Depreciation
Thread Starter
Instructor
Joined: Jul 2017
Posts: 137
Likes: 23
Depreciation
Hi folks,
Given the new C8 coming out very soon, I'd love to hear your thoughts on what you think depreciation is going to look like for us C7 owners.
Something tells me it's going to hit really hard, given the drastic changes.
Given the new C8 coming out very soon, I'd love to hear your thoughts on what you think depreciation is going to look like for us C7 owners.
Something tells me it's going to hit really hard, given the drastic changes.
Popular Reply
Dec 5, 2017, 09:03 PM
Melting Slicks
Joined: Jun 2016
Posts: 2,232
Likes: 2,366
From: SF Bay Area CA
C7s depreciate like crazy.
That's why I drive the hell out of mine. At least I get a ton of value out of it.
That's why I drive the hell out of mine. At least I get a ton of value out of it.
Melting Slicks
Joined: Dec 2014
Posts: 2,345
Likes: 442
From: Jupiter FL
All car depreciate fast. I doubt the C8 will have much of an impact as it's going to be much more expensive. Rumor is the C7 and 8 will run side by side for some time, they will be attracting a different audience.
Racer
Joined: Oct 2017
Posts: 274
Likes: 86
From: Calgary
better sell your c7 quick. It could be worth pennies tomorrow.
Thread Starter
Instructor
Joined: Jul 2017
Posts: 137
Likes: 23
Drifting
Joined: Jan 2014
Posts: 1,619
Likes: 1,130
From: Cincinnati OH
Safety Car
Joined: Feb 2016
Posts: 4,980
Likes: 3,826
From: Bainbridge Island WA
He's not being rude. He's just incredulous that you would even be asking the question, especially if you have been there before. Of course you are going to get "burned." What do you expect anyone here to say? That you won't? Since the C8 is only at the rumor stage, it's fairly pointless to worry about it at this stage. Depreciation of vehicles has been a fact of life for over 100 years now. I think we really ought to have it down. Personally, I couldn't care less. I'm just so happy driving my car around that it puts a smile on my face just thinking about it. But if the 'Lectric Vette comes around in a few years: Cool! Sign me up!
Last edited by mschuyler; Dec 5, 2017 at 08:57 PM.
Le Mans Master
Joined: Aug 2000
Posts: 6,486
Likes: 1,659
From: Las Vegas NV
I’m not worried... as has been said, C7’s are not investments and I view it as an expense. Loss is expected. I bought used, so my initial outlay was reduced as well.
Given the previous Corvette generational transitions, it will likely go one of two ways:
1) The C8 is markedly more expensive than the C7. Thus the C7 used values are not greatly affected, as the “new” alternative, the C8, is out of reach for a large number of Corvette buyers.
2) The C8 is close in price to the C7, and availability is greatly constrained (similar to the C7 at intro). Dealers gouge and discounts are rare for the first few years, buoying up the prices of the alternative: used C7’s.
Given the previous Corvette generational transitions, it will likely go one of two ways:
1) The C8 is markedly more expensive than the C7. Thus the C7 used values are not greatly affected, as the “new” alternative, the C8, is out of reach for a large number of Corvette buyers.
2) The C8 is close in price to the C7, and availability is greatly constrained (similar to the C7 at intro). Dealers gouge and discounts are rare for the first few years, buoying up the prices of the alternative: used C7’s.
Last edited by Kent1999; Dec 5, 2017 at 09:01 PM.
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Le Mans Master
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From: Hagerstown MD
St. Jude Donor '15-'16,'18
Le Mans Master
Joined: Jan 2017
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From: New England
The C8 is likely many years away. Nobody knows the details of the C8 outside of lots of rumors. Nobody knows the cost of the C8.
We don't know what you paid for your car or what options you have.
I will say that the C7 still looks really good to me compared to other cars. Exotic looking good and gets lots of stares. While depreciation is inevitable it likely won't be any worse than most other cars.
Race Director
Joined: Apr 2017
Posts: 13,602
Likes: 12,864
From: Virginia
While a C7 isn't, some cars are not only investments but good investments.
If you are from outside the US such as Emil, perhaps they are an Exotic.
Webster Definition of exotic:
1 : introduced from another country : not native to the place where found
If you are from outside the US such as Emil, perhaps they are an Exotic.
Webster Definition of exotic:
1 : introduced from another country : not native to the place where found
Safety Car
Joined: Dec 2009
Posts: 4,194
Likes: 305
From: Lake Havasu City Arizona
SoCal Events Coordinator
St. Jude Donor '12
You will only be hit by depreciation if you decide to turn around and sell your car in a couple of years. If you keep it for years then depreciation is not an issue. Everything depreciates in case you did not know. Don't sweat the small stuff.
