HELP! Thinking of selling your current car so you can finance your new ME Corvette?
05-22-2018, 03:11 PM
#1
Instructor
Thread Starter
HELP! Thinking of selling your current car so you can finance your new ME Corvette?
Hi Corvette Enthusiasts,
I have a 2016 front-engine sports car. Before this car, I had an Acura NSX which I also bought used. My taste is that I prefer the handling and especially the look of a mid-engine car. I am willing to spend up to $100,000 for a nice mid-engined sports car.
The problem is that none of us really know how the new Corvette will look or perform yet. I am not so worried about the performance as anywhere near 500 hp is good by me but I am concerned about what it may look like. If it looks anywhere as good as a 458/488 Ferrari or Huracan, I will know I will want it.
I am high on a c8 dealer waiting list with a deposit down but I will need to sell my current sports car soon since I will need the proceeds to finance the new C8. I advertised my sports car and right now I have a offer in hand for it. This means I will lose a good chunk from the original purchase price of my car even though it still looks and runs like new, ouch!
I know some of you are in a similar situation as me. If so, what have you decided to do and why? Sell current sports car for the unseen c8? Or keep the current sports car and try to be happy with it because of all the c8 unknowns and the huge hit that we all take when we sell our current cars? Wait until the c8 reveal but in the meantime the value of your trade-in goes down with each passing month? Other options?
Your thoughts appreciated!
Luc
I have a 2016 front-engine sports car. Before this car, I had an Acura NSX which I also bought used. My taste is that I prefer the handling and especially the look of a mid-engine car. I am willing to spend up to $100,000 for a nice mid-engined sports car.
The problem is that none of us really know how the new Corvette will look or perform yet. I am not so worried about the performance as anywhere near 500 hp is good by me but I am concerned about what it may look like. If it looks anywhere as good as a 458/488 Ferrari or Huracan, I will know I will want it.
I am high on a c8 dealer waiting list with a deposit down but I will need to sell my current sports car soon since I will need the proceeds to finance the new C8. I advertised my sports car and right now I have a offer in hand for it. This means I will lose a good chunk from the original purchase price of my car even though it still looks and runs like new, ouch!
I know some of you are in a similar situation as me. If so, what have you decided to do and why? Sell current sports car for the unseen c8? Or keep the current sports car and try to be happy with it because of all the c8 unknowns and the huge hit that we all take when we sell our current cars? Wait until the c8 reveal but in the meantime the value of your trade-in goes down with each passing month? Other options?
Your thoughts appreciated!
Luc
Last edited by lucative; 05-23-2018 at 04:52 AM.
05-22-2018, 04:39 PM
#3
Race Director
05-22-2018, 05:13 PM
#4
Why wait a year or two and be without a cool car now Just to save a few bucks? Not worth parting with your current car esp since you may hate the new ME. Wait until you can see and drive one, then make your mind up. There are so many unknowns at this point that I am going to wait. Heck I am still holding on to my SC stingray trying to decide if I want to upgrade to a Z06 or just wait it out to see what the ME looks like. Decisions... What is your current car you are thinking of selling?
05-22-2018, 05:28 PM
#5
What you said makes no sense to me. You can't make a decision to sell your car based on depreciation over time. If that's what people did, then you would never own a car because you would be worried about it.
What you COULD DO is sell your current car, lease one in the meantime and then make the decision to either buy the lease or drop it once you see the mid engine vette. That would be the best plan IMO if you are so worried about depreciation.
What you COULD DO is sell your current car, lease one in the meantime and then make the decision to either buy the lease or drop it once you see the mid engine vette. That would be the best plan IMO if you are so worried about depreciation.
05-22-2018, 08:14 PM
#6
Race Director
Just keep your present car and wait a year or two for the c8to offer a few points off msrp...
Every car depreciates.....traditionally 50 percent in three years...closer to five years if you sell the vehicle privately..
Every car depreciates.....traditionally 50 percent in three years...closer to five years if you sell the vehicle privately..
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I-SPEEED (09-17-2018)
05-23-2018, 01:50 AM
#7
16 Vettes and counting…..
No way I'll give up my current C7. Mid-engine will be an addition.....but I need a bigger garage. I would not, however buy a first year car, meaning a second year car is at least 2.5 years away. If I did need to sell my current car to afford the new one, no way I would be without a sports car for 2.5 years.
