Anyone WITH a deposit not 100% sure about finalizing purchase?

[Jljordann922]

Just curious to know if anyone else that has a deposit down on the C8, is still not 100% sure about making the final purchase when their time comes to ordering, or at least by the time pricing comes out in a week?

If so, what may be holding you back? Pricing? Lack of Independent testing? First year model? Unknown of the Z06?

Admittedly I'm in the category of not 100% sure and one of the main reasons I switched my deposit to a dealer that didn't require a hold on my deposit until my turn to actually order the car when my allocation number is up. Need time to ponder.

My reasons are the following. I would never pay markup for a vehicle but I also very rarely, and this would be a first, pay MSRP on a vehicle. Understandably I know to get this vehicle right away or within the first year, MSRP is necessary....but I also find myself concerned about its resale value once the Z06/or other is announced. Since so many will be produced over the next couple years, I'm sure the demand will never be beyond the supply available.

I trust the car will be amazing but with the options I want, the car is most likely going to be over 80K. Then I think, I bought a 1 year old C7 Z06 3LZ with 5k miles for 75K. So my financial stinginess kicks in and begins questioning.

I say that I won't NEED to go to a Z06 once I get this C8, but I'm only kidding myself. I know once it comes out I'm going to eventually want the Z06. I just don't want to get burned on a trade in or private sale just because I had to get it right away. And I guess none of us really know how well these values will hold up.

[meyerweb]

Cars aren't investments (unless you're buying certain Ferraris and Lambos). I keep my cars longer than you're planning to, but I don't really worry about depreciation. I buy what I want to drive. Corvettes are mass produced cars, and like all cars will depreciate. Probably less than many others, though, until the C9 is announced.

[TraxsterII]

I'm in the same boat as OP. Z06 is what I want, but can't wait 2yrs for it. So it seems Z51 it is. I'm thinking it will be a ~$20k loss for the experience of owning it for 1yr and xmonths before trade-in on Z06. My first post

[Gators2020]

I would assume most that have joined a forum in relation to this vehicle are not going to back out, however I don’t understand the claims that 25-50% of people on the list will drop out (figures I’ve read throughout various posts).

Personally I know my dealership requires a non-refundable 5% deposit once they take the actual order (which they aren’t doing until the consensus matches with allocations) and that might be a time some people back out.

[John]

I'm in the same boat as OP. Z06 is what I want, but can't wait 2yrs for it. So it seems Z51 it is. I'm thinking it will be a ~$20k loss for the experience of owning it for 1yr and xmonths before trade-in on Z06. My first post

Welcome Traxsterll! We are very glad you joined us!

I too am in the boat; well I was because for the last two gens, I have waited a year until the Z06 came out. My gearhead wife, sensing I could not wait this time, asked me one simple question (that she already knew the answer to), i.e., “can we afford to buy a first year one and take the depreciation when we get a Z06?”

Problem solved, and do I have a terrific wife or what!! Yes, one 2020, then traded in on one Z06 later.

[John]

I would assume most that have joined a forum in relation to this vehicle are not going to back out, however I don’t understand the claims that 25-50% of people on the list will drop out (figures I’ve read throughout various posts).

Personally I know my dealership requires a non-refundable 5% deposit once they take the actual order (which they aren’t doing until the consensus matches with allocations) and that might be a time some people back out.

No one is “claiming” anything. It is a historically-repeated occurrence for new generations of Corvettes.

Most dealership do not require a non refundable deposit, e.g., they are fully refundable until they place your actual order (with some saying refundable even after that if what you ordered “is one I can easily sell”).

As to why +30%, because some place multiple orders with other large dealerships (where they also can get their money back before the order is placed), and then go with the first one who calls and says, “I have an allocation for your C8 and will be placing your order next Thursday,” then when getting off that wonderful call, they then call order dealers and cancel/get their refundable deposit back.

Also, medical, divorce, business financial needs, I decided to buy this 1967 big block that just went up for sale, etc., etc. At some dealerships, the cancellation rate is not just 30% but sometimes reaches 40%.

[Klinn]

I just don't want to get burned on a trade in or private sale just because I had to get it right away. And I guess none of us really know how well these values will hold up.

