Current C7 market (used)?
Thread Starter
Instructor
Joined: May 2019
Posts: 199
Likes: 66
From: Herndon VA
Current C7 market (used)?
So with the beginning of the pandemic , I pretty much ended my C7 search. I have some saved searches and not getting ANY hits anymore . I was hoping the C8 would send some more C7s into the market, but with the pandemic and strike , the C8s are a bit delayed getting out there.
What does the hive-mind of the C7 forum think ? Are we going to see a flood of C7s ? a trickle ? Should there be more in the spring ? Should I give up ? lol .....
At this point I am signed up for all my track days this season and have my car all prepped. I am not going to be seriously looking again until November.
What does the hive-mind of the C7 forum think ? Are we going to see a flood of C7s ? a trickle ? Should there be more in the spring ? Should I give up ? lol .....
At this point I am signed up for all my track days this season and have my car all prepped. I am not going to be seriously looking again until November.
Drifting
Joined: Jul 2013
Posts: 1,591
Likes: 788
From: Windsor CA
2024 C7 of the Year Finalist - Unmodified
Seems that C7 are holding the upper end of values right now for sure and the new C7's that are left are not being offered for not near as much discount as they were 6-12 months ago. I was thinking of selling my '19 GS that is paid for and finding one of the few Z06's left but the one that I want is not much off of MSRP and not paying that after buying my GS for 18% off a year ago, that being said I have one of my wife's co-workers willing to pay low 60's for my car but at this point think I am going to stay with what I have. We also bought my wife's 2015 Z51 low mile car off Carvana about 10 months ago and it's value seems to be holding for now as I see lesser cars getting the same money and more than we paid.
Safety Car
Joined: Jul 2018
Posts: 4,303
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From: Margate, FL
Safety Car
Joined: Aug 2018
Posts: 3,944
Likes: 1,805
From: Western WI
It's not just related to the lack of C8's. Most of the new C7 inventory was heavily discounted and moved ahead of the planned C8 production. So now you not only have fewer C7's being traded in (because of the C8 delay) you also have very little new leftover inventory with even more buyers out there looking for used C7's. This is even raising prices of used C6's. It's a sellers market for now.
Burning Brakes
Joined: Aug 2001
Posts: 837
Likes: 388
From: Olathe KS
At best a trickle and the value will stay high because all the C8s coming as 2020 and a good chunk of the 2021 models are spoken for. Not all of those owners had or are selling a C7. Not all those with orders for 2020's will get them so those fall into 2021 orders which will probably make the 2021 cars that will be available a much smaller number. Wait until 2022 when C8s are sitting on lots and the C7 will probably start to fall a bit, especially if the C8 Z06 is available then.
Racer
Joined: Feb 2019
Posts: 341
Likes: 272
From: South Florida
Oddly the prices for C7's in my area are going up. When I originally got on the list for C8 I looked to see what I could expect to sell my car for and thought that the hit was reasonable based on the new model just around the corner. Fast forward 8 months and the pricing has gone about $5.K higher than before. I since looked around at what new C7's were being offered at and they are all higher than before. It appears that the trouble putting C8's in the market has lifted the C7 at least here in South Florida
Racer
Joined: Jul 2006
Posts: 395
Likes: 19
From: Springfield MA
Finally saw a C8 yesterday at the dealer on the lift. I didn't get the same reaction back in 2014 when the C7 came out. Don't get me wrong it's nice but it's not making me want it over my C7 yet. I'll need to see the convertible in a nice bright color for the real test.
Race Director
Joined: Jun 2005
Posts: 10,904
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From: Phila Suburbs 2023 C8 & 2013 650ix
I'm sure all those people that predicted a major depression in used C7 prices with the release of the C8 and went out and prematurely sold their C7's are not happy. Just shows how hard it is to predict the future.
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From: Charlotte, NC (formerly Endicott, NY)
Summertime is the time for driving Corvettes and you can't walk into a dealership to purchase a 2020 so people will purchase what is available. Supply of both new and used cars is thus constrained. People who have cars will hang on to them a while longer since they can't get a replacement. I figure we won't see cars sitting on the showroom floor or the dealer's lots until at least the 2022 models come out. If we go into another shut down or partial shut down because of the virus things will move further out into time. Then even if GM and other automakers and their suppliers can safely build cars and components the auto market may fall on hard times since people won't have the money to buy or are delaying purchases until they have a better idea of their financial future. We have a lot of unemployment/underemployment due to the virus and it could get far worse as long as things keep going the way they are.
Bill
Bill
Melting Slicks
Joined: Oct 2016
Posts: 3,340
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From: Lehigh Valley PA
I might be the odd man here...but I sold my 2014 with the plan to buy a C8, until I sat in one at Corvettes at Carlisle. I was so disappointed (especially with the interior), I went and bought another C7 and now wouldn't sell it at any price. So maybe the C8 is not resonating with folks as expected...and C7 owners (that were planning to sell) are holding on to them...thereby reducing the amount you are finding within the pre-owned market.
