Corvette Prices Question
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Instructor
Joined: Nov 2015
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From: Papillion, Nebraska
Corvette Prices Question
Corvette prices for a c7 GS or z06 are unbelievable right now. I know that no one truly knows what the market will do at any given point, but I'm looking for feedback from you guys in the know who are familiar with car buying and have experience in the Corvette market.
I'm looking for my first Corvette, a c7 Gs or z06 and I really want to buy right now, but with the prices right now I just don't know if I should pull the trigger. A year ago you could find a two year old Grand sport 3LT with 500 miles for 57-59k. That same car right now is pulling 66-72k.
In your guys' opinions do you see the prices going down anytime within the next year? If I buy now at the top of the market will I lose 10k in the first year due to the market?
I know no one knows for sure what its going to do, just looking for some feedback on this. I realize cars are almost always going to depreciate, I just don't want to maximize that aspect of my purchase.
I'm looking for my first Corvette, a c7 Gs or z06 and I really want to buy right now, but with the prices right now I just don't know if I should pull the trigger. A year ago you could find a two year old Grand sport 3LT with 500 miles for 57-59k. That same car right now is pulling 66-72k.
In your guys' opinions do you see the prices going down anytime within the next year? If I buy now at the top of the market will I lose 10k in the first year due to the market?
I know no one knows for sure what its going to do, just looking for some feedback on this. I realize cars are almost always going to depreciate, I just don't want to maximize that aspect of my purchase.
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Disclaimer: I'm horrible at timing the stock market and future predictions. With that said, the current market for the C7 GS or Z06 doesn't seem to be going down anytime soon with the COVID induced supply and demand. So unless you want to wait 1-3 years for a correction, you're kind of stuck paying current prices. Same could be said for houses. It seems like a long lasting bubble to me. Other crystal ball gurus might have a better idea. 
Le Mans Master
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I think with the high demand for C8s, to include the recent announcement of no more sold orders for 2021 will be accepted, I would surmise prices for C7s will remain up for the next year. 
Team Owner
Joined: Nov 2007
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As you stated no one knows for sure about future values. It simply boils down to how much you want a Corvette now to drive and enjoy or play the waiting game. My Opinion the market for used C7 Vettes will remain on the high side for another year.
Melting Slicks
Joined: Sep 1999
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From: DFW, TX
A friend of mine priced my '19GS 1lt, black, black, black, 5k miles, PDR at Manheim at 61.9k, which is a bunch more than I paid for it. I'm going to keep it until the mechanical, parts availability, tech training and krazy pricing issues subside. Been through this with the C5, C6 and C7. Let the beta testers get their job done.
Last edited by BarneyZ; Mar 28, 2021 at 03:36 PM.
Le Mans Master
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There is a supply shortage that arose last spring after the coronavirus hit hard, many automaker factories had to shut down, reducing the industry’s sales of new vehicles. This resulted in fewer trade-ins, and now fewer vehicles are available due to the ongoing shortage.
And to top it off there is a computer chip shortage that is causing manufacturers to shut down periodically.
Just guessing here, but it appears to me that until the computer chip problem is resolved along with the supply of used cars increasing it will be about a year or so before prices come down in the used market.
And until new C8 Corvettes can be bought off the lot for walk in customers the price of used ones could be up for a couple of years.
I'm seeing used ones equipped like my 2019 Z06 with 15,000 miles on the clock for $82,000! Yikes! I paid $72,620 for mine brand new in January 2020.
And to top it off there is a computer chip shortage that is causing manufacturers to shut down periodically.
Just guessing here, but it appears to me that until the computer chip problem is resolved along with the supply of used cars increasing it will be about a year or so before prices come down in the used market.
And until new C8 Corvettes can be bought off the lot for walk in customers the price of used ones could be up for a couple of years.
I'm seeing used ones equipped like my 2019 Z06 with 15,000 miles on the clock for $82,000! Yikes! I paid $72,620 for mine brand new in January 2020.
Last edited by joemessman; Mar 28, 2021 at 04:17 PM.
