Values tanking
10-25-2016, 10:51 AM
#21
MSRP on C7s ballooned up about 5% since the initial 2014 pricing, so a good chunk of that deep discounts of 13% covers the added MSRP. It's just a game GM plays - pump up MSRP and let the dealers offer a bigger discount.
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ladder13 (11-27-2016)
10-25-2016, 11:03 AM
#22
Instructor
^This! quite to the contrary of the OP, the C7 has one of the highest resale values of any car in its sector. It's not tanking, it's just a $60k+ sports car.
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Micster (10-25-2016)
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Maxie2U (10-25-2016)
10-25-2016, 11:20 AM
#25
To be expected IMHO, but you have a gorgeous world class sports car non the less. Yeah, the GS looks amazing, not unlike the Z06. It's up to you to decide, but if you upgrade to a "new" GS, you'll be facing the same dilemma down the road. I say enjoy what you have. Find the love all over again. Or, maybe wait a year and see what the used market brings your way. 
10-25-2016, 11:20 AM
#26
i agree with the OP, there tanking bad, dealerships are selling them with 20% off msrp its hurting the resale values,
i serously had 2 dealerships offer me 37k for my car i paid 54k for it a year ago,
i serously had 2 dealerships offer me 37k for my car i paid 54k for it a year ago,
10-25-2016, 12:04 PM
#27
For many of us who got great discounts when buying our C7's (mine was 12.36% off MSRP) we are feeling some minor pain. Compare this with owners who paid MSRP or slightly over MSRP when the C7 first hit the market, those owners are really getting hit hard.
The depreciation factor over the first years as mentioned is heavy on all vehicles, thus it was my original intention to keep the C7 7 years or when ever the new C8 emerges in the marketplace. Then I will see what my C7 is worth at that time.
Until then, I am enjoying what I have.
The depreciation factor over the first years as mentioned is heavy on all vehicles, thus it was my original intention to keep the C7 7 years or when ever the new C8 emerges in the marketplace. Then I will see what my C7 is worth at that time.
Until then, I am enjoying what I have.
10-25-2016, 12:06 PM
#28
Sell the car yourself and forget the lowball trade offer.
10-25-2016, 12:21 PM
#29
Been shopping for a while, with winter setting in up North and West... it will only get better/worse, depending on which end you are on. You think values are in the tank on 2016 C7's, try selling a 2016 Camaro!! I took a huge hit, but managed to "claw" my way back up in my trade in value when I used that as leverage to buy my latest C7 LB Z51-3LT w/ MRC & NPP, had 2.5k on the ticker...$54k.
I had to drive 800+ miles but well worth it
I had to drive 800+ miles but well worth it
10-25-2016, 12:28 PM
#30
Drifting
When I bought mine last December, I bought the Z51 convertible at the best price I could find. Now, that same care is thousands less....
I won't be selling it to buy a new one, but then again, that was never my plan. This car is my keeper...first, last, and only Corvette.
I won't be selling it to buy a new one, but then again, that was never my plan. This car is my keeper...first, last, and only Corvette.
10-25-2016, 01:39 PM
#31
Drifting
I just bought my 2015 3LT Z51 last week, 6k miles, paid $54k. I tried hard to get one close to 50 and couldn't with the 3LT interior, could have with the 2LT.
You think c7 values are tanking, look at the c6, the dealer only gave me 21k for my 2009 Z51 3LT, that is closer to tanking, if you ask me.
You think c7 values are tanking, look at the c6, the dealer only gave me 21k for my 2009 Z51 3LT, that is closer to tanking, if you ask me.
10-25-2016, 01:42 PM
#32
Drifting
"GM is not helping" -- how so? How should GM be "helping"?
What kind of "value holding" were you expecting from a regular production GM car?
We've been down this road. As with EVERY new gen of Corvette, the first year or two is the worst as far as short/medium term value goes -- prices are at or above MSRP due to initial high demand. A few short years later, things are back to normal, with all GM discounting available, and pop goes the little bubble.
First ones in get hit hardest. But they also got to play with the newest toy first!
What kind of "value holding" were you expecting from a regular production GM car?