Actually there is enough data out there to make a reasonably accurate guess at depreciation. Check what happened with first-year C7's for starters. Something that is more of an unknown is if the MSRP will go up in subsequent years. It did with the C7's but I'm not sure there's enough data out there to declare it a trend.

However, cars like this are an emotional purchase. You don't need a C8 or a C8 Z06. You want it. Which brings us to...

I say that I won't NEED to go to a Z06 once I get this C8, but I'm only kidding myself. I know once it comes out I'm going to eventually want the Z06.

...in the same way, when the initial C8's start being delivered, will you really be comfortable with saying "Nah, I'll wait 18 months or 2 years for the Z to come out". I suspect the same feelings will kick in and you'll get frustrated sitting on the sidelines.

On the other hand, you do have an awfully sweet ride to keep you occupied until then.

[Jljordann922]

Cars aren't investments (unless you're buying certain Ferraris and Lambos). I keep my cars longer than you're planning to, but I don't really worry about depreciation. I buy what I want to drive. Corvettes are mass produced cars, and like all cars will depreciate. Probably less than many others, though, until the C9 is announced.

100% cars aren't investments as I've known but personally learned from a few purchase mistakes in the past that I don't want to repeat lol. Now in that same sense while 99% of cars depreciate, some cars certainly depreciate slower than others.

I'll have a better idea on August 15th. If I can get everything I want and it's less than the 80K mark I'll likely pull the trigger.

My only other 2 options are A) get a base model with no bells and whistles since I believe the car itself will depreciate slower than the packages associated to it will. I could be wrong. MAYBE I'd throw the Z51 on it since it would make a resale quicker I'd think.

B) Get my all time favorite car that I've wanted since 2008. That would be a used R8 Coupe. Could be had for anywhere from 55k to 65k and have pretty much reached their bottom number. I'd tack on the extended warranty through fidelity. I'd say I can drive that for 2 years and not lose much more than 5 to 10k and then come back and get the C8 Z06 a few months after it arrives (or new, depending) or even get a used 2020 C8 at that time.

Once again I always question everything so this is just part of my process lol. Want to make sure I am 100% content on the choice I make and that I will stick with it for at least 2 to 3 years, if not more.

[Jljordann922]

On the other hand, you do have an awfully sweet ride to keep you occupied until then.

I did!! I sold it a little whiles back and in addition got rid of my 392 Charger in anticipation of a bigger purchase come 2020. So right now I sadly have NO toys and am just saving up lol....Very hard not to have a car to play with in the meantime

[TraxsterII]

Thanks, John! I've read many of your posts, you're a real boon to this forum. OMG gearhead wife, you are blessed indeed!!


Here is a vid on C8 depreciation, skip to 6:18 https://www.youtube.com/watch?v=9wE5f2UWLgQ
Don't know how valid it is, but gives an idea. I'd be very happy not taking such a bath.

[Klinn]

So right now I sadly have NO toys and am just saving up lol....Very hard not to have a car to play with in the meantime.

Oh well then, you're DEFINITELY getting a C8 when they first come out. How could it be otherwise?


Never visit a forum like this if you want balanced advice. We're all a bunch of enablers.

[TraxsterII]

100% cars aren't investments as I've known but personally learned from a few purchase mistakes in the past that I don't want to repeat lol. Now in that same sense while 99% of cars depreciate, some cars certainly depreciate slower than others.

I'll have a better idea on August 15th. If I can get everything I want and it's less than the 80K mark I'll likely pull the trigger.

My only other 2 options are A) get a base model with no bells and whistles since I believe the car itself will depreciate slower than the packages associated to it will. I could be wrong. MAYBE I'd throw the Z51 on it since it would make a resale quicker I'd think.

B) Get my all time favorite car that I've wanted since 2008. That would be a used R8 Coupe. Could be had for anywhere from 55k to 65k and have pretty much reached their bottom number. I'd tack on the extended warranty through fidelity. I'd say I can drive that for 2 years and not lose much more than 5 to 10k and then come back and get the C8 Z06 a few months after it arrives (or new, depending) or even get a used 2020 C8 at that time.