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I have a feeling prices for used Vettes are going to remain high - at least for the next 12-18 months. New cars are in short supply so that is driving up the used car market.
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According to the Associated Press the average price of a used car has increased 14% over the last year. They call it a “surge“. So what you are seeing will apply to a lot of different vehicles. That doesn’t make your situation any better but at least you’re not alone.
https://apnews.com/article/prices-in...d5f112b1260997
https://apnews.com/article/prices-in...d5f112b1260997
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Yes, the market is crazy now. Model year 17, 18 and 19 are mostly selling at the same price. Some 17's priced higher than 19's. High demand, short supply on C7 GS. I looked at 3 on Friday and 2 were sold before I got home. My advice is if you find one you like move quickly.
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I just sold my 09 Z51 M6 Coupe with 48k on the clock and many new mods for $30k in 11 days. I did it because I knew that I would never get much if any money out of my mods if I didn't sell it in the current market. I got about 50% of the mod money back.
My garage is now empty, but there will be a C8 sitting in it this fall.
My garage is now empty, but there will be a C8 sitting in it this fall.
Drifting
Joined: Jul 2018
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OP if you want one I'd move on it, and deals can still be had, just depends how hard you want to look and time to invest. Lots of people are trying to make bank and flipping their cars, but still plenty of people out there willing to sell for realistic prices. Avoid the dealerships if possible, save few bucks.
Safety Car
Joined: Jul 2018
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From: Margate, FL
Plus we are starting to experience the normal spring / summer sports car bump. Weather gets nice for driving and sudden everyone wants a fun car again. Once fall season returns prices should drop a little but with the C8 so limited I believe C7 prices will remain above average for another year.
Looking at this chart its pretty obvious this is not the time to be buying a C7. Last years spring / summer bump turned into a COVID wave that never crashed.
Flip side - its only money
and you only live once. The older the car the more stable the market as the depreciation gets spread over a longer time frame and obviously older C7s are cheaper... so that is really the only way to manage the current financial risk.
Last edited by JMII; Mar 29, 2021 at 09:23 AM.
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If you put in the time and act quickly there are some good deals out there. I had been looking for over 6 months before I found my C7.
The good deals sell quickly so you have to act fast on them. Had a lead on a 2018 3LT with 1800 miles. It sold within 3 hrs of listing in a Corvette Club monthly news letter that was emailed only to Club members.
My wife kept saying when the right car at the right price comes around everything will fall in place. And it did.
I bought a 2016 AW 2LT with 16,000 for $46k. Very happy with it.
The good deals sell quickly so you have to act fast on them. Had a lead on a 2018 3LT with 1800 miles. It sold within 3 hrs of listing in a Corvette Club monthly news letter that was emailed only to Club members.
My wife kept saying when the right car at the right price comes around everything will fall in place. And it did.
I bought a 2016 AW 2LT with 16,000 for $46k. Very happy with it.
Racer
Joined: Jun 2019
Posts: 457
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From: Gulf Coast, FL
According to the Associated Press the average price of a used car has increased 14% over the last year. They call it a “surge“. So what you are seeing will apply to a lot of different vehicles. That doesn’t make your situation any better but at least you’re not alone.
https://apnews.com/article/prices-in...d5f112b1260997
https://apnews.com/article/prices-in...d5f112b1260997
Safety Car
Joined: Jul 2018
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From: Margate, FL
I too believe the past year of sequestration has many consumers (with means) not spending on other discretionary, high-ticket items such as overseas travel, cruises, vacations, nice restaurants, entertainment, concerts, furniture, clothing, jewelry, etc. As vaccinations allow for life to return to some sense of normalcy - whenever that may be - those purchases will accelerate and I think they’ll be a shift downward in used vette prices and it may be dramatic.
Thread Starter
Instructor
Joined: Nov 2015
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From: Papillion, Nebraska
Continue to look for the car I want while prices continue to skyrocket 
A few cars i was considering a month ago have now raised asking by 2-3k while continuing to be driven.. ugh
A few cars i was considering a month ago have now raised asking by 2-3k while continuing to be driven.. ugh