new cars can be bought for up to 10% off MSRP, is it reasonable to see 20% off as a used car? I am referring to a 2LT coupe, base car not a Z06. Thanks.
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From: Plymouth Massachusetts
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If people are trading a 1 year old car just to get the A8 and are willing to loose thousands of dollars that's their problem
. Maybe if you are tracking the car then I can see trading it in but other then that that's a big loss for two gears and 1 mile mpg saved on highway driving.Look up used A4 2005 C6 cars and then look up used A6 2006 cars same options and mileage not thousand between those cars and in the future you will not see huge differences between 2014 and 2015 C7 cars.
. Maybe if you are tracking the car then I can see trading it in but other then that that's a big loss for two gears and 1 mile mpg saved on highway driving.Look up used A4 2005 C6 cars and then look up used A6 2006 cars same options and mileage not thousand between those cars and in the future you will not see huge differences between 2014 and 2015 C7 cars.
Moderator
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From: DFW Area TX
This was reported in an earlier thread:
From CarBuzz:
If you bought a 2014 Chevrolet Corvette Stingray last year (last year being 2014 in case you’d forgotten), then congratulations. You have a damn fine ride. It’s unlikely you’ll want to get rid of it already (unless of course you’re thinking of upgrading to the Z06), but if you are then according to the National Automobile Dealers Association, you shouldn’t lose too much money on it.
In its 2014 retention value report, which shows how well new and facelifted models hold their value after one year, the NADA revealed the 2014 Stingray Coupe (1LT Automatic) came out on top, maintaining 84.7% of its MSRP after one year.
If you bought a 2014 Chevrolet Corvette Stingray last year (last year being 2014 in case you’d forgotten), then congratulations. You have a damn fine ride. It’s unlikely you’ll want to get rid of it already (unless of course you’re thinking of upgrading to the Z06), but if you are then according to the National Automobile Dealers Association, you shouldn’t lose too much money on it.
In its 2014 retention value report, which shows how well new and facelifted models hold their value after one year, the NADA revealed the 2014 Stingray Coupe (1LT Automatic) came out on top, maintaining 84.7% of its MSRP after one year.
Safety Car
Joined: Oct 2014
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Predicted depreciation should be about 12 to 15%. Thus, if you get a 10% discount on the new purchase, you should be able to calculate another 2 to 5% in depreciation for a total of 12 to 15% off MSRP of your particular car.
If you get a 7% discount of the MSRP for the 2015, expect another 5 to 8% of depreciation which would total 12-15%.
This prediction is very close to what NADA has calculated with the car holding 85% of its value in the first 12 months of ownership.
So, it is always best to cut the best deal you can with your respective dealer. A nice or larger discount on the initial purchase will help considerably in the first year of effective depreciation values.
Keep in mind that depreciation values does not mean that is what you might get on a wholesale trade price, if considering trading for a new 2016 MY.
If you get a 7% discount of the MSRP for the 2015, expect another 5 to 8% of depreciation which would total 12-15%.
This prediction is very close to what NADA has calculated with the car holding 85% of its value in the first 12 months of ownership.
So, it is always best to cut the best deal you can with your respective dealer. A nice or larger discount on the initial purchase will help considerably in the first year of effective depreciation values.
Keep in mind that depreciation values does not mean that is what you might get on a wholesale trade price, if considering trading for a new 2016 MY.
Last edited by nmvettec7; Jan 7, 2015 at 09:18 PM.
Pro
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From: Encino CA
I went with my friend the other day to check out the Z06 at a local dealer and he has a fully loaded AW C7 Z51 that he bought when they first showed up at dealer lots. He paid ~$74,000 OTD, he only has ~3500 miles on the car and the dealer offered him
$63,000 for a trade in. He is not thrilled about that offer but he really wants the Z06.
do you guys think that is a fair offer?
$63,000 for a trade in. He is not thrilled about that offer but he really wants the Z06.
do you guys think that is a fair offer?
Race Director
Joined: Mar 2005
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From: La Center WA
I went with my friend the other day to check out the Z06 at a local dealer and he has a fully loaded AW C7 Z51 that he bought when they first showed up at dealer lots. He paid ~$74,000 OTD, he only has ~3500 miles on the car and the dealer offered him
$63,000 for a trade in. He is not thrilled about that offer but he really wants the Z06.
do you guys think that is a fair offer?
$63,000 for a trade in. He is not thrilled about that offer but he really wants the Z06.
do you guys think that is a fair offer?