Thread Starter
Instructor
Joined: Jul 2017
Posts: 137
Likes: 23
People seem to be very comfortable with the idea of depreciation, and I think it's all good if you plan on keeping it for years.
I'm 25, and seem to love switching cars. For this reason, I look at buying a car that'll hold it's value for a year, or so, and switch onto the next car.
I have a friend who does this for example, and he actually profits on most cars he goes through. Whether it's a $40k Aston Martin Vantage, or $200k Rolls Royce Phantom, he's quite good at constantly earning 8-15% more than what he bought the car for. He actually stirred me away from C7 due to depreciation.
Hence, why I ask about depreciation :-)
I'm 25, and seem to love switching cars. For this reason, I look at buying a car that'll hold it's value for a year, or so, and switch onto the next car.
I have a friend who does this for example, and he actually profits on most cars he goes through. Whether it's a $40k Aston Martin Vantage, or $200k Rolls Royce Phantom, he's quite good at constantly earning 8-15% more than what he bought the car for. He actually stirred me away from C7 due to depreciation.
Hence, why I ask about depreciation :-)
Thread Starter
Instructor
Joined: Jul 2017
Posts: 137
Likes: 23
Corvette may not be an exotic (I live in Europe, so it is), however, cars can definitely be played against depreciation, and in some ways an investment (especially an exotic that's bottomed out in depreciation)
Le Mans Master
Joined: Mar 2000
Posts: 9,127
Likes: 2,326
From: Pottsville, PA. USA Home Of America's Oldest Brewery Yuengling
The C8 is 2021.
Lets look at C6 cars
2013 427 Convertibles with low miles are still bringing $47-55K
2010-2013 Grand Sport Convertibles $33-43K
2010-2013 Grand Sport Coupes $30-39K
2006-2008 ZO6's $29-$34K
2009-2013 ZO6's $38-49K
2009-2013 ZR-1's $50-70K
Lets look at C6 cars
2013 427 Convertibles with low miles are still bringing $47-55K
2010-2013 Grand Sport Convertibles $33-43K
2010-2013 Grand Sport Coupes $30-39K
2006-2008 ZO6's $29-$34K
2009-2013 ZO6's $38-49K
2009-2013 ZR-1's $50-70K
Pro
Joined: Jul 2016
Posts: 555
Likes: 265
From: Idaho
People seem to be very comfortable with the idea of depreciation, and I think it's all good if you plan on keeping it for years.
I'm 25, and seem to love switching cars. For this reason, I look at buying a car that'll hold it's value for a year, or so, and switch onto the next car.
I have a friend who does this for example, and he actually profits on most cars he goes through. Whether it's a $40k Aston Martin Vantage, or $200k Rolls Royce Phantom, he's quite good at constantly earning 8-15% more than what he bought the car for. He actually stirred me away from C7 due to depreciation.
Hence, why I ask about depreciation :-)
I'm 25, and seem to love switching cars. For this reason, I look at buying a car that'll hold it's value for a year, or so, and switch onto the next car.
I have a friend who does this for example, and he actually profits on most cars he goes through. Whether it's a $40k Aston Martin Vantage, or $200k Rolls Royce Phantom, he's quite good at constantly earning 8-15% more than what he bought the car for. He actually stirred me away from C7 due to depreciation.
Hence, why I ask about depreciation :-)
Race Director
Joined: Apr 2017
Posts: 13,602
Likes: 12,864
From: Virginia
I have a friend who does this for example, and he actually profits on most cars he goes through. Whether it's a $40k Aston Martin Vantage, or $200k Rolls Royce Phantom, he's quite good at constantly earning 8-15% more than what he bought the car for. He actually stirred me away from C7 due to depreciation.
Thread Starter
Instructor
Joined: Jul 2017
Posts: 137
Likes: 23
Good insights here.
I ended up buying a Z51 2LT, 1k miles for $51k. I like to think I did quite well, and would loose only a "couple grand" had I sold it now (has 8k miles)
If only people had "that kind of cash" here (in Bosnia), it wouldn't be a problem.
I ended up buying a Z51 2LT, 1k miles for $51k. I like to think I did quite well, and would loose only a "couple grand" had I sold it now (has 8k miles)
If only people had "that kind of cash" here (in Bosnia), it wouldn't be a problem.
Well, buying new as opposed to used changes the outcome. If you want to "flip" a car and make money that is a whole different story. Buy a used C7 in the UK then sell it in Bosnia, then you would have a chance at "8-15%" profit. Depreciation is expected when purchasing new, period!
Thread Starter
Instructor
Joined: Jul 2017
Posts: 137
Likes: 23
Pretty interesting numbers. I'm a bit surprised actually
What are your stats on current C7s? From what I've seen, currently, used, a Z51 goes for $45-53k, z06: $60-$67k
What are your stats on current C7s? From what I've seen, currently, used, a Z51 goes for $45-53k, z06: $60-$67k
