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I have been watching the market for a couple of months, mostly looking at used convertibles. I have been impressed by the strong resale values for 2014 through 2016 model years, but also have considered that the warranty clock has been counting down on these cars for a couple of years. This got me thinking that I might be better off buying a brand new car.
I have combed through the 2017 inventory and have seen reasonable discounts at various dealers. I understand that dealer discounts and GM incentives may not be as good right now as they were in June because production has been suspended. But...what is the story with new 2016's? Autotrader shows 353 brand new 2016 Corvettes (77 convertibles) at dealers in addition to their unsold 2017's. I'm thinking that as winter approaches there should be some pretty attractive deals on brand new 2016's. I don't need to buy today, and can wait until the snow flies to steal a brand new car from a dealer in north Dakota or New Hampshire or wherever.
I did something similar when I bought my second Volt. I got a brand new loaded 2012 ($46,000 sticker) for $25,000 minus tax incentives in August 2014. The 2015's were already at the dealers. I am not expecting a 45 percent discount on a new 2016 Corvette, of course, but what kind of deal should I be looking for?
Ideally I think I want a 2LT with automatic transmission, and will consider a coupe or convertible. I'm sure that I don't need Z51, but would accept it if the deal is too good to pass up. I feel the same about most other options.
For the purposes of this discussion, assume that I'm ready to buy today even though I may wait a couple of months. If you were looking for a new 2016, what kind of discount would you expect? What would you buy?
Get a fair price, of course, but realize that you are buying a car that is going to be CONSIDERED BY MANY to be a 2yr old vehicle......since the 2018 models are in production now.
The cool thing is that nobody except a Corvette aficionado will be able to tell your 2016 from a 2018 when they see it on the street.
Yeah, what they said! If you're taking into account the value for what you pay, you may want to check the various used car guides to see what a low-mileage 2016 model year Vette, with the features of the one you'd be considering buying, is worth. Because as soon as you drive it off the lot, it's a used 2016 Vette, even though it's brand new and has super low miles.
Granted, any new car takes a hit when you drive it off the lot. So, I'm not saying you need to get a discount to match the actual value it would have. I am saying you may want to consider getting enough of a discount to make it so that you're not actually losing any more value as soon as you drive it off the lot, than you would if you were buying a new 2018.
And I would play hardball with the dealer on the pricing! By the time you're going to be making the purchase, they will have had the 2016's sitting on their lot for some time. They should be motivated to sell, even at a substantially reduced price. So, if they try and tell you any sad story about how much they have in it, or what their margin needs to be, and their ask is not what you want, walk away! Those are their problems, not yours. Once they see you're willing to walk away, they'll likely be more flexible on the price.
I passed on a 2016 last Winter that was 22% off MSRP. Granted I believe those guys used one of those 10% red tag specials GM was handing out at the time, but the fact is that was the price a good solid 8 months ago. Obviously the dealership can't afford to sell well below their cost, so GM simply has to help these guys out. Hopefully you can take advantage of that.
You also have to consider if you're financing it or not.
Long story short, I bought a new 16 back in june. I got it about 17% off and 0% for 72. (I also had a few freebies thrown in) I worked with several dealers over about a month and this was finally a deal I was happy with. Many people will say that I should have received more off, but the reality is that the best financing I could get with more off up front was 1.99. The percentage off didn't offset the interest I would have accrued. I also looked at low mileage used, and the price wasn't low enough to warrant losing the warranty.
Long story short. Buying a car isn't an investment. Get what you want, and will enjoy. I'll never understand why people buy a car just to let it sit in the garage.
You also have to consider if you're financing it or not.
Long story short, I bought a new 16 back in june. I got it about 17% off and 0% for 72. (I also had a few freebies thrown in) I worked with several dealers over about a month and this was finally a deal I was happy with. Many people will say that I should have received more off, but the reality is that the best financing I could get with more off up front was 1.99. The percentage off didn't offset the interest I would have accrued. I also looked at low mileage used, and the price wasn't low enough to warrant losing the warranty.
Long story short. Buying a car isn't an investment. Get what you want, and will enjoy. I'll never understand why people buy a car just to let it sit in the garage.[/QUOTE]
Ahhh, that's another subject entirely! I agree with you, drive it! But, if they pay for it, they can do what they want with it, including letting it sit so it has low miles for the next owner. Doesn't make sense to me though.
Although, if you wanted to keep the miles low, then buying a two model year old car is an ingenious way to do that. If you determine a per month miles average, at least based on the model year, the average is going to go waaaay down .
Last edited by Steve Garrett; 08-02-2017 at 09:41 PM.
Reason: Fixed Quote Box
...which begs the question, "What visual differences are there between a 2016 and a 2018 Corvette?"
Unless you're talking GS or Z06...basically none. Some options have changed and in '16 we got the flat bottom steering wheel, and it's bye-bye 18"-19" wheel sets. But if you lined up '14, '15, '16, 17 & '18 Singrays side by side, you couldn't tell.
If you're going to keep for awhile go for it...if you go through cars every couple of years then no. Here's a few that are advertised at 20%+ off. Enjoy the search!
It's a 2 yr old car, I would want at least 25% off.
I agree 100%, for a 2 year old "new" car, 25% off is the minimum discount I think is fair. Especially when you consider the most recent Corvette Sales numbers for July.
I think there may have been a couple of subtle changes from a 16 to 17... I'd try to find a 17 at 20+% off......
I had a new 2016 Z51 and traded up to a 2017 GS... one of the subtle differences I noticed was how hot the interior would get by the shifter and throughout the well.... that has been a complaint addressed here on the forum if I recall..... now my 17 doesn't get hot at all and when I upgraded the shifter last week, I noticed the trans was well wrapped and insulated... just little things.... I had air noise on my 16 from the seat belt dispenser but not on my 17.... it could be the GS vs Z51 but consider that if you're going to keep it.
Dan
Unless you're talking GS or Z06...basically none. Some options have changed and in '16 we got the flat bottom steering wheel, and it's bye-bye 18"-19" wheel sets. But if you lined up '14, '15, '16, 17 & '18 Singrays side by side, you couldn't tell.
Except if they have certain now discontinued paint colors like my 2014 VY because you'd know it couldn't be a 2018 model---- then again, other people who dont keep up with Corvette paint color changes wouldn't know the difference.
08-02-2017, 04:38 PM
Buying a NEW 2016 in August 2017
Nothing from the outside and at least 20% off a NEW 2016!
