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To each its own. Good for them if they can get that much money. It is not gouging because there is another alternative that is waiting 12 months to get a new one at MSRP.
That said, buying a new Corvette is stupid.... you'll get killed on depreciation....
Let’s see what it cost me to own my 2014 C7 Z51.
* Paid $62K in March 2014 (MSRP was $69K)
* Drove it for 6 years and 8 months
* Sold for $38K in NOV 2020
* Cost to own over 6.67 years was $24K, or $3,598/year, or $299/month
$299/month didn’t kill me, and I still don’t feel stupid.
Paying over MSRP for a C8 will cost you big in the long run.... once the market adjusts, you'll be on the same depreciation curve as anybody else, except you'll already be $10K+ in the hole....
That said, buying a new Corvette is stupid.... you'll get killed on depreciation..
couldn't disagree more. I am buying a new Corvette, at MSRP, that will be NCM delivered in late June. I am never going to sell that car, so why do I care about depreciation? I have a C5 Z06 that I bought new 17 years ago off the showroom floor. It's not going anywhere either......I don't think, in my case, buying a new Corvette is stupid at all.
Yea sold a 2015 1LT 23k miles with accident on it for 41k cash yesterday. I think a year ago, id be lucky to get 35k
You did good. I sold my pristine 2014 2LT Vert with 34,000 miles about a month ago for $40,000.00 and thought I had won the lottery...I now estimate that I probably let it go for $2,000.00 less than it was worth, but the new owner is a great guy and I figure everybody won...
I paid MSRP and I personally don't understand many peoples disgust with these cars selling at inflated prices. Thats the basis of free trade and supply and demand. I own a business, and the basics are...sell it for what a ready, willing and able buyer will pay. Lumberyards are charging massive increases due to low supply and high demand...enclosed trailers are selling for 3k more than cost to build due to material shortages, the list goes on...thats how America operates, soon demand will drop, and supply will increase, and prices will drop to match demand.
I bought a 2017 BMW X5 for 65k and sold it last year with 30k miles for $26k. I lost 40k on a boring X5.
Why is it so crazy for someone to pay 10-20k over for a bad *** car that turns heads...and avoid a 1+ year wait to get it now when every BMW and Mercedes owner loses more than that on every car they buy? The Vette c8 owner still won't lose as much on the Vette as the average import owner even with the Over-MSRP premium and THATS WHY THEY PAY IT. It still makes sense in the grand scheme of things. And P.S. I wouldn't sell my car at MSRP either right now...Cause I could get more, Id be stupid to. That would be like if I owned a 65 mustang in mint condition and went to sell it, and people expected me to sell it for what the MSRP WAS, It doesn't really matter what it was, the car is worth much more because the market will pay more.
I'm fully aware of the concept of supply & demand. But there are plenty of people out there who bought a C8 and have zero intention to actually own it and drive it. You can clearly see who they are based on the For Sale listings on this very forum. It's the same "oh something came up and I gotta sell. My loss is your gain..." meanwhile they're asking for $115K on a $82K car that they drove for 1 month. I respect anyone's hustle who can make $15K-20K. Good on them for gaming the market. But they're also taking one away from people who actually wanted the C8 to drive & enjoy and not treat as a quick cash grab. That's where my frustration lies. Is there any actual shortage? Or are there people sitting on the waitlist, waiting for a car to flip? We'll never know. But in the end it's created this insane bubble that has affected C8s AND C7s. Just my take...not trying to start a war on ethics and finances.
Last edited by ajmart85; Apr 22, 2021 at 05:39 PM.
I'm fully aware of the concept of supply & demand. But there are plenty of people out there who bought a C8 and have zero intention to actually own it and drive it. You can clearly see who they are based on the For Sale listings on this very forum. It's the same "oh something came up and I gotta sell. My loss is your gain..." meanwhile they're asking for $115K on a $82K car that they drove for 1 month. I respect anyone's hustle who can make $15K-20K. Good on them for gaming the market. But they're also taking one away from people who actually wanted the C8 to drive & enjoy and not treat as a quick cash grab. That's where my frustration lies. Is there any actual shortage? Or are there people sitting on the waitlist, waiting for a car to flip? We'll never know. But in the end it's created this insane bubble.
Yea sold a 2015 1LT 23k miles with accident on it for 41k cash yesterday. I think a year ago, id be lucky to get 35k
Yep -- just got a firm offer for my 2015 2LT M7 Z51 with 39K miles and a minor bumper dent fix on it for $44.5K! That's $3,300 more than I paid for it 28 months and 18.5K miles ago! Even after taxes, maintenance, insurance claim deductible and a set of new tires I pretty much have driven it for the cost of the gas it consumed if I sell at that price (I plan to). Freakin' unbelievable!
I expect to take delivery of my MSRP (from MM) C8 HTC in October. Given where demand and prices are today I don't expect it to depreciate all that rapidly. First new Vette ever -- and my first new car of any type since 1986! I think I owe it to myself to be "stupid" this time. Adding some rapidly depreciating options, too
I'm fully aware of the concept of supply & demand. But there are plenty of people out there who bought a C8 and have zero intention to actually own it and drive it. You can clearly see who they are based on the For Sale listings on this very forum. It's the same "oh something came up and I gotta sell. My loss is your gain..." meanwhile they're asking for $115K on a $82K car that they drove for 1 month. I respect anyone's hustle who can make $15K-20K. Good on them for gaming the market. But they're also taking one away from people who actually wanted the C8 to drive & enjoy and not treat as a quick cash grab. That's where my frustration lies. Is there any actual shortage? Or are there people sitting on the waitlist, waiting for a car to flip? We'll never know. But in the end it's created this insane bubble that has affected C8s AND C7s. Just my take...not trying to start a war on ethics and finances.
