Kent1999

Another reason is that the pool of buyers for a $40k-$45k car is much larger than the pool of buyers for a $60k-$65k car. More buyers = less downward pressure on prices.

Example: If you've got a target budget of $45k, it doesn't matter if you can get a screaming deal on a Z06 -- say $90k sticker for only $65k -- the extra $20k just isn't there, or you don't want to spend it.

For me, I could have afforded a $65k car, but I don't want that much invested in a single vehicle. I have multiple interests, and that extra $20k can buy me an extremely nice brand new motorcycle *and* my 2014 C7.

Patman

Prices on used C7s in Ontario are finally starting to come down to reality but some dealers haven't quite realized this yet. There is a Torch Red 2014 Z51 3LT coupe that has been at the same dealer for almost a year now. They originally had it priced at $72,000 which was ok at the time as virtually nothing was under 70k up here except for a few 1LTs (and even then they were barely under 70k at the time) This dealer still hasn't sold this car and now it's priced at $69,999 which is way over market value as there is a car almost identical to it for $5k less and it's got only 3000 miles on it. And even that one is slightly overpriced because there are now quite a few C7s under $60k here. I saw a private sale pop up at $52,000 a couple of weeks ago and the ad disappeared within a couple of days so someone got a smokin deal and snapped that one up. I'm looking at getting a 2014 next spring or summer and by then I'm hoping to find a nice low mileage Z51 (at least 2LT) for around $50,000. MSRP on a new Z51 2LT is just under $75k right now.

thill444

Yeah but this the difference between brands and models. Lexus will hold their value much better than Chevrolet/Corvette. Having owned multiple Subaru's I completely agree with you on new vs used (Subaru is either #1 or #2 in holding value). Buying gently used makes no sense.

But even with the steep discounts on a 2017 Corvette, it will drop 10% or more the second you drive it off the lot and then continue to depreciate over time.

thill444

I was really wanting a new 2016 but the only Z51 with magride in the color choices I liked had chrome wheels ($2K option) and the dealer would not budge lower than 20% off. I would have had to buy new wheels and taken a bath on the chrome ones (dealer was not willing to swap out). I found a used 2016 with everything I wanted (+PDR) and with black wheels for almost $5K cheaper. Factor in new wheels, mounting, balancing, etc it was going to be well over $6K more and no NAV/PDR (which I like but didn't have to have).

In terms of interest rate, at the time there was less than a 1% difference between used and new via the credit union I financed with (but I was putting almost half down and have over an 800 score so that may have helped with the used rate) . I have seen 0% financing on leftover 2016's now but that was not in place in Jan/Feb when I was looking.

But in general I agree with you. Gotta do your homework. Last time I checked the new Z51 is still sitting there.

Crazy.. I think there will be 2018's hitting the lots and some dealers will still be sitting on 2016's . They are gonna have to give them away.

FD2BLK

Lol
it is all about location and the dealer. Lots of could be this might be that it is about supply and demand.

In Charleston I showed the local dealer they wanted 5K more for a used car that was 2 years older and they said if you can get a new one for that I should go to NJ and get it. So 3 days later I did.

Funny last week they had a left over 2016 1LT on sale for 55K (10K more than I paid)

jimmie jam

It's about finding the right car at the right time and place. I purchased a new 16 in January that had an MSRP of $80,200 for $61,000. That's 24% off. There are lots of 14-15's with low miles and heavy options. You might have a better chance at a dealer than an individual because he/she might owe more on it than current retail...the dealers get these on trade or purchase wholesale well under retail. You should be looking at a distance and not just locally available. Good luck!

themonk

That's a good thing though, used prices being close (relatively) to new.

bannonb

I experienced the used / new conundrum too. I was committed to used and started by looking at a C6 Grand Sport (beautiful and lots of extras) for $49K. Then the dealer let me drive a 2015 7 speed orange car for $50K.

Now I had to have a C7! I thought a 2015 2LT/Z51 would be perfect. Hard to find though.

I drove a couple 2014s and 2015s, most nice ones were still $50-54K.

I ended up finding a 2016 3LT/Z51 Auto Coupe with 2100 miles. $57K. Much more than I thought I'd spend but it's a new car...which incidentally new costs $80K with all the extras.

I'd say I have a new car and let someone else pay the depreciation for driving it off the lot.

thill444

How about a 2014 2LT Z51 C7 with mag ride, black painted wheels (upgrade), NPP, and red calipers for $42K? Has 30K miles but you can get a GM extended warranty for less than $2K and have full bumper to bumper for another 70K+ miles if you want.

http://www.macmulkin.net/VehicleDeta...-NH/2971788303

New this car was over $70K.

Yaupon

thill, beautiful looking, well optioned '14. Price seems decent, but the miles would be turn-off for me. Carfax indicates it was a one owner-corporate car. What do you think a similar optioned new '17 would go for in the fall, say mid-$50's?

thill444

Yep mid $50's seems right to me.

patentcad

Doesn't matter what it cost THEN, it matters what it costs to replace that car with a new 2017 C7 Z51 - TODAY. You can figure a $70K MSRP Corvette can be had right now for $62K or less. Is a $7K discount enough for you to forgo a new car and full warranties, etc.? For me it's not, it would have to be at least $10K or so. I wouldn't want to pay over $37-$38K tops for a similar 2014 with 30K miles.

These are Chevy Covettes, not friggin Porsche 911s. Hey, if people can get those numbers, more power to them. The used Corvette pricing just doesn't make sense to me.

Vetteman Jack

R8Z51

You Americans are lucky. A base 2014 Vette sold for $55k in late 2013 and it is still a $60k car in 2017. Very tough market for us Canadians.

Patman

^^The Canadian market has changed a lot over the winter though. I'm now seeing a lot of 2014s showing up in the Auto Trader in Ontario around $55 to $58k lately, and one private sale as low as $52k. IMO it won't be much longer before prices drop another 5k on the 2014s.

R8Z51

Come to BC where $65k + .15% tax gets you a base model Vette. Both of mine have been from out of province

SMT1004

When I was looking in 12/16 used 14's were up to 50k. Did pick up a new 17 A8, NPP FOR 47.8k 1LT after GM rebate. You need to factor in a 3/36k warranty is a nice bonus over purchasing used that is beyond 3 yrs. or 36k miles. Only if used market was around 30-32k would I personally be comfortable purchasing a 14' with no warranty.

PANJGUY

Thanks for all the great insights and perspectives, as much as I would luv to have my first "Corvette Summer" I know that all sports cars in general are at a premium this time of year for that same reason. I am not in a great hurry and back when I had bought my 911 I did my research for almost a year before pulling the trigger and save 5-6k from buying in December. Does anyone have experience or thoughts on getting hiring a auto broker who could take me along to Manheim in Bordentown, NJ? I have to think that is where Kerbeck unloads all their trade-ins since they don't sell used vettes retail. Also, how to get ahold of a magical sold sheet from the auctions to see what they are going for wholesale. Thanks again and can't wait to be an owner contributing to these forums!!!

RVC

Damn I need to ship mine up there and sell it!

Spacewalker

Used car prices are driven by what a bank will loan of the vehicle to someone with less than stellar credit. New car sales are driven by people with good credit wanting the latest and greatest.

All the money is made in the finance dept.