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I sold my 2016 C7 Corvette back in July 2021 in anticipation of taking delivery of my 2022 C8. I sold it for $50,194.00 Carvana offered me $47,000. Had I held onto it the value would have decreased $19,294 (38%)!
There is an aspect of seasonality and interest rates that affects demand as well. Not to mention the cessation of student loan forebearance last year, tax bills are due, and uncertainty in the market.
The market is slowly returning to normal - i.e. where vehicles are expected to depreciate over time.
In many ways it's similar to the real estate market - if you are trading one vehicle (or house) for another then the cash between won't change much, but if you're only buying or selling then market fluctuations can have a huge impact.
Have you looked at the price drop of a 22 C8 from 2 years ago to today since you sold yours for a C8?
I bet it's a bigger drop.
I have and it’s hasn’t drop nearly as far off the peak according to KBB, Truecar and Carvana., averaged a $5,000 drop off it peak. My post focused on the fact it was better to have sold the C7 two years ago and put the large amount of the proceeds on buying the C8 instead on keeping it along with the C8.
Hey Maxie, long time - used to see you in C7 a lot. I just come to check in the C7 forum once in a while now - sold both of our C7s and am waiting for my MM ERay to come up (will be a while). We still have our '68 L71 roadster.
It's funny, I just did the same thing you did on Monday. I looked at the value of our '17 GS now vs what we sold it for 2 years ago, and was surprised at how much it had dropped. (almost as much as our Maserati GS MC ). I've been following C8 pricing a lot too, as I'm wondering if when our allocation comes up at MM (#243 right now) MSRP (or less) may be the norm.
Lots of things in play right now. Regardless of what 'we're told', inflation has had long-term lasting effects, interest rates are high compared to the last several years (although not terribly out of line with several years ago), consumer debt is at all time highs, workforce reductions are increasing, lots of messy stuff happening right now. I'm hoping for a soft landing and not another major recession. We'll see. In the meantime we just need to out-earn the............ Best, Paul
I sold my 2016 C7 Corvette back in July 2021 in anticipation of taking delivery of my 2022 C8. I sold it for $50,194.00 Carvana offered me $47,000. Had I held onto it the value would have decreased $19,294 (38%)!
I considered keeping it too so glad I didn’t!
I have a 2016 Stingray Z51. After reading your post I checked Edmonds today for a price check on my car. It has for $48600 . Also they said Carguru will give me $44300 if I give to them by 3/1/24. I'll keep it. Best time to sell is April or May., if I sell.
What a Difference 2 Years Made!
). I've been following C8 pricing a lot too, as I'm wondering if when our allocation comes up at MM (#243 right now) MSRP (or less) may be the norm.
