New or Used?
11-08-2014, 10:54 PM
#1
Safety Car
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St. Jude Donor '08-'09
New or Used?
Post up your price drop estimate for a 1 year and 12000 mile z06? Debating on new or waiting for a used if the price could drop 15-20k.
2LZ w/stage 2 aero A8
Thanks! Still saving my pennies either way!
-Carl
2LZ w/stage 2 aero A8
Thanks! Still saving my pennies either way!
-Carl
11-08-2014, 11:05 PM
#2
Race Director
My suggestion is to shop a 2014 c7 z51 and see what the percentage drop is on that vehicle.
I haven't followed the c7 resale pricing but since the 2015 s are out this idea could lend insight.
I haven't followed the c7 resale pricing but since the 2015 s are out this idea could lend insight.
11-09-2014, 11:19 PM
#5
Turn 12!
11-10-2014, 02:40 AM
#6
Team Owner
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St. Jude Donor '06
11-10-2014, 06:19 AM
#8
Le Mans Master
Its not going to drop that much brother in one year but buying a used low mileage, well maintained, and not beat on vette, that is 1 to 2 years old, is ALWAYS the most economically feasible thing to do if your looking for the best bang for your buck investment. We all know that the person who buys brand new always takes a BIG depreciation hit as soon as he drives the car off the dealers lot, etc.
11-11-2014, 01:05 AM
#11
Team Owner
11-11-2014, 08:56 AM
#12
I think 10k$ after a year is likely. Imagine for a second that we're in november 2015. The new Z06 2016 are in production. Then you happen to see a 2015 low mileage for sale, how much of a discount would you need to have to take the used one vs the new one?
I know 5k$ would not sway me. I can order it the way I want and get it brand new so 5k$ doesn't cut it. Plus, there may be dealer incentives like low interest rate or some sort of discount.
My guess, 10k$ down the first year and probably 15k$ in two years. That's when I'll try to jump in. One thing is sure, if the new Zora/Zr1 is announced, there will be another hit in resale value and possibly the best time to buy a used Z06. But for the next two years, I'll live my Corvette fantasy through those who don't mind paying sticker price.
I know 5k$ would not sway me. I can order it the way I want and get it brand new so 5k$ doesn't cut it. Plus, there may be dealer incentives like low interest rate or some sort of discount.
My guess, 10k$ down the first year and probably 15k$ in two years. That's when I'll try to jump in. One thing is sure, if the new Zora/Zr1 is announced, there will be another hit in resale value and possibly the best time to buy a used Z06. But for the next two years, I'll live my Corvette fantasy through those who don't mind paying sticker price.
11-11-2014, 12:56 PM
#13
Pro
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Think at least 10k the minute its driven off the lot and maybe more like 15k .
And if you find motivated sellers private you might save 20k. I got my 2008 zo6 in like 2010 with no mile and it had dropped like 30k off the list and got it off dealer. Sold it and lost about 10k over what I paid couple years later so the depreciation does usually slow down after first couple of years which are going to be the heaviest ones.
No one would bother buying used over new if you only were going to save 5k so yeah agree that at least 10k would be necessary for me to buy a used one over new one.
Mileage is also pretty significant on cars like these. If you start daily driving them or really pile on miles expect an even bigger hit on resale and of course also things like accidents are going to really affect the resale price.
I think waiting a couple of years is smart thing to do. My days of buying brand new are pretty much over. But of course it is nice to order a car exactly how you want and know that no one else has fubared it up. People do really stupid things to their cars. Pets, eating /drinking in the car, rings ,etc . Course when you buy a minty new one that first stone chip or scratch hurts even more.
I would say 10 to 15 first year. 10k second and them maybe slow down a bit to maybe 5 to 7500 type of thing. And who knows maybe 20 or 30 years from now they might go for 100 k or more again. Just like the second gens and some other cars like the Ford GT's.
But most cars depreciate and do it hard first few years. Got my 2007 911 turbo last Christmas for like 80k. The car was near 200k new. Car has like 15,000 miles on it.
And if you find motivated sellers private you might save 20k. I got my 2008 zo6 in like 2010 with no mile and it had dropped like 30k off the list and got it off dealer. Sold it and lost about 10k over what I paid couple years later so the depreciation does usually slow down after first couple of years which are going to be the heaviest ones.
No one would bother buying used over new if you only were going to save 5k so yeah agree that at least 10k would be necessary for me to buy a used one over new one.
Mileage is also pretty significant on cars like these. If you start daily driving them or really pile on miles expect an even bigger hit on resale and of course also things like accidents are going to really affect the resale price.
I think waiting a couple of years is smart thing to do. My days of buying brand new are pretty much over. But of course it is nice to order a car exactly how you want and know that no one else has fubared it up. People do really stupid things to their cars. Pets, eating /drinking in the car, rings ,etc . Course when you buy a minty new one that first stone chip or scratch hurts even more.
I would say 10 to 15 first year. 10k second and them maybe slow down a bit to maybe 5 to 7500 type of thing. And who knows maybe 20 or 30 years from now they might go for 100 k or more again. Just like the second gens and some other cars like the Ford GT's.
But most cars depreciate and do it hard first few years. Got my 2007 911 turbo last Christmas for like 80k. The car was near 200k new. Car has like 15,000 miles on it.
