Values tanking
Thread Starter
Burning Brakes
Joined: Jul 2009
Posts: 813
Likes: 70
From: Delaware, OH
Values tanking
I was thinking of selling my 15 2lt and getting a Grand Sport. Unfortunately there are so many C7s' out there my trade worth is less than desirable and to retail myself would be tough with new 16's going for close to my private party sale. Some are less than 50k now and GM is not helping our values. Love my car but less than happy with how values are holding. Guess Ill keep it. I love it and would not be able to replace it for what Ive got into it.
Popular Reply
Oct 25, 2016, 08:59 AM
Burning Brakes
Joined: Feb 2015
Posts: 1,077
Likes: 266
From: TN
I guess I don't get the GS craze. I have a Z51 which I've made my own, headers, side skirts, etc. I could never ever drive a Z51 to its limits on the street or at the track for that matter. At one time the C7 Z51 used to be considered a track beast and now all of a sudden it's yesterday old news. The car will still out perform 99% of the cars on the road. Enjoy what you have and make it your own!!! It's a gorgeous car.
Safety Car
Joined: Oct 2014
Posts: 3,543
Likes: 854
The results below in the attached pdf file clearly shows the 2015 base models selling at auction now in the mid $40's ($45,000) all with relatively low mileage. Many 2015 Z51 in the high $40's to low $50,000 price tags.
These C7's are in top condition and not bringing in very much $$$. Of course, these are wholesale auto auction prices, so most likely dealer purchase with markups on the retail side of $3000-$5000 over the auction prices.
Data is the last 6 months of auction sales. This data provides a good idea of where prices are heading.
..
Last edited by Steve Garrett; Oct 26, 2016 at 11:56 PM. Reason: No need to re-quote the OP, especially if you're the next person posting.
Burning Brakes
Joined: Feb 2015
Posts: 1,077
Likes: 266
From: TN
I guess I don't get the GS craze. I have a Z51 which I've made my own, headers, side skirts, etc. I could never ever drive a Z51 to its limits on the street or at the track for that matter. At one time the C7 Z51 used to be considered a track beast and now all of a sudden it's yesterday old news. The car will still out perform 99% of the cars on the road. Enjoy what you have and make it your own!!! It's a gorgeous car.
Team Owner
Joined: Nov 2007
Posts: 45,265
Likes: 8,542
From: Rochester, NY
Good news for those looking to get into a Corvette, and obviously not so good for those looking to sell or trade. Although in my area they are still commanding top dollar.
For now I just am enjoying ownership and will deal with values when I decide to move on.
For now I just am enjoying ownership and will deal with values when I decide to move on.
Advanced
Joined: Oct 2016
Posts: 63
Likes: 17
I was given $47k as a trade value onmy 2015 1LT with navigation and about 7k miles. That seemed fair to me. Anytime an automaker starts with incentives and discounts on the out going model year values on the used market tend to tank. What this shows is you should wait until the third or fourth model to buy if you are value conscious.
Burning Brakes
Joined: May 2015
Posts: 1,020
Likes: 262
From: Port Charlotte FL
When I traded in my 2014 they pulled up the auctions and offered me auction value. I said I couldn't do that so they offered me $2K over auction value to make the deal. So I ended up getting Auction value + $2,000 + extra 7% in tax savings ... that amount turned out to be what dealers were asking used or on eBay ... so I took the deal. Plus letting dealer handle everything and not selling privately does have some value. Keep in mind also when trading you have to look at both sides of the deal ... Dealer can charge you MSRP for new car and give you crazy high Trade in value. Or they can give you crazy MSRP discount but crappy trade-in value.
Last edited by dmhines; Oct 25, 2016 at 09:22 AM.
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Instructor
Joined: Apr 2015
Posts: 130
Likes: 10
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.
Burning Brakes
Joined: Apr 2006
Posts: 1,174
Likes: 53
From: Largo Florida
I was given $47k as a trade value onmy 2015 1LT with navigation and about 7k miles. That seemed fair to me. Anytime an automaker starts with incentives and discounts on the out going model year values on the used market tend to tank. What this shows is you should wait until the third or fourth model to buy if you are value conscious.
Melting Slicks
Joined: May 2012
Posts: 2,903
Likes: 315
From: Cedar Falls Iowa
I was given $47k as a trade value onmy 2015 1LT with navigation and about 7k miles. That seemed fair to me. Anytime an automaker starts with incentives and discounts on the out going model year values on the used market tend to tank. What this shows is you should wait until the third or fourth model to buy if you are value conscious.
Safety Car
Joined: Oct 2014
Posts: 3,543
Likes: 854
If depreciation is the only factor on these C7's than the above auto auctions are reflecting a 15% annual depreciation rate on a 2015 C7 base or Z51.