Last edited by VETTE-NV; 05-23-2018 at 01:50 PM.
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JerriVette (05-23-2018)
05-23-2018, 04:11 AM
#8
Race Director
Maybe the original poster has a jaguar f type...they often give their owners a workout with reliability issues and they depreciate really badly.
I don’t believe based off the original posters initial post that he actually owns a c7...
I don’t know of what other front engine approximately 500 hp sports car exists.
I was looking at the Land Rover jaguar lineup in person this past week for a cuv for the wife and that jaguar f type is a pretty car. I drove it and while nice it’s more like a luxury sedan wrapped in sexy two seat sheet metal than a real sports car.
I could if the reports from other corvette owners who picked up a f type are true with regards to reliability (annoying little issues) understand why he wants out sooner rather than later...
The f type is a stunning and attractive design...just not really offering a sports car driving experience...much more akin to a sports sedan from behind the wheels...also the depreciation on the f type is staggering or at least it can be from my quick search on the subject.
If it’s another or different front engine sports car well than my suggestion stands...depreciation usually rolls in at 30 to 50percent on any vehicle actually driven....over a 3 to 5 year period depending on whether it’s sold privately or traded in...
Exceptions are usually those garage queens that almost never get driven...but what’s the sense of that ...
For those c7 owners that are keeping their corvette and buying a c8 in addition to ...my hat s off to you...
Garage Space would be at a premium for sure.
I don’t believe based off the original posters initial post that he actually owns a c7...
I don’t know of what other front engine approximately 500 hp sports car exists.
I was looking at the Land Rover jaguar lineup in person this past week for a cuv for the wife and that jaguar f type is a pretty car. I drove it and while nice it’s more like a luxury sedan wrapped in sexy two seat sheet metal than a real sports car.
I could if the reports from other corvette owners who picked up a f type are true with regards to reliability (annoying little issues) understand why he wants out sooner rather than later...
The f type is a stunning and attractive design...just not really offering a sports car driving experience...much more akin to a sports sedan from behind the wheels...also the depreciation on the f type is staggering or at least it can be from my quick search on the subject.
If it’s another or different front engine sports car well than my suggestion stands...depreciation usually rolls in at 30 to 50percent on any vehicle actually driven....over a 3 to 5 year period depending on whether it’s sold privately or traded in...
Exceptions are usually those garage queens that almost never get driven...but what’s the sense of that ...
For those c7 owners that are keeping their corvette and buying a c8 in addition to ...my hat s off to you...
Garage Space would be at a premium for sure.
Last edited by JerriVette; 05-23-2018 at 04:12 AM.
05-23-2018, 04:24 AM
#9
Do you like your current car?
If so, keep it and wait to see what the Vette is like. GM does not typically build cars in order to sell only a few, so you should have ample opportunity to get the Vette once you learn more about it. No need to rush into anything, especially since it is quite some time away from being released.
If you don't really like your current car, then getting rid of it now might make sense.
-T
If so, keep it and wait to see what the Vette is like. GM does not typically build cars in order to sell only a few, so you should have ample opportunity to get the Vette once you learn more about it. No need to rush into anything, especially since it is quite some time away from being released.
If you don't really like your current car, then getting rid of it now might make sense.
-T
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JerriVette (05-23-2018)
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JerriVette (05-23-2018)
05-23-2018, 05:56 AM
#11
Le Mans Master
Get out of your head OP!
You are planning on taking a significant depreciation hit now, and being sports car less for at least 18 months, all for a vehicle you know very little about except that as an early adopter you will surely overpay for it.
The phrase 'more money than brains' comes to mind.
Relax, enjoy your current ride since you've already taken the hit, and wait to see what develops.
~ take care
You are planning on taking a significant depreciation hit now, and being sports car less for at least 18 months, all for a vehicle you know very little about except that as an early adopter you will surely overpay for it.
The phrase 'more money than brains' comes to mind.
Relax, enjoy your current ride since you've already taken the hit, and wait to see what develops.