11-11-2014, 01:17 PM
#14
Melting Slicks
Anyone's guess what the price drop (or increase) will be for used BUT I'll bet you won't find a single 1yr old C7Z06 for sale with anywhere near 12K miles on it.
Garage queens (88%) will have 1200-1500 miles maybe
Track cars (5%) will have about 3000 miles on them
DD's - won't be for sale.
Garage queens (88%) will have 1200-1500 miles maybe
Track cars (5%) will have about 3000 miles on them
DD's - won't be for sale.
11-11-2014, 01:22 PM
#15
Safety Car
Not a good move buying this used.
You can't option it as you want so you'll end up paying for things the original owner wanted.
Who knows how abused the car is when you get it.
Price will drop little if any.
Financing is more expensive.
You get one less year of coverage for very pricey stuff like mag suspension, forged engine, ELSD.
A base Corvette late into the generation is a good buy. A low volume, high performace corvette very early into the generation is a poor buy.
You can't option it as you want so you'll end up paying for things the original owner wanted.
Who knows how abused the car is when you get it.
Price will drop little if any.
Financing is more expensive.
You get one less year of coverage for very pricey stuff like mag suspension, forged engine, ELSD.
A base Corvette late into the generation is a good buy. A low volume, high performace corvette very early into the generation is a poor buy.
11-11-2014, 02:37 PM
#16
Rass Claat Viper
Not a good move buying this used.
You can't option it as you want so you'll end up paying for things the original owner wanted.
Who knows how abused the car is when you get it.
Price will drop little if any.
Financing is more expensive.
You get one less year of coverage for very pricey stuff like mag suspension, forged engine, ELSD.
A base Corvette late into the generation is a good buy. A low volume, high performace corvette very early into the generation is a poor buy.
You can't option it as you want so you'll end up paying for things the original owner wanted.
Who knows how abused the car is when you get it.
Price will drop little if any.
Financing is more expensive.
You get one less year of coverage for very pricey stuff like mag suspension, forged engine, ELSD.
A base Corvette late into the generation is a good buy. A low volume, high performace corvette very early into the generation is a poor buy.
Buying any used car is a risk, however clearly the benefits far outweigh the negatives, when due diligence is observed.
People seem to think the price will drop quite a bit and I have yet to see why it wouldn't. Never in a million years would I think you could get a low mileage C6 ZR1 for under 60k, but sure enough, I have seem at least one...on this site.
Financing used will limit your options but the upfront savings and overall savings should make that a moot point.
The warranty is cool to have, but you can either buy an extended warranty...or understand that these things are going to break especially if you track them (I expect quite a few Z06's to see some track time...hopefully) Furthermore we live to modify so a lot of the things we insist on doing void many a warranty anyway.
11-11-2014, 02:49 PM
#17
Burning Brakes
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After the first year you'll be able to find new from invoice to MSRP if you shop around. They plan to make a lot of Z06's so I am unsure why people think they'll stick to MSRP for long (people predicted MSRP for the base C7 for 2+ years)
I think it will hold decent value once you lose initial depreciation
I think it will hold decent value once you lose initial depreciation
11-11-2014, 02:56 PM
#18
Safety Car
Say you save $8000 on a 1 year used 3lz. However, you don't care for any of the 3lz option goods. You could have bought a new car, new is something everyone values, instead of having a discounted 3lz car, which not everyone is willing to pay for. That's what I mean by value in optioning it yourself.
Used car financing is more expensive, higher rates, higher risk.
FWIW, nearly all 2015s are already pre-ordered. There are plenty folks with a pre-order for 2016 as well. All of this will hold prices up. We will be mid 2015 before dealers can even hold one in the showroom and probably more before it is showroom at MSRP.
You want to wait a year? Try to buy it with credit union discount new. A one year used Z06 is bad no matter how you look at it.
Used car financing is more expensive, higher rates, higher risk.
FWIW, nearly all 2015s are already pre-ordered. There are plenty folks with a pre-order for 2016 as well. All of this will hold prices up. We will be mid 2015 before dealers can even hold one in the showroom and probably more before it is showroom at MSRP.
You want to wait a year? Try to buy it with credit union discount new. A one year used Z06 is bad no matter how you look at it.
11-11-2014, 02:57 PM
#19
Le Mans Master
Its not going to drop that much brother in one year but buying a used low mileage, well maintained, and not beat on vette, that is 1 to 2 years old, is ALWAYS the most economically feasible thing to do if your looking for the best bang for your buck investment. We all know that the person who buys brand new always takes a BIG depreciation hit as soon as he drives the car off the dealers lot, etc.
, the last brand new corvette I bought was a 2001 Z , I took a beating trading my 98 and a HUGE beating on my 2000, it had 600 miles after 4 months of ownership was a fully loaded six speed Z51, back then I was one of those people who had to have it 1st, I'm not 22 anymore, also have a wholesale licence in Indiana now, so I get these things low mileage at auction.I see 1800 mile ZR1's going low 50's now.
11-11-2014, 06:07 PM
#20
Le Mans Master
, the last brand new corvette I bought was a 2001 Z , I took a beating trading my 98 and a HUGE beating on my 2000, it had 600 miles after 4 months of ownership was a fully loaded six speed Z51, back then I was one of those people who had to have it 1st, I'm not 22 anymore, also have a wholesale licence in Indiana now, so I get these things low mileage at auction.I see 1800 mile ZR1's going low 50's now.
Thanks