How Would You Figure Out What You Want To Sell Your C7 For To Get A C8?

[Cobra502]

While we're all sitting around staring at our C7s I thought I would pick your brains and see how you would come up with what you will sell your current C7 for to get your C8. I know a lot of you have done it many times and this could a good time to impart your knowledge upon us and especially for the newbies.

[C8-wannabe]

Whatever someone will pay for it? Seriously, local market prices gives you what it's worth, so only the owner(s) can decide if it's time to sell/trade in.

Way back when, I was perfectly happy with my C4, and the C5's were out a couple years, but once I started seeing more around on the road, I got the itch.

C8 will be a totally different animal though; there's a lot of die hard vette owners that only want a front engine. Test rides in the new mid engine will change some minds...

[John]

C8 will be a totally different animal though; there's a lot of die hard vette owners that only want a front engine. Test rides in the new mid engine will change some minds...

Some FE owners will always not like the C8. However as C8-wannabe suggested, and in my opinion too, the percentage of traditional Corvette owners who first become used to the C8’s startingly different looks, then see them, later read about them, get rides in them, will increase year after year.

I would venture a wild guess is that if a poll were taken a month after the C8’s reveal, one asking current Corvette owners, “do you like the C8,” it would be less than 50%, but that a year later it would be greater than 60%, growing to 70% after two years, and upwards thereafter. Will it every reach 80%? Maybe not, but if you look at the demographics of the current Corvette owners being 60+ years of age, many will never buy another Corvette due to financial considerations as they approach retirement; due to their moving from sports cars to fast SUV’s do to ease of getting in an out, transporting grandkids and similar reasons.

With the mega amounts of expected new to Corvette brand conquests, GM will be just fine with all the above dynamics.

All but a few of us in my Corvette club one year ago hated just about everything about the ME; now some are now starting to ask questions about it, imagine what driving it might be like, starting what I call the “maybe buying exploration” phase. Funny, that a couple who have approached me in the last two months have made me swear to not share their interest publicly (especially not with their spouses). LOL.

Will some always dislike the mid engine look? For sure! As you have read my earlier posts, that is just fine now, and will always be just fine.

One last parallel thought, is we have some in our club who still have a crush on their current, pre-C5 Corvettes, others on their pre-C6 Corvettes, etc., so as each generation of Corvettes comes, there are always owners of previous generations who never will emotionally, visibly, and/or financially make the jump to a new generation. Again, that is just right and proper.

[Frenzy36]

Agree with Everything C8-wannabe said. I also think there will be a lot of Die Hard Vette Owners who will off their prized baby for the opportunity to purchase the ME, and have some of the finest handling and performance and appearance, along with all of the new tech which I'm sure will be Fantastic. There may be a large number of Vettes flooding the market, so I would say if your already thinking about it you should sell ASAP. I already did.
I also agree with John, but another thought is the population is expanding as opposed to years ago, and the Baby Boomer's have made some cash as well.

[John]

We still have a bunch of spring summer road trips and other adventures planned, especially the end of August’s National Corvette Caravan. I look at this issue this way... We survived the identical selling it as the new generation came out when we sold our C5, then when we sold our C6, and survived both enough to the point that we were able to afford the next generation.

While Frenzy36’s idea of selling it this spring has merit, how are you going to feel this summer when you do not own it, especially as we do not yet know when the first ME’s will be getting into cusotmers’ hands.

Some counterbalancing things to consider. If you have other “fun cars” to play with this spring/summer/fall, that would make a major determinant in your options/decision.

[Frenzy36]

We still have a bunch of spring summer road trips and other adventures planned, especially the end of August’s National Corvette Caravan. I look at this issue this way... We survived the identical selling it as the new generation came out when we sold our C5, then when we sold our C6, and survived both enough to the point that we were able to afford the next generation.

While Frenzy36’s idea of selling it this spring has merit, how are you going to feel this summer when you do not own it, especially as we do not yet know when the first ME’s will be getting into cusotmers’ hands.

Some counterbalancing things to consider. If you have other “fun cars” to play with this spring/summer/fall, that would make a major determinant in your options/decision.

Agreed, Many factors involved and everyones circumstances are going to obviously be different. -- John my thought is - there is going to be a huge scramble during the first couple of years to obtain a ME since they have been floating around in every corvette persons subconscious since GM has always teased them. Do you know from some of those taking deposits what their thoughts on being able to get one will be if they wait till after the Official Public Reveal?

[Boomer]

I thought I would pick your brains and see how you would come up with what you will sell your current C7 for to get your C8.

This is the crux of OPs question which doesn't seem to have been addressed yet. I too would like to hear from folks experienced with trading used cars.