~ take care
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JerriVette (05-23-2018)
05-23-2018, 08:40 AM
#12
Race Director
Demand of the c8upfront will far outstrip supply...
I wouldn’t recommend selling your present sports car now unless the loss per month equaled what a lease of such a vehicle would have cost you....
As an example if it would have cost you $1000 a month no money down and you owned the vehicle for 18 months...then the cost of ownership selling now would be 18k dollars...anything more is your extra loss....anything less is your minimal savings..
That’s really the whole big deal....(sarcasm with all due respect)
The upfront heavy cost of depreciation means most of your loss has already occurred and the high demand for the c8 leads me to believe there will an extended period without sports car to enjoy.
Keep your ride would make most sense and calculate your future loss from this point forward...you ll see the extra loss in depreciation from this point forward to the future final date when you can actually take delivery of the c8 will be quite acceptable and non offensive.
Hope this helps.
I wouldn’t recommend selling your present sports car now unless the loss per month equaled what a lease of such a vehicle would have cost you....
As an example if it would have cost you $1000 a month no money down and you owned the vehicle for 18 months...then the cost of ownership selling now would be 18k dollars...anything more is your extra loss....anything less is your minimal savings..
That’s really the whole big deal....(sarcasm with all due respect)
The upfront heavy cost of depreciation means most of your loss has already occurred and the high demand for the c8 leads me to believe there will an extended period without sports car to enjoy.
Keep your ride would make most sense and calculate your future loss from this point forward...you ll see the extra loss in depreciation from this point forward to the future final date when you can actually take delivery of the c8 will be quite acceptable and non offensive.
Hope this helps.
05-23-2018, 10:45 AM
#13
Tech Contributor
Member Since: Oct 1999
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The problem with planning to be the first to have a C8 is how much premium the dealer puts on the car above the MSRP. Usually that premium falls by the way side 6 months to a year after the introduction of a new model. Is your dealer going to sell you the car at MSRP or are they going to call you and say the price is MSRP +$20K? I wouldn't recommend getting rid of your current car until after you see what the C8 looks like and you also see what kind of prices are being charged. I don't expect the C8 to be all that much higher price than the C7. Just the normal increase you would see year to year plus maybe a few bucks for a new model. However, there are many times when a manufacturer is able to contain development and manufacturing costs of new products due to improved technology and is thus able to keep price increases down.
From a general standpoint it shouldn't cost much more if any to produce a rear mid engine car as it does a front mid engine car. The only thing that happens is movement of the engine to the rear and the occupants toward the front.
Bill
From a general standpoint it shouldn't cost much more if any to produce a rear mid engine car as it does a front mid engine car. The only thing that happens is movement of the engine to the rear and the occupants toward the front.
Bill
05-23-2018, 10:48 AM
#14
Race Director
I just buy mine 5 years old (garage queen) and pay half of MSRP. Problem is, you have to be willing to wait. My next target is a C7 ZR1 convertible. Until then, I will have to be entertained by my 427 Convertible. I don't always have to have the latest things. Having the latest is way more expensive.
Life is good.
Life is good.
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Rapid Fred (05-23-2018)
05-23-2018, 12:17 PM
#15
Safety Car
The problem with planning to be the first to have a C8 is how much premium the dealer puts on the car above the MSRP. Usually that premium falls by the way side 6 months to a year after the introduction of a new model. Is your dealer going to sell you the car at MSRP or are they going to call you and say the price is MSRP +$20K? I wouldn't recommend getting rid of your current car until after you see what the C8 looks like and you also see what kind of prices are being charged. I don't expect the C8 to be all that much higher price than the C7. Bill
As for paying over MSRP, top forum dealers never did that (even day one), on the C7, nor on the Z06, nor the GS, nor on the ZR1. They will charge sticker on day 1 for the ME.
As to those who come late to the party and have to have one, or those who go to small dealers who only get a few annually, they will face the “market adjustment” crap.
It is up to us buyers to plan ahead, choose a dealer that has zero history of charging over MSRP, and get onto their lists asap if one has not done so already.
Conseqeuntly, been on Mike Furman’s ME list since Feb., 1, 2015.