I believe that many of these folks are what I might call "accidental opportunists". What I mean by that is when they initially ordered the car, they had every intention of keeping it and enjoying, at least for a couple of years. However, between the strike, the pandemic and the ripple effect on production, the market just went crazy and they saw an opportunity to make some money. I met a guy that was looking at a truck, he told me that when his father picked up his ZR1, he went ahead an ordered two C8's for his son's (son's paying for them, he just wanted them to get the orders in). Well when the son's car came in, he decided to put it up for sale at $30 over MSRP, just to see if he could get it. Car sold the next day and shipped out. He never got to see the car, much less drive it. He had no intention of this when he ordered it, he just couldn't resist the cash.
It’s extremely unlikely this is all dealer markup. For any of us that currently own a C8, if you had to get rid of it for whatever reason, would you take less than someone else was offering you? If so, why? I imagine whoever’s car it was sold it to the dealer for over what he paid for it, and the dealer is in then selling it for a bit more to cover their costs and make a bit of money. I’ve been offered 10k over MSRP for my car, if I had to sell it there’s no way I’d take any less than I could get. It’s stupid to turn down money.
Last edited by collapsedsilence; Apr 22, 2021 at 10:28 PM.
I’ve sold and bought a bunch of “very nice” cars over the decades, never did I or sellers ever include the cars state taxes and registration as part of the bottom line already inflated price.
I see it all the time with C-8s. Not with Porsches or other high line cars. Asking for what seller paid for seller state taxes; to me that is greed. Not supply and demand - that I get as it is the current market for impulse buyers.
What’s next their insurance and fuel costs...
Last edited by Spitfire Mk1; Apr 22, 2021 at 10:33 PM.
I listed mine for an exorbitant price at Christmas in case someone wanted to give themselves a nice present. No takers so, I reduced it to $110K. Still did not sell. NP really, as I am not that hot to sell it. I had been waiting for the car for 50 years, so I am glad to finally have it. But, there is a price that will pry it from my almost dead hands (as opposed to my guns)!
^^^
It could be worse than that! If you have watched what's happening, IMO we maybe saddled with a very high mpg requirement as was planned to start in 2017 and the average Corvette would have required by law ~40 mpg in 2025. No gas guzzler tax (rich Corvette, Ferrari etc owner's would not be able to just pay money and pollute the World with CO2) a prohibitive fine for the manufacturer. It was stopped with a pen in January 2017. We have a new pen now!
^^^
It could be worse than that! If you have watched what's happening, IMO we maybe saddled with a very high mpg requirement as was planned to start in 2017 and the average Corvette would have required by law ~40 mpg in 2025. No gas guzzler tax (rich Corvette, Ferrari etc owner's would not be able to just pay money and pollute the World with CO2) a prohibitive fine for the manufacturer. It was stopped with a pen in January 2017. We have a new pen now!
excellent point. The C8 Z06 could very well be a nicer looking "race car version" of the Tesla Model S when all is said and done. Yeah it's fast but it's also no fun to drive and quiet as a church mouse.
The C8 Z06 is a pipe dream at this point. And won't arrive at dealerships for at least another 2 years. Life is too short to be on that kind of wait.
According to the "words available", the Z06 is "only" going to have apx 115 more 🏇 coming out of the engine. With a turbo (if GM ever releases the codes), that can be achieved on a 2020 model. Unless I'm unaware of some other features, until the C8 reaches into the 750-850 realm, my 2 pennies is to wait for that or the eventual ZORA and 1,000+. No points for second place!
My point is this should keep the base C8 up there in value as it destroys all other super cars, especially when $ is part of the equation.
excellent point. The C8 Z06 could very well be a nicer looking "race car version" of the Tesla Model S when all is said and done. Yeah it's fast but it's also no fun to drive and quiet as a church mouse.
That will be the C9, IMO- whenever. Mary Barra isn't spending several billion on a battery plant for nothing! She also moved Vette engineers to work on EVs.
The Z06 could get there as the Grand Sport was planned and leaked in November 2019- a hybrid (now called the E-Ray.) When not driving at WOT it will get to ~30 mph with the FWD electric motor. Then the ICE (whatever it is) will start. Now when driving at WOT can use both the ICE and FWD electric motor. EPA, as now, does NOT measure mpg at WOT (or even close.) Just have to accelerate fast enough to achieve their required drive cycle for City and Highway.
That is why they could use "skip shift" in my 2 M7 C7s. Don't get very much acceleration shifting at 1700 pm from 1st to 4th. BUT was enough to met their drive cycle speed requirements. The Z06 could have the FWD electric motor as the E-Ray and meet the EPA ~40 mpg the same. The ICE being used only occasionally, mostly for the Highway cycle.
Note for the Highway cycle rather than use the ICE to accelerate and use gas, you can use the FWD electric motor for all or particle energy. That accelerates using stored battery energy from braking and costing.
" meanwhile they're asking for $115K on a $82K car that they drove for 1 month. I respect anyone's hustle who can make $15K-20K. Good on them for gaming the market. But they're also taking one away from people who actually wanted the C8 to drive & enjoy and not treat as a quick cash grab. That's where my frustration lies. Is there any actual shortage? Or are there people sitting on the waitlist, waiting for a car to flip? We'll never know. But in the end it's created this insane bubble that has affected C8s AND C7s. Just my take...not trying to start a war on ethics and finances.
) is worth going for or just waiting for the better models in 1-2 years.
