Insane pricing
Thread Starter
Instructor
Joined: Feb 2008
Posts: 167
Likes: 13
From: Chandler, Az
Insane pricing
Has anyone else observed about a 20% increase in used C6 and C7 Vette prices since COVID erupted? Several owners are asking $20,000 more than KBB private party prices on ZO6s. $73,000 for a 2016 ZO6??? Really? Are the wheels Gold plated?
Maybe GM shutting down build and delivery of C8s has increased the used market?
I bought a white 3LT 2015 Stingray with 35k miles in near perfect condition for $35k last November. That same car is selling now for $42k to $44k with 7 more months depreciation on it. Incredible.
I know virtually all newer Vette owners are not desperate for cash and usually very insulated from the Economic crises we are experiencing but I am amazed and the huge price increase across the board for C6 and C7s.
Several 2015 ZO6s are over $70k also. Insane pricing.
Maybe GM shutting down build and delivery of C8s has increased the used market?
I bought a white 3LT 2015 Stingray with 35k miles in near perfect condition for $35k last November. That same car is selling now for $42k to $44k with 7 more months depreciation on it. Incredible.
I know virtually all newer Vette owners are not desperate for cash and usually very insulated from the Economic crises we are experiencing but I am amazed and the huge price increase across the board for C6 and C7s.
Several 2015 ZO6s are over $70k also. Insane pricing.
Last edited by Tbusa; Jun 28, 2020 at 05:02 PM.
Burning Brakes
Joined: Jan 2006
Posts: 1,226
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From: Castleton VA
Cruise-In VIII Veteran
ALL used cars have gone up -- prices are notably higher at the auto auctions now. Simple supply and demand -- people can't buy new because the factories shut down and inventory dwindled, so would be new-car buyers have turned to used, raising demand (and prices) on that side. Not a good time to buy either new or used, as the dealers have enough demand to hold firm on prices (and on used cars, need to cover their increased auction purchase prices).
Last edited by mneblett; Jun 28, 2020 at 06:09 PM.
Race Director
Joined: Oct 2011
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From: Holly Springs NC
St. Jude Donor '16-'17,'22,'24
Despite Covid 19, it was spring and just turned to summer. Used Corvette prices either hold or go up at this time of year. However, an increase of $20K on any C6 (or C7) is absurd. Even with increased demand, any rise in price shouldn't be more than a few thousand, at most. One things for sure, whatever goes up absolutely will come down in the fall. You can bank on that. 
Race Director
Joined: Apr 2017
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From: Virginia
ALL used cars have gone up -- prices are notably higher at the auto auctions now. Simple supply and demand -- people can't buy new because the factories shut down and inventory dwindled, so would be new-car buyers have turned to used, raising demand (and prices) on that side. Not a good time to buy either new or used, as the dealers have enough demand to hold firm on prices (and on used cars, need to cover their increased auction purchase prices).
Some of you guys sound disturbed? If your C7 is appreciating in value as opposed to depreciating that's a good thing right?
Drifting
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From: San Jose Ca
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Despite Covid 19, it was spring and just turned to summer. Used Corvette prices either hold or go up at this time of year. However, an increase of $20K on any C6 (or C7) is absurd. Even with increased demand, any rise in price shouldn't be more than a few thousand, at most. One things for sure, whatever goes up absolutely will come down in the fall. You can bank on that.
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Racer
Joined: Sep 2012
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When I put my C7 GS up for sale right before the pandemic, people were low balling me left and right. Interested people swore that I would never get my asking price for my car. I held strong and sold it about a month ago for my asking price. Honestly, I wish I would have waited. I probably could have squeaked out another $1000-1,500.
Melting Slicks
Joined: Jul 2010
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From: Leesburg Fl
2018 C5 of Year Finalist
St. Jude Donor '14,'18
Try getting an instant cash offer from KBB. They offered me $22k for my 2014 3lt Stingray auto torch red coupe with 37k miles. Chevy dealer offered the 22k and used car dealer offered $25k
That's very strange since it can't be purchased less than low to mid 30s
That's very strange since it can't be purchased less than low to mid 30s
Burning Brakes
Joined: Aug 2001
Posts: 837
Likes: 388
From: Olathe KS
Supply and demand. The only thing COVID has to do with this is that the GM plant stopped making C8s for a bit so now there are a lot of folks who were planning on buying a C8 who won't be able to get one until 2021, if they are lucky, or beyond. If you can't get a C8 for two or more years, what would you do? Drives the price of C6 and C7 cars up due to the low supply of cars for sale and the larger than normal group of potential buyers. I'd guess it will last at least until the 2022 model year when dealers will likely start having C8s sitting on lots waiting for buyers.
Race Director
Joined: Apr 2017
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From: Virginia
Instructor
Joined: Mar 2020
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From: Newnan, Ga
I bought my '16 Z51 at the perfect moment, back at the end of February, got a 2LT with practically every option ($76k new sticker) for $36k, now I don't see any for less than $40k. I think its a good thing, even though I don't plan on selling any time soon.
Le Mans Master
Joined: Jul 2004
Posts: 5,040
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From: Bonney Lake Washington
Not here(?)
in the PNW, nothing earth shaking, although I don't follow it as closely as I used to......for the fun of it (although about 3 weeks ago) I checked in with Carvana to see what they'd offer me to buy mine ('14 Z51, 7MT, 1LT Torch Red Conv with 16,400 miles). They came back with a little under 38K with books saying 40 - 42....I know it's just one car in one place (WA State) but nothing earth shaking.....
Racer
Joined: Feb 2018
Posts: 259
Likes: 283
From: Ashburn Virginia
The Mecum Eddie Vannoy Collection auction yesterday in NC had some impressive Corvette C7 sales:
2015 Z06 Vert sold at $90,200 with buyers premium
https://www.mecum.com/lots/NC0420-41...-corvette-z06/
2017 Grand Sport Vert $77,000
https://www.mecum.com/lots/NC0420-41...t-convertible/
2019 ZR-1 $187,000
https://www.mecum.com/lots/NC0420-40...-corvette-zr1/
2015 Z06 Vert sold at $90,200 with buyers premium
https://www.mecum.com/lots/NC0420-41...-corvette-z06/
2017 Grand Sport Vert $77,000
https://www.mecum.com/lots/NC0420-41...t-convertible/
2019 ZR-1 $187,000
https://www.mecum.com/lots/NC0420-40...-corvette-zr1/
Last edited by Cadigti; Jun 30, 2020 at 10:55 AM.