60%
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Racer
Joined: Oct 2012
Posts: 335
Likes: 7
60%
I was looking at a 6 year old Corvette Z51 and the dealer wanted $60,000 for it,Dave Ramsey says after 5 years a new car will depreciate 60%,I looked at the MSRP of a 2017 Corvette Z51 and it was $65,000 new so if it's true about the 60% rule why has this car only dropped 10% it should be about $27,000 at a 60% depreciation.
Popular Reply
Mar 7, 2023, 07:55 AM
Burning Brakes
Joined: Aug 2018
Posts: 1,043
Likes: 329
1. Dave Ramsey is not an authority on car values.
2. Depends on the car. Many cars do depreciate rapidly, some less so. Want to buy a Chevy sedan at a deep discount, buy used with 10k miles. Want to get the same discount with a Honda? Won’t happen. Depreciation is a given but the rate depends on many factors other than time.
2. Depends on the car. Many cars do depreciate rapidly, some less so. Want to buy a Chevy sedan at a deep discount, buy used with 10k miles. Want to get the same discount with a Honda? Won’t happen. Depreciation is a given but the rate depends on many factors other than time.
Burning Brakes
Joined: Aug 2018
Posts: 1,043
Likes: 329
1. Dave Ramsey is not an authority on car values.
2. Depends on the car. Many cars do depreciate rapidly, some less so. Want to buy a Chevy sedan at a deep discount, buy used with 10k miles. Want to get the same discount with a Honda? Won’t happen. Depreciation is a given but the rate depends on many factors other than time.
2. Depends on the car. Many cars do depreciate rapidly, some less so. Want to buy a Chevy sedan at a deep discount, buy used with 10k miles. Want to get the same discount with a Honda? Won’t happen. Depreciation is a given but the rate depends on many factors other than time.
Burning Brakes
Joined: Mar 2022
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From: Hershey, PA
2025 C7 of the Year Finalist - Modified
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It really depends on what options the car has and how many miles it has as well. I've never seen a 2017 Stingray for any less than low $40's. Some dealers are still trying to sneak in Covid prices. In general, sports cars are going to depreciate slower than your average production car.
Drifting
Joined: Dec 2019
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From: Blacksburg Va
Lot's of crazy pricing over the last 2 years. I am not sure what to blame it on. We bought a base 19 Stingray 12/26/19 for $46,000 w/ 4000miles on it. Sure glad I got it before the craziness started.
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1. Dave Ramsey is not an authority on car values.
2. Depends on the car. Many cars do depreciate rapidly, some less so. Want to buy a Chevy sedan at a deep discount, buy used with 10k miles. Want to get the same discount with a Honda? Won’t happen. Depreciation is a given but the rate depends on many factors other than time.
2. Depends on the car. Many cars do depreciate rapidly, some less so. Want to buy a Chevy sedan at a deep discount, buy used with 10k miles. Want to get the same discount with a Honda? Won’t happen. Depreciation is a given but the rate depends on many factors other than time.
Burning Brakes
Joined: Oct 2004
Posts: 1,073
Likes: 569
From: Bowmanville, Ontario, Canada
I was looking at a 6 year old Corvette Z51 and the dealer wanted $60,000 for it,Dave Ramsey says after 5 years a new car will depreciate 60%,I looked at the MSRP of a 2017 Corvette Z51 and it was $65,000 new so if it's true about the 60% rule why has this car only dropped 10% it should be about $27,000 at a 60% depreciation.
Drifting
Joined: Jul 2019
Posts: 1,627
Likes: 793
From: Silicon Valley
Dave Ramsey has a good nugget of advice here and there. But there are certain things where he is an overly conservative idiot. I’m sure he’s said it sometime in the past, but in his eyes something like a Corvette is considered a highly irrational and frivolous vehicle purchase compared to a gently used Camry. And you should never buy something like that till you’re at least $1M+ liquid. At least. Maybe more.
I’d hazard a guess that something like 3/4 on the members here didn’t wait till they had seven figures in the bank before buying a Corvette.
