2010 zr1
Yesterday I looked at a 2010 ZR1 (on the local Chevy dealers lot) with 4,000 original miles on the odometer. The original sticker price was north of $100,000, and the car is listed now at $61,000. This seems like one hell of a deal to me. The question I have is why would someone take such a huge hit in depreciation to drive a car like this for only 4,000 miles? Tax write off?????
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Tax write off??? You mean I could have been deducting my car's depreciation on my taxes all these years? NOW you tell me!
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Originally Posted by C6ToGo
(Post 1598656003)
Tax write off??? You mean I could have been deducting my car's depreciation on my taxes all these years? NOW you tell me!
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Its not a tax write off - its the current value of the car. I just looked it up in Corvette DNA:
WITH a 3ZR package - in EXCELLENT condition: $60,225 (add $500 more if it has chrome rims) WITHOUT a 3ZR package - in EXCELLENT condition: $58,025 (add $500 more if it has chrome rims) |
Originally Posted by Mayor111
(Post 1598656058)
Its not a tax write off - its the current value of the car. I just looked it up in Corvette DNA:
WITH a 3ZR package - in EXCELLENT condition: $60,225 (add $500 more if it has chrome rims) WITHOUT a 3ZR package - in EXCELLENT condition: $58,025 (add $500 more if it has chrome rims) |
Are they giving you a full warranty? Is there any shops near you that can work on it? What about parts have you looked into who has them . You can order a new corvette for that price with a history. Just some food for thought!
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Originally Posted by fake
(Post 1598656090)
Are they giving you a full warranty? Is there any shops near you that can work on it? What about parts have you looked into who has them . You can order a new corvette for that price with a history. Just some food for thought!
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Originally Posted by Chief Barger
(Post 1598656158)
I'm not thinking seriously of buying it as I'm completely happy with my "base" 2007 C6. Also, I was just speculating about someone writing off the depreciation on their taxes. My hunch is that someone bought it, hardly drove it, and decided to trade it in on something else. If you assume the depreciation to be $50,000 that means it cost the original owner $50,000/4,000 miles = $12.50 per mile to drive that baby!!!!
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Some people have the money to do it. I doubt they paid MSRP,. In the grand scheme of things, that's not too bad. If you bought a similarly priced German car, you would lose that in a day if you were still in apple stock, you could lose that in a day.
I think that's a great price. Corvette DNA and others are just not very accurate for limited production cars. Vette DNA seems better than kbb and nada, those arent accurate fir corvettes at all. |
Originally Posted by Chief Barger
(Post 1598656158)
I'm not thinking seriously of buying it as I'm completely happy with my "base" 2007 C6. Also, I was just speculating about someone writing off the depreciation on their taxes. My hunch is that someone bought it, hardly drove it, and decided to trade it in on something else. If you assume the depreciation to be $50,000 that means it cost the original owner $50,000/4,000 miles = $12.50 per mile to drive that baby!!!!
You cannot come out ahead by having (legitimate) deductions. Deductions, by definition, are expenses. Expenses are money you spent, it's gone. The amount you save in taxes for legitimate expenses is a fraction of the amount you spent. |
Originally Posted by Bruze
(Post 1598656322)
"Write it off and make a killing!" LOL, that's not how the tax system works.
You cannot come out ahead by having (legitimate) deductions. Deductions, by definition, are expenses. Expenses are money you spent, it's gone. The amount you save in taxes for legitimate expenses is a fraction of the amount you spent. |
Originally Posted by Chief Barger
(Post 1598655839)
Yesterday I looked at a 2010 ZR1 (on the local Chevy dealers lot) with 4,000 original miles on the odometer. The original sticker price was north of $100,000, and the car is listed now at $61,000. This seems like one hell of a deal to me. The question I have is why would someone take such a huge hit in depreciation to drive a car like this for only 4,000 miles? Tax write off?????
Maybe they had more dollars than sense.................. :yesnod: bought my 427 a few years ago, was a GM executive vehicle.................. paid about 1/2 of MSRP and worth the same today as I initially paid............ limited production model Try and do that with a "new C7" and see how much it retains of the initial purchase price.............. :eek: |
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That 61k price tag is about right for the value of that car in the market right now
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Originally Posted by R&L's C6
(Post 1598656399)
Unfortunately, that clip shows the average person on the street's understanding of the tax code. :( |
I bought my 2006 z06 last year with only 4700 miles on it. With depreciation the prior owners paid about $6.50 per mile to drive it. Does not make any sense at all. I plan to get my money’s worth. :rofl: |
You think the depreciation on an 8 year old Corvette is bad; it isn't. Look up almost any similar performance car from BMW, Audi, or Mercedes from about 8 years ago. Most that cost around $100,000 8 years ago, can now be bought for less than the price of a new Toyota Camry.
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When I was buying my wife's Yukon Denali XL there was a older gentleman trading in 2018 Z06 with 200 miles for a Escalade because he didn't like the noise. C7 msrp was $108,000. He immediately lost $30K.
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Originally Posted by Chief Barger
(Post 1598656066)
But the depreciation is in the neighborhood of about $50K.
My wife's '16 Jeep Wrangler Unlimited - bought brand new because most used Jeeps I could find had high mileage, were out of warranty & were within a few thousand of a brand new one. I also knew she'd be keeping it for quite some time & they retain their value very well so if she does want to sell it some day for something else, the hit won't be that bad at all. |
Is the depreciation rate of new cars really news to anybody? It shouldn't be, unless you haven't been paying attention.
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