05-23-2018, 12:20 PM
#16
Race Director
First, I have no idea as to your financial situation so expecting good advice is fairly unreasonable.
That stated, I bought my C7Z for $112k and sold it two years later for $65k and put about 20k miles on it. . . Smiles per dollar, it was worth every penny.
At this point, I have no idea what your 'front engine sports car" is. It's a 2016 though, the biggest hit to the value at this point is when it get's over 10 years old (most lending institutions won't finance something older than that.) Keep it for another year, see if you like the look/cost of the C8, then make a more informed decision.
That stated, I bought my C7Z for $112k and sold it two years later for $65k and put about 20k miles on it. . . Smiles per dollar, it was worth every penny.
At this point, I have no idea what your 'front engine sports car" is. It's a 2016 though, the biggest hit to the value at this point is when it get's over 10 years old (most lending institutions won't finance something older than that.) Keep it for another year, see if you like the look/cost of the C8, then make a more informed decision.
05-23-2018, 12:21 PM
#17
Race Director
I totally agree with you Bill that the ME will not be much more than say an entry GS.
As for paying over MSRP, top forum dealers never did that (even day one), on the C7, nor on the Z06, nor the GS, nor on the ZR1. They will charge sticker on day 1 for the ME.
As to those who come late to the party and have to have one, or those who go to small dealers who only get a few annually, they will face the “market adjustment” crap.
It is up to us buyers to plan ahead, choose a dealer that has zero history of charging over MSRP, and get onto their lists asap if one has not done so already.
Conseqeuntly, been on Mike Furman’s ME list since Feb., 1, 2015.
As for paying over MSRP, top forum dealers never did that (even day one), on the C7, nor on the Z06, nor the GS, nor on the ZR1. They will charge sticker on day 1 for the ME.
As to those who come late to the party and have to have one, or those who go to small dealers who only get a few annually, they will face the “market adjustment” crap.
It is up to us buyers to plan ahead, choose a dealer that has zero history of charging over MSRP, and get onto their lists asap if one has not done so already.
Conseqeuntly, been on Mike Furman’s ME list since Feb., 1, 2015.
05-23-2018, 12:51 PM
#18
Team Owner
Maybe the original poster has a jaguar f type...they often give their owners a workout with reliability issues and they depreciate really badly.
I don’t believe based off the original posters initial post that he actually owns a c7...
I don’t know of what other front engine approximately 500 hp sports car exists.
I was looking at the Land Rover jaguar lineup in person this past week for a cuv for the wife and that jaguar f type is a pretty car. I drove it and while nice it’s more like a luxury sedan wrapped in sexy two seat sheet metal than a real sports car.
I could if the reports from other corvette owners who picked up a f type are true with regards to reliability (annoying little issues) understand why he wants out sooner rather than later...
The f type is a stunning and attractive design...just not really offering a sports car driving experience...much more akin to a sports sedan from behind the wheels...also the depreciation on the f type is staggering or at least it can be from my quick search on the subject.
If it’s another or different front engine sports car well than my suggestion stands...depreciation usually rolls in at 30 to 50percent on any vehicle actually driven....over a 3 to 5 year period depending on whether it’s sold privately or traded in...
Exceptions are usually those garage queens that almost never get driven...but what’s the sense of that ...
For those c7 owners that are keeping their corvette and buying a c8 in addition to ...my hat s off to you...
Garage Space would be at a premium for sure.
I don’t believe based off the original posters initial post that he actually owns a c7...
I don’t know of what other front engine approximately 500 hp sports car exists.
I was looking at the Land Rover jaguar lineup in person this past week for a cuv for the wife and that jaguar f type is a pretty car. I drove it and while nice it’s more like a luxury sedan wrapped in sexy two seat sheet metal than a real sports car.
I could if the reports from other corvette owners who picked up a f type are true with regards to reliability (annoying little issues) understand why he wants out sooner rather than later...
The f type is a stunning and attractive design...just not really offering a sports car driving experience...much more akin to a sports sedan from behind the wheels...also the depreciation on the f type is staggering or at least it can be from my quick search on the subject.
If it’s another or different front engine sports car well than my suggestion stands...depreciation usually rolls in at 30 to 50percent on any vehicle actually driven....over a 3 to 5 year period depending on whether it’s sold privately or traded in...