I’d hazard a guess that something like 3/4 on the members here didn’t wait till they had seven figures in the bank before buying a Corvette.
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Racer
Joined: Oct 2022
Posts: 436
Likes: 227
From: San Diego
Corvettes depreciate about 22 percent after five years on average. Surprisingly Camaros depreciate even slower at 20 percent over five years.
Just because some dime a dozen cars depreciate 60 percent over five years (which is like worst case scenario) doesn't speak for all cars.
Just because some dime a dozen cars depreciate 60 percent over five years (which is like worst case scenario) doesn't speak for all cars.
Racer
Joined: Oct 2022
Posts: 436
Likes: 227
From: San Diego
Dave Ramsey has a good nugget of advice here and there. But there are certain things where he is an overly conservative idiot. I’m sure he’s said it sometime in the past, but in his eyes something like a Corvette is considered a highly irrational and frivolous vehicle purchase compared to a gently used Camry. And you should never buy something like that till you’re at least $1M+ liquid. At least. Maybe more.
I’d hazard a guess that something like 3/4 on the members here didn’t wait till they had seven figures in the bank before buying a Corvette.
I’d hazard a guess that something like 3/4 on the members here didn’t wait till they had seven figures in the bank before buying a Corvette.
Everyone's situation is different. If you are just buying a Corvette as a weekend toy and raising kids, sure, probably smart to have quite a bit of liquid. But if you're like me daily driving it and don't have (and won't have kids) spending $55k on used Corvette isn't a big deal.
Burning Brakes
Joined: Aug 2018
Posts: 1,043
Likes: 329
Corvettes depreciate about 22 percent after five years on average. Surprisingly Camaros depreciate even slower at 20 percent over five years.
Just because some dime a dozen cars depreciate 60 percent over five years (which is like worst case scenario) doesn't speak for all cars.
Just because some dime a dozen cars depreciate 60 percent over five years (which is like worst case scenario) doesn't speak for all cars.
Burning Brakes
Joined: Nov 2022
Posts: 910
Likes: 430
From: MN
I was looking at a 6 year old Corvette Z51 and the dealer wanted $60,000 for it,Dave Ramsey says after 5 years a new car will depreciate 60%,I looked at the MSRP of a 2017 Corvette Z51 and it was $65,000 new so if it's true about the 60% rule why has this car only dropped 10% it should be about $27,000 at a 60% depreciation.
Race Director
Joined: Mar 2001
Posts: 19,948
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From: Bonneville Salt Flats
There are too many variables for such all-encompassing statements, no matter by whom. If not mentioned already above, time and place of sales are a couple of these many variables. Simple, if you don't want to pay what is asked for the Vette (or anything else), look elsewhere. There are few one-of-a-kind so addressed here.
Thread Starter
Racer
Joined: Oct 2012
Posts: 335
Likes: 7
Here is my C6 I bought in 2012,it was 7 years old and in great shape with 18,000 miles,Z51 with 2 tops..MSRP on this car was $52300(I have the window sticker) the guy was asking $24,000 I got it for $22,500 that's about a 60% depreciation in 7 years,I sold this car about 6 years ago and haven't been in the market for another until now and was wondering why prices are so ridiculous today had nothing to do with "trolling" you can't even ask a question on these forums anymore without getting attacked by some.
Racer
Joined: Aug 2022
Posts: 411
Likes: 266
From: Northern Va
Apologies
I sincerely hope my comment was not truly deemed an attack, if it was, I apologize. That said, I was simply announcing my exit. I own a C7, and I’m very happy that I do. I bought at todays prices, and have no regrets. Best of luck to you!
Tech Contributor
Joined: Oct 1999
Posts: 41,037
Likes: 9,801
From: Charlotte, NC (formerly Endicott, NY)
Here's something else to consider. By the time 2017 rolled around new Corvettes were being discounted a fair amount. Figure the car probably sold for about 13% below MSRP back then. I purchased my 2015 Z06 3LZ/Z07 M7 which was built during the last month of 2015 production for about 13% off.
Bill
Bill