I am not sure what CF members think the depreciation rate might be on an annual basis. I know what my MSRP was and know what the auctions are settling for. My MSRP was $64,000 and auction pricing is about $45.000. I suspect slower auto sales and a slight saturation of C7's in the marketplace are also a reflection of the auction pricing.
When mega-dealers like Kerbeck are offering 12 to 13.25% off MSRP for 2017 MY's we have to understand sales on the C7 are slowing.
..
I am not sure what CF members think the depreciation rate might be on an annual basis. I know what my MSRP was and know what the auctions are settling for. My MSRP was $64,000 and auction pricing is about $45.000. I suspect slower auto sales and a slight saturation of C7's in the marketplace are also a reflection of the auction pricing.
When mega-dealers like Kerbeck are offering 12 to 13.25% off MSRP for 2017 MY's we have to understand sales on the C7 are slowing.
..
Last edited by nmvettec7; Oct 25, 2016 at 09:37 AM.
Instructor
Joined: Apr 2015
Posts: 130
Likes: 10
On my 09, I went to 3 dealers, trade offers varied by $3500 from lowest to highest, so you may shop it around. And I was offering the exact same for their cars, so it wasnt one of those "sure we will give you more for your trade (and add it back in on the new price)"
Le Mans Master
Joined: Nov 2002
Posts: 5,832
Likes: 1,682
From: Rochester New York
I just purchased (Saturday) a new '16 1LT Convertible that had an MSRP of $65,980. The dealer discounted the car $6000 and I received an additional 10% off ($6598) for it being a Bonus Tag car. Even with the $12,598 reduction of the MSRP that I received, I have seen nationwide, even better deals on leftover '16 Vettes. So, it is no wonder that the trade in values are low. As we all know all cars depreciate rapidly as soon as you sign the paperwork! Just enjoy what you have or prepare to take the hit!
Melting Slicks
Joined: Jan 2001
Posts: 2,996
Likes: 304
From: MOORESVILLE NC
I was thinking of selling my 15 2lt and getting a Grand Sport. Unfortunately there are so many C7s' out there my trade worth is less than desirable and to retail myself would be tough with new 16's going for close to my private party sale. Some are less than 50k now and GM is not helping our values. Love my car but less than happy with how values are holding. Guess Ill keep it. I love it and would not be able to replace it for what Ive got into it.
Le Mans Master
Joined: Sep 2003
Posts: 8,847
Likes: 795
From: Longview Texas
I guess I don't get the GS craze. I have a Z51 which I've made my own, headers, side skirts, etc. I could never ever drive a Z51 to its limits on the street or at the track for that matter. At one time the C7 Z51 used to be considered a track beast and now all of a sudden it's yesterday old news. The car will still out perform 99% of the cars on the road. Enjoy what you have and make it your own!!! It's a gorgeous car.
Last edited by TEXHAWK0; Oct 25, 2016 at 10:19 AM.
Instructor
Joined: Sep 2013
Posts: 103
Likes: 11
Car depreciation is a loss of some % of original price each year. Rule of thumb i've heard is 10%. Taking 10Seconds918's example of a 2009 only valued at 21k, i'll have to assume purchase price. Maybe $55,000?
Current value, as a percentage of purchase price, calculation:
8 year old car, so take 0.9^8 = 43%.
43% of $55,000 purchase price equals $23,676. Dealer cuts a bit off the top to clean and resell. Without knowing many details, 21k sounds at least reasonable.
Current value, as a percentage of purchase price, calculation:
8 year old car, so take 0.9^8 = 43%.
43% of $55,000 purchase price equals $23,676. Dealer cuts a bit off the top to clean and resell. Without knowing many details, 21k sounds at least reasonable.
Le Mans Master
Joined: Sep 2003
Posts: 8,847
Likes: 795
From: Longview Texas
I just purchased (Saturday) a new '16 1LT Convertible that had an MSRP of $65,980. The dealer discounted the car $6000 and I received an additional 10% off ($6598) for it being a Bonus Tag car. Even with the $12,598 reduction of the MSRP that I received, I have seen nationwide, even better deals on leftover '16 Vettes. So, it is no wonder that the trade in values are low. As we all know all cars depreciate rapidly as soon as you sign the paperwork! Just enjoy what you have or prepare to take the hit!
Last edited by TEXHAWK0; Oct 25, 2016 at 11:14 AM.
Le Mans Master
Joined: Aug 2000
Posts: 6,486
Likes: 1,659
From: Las Vegas NV
I was thinking of selling my 15 2lt and getting a Grand Sport. Unfortunately there are so many C7s' out there my trade worth is less than desirable and to retail myself would be tough with new 16's going for close to my private party sale. Some are less than 50k now and GM is not helping our values. Love my car but less than happy with how values are holding. Guess Ill keep it. I love it and would not be able to replace it for what Ive got into it.
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!