Once again I always question everything so this is just part of my process lol. Want to make sure I am 100% content on the choice I make and that I will stick with it for at least 2 to 3 years, if not more.

I've also considered your A-B plan. My B was 997.1TT but I've been hunting those for 2yrs, and prices have GONE UP 10-15% since then. I had to pass on many (long story). Anyways, I've given up and decided to go C8 Z51 err until rumors of TT Z06 has got me rethinking that proposition. Depending on how big a loss one can swallow, this can be a tough nut to crack. A good problem to have, I guess.

[JB]

UFirst three years of a new generation especially with the z51 option your resale will be quite attractive if you want to get out...

the z06 announcement wont affect the z51 residual within the first three years..

you will be very easily able to sell a traditional red/black/ white exterior c8 z51 with a black interior

20 years of buying new corvettes and the first few years of a new generation are your strongest years to not lose money ...

buy the first year...is a smart move...

just dont pick purple poka dots as a color ...inside or out..

order in the z51 option...

thats an option preowned buyers look-for in my opinion...

the rest of the options dont mean squat for the most part.....although if you want a 2 lt with the hud for a couple of years it makes sense

people do look hard for hud but its not a deal breaker

whenever an owner wants out in the first three years i always recommend they look at their ownership costs as a lease...

if the car was seventy grand new before taxes and if they were to lease it..it would have cost $1000 a month to lease...

36 months lets just round down to 35 grand...

your sale price of the seventy grand c8 will be around 52 grand...

it will jave have cost you 18 grand for three years or six grand a year or 500 a month for the 36 months you owned the car.

i say buy it..if the c8 z06 comes out im sure youll be quite hapoy woth the resale demand on a c8 z51.

24 months? And your cost will be around 12 grand...or six grand a year or 500 a month when you sell for 58 grand...

give or take a couple of dollars thats a pretty dam good deal as long as you drive the c8 z51...

if you are planning to store it in the garage and look at it until the c8 z06 comes out...then just buy a poster of the c8...

drive it 10k miles a year maybe 6 or 8k...have fun and enjoy it..

then its money well spent...

jmo

[BMBLBEE]

I'm on the list for a C8 but might want to see the convertible before I pull the trigger. I'll need to decide on coupe or convertible when coupe pricing comes out and I'm betting the convertible will be $7500 more with the folding hard top rather than $5000 as on the C7. If it's much more than that I would likely stay with the coupe or worst case keep my AWSOME 2017 GS Convertible for a while longer.

[Jljordann922]

UFirst three years of a new generation especially with the z51 option your resale will be quite attractive if you want to get out...

the z06 announcement wont affect the z51 residual within the first three years..

you will be very easily able to sell a traditional red/black/ white exterior c8 z51 with a black interior

20 years of buying new corvettes and the first few years of a new generation are your strongest years to not lose money ...

buy the first year...is a smart move...

just dont pick purple poka dots as a color ...inside or out..

order in the z51 option...

thats an option preowned buyers look-for in my opinion...

the rest of the options dont mean squat for the most part.....although if you want a 2 lt with the hud for a couple of years it makes sense

people do look hard for hud but its not a deal breaker

whenever an owner wants out in the first three years i always recommend they look at their ownership costs as a lease...

if the car was seventy grand new before taxes and if they were to lease it..it would have cost $1000 a month to lease...

36 months lets just round down to 35 grand...

your sale price of the seventy grand c8 will be around 52 grand...

it will jave have cost you 18 grand for three years or six grand a year or 500 a month for the 36 months you owned the car.

i say buy it..if the c8 z06 comes out im sure youll be quite hapoy woth the resale demand on a c8 z51.

24 months? And your cost will be around 12 grand...or six grand a year or 500 a month when you sell for 58 grand...

give or take a couple of dollars thats a pretty dam good deal as long as you drive the c8 z51...

if you are planning to store it in the garage and look at it until the c8 z06 comes out...then just buy a poster of the c8...

drive it 10k miles a year maybe 6 or 8k...have fun and enjoy it..

then its money well spent...

jmo

Thanks for the insight.....there has been a lot of hype with the front lift now that it's a new option....i wonder if many people will see that as a must when shopping used