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Trade-in or re-sale values?

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  • Trade-in or re-sale values?

    Now that we are anxiously awaiting the ME arrival, what are the thoughts (or rumors) on what will happen to our C7 trade-in value on a new ME? Or even re-sale values.

    Big drop?
    Mark JD
    Venice, Florida

    2019 Grand Sport Convertible, 3LT, Blade Silver with Adrenaline Red interior. Delivery date: 12/12/2018
    Our other ride: 2019 Cadillac XT4 Red Horizon Tintcoat

  • #2
    Mark, I'm sure that our C7 Masterpiece's will hold their value even after the C8 Masterpiece is released.

    SF
    Rick

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    • #3
      Like every brand, every model, its value is reduced when the next model year comes out, especially when that coincides with the new generation of that car. There are however, some factors that could “reduce the hit” that has occurred in previous patterns re “trade it values on a new generation Corvette.” I am working on a detailed thread right now that will be found in a couple of hours in our “Purchasing” section, entitled ”Cautions When Ordering A 2020,” which addressed the major issue of scarcity vs demand, and the one sentence summary of that is that I believe that both the demand for 2020 ME’s and FE’s could easily exceed the amount made — due to BGA Plant production capacity reduction.

      Of course, if folks are find it hard to get not only their 2020 ME and the 2020 FE, C7’s — which I believe is highly probable, then our C7’s trade in value will be higher than normal.
      Last edited by John; 07-12-2018, 02:36 PM.
      GBA Black; HTO Twilight/Tension interior; Z51 & Mag Ride; E60 lift; 5VM visible carbon fiber package; 5ZZ high wing; FA5 interior vis CF; ZZ3 engine appearance; 3LT; Q8T Spectra Gray Tridents; J6N Edge Red Calipers; SNG Edge Red Hashmarks; VQK Splash Guards; RCC Edge Red engine cover; VJR illuminated sill plates. Lifetime, annual contributors, and 23 year members of National Corvette Museum. Home is the beautiful Pacific Northwest.

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      • #4
        Corvettes are no where on this list. So we should be ok.

        It's a sinking feeling many new car buyers are well aware of
        2015 Z51 - Arctic White

        NCM Lifetime Member

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        • #5
          What I have said on other discussions involving the proposed ME, is I am not 100% sold on it being the next generation, or C8. Now here is my thoughts on this and maybe I am wrong but here goes. First, GM is not dropping the production of the current C7. They just released the C7 ZR1, I don't see them spending that much time and money developing it to only run it for a couple of years. the C7 is only 5 years into production. Only the C2 was produced for that short of a production run. Next I don't believe GM/Chevrolet would produce to different generation at the same time. What I look at is this being a special model (i.e ZR1) at least for a few years. Finally to many of the rendering (and many of the C&'s) look like a C7 front end. I really thing if GM is going to release the C8 it will be a complete styling change and that does not mean engine location. Just my thoughts for what they are worth.

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          • #6
            i don't think it will have a significant impact either way. If GM markets it as the next gen Corvette, i.e a C8, then the C7 will either follow historical valuations as chevy switched generations, they could slightly increase as "the last FE generation" Corvette.. And if it's not a C8, it's a different product, so C7 valuations should again follow historical valuations. Obviously this is pure conjecture, too many unknowns to know for certain at this point.

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            • #7
              I am planning to get a less than I wanted when I trade in my C7, just like I did when I traded in the C6. Budgeting to that expectation. And if I am surprised on the upside, that will be a nice surprise, and if so, I am sure I wouldl find a use if there is “extra” money.
              GBA Black; HTO Twilight/Tension interior; Z51 & Mag Ride; E60 lift; 5VM visible carbon fiber package; 5ZZ high wing; FA5 interior vis CF; ZZ3 engine appearance; 3LT; Q8T Spectra Gray Tridents; J6N Edge Red Calipers; SNG Edge Red Hashmarks; VQK Splash Guards; RCC Edge Red engine cover; VJR illuminated sill plates. Lifetime, annual contributors, and 23 year members of National Corvette Museum. Home is the beautiful Pacific Northwest.

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              • #8
                The other big factor on value during a trade in is whether a dealer resells it's trade - ins, or sends them right to auction. If the latter, you're going to get significantly less on trade in. I stay away from "send them to auction" dealers unless they make up the vig by lowering the sale price appropriately.

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                • #9
                  That’s a really good point. That issue is so worth checking out, i..e, that perhaps a 2% greater initial price discount is negated by a lower trade in credit.