We've been down this road. As with EVERY new gen of Corvette, the first year or two is the worst as far as short/medium term value goes -- prices are at or above MSRP due to initial high demand. A few short years later, things are back to normal, with all GM discounting available, and pop goes the little bubble.
First ones in get hit hardest. But they also got to play with the newest toy first!
10-25-2016, 02:04 PM
#33
Racer
I'm in the market for a clean 2LT/3LT Z51 Manual. From my perspective, I'm amazed at how well prices have held up. I know I'm not supposed to cross shop, but as an example, I can buy a 2013 80K+ MSRP Porsche Boxster for less than many are asking for their 2014 high 60's MSRP cars. To me, that means Corvettes are holding value pretty well.
Most likely the issue is early buyers paid MSRP or even more. Anyone who didn't see the deep dealer discounts coming hasn't been in Corvette market long, happens every time a new model comes out. Being first isn't cheap.
In another year, there will be plenty if used Grand Sports around, hitting the original cars even harder, and if GM provides a mid-cycle power bump...
Most likely the issue is early buyers paid MSRP or even more. Anyone who didn't see the deep dealer discounts coming hasn't been in Corvette market long, happens every time a new model comes out. Being first isn't cheap.
In another year, there will be plenty if used Grand Sports around, hitting the original cars even harder, and if GM provides a mid-cycle power bump...
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10-25-2016, 03:02 PM
#35
Race Director
Don't load your new Corvette up with options that there is no future monetary return. I have kept my option list at; Convertible, 2LT, Navigation/PDR. My three year depreciation averaged shy of $5,000 per year. If you facture the bumper to bumper warranty, navigation updates, maintenance and other new car perks, the depreciation rate decreases to about $4,000 per year.
10-25-2016, 03:05 PM
#36
Racer
Bottom line for anyone keeping a "Garage Queen" (like my neighbor and his '15 coupe): get out there and drive it!
You're not helping the value by letting it sit. You're just helping the next owner.
You're not helping the value by letting it sit. You're just helping the next owner.
Last edited by k_arnold; 10-25-2016 at 03:06 PM.
10-25-2016, 03:38 PM
#37
Team Owner
To keep yourself from being disappointed, have a bottom price in your head that you will sell it for no less than, keep it in your mind from the time you buy to the time you sell (within reason of course, say 4 years later), factor that into everything you do. Think of it as money in the bank. Be realistic with that number, live with that number and I guarantee you won't be bummed out come time to sell.
When my car is paid off next year my number is $50k when I go to sell it within a year from now. I bank on it, I will leverage myself on it, I have come to grips with that number. I will ask for more and if I get more great, if not oh well. I will adjust that number as time goes on but it will never ever be a pie in the sky number.
When my car is paid off next year my number is $50k when I go to sell it within a year from now. I bank on it, I will leverage myself on it, I have come to grips with that number. I will ask for more and if I get more great, if not oh well. I will adjust that number as time goes on but it will never ever be a pie in the sky number.
10-25-2016, 04:27 PM
#39
a fully 2014 loaded 3lt with z51 next year will be lowers 40s uppers 30s if that, , dealerships are selling 2016 3lt z51s for 55k now,
sucks for me trying to sell my 2014 1lt,im looking around a 10k loss in a year, might end up just keeping it and holding off on the new house,
dealerships are selling them so low there driving the used market down,
sucks for me trying to sell my 2014 1lt,im looking around a 10k loss in a year, might end up just keeping it and holding off on the new house,
dealerships are selling them so low there driving the used market down,
Last edited by solarstingray; 10-25-2016 at 04:28 PM.
10-25-2016, 04:39 PM
#40
Le Mans Master
On average, a new vehicle depreciates 19 percent in the first year, half of which occurs immediately after you take possession.
You can expect a 15 percent drop in the second and third years. As your vehicle approaches five years old, depreciation slows considerably until it becomes negligible, usually at the 10-year mark
The fact is there are many other cars that depreciate far more than Corvettes. Cars like BMW, Jags (in particular the F-Type), Audi, and many more.
You can expect a 15 percent drop in the second and third years. As your vehicle approaches five years old, depreciation slows considerably until it becomes negligible, usually at the 10-year mark
The fact is there are many other cars that depreciate far more than Corvettes. Cars like BMW, Jags (in particular the F-Type), Audi, and many more.