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Burning Brakes
Joined: Oct 2014
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From: Houston TX
Plan own, drive & enjoy my 2014 C7 vert for many years to come.
Bought it in Oct for over $7000 off sticker, so I'm pretty happy.
So don't really care about slight diff between 14 & 15 depreciation many years from now, since Vettes hold their values pretty well in the long term...
Bought it in Oct for over $7000 off sticker, so I'm pretty happy.
So don't really care about slight diff between 14 & 15 depreciation many years from now, since Vettes hold their values pretty well in the long term...
Safety Car
Joined: Oct 2003
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From: Loveland CO to Central Coast CA
Before lic/reg/taxes, your friend's C7 was ~$67K when new.
And now 3500 miles and one model year later, the dealer will give your friend $63K for it?
That sounds like a GREAT deal.
And since it's a trade-in, I believe he won't pay tax on $63K of the Z06 price (depending on your state's tax law.)
OTOH, I'm guessing the Z06 is $100K+ and loaded -- including a mark-up.
And now 3500 miles and one model year later, the dealer will give your friend $63K for it?
That sounds like a GREAT deal.
And since it's a trade-in, I believe he won't pay tax on $63K of the Z06 price (depending on your state's tax law.)
OTOH, I'm guessing the Z06 is $100K+ and loaded -- including a mark-up.
Le Mans Master
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From: Brighton MI
Le Mans Master
Joined: Dec 2012
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From: New Jersey
Obviously the guy who paid MSRP will be 10% behind the guy who got 10% off MSRP as far as depreciation is concerned if the car is sold 1 yr. later. As time passes this gap narrows until it disappears and condition takes over. I.E. if you were shopping today for a C4 would it really matter if the car was a 94 or a 95-the condition would determine the price.
Drifting
Joined: Jul 2013
Posts: 1,398
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From: Grand Rapids area MI and Palm Coast, FL
My experience selling my well used and well cared for C4s (2), a C5 and a C6 was that the first time Corvette owners who bought all of them really didn't know the difference in options and features year to year. They just wanted a Corvette in good condition. ((They liked red color best too, but that's for another thread!)
My advice is buy the car when you want it and can afford it, drive it every day you can, and don't worry about the occasional 30hp bump in later models or new features and options. Don't worry about depreciation either--it is substantial, just not quite as substantial as other cars.
Have fun! (you will)
My advice is buy the car when you want it and can afford it, drive it every day you can, and don't worry about the occasional 30hp bump in later models or new features and options. Don't worry about depreciation either--it is substantial, just not quite as substantial as other cars.
Have fun! (you will)
Drifting
Joined: Nov 2014
Posts: 1,782
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From: Salado TX
Early adopters are willing to pay the price, whether its paying above MSRP to be the first to drive a C7 or standing in line for three days to be the first to get the new Iphone. Everyone is different.
Drifting
Joined: Nov 2014
Posts: 1,782
Likes: 106
From: Salado TX
My experience selling my well used and well cared for C4s (2), a C5 and a C6 was that the first time Corvette owners who bought all of them really didn't know the difference in options and features year to year. They just wanted a Corvette in good condition. ((They liked red color best too, but that's for another thread!)
My advice is buy the car when you want it and can afford it, drive it every day you can, and don't worry about the occasional 30hp bump in later models or new features and options. Don't worry about depreciation either--it is substantial, just not quite as substantial as other cars.
Have fun! (you will)
My advice is buy the car when you want it and can afford it, drive it every day you can, and don't worry about the occasional 30hp bump in later models or new features and options. Don't worry about depreciation either--it is substantial, just not quite as substantial as other cars.
Have fun! (you will)
Le Mans Master
Joined: Dec 2013
Posts: 5,887
Likes: 1,555
From: Calgary Alberta
Depreciation is why I very rarely buy new. But up here there were no used ones and the ones that were had asking prices over MSRP. They are still very rare here. Plenty of nice cars, but no C7's. It's a GM thing.
Race Director
Joined: May 2006
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Given the depreciation that is happening with the 2014 models, what do you folks expect will happen with the 2015s? I have heard that the 2014s are seeing more depreciation as they are traded or sold so owners can buy a 2015 with the new A8 tranny. If new cars can be bought for up to 10% off MSRP, is it reasonable to see 20% off as a used car? I am referring to a 2LT coupe, base car not a Z06. Thanks.
Last edited by RedC7AZ; Jan 8, 2015 at 09:00 PM.