Race Director
Joined: Oct 2011
Posts: 15,033
Likes: 1,613
From: Holly Springs NC
St. Jude Donor '16-'17,'22,'24
So with the beginning of the pandemic , I pretty much ended my C7 search. I have some saved searches and not getting ANY hits anymore . I was hoping the C8 would send some more C7s into the market, but with the pandemic and strike , the C8s are a bit delayed getting out there.
What does the hive-mind of the C7 forum think ? Are we going to see a flood of C7s ? a trickle ? Should there be more in the spring ? Should I give up ? lol .....
At this point I am signed up for all my track days this season and have my car all prepped. I am not going to be seriously looking again until November.
What does the hive-mind of the C7 forum think ? Are we going to see a flood of C7s ? a trickle ? Should there be more in the spring ? Should I give up ? lol .....
At this point I am signed up for all my track days this season and have my car all prepped. I am not going to be seriously looking again until November.
Race Director
Joined: Oct 2011
Posts: 15,033
Likes: 1,613
From: Holly Springs NC
St. Jude Donor '16-'17,'22,'24
Drifting
Joined: May 2018
Posts: 1,478
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From: Houston Texas
It actually makes some sense when you consider two things: 1) There have been 5,000 Corvettes produced the last eight months. 2) The constricted C8 production is causing over MSRP in the pre-owned market, and if you want to order a 2021, given the number of 2020 orders that never made into 2020 production, this causes a large order backlog well into 2021.
Last edited by Michael T*; Jul 11, 2020 at 09:30 AM.
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I think once the C8s really start rolling off the line and get out to the dealers, there will be plenty of C7s up for sale - although they may not be located in your area so travel may be required to find just the right one. Be patient if you can - the wait will be worth it.
Advanced
Joined: Apr 2020
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From: The Land
On the YouTube Channel, Wimya, he just sold his 16' Stingray Z51 2LT with custom ground effects to prepare for his C8 2021 order, I let ya'll watch the details, but he got the dealer to give him a pretty good price IMO and he also posted what the dealer is now asking for the vette. I think it gives good insight into the dealers margin is.
Last edited by s0apb0x; Jul 11, 2020 at 09:42 AM.
Safety Car
Joined: Aug 2018
Posts: 3,944
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From: Western WI
I don't think there are going to be as many C7 sales/trades for C8's as people think. It will be two years next month that I bought my 14' from a seller that was already preparing for the C8 launch. The C8 caused a ton of churn very early on from owner's that thought the bottom was going to fall out of the C7 market. Of course the cars are going to depreciate just not like many have predicted. Quite a few used C7 pricing threads with people predicting they would be selling for $20K this summer.
As for the economy, that is not specific to any make, model and certainly no generation within a model's lineup. If the economy tanks as hard as some keep predicting (I personally don't think it will) then every two seat sports car, including the C8, is going to suffer in the number of sales and strength of sales price both new and used.
As for the economy, that is not specific to any make, model and certainly no generation within a model's lineup. If the economy tanks as hard as some keep predicting (I personally don't think it will) then every two seat sports car, including the C8, is going to suffer in the number of sales and strength of sales price both new and used.
Safety Car
Joined: Oct 2000
Posts: 4,282
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From: Lake Wylie, South Carolina
My search has slowed down a lot in the last couple of weeks. I have a couple of dealers keeping an eye out for what Im looking for. It seems that the sites like autotrader, cars, cargurus all have the same cars listed. Most of the ones I am seeing are also automatics. I want an M7, z51, 2LT which seems to be the highest in demand right now! :-( Every time one hits the lot that meets my needs it sales within a matter of hours. Its very frustrating and I am betting that I wont get something till late this year or early next year. I guess the only bright side is Im just building more equity in my trade. The miles are staying off of it because of the pandemic and not having to commute to Charlotte every day.
Safety Car
Joined: Oct 2000
Posts: 4,282
Likes: 172
From: Lake Wylie, South Carolina
OP, at your location, I would contact Mike Furman at Criswell to see what the market is doing and what he expects. Mike is a straight shooter and will tell you how the C7 market is doing and what's happening with C8s in the near future. He's close enough to you that you should seriously consider buying a car from him.
Where is he located? Have a website?
Thread Starter
Instructor
Joined: May 2019
Posts: 199
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From: Herndon VA
https://www.criswellcorvette.com/mike-furman
ive actually been there twice and talked to 2 other dealers there. I wonder if I should reach out to Mike too .
Last edited by ANGST_VA; Jul 11, 2020 at 05:52 PM.
Burning Brakes
Joined: Jan 2006
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From: Castleton VA
Cruise-In VIII Veteran
https://www.criswellcorvette.com/mike-furman
ive actually been there twice and talked to 2 other dealers there. I wonder if I should reach out to Mike too .
ive actually been there twice and talked to 2 other dealers there. I wonder if I should reach out to Mike too .