Yup pretty much same scenario for me even though I paid several grand off MSRP. C7s are NOT collectibles for pricing anyway but i knew that when I bought mine.

 

just my thoughts but all the options you suggest really do not add much to resale price...just perhaps make it easier to sell. THe LT1 2 and 3 will effect the resale price but at about 40% value

 

The problem with the C8 IMO is that it doesn't offer a manual transmission and likely never will. While the C8 will likely drive down the price of the C7 as it continues it's run, I fear the manual C7's will still demand a premium price because of "supply and demand". If the C8 offers no supply then the demand falls back on the C7.

I hope I'm wrong though,

 

I think that the problem with C7 prices is that so many owners have truly become the stereotypical "My Corvette is more valuable because it is 1 of 3 that is this color, with this color, interior, and was built on a sunny Tuesday in August".

There have been a few times when I've seen great deals posted, and those were snatched up within a couple days.

But far too often you will see these cars sit for months before the seller finally drops the price a few hundred bucks, which leads to it sitting for even longer.

 

Sorry gang, but KBB and NADA have rarely been accurate about Corvette prices. They weren't correct when I bought a 04 C5 in 2012 and they were way off when I bought a 2014 in 2016. The problem is the low manufacturing volume of the Corvette. There aren't enough examples to get an accurate picture. Their formulas work well for high volume cars, but not for low volume toys like the Corvette. The previous recommendation to search the internet car sale websites is the best way to get an idea what various years and options are setting their asking prices at. Figure the final sale price should be within 10% of the average asking price.

 

I was just mentioning a few options...not all of them. Actually - there are a total of $15,850 worth of options shown in Corvette DNA that are not listed in KBB... Now maybe that's not a lot of money for you - but Im not willing to be off by $15,000 (up or down) on options that could net me a few thousand more in my pocket when selling.

Psst - the "LT" goes AFTER the numbers.

 

I have spent most of 2020 reviewing used C7 pricing prior to purchasing my used 2019 C7, GS 2LT, M7, PDR, Two Tone Gray Interior, Long Beach Red Exterior, Black Wheels, with 6,100 miles. Assembled in July of 2018. I was tracking prices prior to Covid, during the height, and now to see if there's a price to beat on the deal I scored April.

Some dealers are just asking unreasonable over the top amounts. Searches are CarGurus, Edmunds, AutoTrader, etc will quickly reveal who they are.
If you purchase from a non GM dealer, prices seem to be $1 to $1.5k less.
If the C7 is not CPO, usually around $2 to $2.5k less.
Any C7 with more that 10K miles seems to be anywhere from $3 to $5k less.
Convertibles seem to be less expensive as well.
Cali, Florida, and Texas seem to have the best prices, but higher mileage.
Private pricing various, depends on the owner, the newer the C7, the higher the price and could be due to what may still be owed to the bank.

Stingray's from 2014 to 2016, should be less than $43K. The high end of the pricing should include magnetic ride control and ridiculously low mileage.
Stingray's from 2017 to 2019 seem to be above $45K , and a think that's due to the fact the factory warranty is still intact and CPO is available.
Stringray's with the Z51 performance package usually tack on $2 to $2.5K, but does vary.
Stringray's with PDR/NAV about $500. Remember you cannot get the PDR without NAV. They are a pair.
1LT package pricing is pretty much around the $40k mark.
2LT and 3LT above the $43K mark.
To be honest, I did not see much pricing difference when it came to carbon fiber packages, alcantara/suede steering wheel/shift ****, stitching colors, or transparent roof. The pricing was higher if the C7 had a premium paint color.
Did not see to many stringray's with competition seats.
Also, the front assist cameras as part of the 2LT package where not available until 2016.

GS 2LT with PDR and A8, 2017 with less than 10K miles is should be below $53K, (was around $55K in Jan) it the C7 has over 10K miles, less than $50K now.
GS 1LT, with PDR and A8 2017 should be less that $48K, but they are not much less than the 2LT unless they have a high mileage
GS 3LT 2017 pricing all over, but usually above $55K
GS 3LT 2018-2019 usually close to or over $60K.

If you want to the least expensive C7's you can check out DC Motors in Cali, but all those C7's were part of GM's Driving school and have a limited warranty.

Any price too good to be true always turned out to have a salvage title or had an reported accident.

I did not track Z06 or ZR1 pricing.

I was deciding between a Stringray Z51 2LT or GS 2LT. Only reason why I was considering a Stingray was due to price. Stringray is closer to $40K while the GS are still above the $50K. But by the time you find a Stringray Z51, 2LT with PDR, and magnetic ride control, it's not much less than a GS 2LT with PDR. But I really wanted the GS.

 

Damn what a hell of a write up!

