Planning for the C8?
Thread Starter
Pro
Joined: Dec 2009
Posts: 688
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From: Seattle Wa
Planning for the C8?
Hey Guys,
I've been doing a lot of thinking recently and thought I'd share and see if others have any creative ideas.
I'm planning on snagging one in 2022 after it's already depreciated some. In the meantime I'm trying to figure out how to minimize lost $$ but continue to have a fun car during that 3 year period.
I have tried to come up with some calculations on the conservative side:
My current vehicle is a 15' Z51.
* This does not factor in any additional depreciation from a new platform
Options I've been throwing around:
In my case I've been planning on paying off the balance of my car (40.5K) and was planning on doing that this month but before doing so am trying to evaluate options:
Has anyone else been evaluating options like this? Would love to hear what kind of ideas people have. Some of this could change too once we see the actual specs of the C8 and laptimes it puts down. If its on part with the C7Z (for those of us who don't own one today) -it might make more sense to buy a C7Z at that point instead of a C8.
Also, just to reiterate, the goal is to minimize lost cash over 3 years while still owning a vehicle with similar performance.
I've been doing a lot of thinking recently and thought I'd share and see if others have any creative ideas.
I'm planning on snagging one in 2022 after it's already depreciated some. In the meantime I'm trying to figure out how to minimize lost $$ but continue to have a fun car during that 3 year period.
I have tried to come up with some calculations on the conservative side:
My current vehicle is a 15' Z51.
- Current trade in value is $40,515.
- I'm assuming trade in value will be $27,945 in 2022.
- That puts the cost/depreciation over 3 years at $12,570.
* This does not factor in any additional depreciation from a new platform
Options I've been throwing around:
In my case I've been planning on paying off the balance of my car (40.5K) and was planning on doing that this month but before doing so am trying to evaluate options:
- Buy used Z06 - Not a pretty option - 11K more $$ burned than "business as usual" -I still wanted to at least see what this model might look like.
- Assuming 65K purchase w/72mo loan (minimize cost over 3 years since it's temporary and the goal is to use the same bucket of $$, pay off Z51, or go down this path)
- $35,676 in payments over 36mo
- Assuming balance of 33K when it's time to pull trigger on C8
- Depreciation of 31% putting you at estimated trade value of 45K
- roughly 5K of the original 40.5K left
- Balance of 33K - 5K = 28K.
- Net equity of 17K (11K less than keeping current vehicle)
- Balance of 33K - 5K = 28K.
- Assuming 65K purchase w/72mo loan (minimize cost over 3 years since it's temporary and the goal is to use the same bucket of $$, pay off Z51, or go down this path)
- Buy another vehicle that will depreciate less but delivers similar performance - With the right vehicle this option could net out a cost over 3 years of perhaps 4K or so (much better than the 12.5 with business as usual)
- Example - 2006 Dodge Viper SRT10 has stayed pretty flat the last 9 years
- 2010 Price - $56K
- 2019 Price - $52,603
- Example - 2006 Dodge Viper SRT10 has stayed pretty flat the last 9 years
- Drop 50K into an investment generating 12% return
- If you are playing with just the cash here, this would only net $500/month which isn't going to get you much but you do get all your $$ back in a year with $6000 profit and you'd have to find another vehicle next year (this is leveraging accredited investing options). There can also be risk with this option but if you do your due diligence you can mitigate.
- Issues with this option to me are
- 1. Having to find another source to offset your payment annually
- 2. $500/mo is not going to offset a C7 payment
- 3. Potential risk
- Issues with this option to me are
- If you are playing with just the cash here, this would only net $500/month which isn't going to get you much but you do get all your $$ back in a year with $6000 profit and you'd have to find another vehicle next year (this is leveraging accredited investing options). There can also be risk with this option but if you do your due diligence you can mitigate.
Has anyone else been evaluating options like this? Would love to hear what kind of ideas people have. Some of this could change too once we see the actual specs of the C8 and laptimes it puts down. If its on part with the C7Z (for those of us who don't own one today) -it might make more sense to buy a C7Z at that point instead of a C8.
Also, just to reiterate, the goal is to minimize lost cash over 3 years while still owning a vehicle with similar performance.
Burning Brakes
Joined: May 2018
Posts: 984
Likes: 574
From: Fort Worth, TX
I’m considering trading my 17 GS 3LT for. New style Viper. I’m finding them for good prices around 70-75k with low miles, and due to much lower production number they hold their value much bettter than my car will. I assume my car will be worth about 30k by the time I want a C8 when it’s worth about 50 now. I don’t expect the Viper to lose 20k over the next 3 years.
