Diminished value or not?
Le Mans Master
Joined: Jul 2013
Posts: 5,191
Likes: 3,388
From: Morrill Nebraska
Again thanks to everyone who shared their thoughts on this subject. Seems that opinions are divided but that majority of members here wouldn’t buy a car with repo on the history report. Since I don’t keep cars very long and like quick, smooth resale process, I decided not to buy the 2016 mentioned in the first post.
appreciate everyone’s opinion
appreciate everyone’s opinion
Le Mans Master
Joined: Sep 2012
Posts: 7,146
Likes: 1,940
From: Hagerstown MD
St. Jude Donor '15-'16,'18
If you like the car and the price and the CPO can be transferred, buy it. It will depreciate just like all other C7s even if it sits in your garage, so DRIVE IT!
Melting Slicks
Joined: Jul 2014
Posts: 2,195
Likes: 479
From: Bonita Springs Florida
Since you only plan to keep the car for a couple of season, price would be huge factor if it were me buying it. If priced significantly below book value, the "repo" incident would be less of a consideration (as you could pass along that discount the car when you go to sell).
With so many pre-owned mint cars on the market I'd look elsewhere if the price is @ or close to book on this car.
Since you plan NOT to be a long term owner, perhaps look for a more used car (high mileage and more wear car for less money). Likely you will not put excessive miles on the car when you own it so by the time you sell, it may not be a high miles car. Just thinkin' here.
With so many pre-owned mint cars on the market I'd look elsewhere if the price is @ or close to book on this car.
Since you plan NOT to be a long term owner, perhaps look for a more used car (high mileage and more wear car for less money). Likely you will not put excessive miles on the car when you own it so by the time you sell, it may not be a high miles car. Just thinkin' here.
Thread Starter
Intermediate
Joined: Jul 2008
Posts: 30
Likes: 1
$72,500 m7, 2lz but with pdr/nav, dual roof, exposed carbon, had msrp of $107k. But no record if it was a voluntary repo or not. So I decided to pass on that car.
Last edited by hayabusa4448; Oct 5, 2017 at 07:59 PM.
Advanced
Joined: Jan 2006
Posts: 98
Likes: 2
I would be more interested why the second owner is dumping it after only 1500 miles afer buying the repo. You would have been the 3rd owner in 3000 miles
Team Owner
Joined: Jun 2005
Posts: 46,295
Likes: 2,596
From: Northern, VA
St. Jude Donor '15
"In honor of jpee"
As said by several, the repo shouldn't matter, but to some who see it on a carfax, it will. Also, three owners in a relatively short period of time may cause some to wonder and move on to another car. And finally, unless it clearly states the car is a CPO now, it's not a given. Having been a CPO doesn't mean it was perfect then, or now. Much of the above would be washed away if you kept it for three or four years, but not for a quick turn. I think it's wise you went on to another car as well.
Thread Starter
Intermediate
Joined: Jul 2008
Posts: 30
Likes: 1
Hey guys sorry for the late update. I was busy with work. Seems the 2016 car I was asking you about ended up being sold to a dealer by the owner a while ago. There were too many unknowns with it and I totally agreed with opinions many of you had that for someone who changes cars often it's not a good idea.
So I ended up buying a 2018 Z with Z07/M7 and I'm already at 1200 mls in just few weeks of driving! Also had tints done and clear bra installed which is a must for Chicago.
Thanks to everyone for their input, all I have to do now is get a new set of Conti's, these Sport Cups are fun but not ideal for Chicago roads and weather.
cheers
So I ended up buying a 2018 Z with Z07/M7 and I'm already at 1200 mls in just few weeks of driving! Also had tints done and clear bra installed which is a must for Chicago.
Thanks to everyone for their input, all I have to do now is get a new set of Conti's, these Sport Cups are fun but not ideal for Chicago roads and weather.
cheers
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Melting Slicks
Joined: Feb 2013
Posts: 2,489
Likes: 579
From: Central Gulf Coast Florida
If the car is in perfect condition (have a pro look at it if you are not an expert) and you are okay with the price buy it. Two owners before you and a repo have nothing to do with reselling it. I have sold Vettes to dealers and private buyers. Never have I been asked how many previous owners were there and was there a repo. Some responses seem to me to be just self proclaimed experts trying to find any reason not to buy the car.