► Unbelievable what CarMax offered for a 2023 Corvette Z06 1LZ

[hsujohn]

This is our own car, we brought it in just to see what's going on, my son is the host,
please check it out, hope you'll enjoy !!!

[big_c]

It's perfectly believable. The exotic/high end car market is tanking and dealers are sitting on inventory they overpaid for for the last year and a half that won't sell. They aren't looking to repeat the same mistake until demand increases. Pretty straightforward.

[My1stVette]

I was at a cruise-in this past Sunday and a fellow there has been flipping C8's for a few years--more than a dozen of them, and said the profit margin is gone now. The C8 coupe he had at the cruise-in was wrapped in a light grey with an aftermarket Z06 wing and aftermarket wheels. Looked really nice, but he didn't know what year it was, which kinda stunned me.

[chevyrules]

I was at a cruise-in this past Sunday and a fellow there has been flipping C8's for a few years--more than a dozen of them, and said the profit margin is gone now. The C8 coupe he had at the cruise-in was wrapped in a light grey with an aftermarket Z06 wing and aftermarket wheels. Looked really nice, but he didn't know what year it was, which kinda stunned me.

Was he there solely to try to flip it? Or was it just a case had so many, lost track, but is a genuine car enthusiast?

[C808]

Only surprise is they offered sooo much... 127K. Dont know what they paid but its a 1LT so prob close unless they paid mark-up as well

[My1stVette]

He wasn't actively trying to sell it at the cruise-in--it was a cold morning and only three C8s there, and no "for sale" sign on it. Sounded like flipping cars is his "gig".

[Top Off Action]

What was he offered for the Z06? Don’t want to watch a whole video to get the figure.

I am hoping the offered price was not a penny more than MSRP as this will be good for people actually wanting the car rather than flipping it. Good thing for all if the market has calmed down!

[pksjc]

What was he offered for the Z06? Don’t want to watch a whole video to get the figure.

I am hoping the offered price was not a penny more than MSRP as this will be good for people actually wanting the car rather than flipping it. Good thing for all if the market has calmed down!

They offered $127k for the Z06. A lot lower than they expected.

[C808]

they offered 127K. Dont know what they paid but its a 1LT so prob close unless they paid mark-up as well

[My1stVette]

They offered $127k for the Z06. A lot lower than they expected.

At the 3:45 mark the boy said it was less than what they paid for their Z06.

Did they pay over MSRP?

[Foosh]

I am very happy to see this as a sign that things are returning to normal.

[bitcoinvol]

I am not surprised. I know us enthusiasts are hyped up and some people have been paying $50k over or more, but people willing to pay that will dry up soon. The average msrp for mid options is at least $130k and that is much higher than most expected. There are only a limited number of people that can and will pay that amount for a car. Unless something happens to production it looks like they could produce 8,000 Z06’s this year. I expect cars to sellout at msrp for awhile, but I expect markups to only be $10k over or etc by the fall.

[John]

I respectfully disagree for I heard the day after the C8 Stingray’s reveal that by spring they will be discounted, and then we saw for over two years, nice profits for those who sold theirs and some are still getting over what they paid for a “used” C8, and many dealers are still selling Stingrays @ +$10K.

Only time will tell of course whether the Z06’s price mania will abate. Yes I think the amount of it will abate but believe every Z06 will go for at least $25,000 over (except new at dealers with integrity) for at least a year, and perhaps even tow. With the waiting lists at many dealers three or more years long, sold out in Canada (per GM Canada) for 4 years, and most dealers I know have had their Z06’s frozen for a long time — so who know how many more would get onto their lists if they were to open them up.

Do not interpret CarMax’s offer as anything but a lowball. Just as they did for Speed Phenom’s C8.R special C8. My friend was just offered $60K over for his moderate Z06 (no wing, not a 3LZ. We shall see.

[Foosh]

John,

At the time of SR reveal, no one had any idea how crazy the car market was going to get due to the supply chain meltdown. There's no doubt the market is currently returning to some semblance of normalcy, and used SR prices are coming down. We may not be all the way there yet, but that's the direction things are heading. Of course, another crisis of some sort could turn things upside down again.

Dealers and private sellers may still be asking premiums over MSRP, but the majority may not be getting what they are asking. I think some level of market saturation for C8 is beginning to occur, and I don't think we'll see the same percentage premiums on Z06 and E-Ray (once production actually ramps up) that we saw on SR.

[Milliwatt Rob]

I find the whole flipping thing to be distasteful and anti-consumer.

By the way, anybody need any Taylor Swift concert tickets? Only 3 X face price.