I was looking at possibly trading my 2019 C7 Z51 LS2 which is really clean with 35,000 miles for a 2021 C8 Z51 LS2 clean with 20,000 or less miles. I was amazed at how the prices has dropped this month. Here in Texas several dealers are only offering me between $37,000 to 42,000 in trade for my C7. Expect in January another $2-2,500 drop.

 

Wow! 37,000 for that C8... Must be a mistake.

 

I've been saying for months that C7 values have fallen off a cliff. Everyone just laughed and said I was crazy.

 

I believe it is $37K for his C7 if he trades it in on the C8. If he could get a good used C8 for $37K, he should jump on it.

 

Yeah, because they want to turn around and sell it for a profit, say $50k. What a dealer will offer never represents the actual worth.

 

you can usually sell private party for the top of trade if it's a clean car. seems like you would be better off advertising 45k and taking at least 42k then shop for the c8 you want rather than have to haggle between both finding the c8 you want AND a dealer that won't lowball. i think one reason c7 prices seem like they are trending down so quickly is just because they were so elevated during the pandemic. now that more c8's are being sold back of msrp it puts pressure all the way down the line.

 

Sell it yourself. Don't trade.

 

This guy's "laughing....":

Guy on FS trying for months to get $50K for a 2017 Stingray with 30K miles in it.

 

Not C7 Z06 VERT prices with low mileage.

 

The way C8 prices have dropped, I don't see how C7 prices can keep from dropping. It does seem like very low mileage C7's are still pretty high. Just my opinion.

 

It is also seasonal. Cold weather season is a bad time to sell a Vette.

 

Retail is usually more than Private Party AFAIK. Like I always say "Soon as the money is mine, as long as the car you bought doesn't blow up on my driveway, it's good. If it does, I will push it onto the street.". I have had a dealer fix a fuel leak to the tune of several hundred dollars back in the 2000s and that was what the parts cost. You don't think you are coming back to me with issues after the sale and I will entertain you, do you? Dealer has to sell it but before then, they paid you the money so you are done. Their journey has just began. They have to get it up to spec and make sure nothing can come back at them. You don't. They have to deal with the tire kickers and joy riders who want to play but don't wanna pay. Selling a car isn't like putting money into a vending machine. I have had to make appointments with people who forgot to show, agree to a number and then lowball you and "I know we agreed to $5000 but would you be willing to take $4000 today and I promise to pay you when I sell my other car?". My personal favorite was a girl who asked if I would lower the price for a night I wouldn't forget. Well, that might be great if you were good looking but I wouldn't do her for free.

Another thing is that around here, there is a tax perk for trade in.

I honestly don't understand why people complain about the trade in-lowball thing. Every time I do that, they usually ask me what I am hoping to get out of my trade whether it is a gun or a car or whatever that can be traded in. My answer is the same. I don't care if you give me $1. We will argue on what the bottom line is.

 

I have been trying to think of when used car prices don't fall, year over year. UH,,, maybe never!

 

When you are trading it in you benefit from the convenience of unloading your car on the dealer. The dealer needs to make a profit so they are paying you less than the retail market value of your car. Sell it privately (that's the hassle factor) and get thousands more for your sale. Puts you closer to the price of the C8.

 

You also lose the tax benefit which isn't much for a $2000 car. It is on a $50K car according to THIS. As I said, buying retail, I expect to pay more since you can give me a car with bad brakes and balding or cracked tires. They cannot.

 

yup, asking and getting are two different things.

 

That is why I look at eBay for some guidance. I look for the SOLD price and not what they are asking. Many people like to point out the starting prices on the auction as a guide. I think the more important thing is what it sold for. Sometimes the seller is as high as his price.

 

Correct but the increased money I get for selling privately MORE than makes up for the difference between the reduced taxes trading-in versus taxes on a full purchase price. Over many years and various vehicles the dealer quotes I get for trade in value around here is insulting and laughable. Others may have had different experiences but that's been my experience.
Cheers!

 

I never disagreed with you that you get more. The point is that your "more" is reduced by the tax break. Now, whether it is worth the aggravation with the reduced amount, only the seller can say. As to trade in value, why do you I care? I only need to know what the sum I am financing is after I take the new car and give you the old car. That is all the bank cares about and that is what I care about besides the early payoff clause. If there is no clause, I pay it off tomorrow and I am done with you.

 

i would imagine it's probably the split. the dealer may offer 42k for that car which would be a good private party deal, BUT you're paying msrp for the c8. they can offer you 37k and give you a discount. same same. depending on your state i certainly see the tax angle and the haggle angle. when you sell cars at good deals though. the haggling is greatly reduced. like the example in this thread. if that was listed at 42k no offers, no haggling, dealer offered this i want the $$ so i can negotiate my own deal. someone would likely show up within days / weeks with that amount. if someone even attempts to make offers saying something along the lines of "at this price if you don't buy it, how long do you think it will be until the next guy comes around?" it's when you start asking 45, 46, 47, 48 etc the closer it gets to retail the more people tire kick and haggle. getting cash and going for one of the forum vendors selling c8's 7-10% off msrp AND getting low 40s which i think would be easy out of a 2019 z51 with only 30k isn't a bad setup...well....provided the tax numbers don't drastically affect doing such vs trade in. there's no sales tax where i am so i have absolutely no experience with the finer points of reducing that burden