In the past I have simply traded the used vehicle into the dealer while purchasing the new vehicle. While this doesn't get the best price, the convenience is valuable. As far as determining the trade in value, I review most of the on-line services such as Edmunds to help determine the price I will insist on. I tell the dealer that if they can meet that price, I will buy the new vehicle.

The price I choose is very fair based on information available and I'm not looking for a "great" deal, just something that is satisfactory and fair to both the dealer and me.

[Mobius]

In the past I have simply traded the used vehicle into the dealer while purchasing the new vehicle. While this doesn't get the best price, the convenience is valuable.

If I do decide to sell my C7 when I get the C8, I may go this route as well given the convenience.

While you don't get full private party sale price for a trade-in, you do reduce your C8 purchase price by the C7 trade in amount, which in turn reduces the sales tax on the C8 purchase (i.e., 7% sales tax here in Indiana).

I just went over to KBB, and for my C7 the trade-in value (along with the associated 7% tax reduction on a C8 purchase) is almost identical to the private party sale price they list.

[bobbytinvab]

Interesting points by all who have posted so far. I can see Frenzy's point about selling now, but my C7 is my daily driver and I don't want to drive something else until the C8 hits the street. I've also never been one of those "gotta have it the minute it's out there" guys. So my timing to buy is open to when it seems best for me.

With that said, Boomer is right, what is my response to Cobra's question ... I don't like to trade my cars into the dealer. I would always prefer to sell it outright. High volume dealers like Criswell or Kerbeck will help you to get the best deal on a new car, but they need to make some $$ somewhere, and that comes at the expense of the trade in obviously. I have no problem with that, it is what it is. Of course that means I have to find a buyer for my car. I've been very lucky lately as peeps have come to me and said ... I want your car when you're ready to sell it. I'm happy to oblige. BUT, If I wanted a C8 sooner rather than later, I would explore all my options and take the best available. I'd want to get whatever the market value is. You can determine that using a bunch of websites. I used Cargurus when I was looking for my C7 and when trying to see what the car I was selling was worth. I went to Carmax and got a quote from them, tried Carvana etc. I did waay better selling it outright. I also got an excellent deal on my C7, which basically paid for it being shipped to me from North Dakota in an enclosed trailer. Hope I answered the question

[John]

Good info bobbytinvab, and right to the OP’s question.

[John]

Anytime someone can sell a vehicle (Corvettes and all others) personally and directly to another non-business customer, there is an extremely likelihood that they would obtain the highest sales price.

However, to some of us, there are few things more distasteful than embarking on private sales, not the lease of which is the time and energy needing to be put into the process. Even more importantly to some of us, is that we absolutely hate going through that process. And now with scammers of all kinds, the risks of such a sale though a private sale are certainly higher than they used to be.

If I personally get a few thousand less through a dealer trade in, I am fine with that — but conversely understand that to some, that that is an unacceptable outcome. As an interim process, as mentioned by bobbytinvab, Carmax, Carvana and similar are good ways to sell one Corvette. True your chances of not getting the highest dollar for it are far greater than in a private sale, but perhaps it is a middle of the road option for many.

And as Bikerjulio mentioned for those doing a trade in, in many states the trade in value greatly diminishes the taxes you would pay on your new Corvette.
For those who have the stomach and the time for a private sale, as we all agree, that is the best method to get the highest dollar for your Corvette. But research risks in such an approach, for even the certified bank check has been a tool of some fraudsters.

Best of luck however each of us chooses to move on from our current vehicles...

[Cobra502]

Thanks to all who have responded. Great information for all and me.

[73shark]

Another risk to selling it yourself is the fact that if you ride along with the test drive, you don't know the people that you're dealing with. There was a local guy here a few years ago that didn't make it home from the test drive.

I have traded in a vehicle for the last two new vehicles I've purchased. Mainly because of the sales tax difference between trading and buying out right. It just makes the ordeal of selling yourself and getting more money and what you could have done by trading plus the sales tax a lot more difficult. Thirty years ago when I was going through used cars for the kids in the 4 to $5,000 range, I would sell them myself because it wasn't hard to make up the difference of a few hundred dollars and sales tax. Plus I was buying from private parties who wouldn't take a trade anyway.

[MikeC8]

Ga if I trade in a car worth $60K. That’s like selling it to a private party for $64200. You don’t pay tax on the first $60K on the new car. Simply put if you were to swap even there is no tax. Even if you buy from a private party GA charges tax 7% based on their market value. Classic cars are only taxed at 1%.

[bobbytinvab]

I wish Virginia had that rule MikeC8. If it did, I'd be more willing to trade in. The tax "peeps" (for lack of a more unflattering word) here in Virginia have us pay on the gross sales price. SIGH