Race Director
Joined: Nov 2003
Posts: 16,067
Likes: 4,150
From: Bergen county NJ
Just keep your current corvette enjoy it and sell it when you are ready to buy a c8.
that makes the most sense.
if you want a z06 then sell your car and buy one of those although you will take amhuge hit twice on new car depreciation.
dont bother selling your car and buying something else as you already have taken the major hit in depreciation when huying a new car.
i would suggest if you are looking to minimize any wasted assets to get rid of whatever daily driver you might have. To me that is the biggest waste of money. Corvettes are designed to be driven everyday....ive done that for over a decade and the money I saved in extra insurance, maintance and car payments pays for my c8 ...plus I got to enjoy driving my corvette everyday.
good luck amd my advice is enjoy wjat you own. There is always seemingly something new and better but in reality its rarely barely worth the extra money...
you already lwn am awesome sports car...the corvette c7!
that makes the most sense.
if you want a z06 then sell your car and buy one of those although you will take amhuge hit twice on new car depreciation.
dont bother selling your car and buying something else as you already have taken the major hit in depreciation when huying a new car.
i would suggest if you are looking to minimize any wasted assets to get rid of whatever daily driver you might have. To me that is the biggest waste of money. Corvettes are designed to be driven everyday....ive done that for over a decade and the money I saved in extra insurance, maintance and car payments pays for my c8 ...plus I got to enjoy driving my corvette everyday.
good luck amd my advice is enjoy wjat you own. There is always seemingly something new and better but in reality its rarely barely worth the extra money...
you already lwn am awesome sports car...the corvette c7!
Safety Car
Joined: Feb 2016
Posts: 4,980
Likes: 3,826
From: Bainbridge Island WA
The problem with spreadsheets is that they are inaccurate to eight places past the decimal. I think that is essentially what you are dealing with here. Not that it is not a good-faith effort, but your numbers are all guesses. In other words, you are over-thinking this. Get what you want when you want it and don't try to plug in something you don't really want just to save a few bucks. Just my opinion.
Burning Brakes
Joined: Sep 2007
Posts: 1,048
Likes: 300
From: FL
I wouldn't over-analyze it like that. Just keep your current car and enjoy it and then trade it when the time is right. The C7 used market will remain strong for some time. The C8 will be in the first year and discounts will not be available and many dealers will mark them up. Also, usually only the base/Z51 cars will be available. Many will be waiting for to see the other performance variants. Z06, GS, etc.
I know if I jump in right away on a base C8, I will be itching to get a GS or Z06 when they release it. Historically, the GS represents the best price performance sweet spot as well. What if a C8 GS has 100 more HP and some other goodies and it is only 10k more msrp. This hobby is expensive.
I know if I jump in right away on a base C8, I will be itching to get a GS or Z06 when they release it. Historically, the GS represents the best price performance sweet spot as well. What if a C8 GS has 100 more HP and some other goodies and it is only 10k more msrp. This hobby is expensive.
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Thread Starter
Pro
Joined: Dec 2009
Posts: 688
Likes: 18
From: Seattle Wa
Jerri's idea of using it as a daily isn't bad either except that I'm in sales and showing up to pick up customers in a vette can easily come across as pretentious.
That said, unfortunately I just couldn't bring myself to do it so am trying to find another good alternative (which there may be none). The Viper idea isn't bad, considering depreciation on them is minimal but I'd be looking at a mid 2000s SRT10 which my current Z51 outperforms.
That said, thanks for all of the input so far. I thought I might not be the only one trying to be creative here. Part of me misses the mindset I had in the past where all I cared about was whether I could afford the payment :P
Last edited by Worthington; Apr 14, 2019 at 06:12 PM.
Thread Starter
Pro
Joined: Dec 2009
Posts: 688
Likes: 18
From: Seattle Wa
I know if I jump in right away on a base C8, I will be itching to get a GS or Z06 when they release it. Historically, the GS represents the best price performance sweet spot as well. What if a C8 GS has 100 more HP and some other goodies and it is only 10k more msrp. This hobby is expensive.
I have a feeling this is what will happen again with the C8. I'd be really happy if they didn't make the base on par with the C7Z though as that would help justify forgoing the C8 and snagging a C7Z at a great price.
I would just have too much heartburn throwing away 60K+ in depreciation on a new Z. Just had my first kid and am starting to look into ways to build passive income, all I could think about buying a new Z is what 60K that was lost in depreciation could have done in the right investment.
Last edited by Worthington; Apr 14, 2019 at 06:21 PM.
Burning Brakes
Joined: Jan 2019
Posts: 1,101
Likes: 409
From: Lake Placid, FL
Wow! You are way over thinking this op. You're ruining your current C7 experience worrying about a car that hasn't even officially been released yet.
You can't do much besides not drive your car to keep miles off to save the value a little. Don't get me wrong I also plan to get one a few years down the road. My 17 Z51 is only valued at $41k trade in right now. Depending on what it's worth by then I'll decide if I'll trade it in or keep it and have 2 Vettes.
You can't do much besides not drive your car to keep miles off to save the value a little. Don't get me wrong I also plan to get one a few years down the road. My 17 Z51 is only valued at $41k trade in right now. Depending on what it's worth by then I'll decide if I'll trade it in or keep it and have 2 Vettes.
Last edited by LuisZ51; Apr 14, 2019 at 07:36 PM.