C8 price drop?
Le Mans Master
Joined: Jun 2005
Posts: 5,037
Likes: 520
From: Texas
Half of me believes people think that the COVID market was normal and cars are an asset that somehow makes money. When in reality they are an expense that loses value.
Other half of me believes it is some sort of hyperbole/tactic to somehow influence the market. "If people think it will get worse, they will..." and insert silly idea here. Anyone who listens to this likely didn't buy the car for realistic reasons (quick flip, make more money later, trade in for a better car...) and will learn a very expensive life lesson. I wish this was far fetched but people believe the most absurd things after COVID.
Other half of me believes it is some sort of hyperbole/tactic to somehow influence the market. "If people think it will get worse, they will..." and insert silly idea here. Anyone who listens to this likely didn't buy the car for realistic reasons (quick flip, make more money later, trade in for a better car...) and will learn a very expensive life lesson. I wish this was far fetched but people believe the most absurd things after COVID.
Safety Car
Joined: Jun 2002
Posts: 4,763
Likes: 2,513
From: Buckeye, AZ
St. Jude Donor '12-'13
I look at prices now and then and while C8 prices have come down a bit, likewise so have previous generations. I sold my 2019 GS for $500 less than I paid for it 2 years ago to buy my C8 at MSRP. Today I could buy the C8 for $10k less, but likewise my C7 would be worth that much less as well, so net $0. I tell friends, pick your line in the sand when you are ready to buy, then work the best deal you can. Most of us always challenge in our mind what we paid and sometimes that drives you nuts!
Melting Slicks
Joined: Dec 2004
Posts: 3,285
Likes: 52
From: Jacksonville, FL
St. Jude Donor '08 thru '26
I'm a "used" vette guy. Can't afford to buy a new one. I'm not sorry that the normal depreciation rate is coming back to where it has traditionally been on corvettes. Now there will always be exceptions to the depreciation rule, like ZR1's, ZR2's, ZO6 FI/Tanker/big brake cars, Grand Sports, '63 coupes, C2 L88's, C3 LT-1's, etc.
The only way I could afford to get back into a corvette was wait till the used stuff started to appear on the market. I found one that had the content that matched my tastes and that had a price that I could live with, so I wrote the check. JMHO, all the C8 stingrays with the exception of the special editions, will continue to go down over at least the next ten years. After that they will bottom out and the garage queens will maybe go up a bit. Personally, I do not care about all of that as the only thing that matters to me is that I wanted back in to the hobby, and I got back in where I could afford to get back in. Now, I'm going to use it and not worry about the car's next owner or how much depreciation my car is having.
Tom.
The only way I could afford to get back into a corvette was wait till the used stuff started to appear on the market. I found one that had the content that matched my tastes and that had a price that I could live with, so I wrote the check. JMHO, all the C8 stingrays with the exception of the special editions, will continue to go down over at least the next ten years. After that they will bottom out and the garage queens will maybe go up a bit. Personally, I do not care about all of that as the only thing that matters to me is that I wanted back in to the hobby, and I got back in where I could afford to get back in. Now, I'm going to use it and not worry about the car's next owner or how much depreciation my car is having.
Tom.
Melting Slicks
Joined: Dec 2004
Posts: 2,815
Likes: 936
From: Cortez, FL/Canandaigua NY (Summer)
Yes, C8 value has tanked. There are big discounts on new which impacted the used market.
New car dealers have a belly full of them.
Used Corvette dealers have a few and don’t want any more.
Good thing most people on this thread don’t care about money. I do but it is what it is, I’m going to hold onto my ‘23. I figure the big hit already happened. They will continue to drop like any car.
New car dealers have a belly full of them.
Used Corvette dealers have a few and don’t want any more.
Good thing most people on this thread don’t care about money. I do but it is what it is, I’m going to hold onto my ‘23. I figure the big hit already happened. They will continue to drop like any car.
6th Gear
Joined: Aug 2024
Posts: 6
Likes: 20
Don’t worry about Price drop
[just enjoy the car I bought my car in 2022 and it’s a 2023 and I absolutely love it have 45,000 miles on the car already and can’t wait to drive it every day. I didn’t buy this car as an investment. I bought it to drive until I die.
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Melting Slicks
Joined: Jan 2006
Posts: 2,322
Likes: 1,872
From: Oregon
I bought my 23 at MSRP because I love it, and that was the best / only deal at that time. The first year the car was worth more than I paid, now not near that much.
Supply has caught up with demand and finally those insane prices are history. Depreciation is back to a normal for a sports car.
I don't really pay any attention to the current values, it does not change my outlook. I am going to keep this car until I find something better that I cannot live without.
That will probably be a C9. When that time comes I will sell/ trade my C8 for the market value.
You can go crazy comparing the value of a new car. It doesn't really matter to me, I 'm going to have this car for at least another 4 years. Then we will see what it is worth.
Supply has caught up with demand and finally those insane prices are history. Depreciation is back to a normal for a sports car.
I don't really pay any attention to the current values, it does not change my outlook. I am going to keep this car until I find something better that I cannot live without.
That will probably be a C9. When that time comes I will sell/ trade my C8 for the market value.
You can go crazy comparing the value of a new car. It doesn't really matter to me, I 'm going to have this car for at least another 4 years. Then we will see what it is worth.
Race Director
Joined: May 2005
Posts: 11,992
Likes: 1,331
From: Middletown, DE
Safety Car
Joined: Aug 2018
Posts: 3,987
Likes: 1,828
From: Western WI
Prices have not tanked the market is just returning to normal. Discounts from MSRP on Corvettes has always been the norm. Covid and the supply chain debacle is the only reason it took so many years for the C8 to finally see that happen.
Safety Car
Joined: Apr 2020
Posts: 3,942
Likes: 1,253
From: Northeast
Anyone getting tired of seeing the videos where "they can't give them away"? In Toronto and being winter time, the prices of new C8's are not dropping. Actually, l can get my money back for my '25 right now minus taxes of course. My buddies look at these videos and ask me if l'm sorry that l bought a C8. How do most of you feel about this?
Drifting
Joined: Jul 2017
Posts: 1,369
Likes: 1,341
From: Kingston, Ontario
Anyone getting tired of seeing the videos where "they can't give them away"? In Toronto and being winter time, the prices of new C8's are not dropping. Actually, l can get my money back for my '25 right now minus taxes of course. My buddies look at these videos and ask me if l'm sorry that l bought a C8. How do most of you feel about this?
Nobody will buy your '25 for what you paid when they can order a new one for the same money.
Back to the original question though, Covid is over, you buy a car and it will depreciate as soon as you take it off the lot. This is normal. The C8 saw 3-4 years of absurd values and are finally coming down to something normal.
If your friends think you made a bad choice I hope they don't buy any new vehicle that isn't a manual GT3 because pretty much every new car will depreciate these days when you buy it just like they did prior to 2020.
Advanced
Joined: Nov 2024
Posts: 85
Likes: 56
Burning Brakes
Joined: Jun 2020
Posts: 1,004
Likes: 712
From: Windermere, Florida