Corvette C8 Prices Continue To Tumble…
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Le Mans Master
Joined: Aug 2015
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From: Southwest Florida
Corvette C8 Prices Continue To Tumble…
Great News for Buyers bad for Seller
The host of Four-wheel Trader takes a deep dive on his YouTube channel into all the stats to identify trends in the prices of new and used cars points out in his latest post that prices of the mid-engine Corvette continue to plummet so far in 2024, continuing a trend that began in the summer of 2022. Example, “The depreciation rate for the 2023 Z06 has especially plummeted, he says, noting that prices have dropped 31.6% as premiums above MSRP have evaporated.”
Used Stingray prices have been falling at an annual rate of 12.9%.
The host of Four-wheel Trader takes a deep dive on his YouTube channel into all the stats to identify trends in the prices of new and used cars points out in his latest post that prices of the mid-engine Corvette continue to plummet so far in 2024, continuing a trend that began in the summer of 2022. Example, “The depreciation rate for the 2023 Z06 has especially plummeted, he says, noting that prices have dropped 31.6% as premiums above MSRP have evaporated.”
Used Stingray prices have been falling at an annual rate of 12.9%.
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Le Mans Master
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This is in today's Omaha World-Herald..
2024 Corvette 1LT White, only 900 miles, $65k/offer..
2024 Corvette 1LT White, only 900 miles, $65k/offer..
Le Mans Master
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Last edited by tadda; Jul 21, 2024 at 05:16 PM.
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I'll start believing crap like this when I see ZO6 models on sell for under $90k. Until then, this is all BS.
I'm sure this guy means there's been a 31.6% drop in markup prices! Definitely not from MSRP. That would put the $115k 1LZ model I just test drove at $80k and also in my garage. Flag on the play!
Plummeting is not the word I would use to describe any ZO6 prices.
I'm sure this guy means there's been a 31.6% drop in markup prices! Definitely not from MSRP. That would put the $115k 1LZ model I just test drove at $80k and also in my garage. Flag on the play!
Plummeting is not the word I would use to describe any ZO6 prices.
Race Director
Joined: Aug 1999
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From: Bluffton SC via Canton Oh
I'll start believing crap like this when I see ZO6 models on sell for under $90k. Until then, this is all BS.
I'm sure this guy means there's been a 31.6% drop in markup prices! Definitely not from MSRP. That would put the $115k 1LZ model I just test drove at $80k and also in my garage. Flag on the play!
Plummeting is not the word I would use to describe any ZO6 prices.
I'm sure this guy means there's been a 31.6% drop in markup prices! Definitely not from MSRP. That would put the $115k 1LZ model I just test drove at $80k and also in my garage. Flag on the play!
Plummeting is not the word I would use to describe any ZO6 prices.
A year maybe less then that dealers will be discounting Zs in double digits.
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From: Oro Valley Arizona
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There are the hard core Corvette sellers. They have maximized their new generation allotment over the years Ciocca, MacMulkin et al. And their are the casual sellers who get a handful of cars and are careful to take what they have sold orders. The first group must take 200 cars a month regardless of demand. When the new bloom it off the rose, it doesn't take long for the sales lot to fill up at 2400 cars per year inbound. Once their waiting list is depleted of the early adopter buyer, they still have to move this iron. And price is the only spoon that stirs that pot. The more cautious guys can play a longer pricing game. As they may only be allocated 2-3 cars a month so they can keep MSRP rolling a bit longer. Our local dealer has one Torch Red 2Lt coupe on the lot. Nothing more. So no pressing impetus to hand out big discounts. Patience is a virtue for him. End of the day, every dealer will use price to move product. Just a question of when they start discounting and how much.
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FWIW, I heard through the grapevine that Macmullkin recently had to take 400 cars and they have nowhere to put them. Accurate info? I don't know, but I've known the source since the 80s and he's got no agenda other than he's thinking about buying one and had questions for me.
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Pro
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From: Michigan
With 5-10% off MSRP being available, the used market must correct and I’m surprised it’s been as sticky as it has been. There’s absolutely zero reason a resonable buyer would pay 80% of sticker for a 1 or 2 year old used car. Out of warranty cars will be in the 40’s soon enough.
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From: Houston,TX
With 5-10% off MSRP being available, the used market must correct and I’m surprised it’s been as sticky as it has been. There’s absolutely zero reason a resonable buyer would pay 80% of sticker for a 1 or 2 year old used car. Out of warranty cars will be in the 40’s soon enough.
….
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With 5-10% off MSRP being available, the used market must correct and I’m surprised it’s been as sticky as it has been. There’s absolutely zero reason a resonable buyer would pay 80% of sticker for a 1 or 2 year old used car. Out of warranty cars will be in the 40’s soon enough.
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FWIW, I heard through the grapevine that Macmullkin recently had to take 400 cars and they have nowhere to put them. Accurate info? I don't know, but I've known the source since the 80s and he's got no agenda other than he's thinking about buying one and had questions for me.
Team Owner
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From: South Carolina
No it's plenty relevant imo....because the sold units is a small percentage of what is listed...hence the big back up on the lots...also...It wasn't all that long ago that same search was yielding under 500 cars....
also older used units are sitting because of fear of loosing a 22k tranny without a warranty I'm guessing...
Team Owner
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I agree but I'm not so sure about that last sentence. You can barely find a decent 7th gen car in the mid $40s. They're out there if you search hard, but the cars I would consider are still too close to $50k to be approaching 10 years since production. Maybe if you look at a car well beyond 120,000 miles. I pass by a 5-year old Grand Sport every other day that is selling for $65k! The 7 year old GS models are still listed in mid to high 40s. It's crazy to see....
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Prices are coming down and it was bound to happen when supply met/exceeded demand. Good for buyers - and some sellers may be taking a substantial loss if they paid above MSRP for their car. But they did get to enjoy the car for a longer period of time.