Exceptions are usually those garage queens that almost never get driven...but what’s the sense of that ...
For those c7 owners that are keeping their corvette and buying a c8 in addition to ...my hat s off to you...
Garage Space would be at a premium for sure.
Starting with the AMG GT that has four models with 469 HP, 515 HP. 550 HP, and topping off with 577 HP.
Then there is Ferrari with four models of front engine sports cars(but with more than a measly 500 HP). Starting out with 592 HP, then 601 HP, then 680 HP and topping off with 789 HP.
Compared to the Corvette with three models starting off with 460 HP, then 650 HP and topping off with 755 HP.
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JerriVette (05-23-2018)
05-23-2018, 01:54 PM
#19
16 Vettes and counting…..
Maybe the original poster has a jaguar f type...they often give their owners a workout with reliability issues and they depreciate really badly.
I don’t believe based off the original posters initial post that he actually owns a c7...
I don’t know of what other front engine approximately 500 hp sports car exists.
I was looking at the Land Rover jaguar lineup in person this past week for a cuv for the wife and that jaguar f type is a pretty car. I drove it and while nice it’s more like a luxury sedan wrapped in sexy two seat sheet metal than a real sports car.
I could if the reports from other corvette owners who picked up a f type are true with regards to reliability (annoying little issues) understand why he wants out sooner rather than later...
The f type is a stunning and attractive design...just not really offering a sports car driving experience...much more akin to a sports sedan from behind the wheels...also the depreciation on the f type is staggering or at least it can be from my quick search on the subject.
If it’s another or different front engine sports car well than my suggestion stands...depreciation usually rolls in at 30 to 50percent on any vehicle actually driven....over a 3 to 5 year period depending on whether it’s sold privately or traded in...
Exceptions are usually those garage queens that almost never get driven...but what’s the sense of that ...
For those c7 owners that are keeping their corvette and buying a c8 in addition to ...my hat s off to you...
Garage Space would be at a premium for sure.
I don’t believe based off the original posters initial post that he actually owns a c7...
I don’t know of what other front engine approximately 500 hp sports car exists.
I was looking at the Land Rover jaguar lineup in person this past week for a cuv for the wife and that jaguar f type is a pretty car. I drove it and while nice it’s more like a luxury sedan wrapped in sexy two seat sheet metal than a real sports car.
I could if the reports from other corvette owners who picked up a f type are true with regards to reliability (annoying little issues) understand why he wants out sooner rather than later...
The f type is a stunning and attractive design...just not really offering a sports car driving experience...much more akin to a sports sedan from behind the wheels...also the depreciation on the f type is staggering or at least it can be from my quick search on the subject.
If it’s another or different front engine sports car well than my suggestion stands...depreciation usually rolls in at 30 to 50percent on any vehicle actually driven....over a 3 to 5 year period depending on whether it’s sold privately or traded in...
Exceptions are usually those garage queens that almost never get driven...but what’s the sense of that ...
For those c7 owners that are keeping their corvette and buying a c8 in addition to ...my hat s off to you...
Garage Space would be at a premium for sure.
The real issue is trying to convince my wife that her nice car has to stay outside while my two Vettes occupy the garage. That's not gonna fly.
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JerriVette (05-23-2018)
05-23-2018, 02:07 PM
#20
No way I'll give up my current C7. Mid-engine will be an addition.....but I need a bigger garage. I would not, however buy a first year car, meaning a second year car is at least 2.5 years away. If I did need to sell my current car to afford the new one, no way I would be without a sports car for 2.5 years.
You're right. In fact, I would likely wait until the 3 or 4th year or so before looking into buying one. That's about 4.5 yrs away for me
The ME will be a new platform for GM so I would be a bit more careful and let them work out most of their kinks first. At the same time, prices are going to come down a lot by then. I think this ME model will at least be an 8 year generation with maybe a facelift in mid cycle so I'm in no rush to get in right away.
Besides, there are still many details that we need before deciding if we even want the car. The C7 still looks very modern to me and its kind of like the F430 in a way that it'll stand the test of time so I'm in no rush.