 

S0apb0x - tremendous research. The question that was raised centers on the impact of Covid-19 on used Corvette prices. For a period of my working career i sold cars for a living. I suspect that some people may be looking for a Corvette at bottom floor prices. That simply will not happen. Corvettes for many are simply disposable income purchases. Unless you had a sizable down payment, cash / trade-in, you have a car payment, most people will not take a 10K-15K financial hit, they quite conceivably may owe money. If you are currently are out of work, would someone lay out that kind of money to get out of debt?
Additionally, when a model change takes place c7 to c8, the previous model will sit on dealers lots simply because of the changes. Look at the changes of the C8, this is well above and beyond the normal change. The anticipation of the C8 was incredible. Chevy was discounting them 8k - 10k. A local dealer had at one point 125 C7 corvettes and no C8’s.
BTW - dealers use NADA for pricing. The dealer I worked for used KBB for pricing purposes to customers.

 

That might be true for cars other than Corvettes. The C7 new inventories at the big dealers is pretty much gone (Kerbeck has 34 cars and MacMulkin has 37 - of which between both dealers 6 are GS M7's, there are no other M7's cars available). There probably won't be more than a small amount of overpriced new C7's left by the Fourth of July; and as we all know, there is no C8 "inventory", and at the current pace of things there may not be C8 inventory (as opposed to sold cars) until the 2022 model year. I wouldn't expect C7 prices to drop much further, especially the M7 cars.

 

My 2014 SR coupe 3lt TR A6 37k miles will only bring $22k right now from a dealer. I cannot understand how the wholesale guide books could possibly take values down so low as the auctions have been shuttered for awhile so there is no market to justify the lowering of value. Looking at retail prices on available units there is no lowering of prices and I'm sure the dealers aren't interested in losing money unless they need money.

 

^^^Agree. All those M7 Grand Sports at MacMulkin are white. Largest discount around 12%. Not exactly a fire sale.

 

I'm currently shopping and am becoming very frustrated at the current markup, used C7s routinely at 8K above wholesale (true Manheim prices, not KBB or NADA). And this is across the model years from 14-19, I've tried to buy a couple of Z51 high mileage convertibles and no one will move on price. Here's an example...
Wholesale for this car is 27K
2014 Limerock green

 

Honestly, private parties aren't much better.

I've seen so many private parties listing their cars for dealership prices.

If I wanted to pay dealership price, I'd buy from the dealer.

If I'm buying private party, it should be price around what a CLEAN TRADE IN would get you at a dealership. Not what the dealership will list it for CLEAN RETAIL.

For example, I just priced out a 2016 Base 2LT on NADA with 15k miles. Clean trade in shows as 40.1k. Clean retail shows as 42.9k. So why is everyone that is selling a 2016 2LT with 15k asking 43k? 45k? Is it because they are predicting buyers to negotiate them down to 40k, 41k? Or do they honestly believe they are going to get 45k for their car?

 

Unless you are a dealer you are not paying wholesale

If nobody will budge on price then what they are asking is likely an honest reflection of current market conditions. If the car sits unsold they will lower the price after awhile, so you can try to just wait them out. However at any moment someone else who sees value in the vehicle could show up and buy it.

 

JM...I understand I won't get wholesale pricing, though it wasn't long ago that you could get close if you looked long and hard enough. It seems lately it's just about impossible. I'm sure it's a product of supply and demand, funny how it works out. When I'm not shopping the deals seem to be everywhere, when I'm in the market...nothing.

 

The strike + virus related shutdowns means very few C8s went out the door, thus if you want a Corvette today your choices are limited to used C7s and those left over 2019 C7s that didn't sell previously. Plus its summer which means sports cars, especially top down examples are more desirable. Come winter time these same cars will be discounted. So you gotta pay now or hold off on your purchase until the markets swings back.

Just think of all those who are steaming mad they sold their C7 as they expected a shiny new C8 to be in their garage now. Instead they are likely Corvette-less until the end of the year... just in time for winter to shut down the driving season.

 

I don’t believe garage queens affect the price all that much.
Unless the car is super rare or a gotta have by a buyer, the only thing a garage queen does makes it easier to sell.
And that has its limitations, too. How many cars in the for sale section have been there for a long time? Nice
cars, but, either priced too high or technologically too old. Bought my 2016 because it had apple CarPlay.
plenty of nice 2014 and 2015 for sale, but, didn’t have what I wanted.

 

Not sure why you think you should pay trade in price for a vehicle, in my state there is a tax advantage to trading, besides the not dealing with private buyers is worth something. Therefore I would trade in before selling private at trade in price. Private sale should be a few K more than trade.

In the grand scheme of things, is it worth waiting until the summer is over to save a few K? If it is, then wait, if not pay what someone is asking and enjoy!

 

There are two states that do not offer a tax advantage for a trade in. Kalifornia and the Kommonwealth of Virginia.
That means you have to get the most money you can on trade in or private sale.