Corvette C8 Sold Out, Speculating Resale

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GM announced the 2020 Corvette is already sold out, based on their production capacity of 40,000 units. So, how many of these purchasers have a nice used corvette to trade in/sell?

I'm thinking there will be a flood of nice used vettes next year. It seems like some new dealers are clearing out C7s as low as 42k for a base stick shift. These discounts along with the trade ins for the new models might put a lot of pressure on prices of used C5-C7 vettes. Or so i hope.

I could go for a 2012-2013 C6 base model 6MT for a bargain price please!

Also, do you think there will be a big markup and flipping market on C8? It seems like you might have to wait till 2021 model year to get one now.
 
Probably a good number have used C6s and C7s to trade in. It may take some time, probably not much, for the dealers and used car dealers to adjust pricing accordingly. Meaning they may try to sell a used C7 for way more than they should with the new C8 out.

I have a friend with a C7 Z51 and its a great car. I like the idea of the Camaro SS 1LE a bit more but, no denying the C7 is a nice machine.

I always liked the C6 Z06 or the 2015 Z/28. That LS7 7.0L engine... Dry Sump, Ti connecting rods... Yes please.
 
Used Corvette values will drop like a stone once the flood begins. Except for the classics, of course.
 
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Originally Posted by JeffKeryk
They don't hold their value very well anyways.

Disagree. I'm looking at a base 2012, MSRP was 51k with good discounts offered at the time, now they trade in the low 20-25k range. That is pretty solid value for a 50k car. Older models fair even better. A 2005 C6 was even cheaper to start with and yet still averages about 15k for a stick base model.

I'm thinking i can get in around 20k and still have a lot of value years later.

The C7 had rock solid resale value for years when it came out.
 
That's not good. That car has lost approx. 60% of its value in 7 years. And it's value is going to drop even more once the C8's are being bought. In comparison, my daily beater hasn't yet lost 50% of its value in the same time period.
 
Buying a used sports car....hmmmm....
Can't be sure it hasn't been flogged. I guess with CarFax or similar you can check the accident history at least. Or buy from a very old person!
Its actually good the new hot C8 is making C6-C7 prices lower for anybody in the market though. Thinking about it.
 
A lot of luxury cars have residual values in the 50% range after only 3 years, per leasing companies. 51k sticker on a GM product was likely at least 10% off or more, so lets say 45k down to 22.5k thats about half value at 7-8 years. Then the next dropoff is a much smaller step.
 
Originally Posted by paoester
Buying a used sports car....hmmmm....
Can't be sure it hasn't been flogged. I guess with CarFax or similar you can check the accident history at least. Or buy from a very old person!
Its actually good the new hot C8 is making C6-C7 prices lower for anybody in the market though. Thinking about it.


Its a Corvette. They are all owned by old people wearing new balance shoes, shorts, and they only drive it to the golf course on a sunny day. You see so many low mile mint Vettes that don't get driven much. They spend more time being waxed and looked at than probably any other car i can think of. Not sure why, its just a chevy.
 
Originally Posted by dareo
Its a Corvette. They are all owned by old people wearing new balance shoes, shorts, and they only drive it to the golf course on a sunny day. You see so many low mile mint Vettes that don't get driven much. They spend more time being waxed and looked at than probably any other car i can think of. Not sure why, its just a chevy.
Grail car for people who were alive during GM's zenith in the 1960s?
 
Originally Posted by dareo
Originally Posted by paoester
Buying a used sports car....hmmmm....
Can't be sure it hasn't been flogged. I guess with CarFax or similar you can check the accident history at least. Or buy from a very old person!
Its actually good the new hot C8 is making C6-C7 prices lower for anybody in the market though. Thinking about it.


Its a Corvette. They are all owned by old people wearing new balance shoes, shorts, and they only drive it to the golf course on a sunny day. You see so many low mile mint Vettes that don't get driven much. They spend more time being waxed and looked at than probably any other car i can think of. Not sure why, its just a chevy.


This is true. A Corvette is expensive enough not to be purchased by young folks in the first place. The hot-hatch sports car category Fast-n-Furious generation is the one to be careful about.

.....new balance shoes or birkenstocks with white socks..... 2 funeee
 
Its a Boomer Mobile no doubt. After buying my brand new Buick (TourX) the only more Old Man thing i can do is get a Corvette.
 
Originally Posted by dareo
Its a Corvette. They are all owned by old people wearing new balance shoes, shorts, and they only drive it to the golf course on a sunny day. You see so many low mile mint Vettes that don't get driven much. They spend more time being waxed and looked at than probably any other car i can think of. Not sure why, its just a chevy.


You forgot Tommy Bahama Hawaiian shirts, or if too warm, Big Dog t-shirts tucked into the shorts. Or if you are a C4 owner, the Macy's knock-off brand of Tommy Bahama. They also click the BBQ tongs twice before using to make sure they work.

In all seriousness, I hope to be like this at some point in my life.
 
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I have more Corvette experience than most; I have owned 4.
You might be surprised at who buys them.
Many are sold to people who cannot afford them, beat on them, and then have to get out from underneath them.

The quality has improved, and they are a ton of performance for the $$.
Be ready for electrical issues, poor interior and paint issues.

But they go like stink.
 
Originally Posted by paoester
Originally Posted by JeffKeryk
But they go like stink.
Highway Patrol likes red ones best.


I have a torch red C5 1999 Corvette convertible, 6 speed manual that still turns heads, including law enforcement types. I drive conservatively, so they leave me alone.
 
Originally Posted by dareo
I'm thinking there will be a flood of nice used vettes next year. ............might put a lot of pressure on prices of used C5-C7 vettes. Or so hope. I could go for a 2012-2013 C6 base model 6MT for a bargain price please!


Everything goes in cycles.

At one time in the 1990's .... I was seeing Harley-Davidson Softails like mine selling for $15,000

Now, they are everywhere for $5,000 or less.
 
It's a Chevy so it won't hold value.
Sure you can find great deals on low mileage C6 Corvettes.

90% of Corvette owners are older, balding men in their 50s with gold chains and put very few miles on their car.
 
Sold out - yes - but sold to who?


Yeah they are sold out - not to end users - what that means is that channel (dealer network) will have them for sale at a serious premium over sticker for a while - prob the the first year or so then when next years come out they will come down.


Certain vetted hold value very well pick one of those and you can drive it cheap as deprecation is the single biggest expense in auto ownership - computing "cost" including depreciation the vette can be driven surprisingly inexpensively.

UD
 
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