                  Of course, we all can get more out of our cars by selling them ourselves; sometimes however, there are individual circumstances that make that not feasible.
                  GBA Black; HTO Twilight/Tension interior; Z51 & Mag Ride; E60 lift; 5VM visible carbon fiber package; 5ZZ high wing; FA5 interior vis CF; ZZ3 engine appearance; 3LT; Q8T Spectra Gray Tridents; J6N Edge Red Calipers; SNG Edge Red Hashmarks; VQK Splash Guards; RCC Edge Red engine cover; VJR illuminated sill plates. Lifetime, annual contributors, and 23 year members of National Corvette Museum. Home is the beautiful Pacific Northwest.

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                  • #10
                    I don't think the pattern will be any different than we have seen in previous generations of Corvettes. It's a sometimes painful fact that expensive machines depreciate so quickly, and the only way to avoid that is to stay out of the new market. I've had a LOT of fun with C5 Z06's which can be had with low mileage in the low $20's. It's sad to think that some poor ****** paid over $50k for that same car, but they got to order it. But I'm going to order mine and one day my kids will have to fight over it, because if the ME is as great as everyone is hoping, I think I might just keep this one for the nostalgia of owing a first and when a better one comes along, I will park it beside my first gen ME. My neighbor has a 68' Camaro Z28, a 2004 Corvette C5 and a 2018 C7 Z06 having bought each one new and not wanting to get rid any of them in order to buy the new. Nice position to be in, but he's running out of garage space!
                    Last edited by LightningBolt; 07-27-2018, 08:34 AM.
                    Vin # 2539
                    Torch Red LT2 Z51

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                    • #11
                      I feel that a lot of what may drive future pricing on our existing C7's is how GM Markets the new ME and it's price point. If they continue to build the C7 and introduce the ME as a different model Corvette with a higher than usual price point then I think our existing C7 pricing will not be hammered. Should GM introduce the ME as the Next Gen Supercar at a stunning entry price point..... say $65 or $70k, drop production of the FE C7 and dismiss the C7 as old school, then we may see much bigger than usual price hits on our cars.

                      I don't see them having that enormous facility in BG operating just building a handful of supercars at price points well over $100k, so I'm torn between believing that the new ME will be built along side the existing C7 style, or that the ME will be the only model built there with entry, mid and high end model choices.
                      3LT Coupe, Z51 Torch Red with two toned Red/black interior. 5VM visible CF ground effects, Carbon Flash wheels, engine appearance package and Carbon Fiber interior trim. Mag Ride control. Red Calipers. VQK Splash Guards. Carbon fiber: mirrors and spoiler; Door handles & boomerangs; Rear Diffuser with vertical diffuser fins; A Pillar; B Pillar; Rear Hatch Side Vents, as well as top camera surround piece and lower under glass piece; Engine bay surround pieces; and front grill trim.

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                      • #12
                        I don't see the C7 taking a BIG hit in value, especially the Z06 & ZR1. Currently there are 3 model years of inventory, 2017, 18,19 at some dealers with some 17's for purchase at 10%-13% below MSRP. I wouldn't expect a greater drop than that.

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                        • #13
                          Good point. What percentage of c8 buyers are trading in a older corvette? These trade ins are going to hit the used car market over a shorter period of time, seeing how as it a 6 months rather then spread out for the usual year..

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                          • #14
                            Since the dealers will have no C8's to sell, they'll be desperate for a good C7 on their lot. Those of you with C7 trade-ins should take advantage of that desperation. Assuming you have your C8 price locked in, hopefully MSRP, when the dealer gives you your trade-in value, call the next nearest Chevy dealer and see if they'll beat it. They'll low-ball you if you let them, it's their job.
                            LT2, Red Mist, Z51, Mag Ride, Front Lift, Carbon Flash Wheels/Mirrors/Spoiler, Red Calipers, Two Tone Adrenaline Red/Black Seats, Museum Delivery

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                            • #15
                              I have some hard data for youse major dudes on this subject - my history of Lola, my 2014 C7 Z51 with 15,000 miles on it. I sold it to my dealer for $36,000 last week. I bought it in Sept. 2013 for $63,000, so it depreciated about 43% over a 6 1/2 year period, or a depreciation rate of about 6.6% per year. NOT BAD. Show me another car, including any Ferrari made in quantity (~3000 per year), with a better depreciation history.

                              BTW, the car is now on his lot for sale at $41,000. Given that used C7's are suddenly becoming hard to get due to the delays in the C8's and limited production capability in Bowling Green, they will probably get it. That would mean the real market depreciation is somewhat less - maybe about 5% per year.

                              One other point - nearly ALL cars lose value over time. There are exceptions, but they are few and far between. If you want to invest over the long term and make $$ - real estate and equities are a much better bet. In addition, the base models will tend to lose less $$$ over time than the optioned up derivative models, simply because the initial outlay is lower and the way the NADA tables work, the base models loses less % value that the higher cost "derivatives".

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