Corvette Depreciation?

"MouseFitzgerald" (MouseFitzgerald)
11/12/2013 at 13:30 • Filed to: None

I was browsing around online thinking about a car to buy in about 5years or so and was wondering how much the new Corvette will cost used. I'm expecting them to hold their value pretty well but how do Corvette' s normally depreciate over 5years?

DISCUSSION (22)

MontegoMan562 is a Capri RS Owner > MouseFitzgerald
11/12/2013 at 13:41

Normally not a lot, unless someone runs the miles way up.

Yowen - not necessarily not spaghetti and meatballs > MouseFitzgerald
11/12/2013 at 13:46

I bet they'll hold pretty darn well. It's typically a low-mileage enthusiast car. I bet you'll start seeing this model finally start to depreciate significantly when the new comes out.

Here's the best deal a quick craigslist search netted for a 2008 they seem to run from 25k all the way up to 50k+:

http://detroit.craigslist.org/okl/ctd/406690…

Bob Loblaw Made Me Make a Phoney Phone Call to Edward Rooney > MouseFitzgerald
11/12/2013 at 13:46

What MontegoMan said. For cars built like Playskool toys (withholding judgment on the C7), they really do command a premium throughout their lives.

MouseFitzgerald > MontegoMan562 is a Capri RS Owner
11/12/2013 at 13:51

Kinja'd!!!

MontegoMan562 is a Capri RS Owner > MouseFitzgerald
11/12/2013 at 13:53

LOL, ME TOO!

I'd love to pickup a vette, waaaaay outta my budget though.

And yea I realize I was pretty vague in my response but they just hold their value really well.

GhostZ > MouseFitzgerald
11/12/2013 at 13:55

It all depends.

Let's assume the first few years of the C7 do not have any major mechanical problems.

If they don't change things, meaning a 2019 Corvette is the same as a 2014 corvette, expect (at max) 6% per year.

If Chevy does change things, such as when the C3 switched from chrome bumpers, or The C5 offered a Fixed Roof Coupe that wasn't available earlier, etc. then expect closer to 7-8% per year after the change, sometimes more.

If you want a cheap C7, hold out and hope that they have some kind of recall or major model refresh in a few years.

Your best bet would be to catch an early-year C6 after a year or so of the C7 being in existence. The best force of depreciation is when a better replacement comes onto the market.

The reason Corvettes hold their value so well is because those who buy them rarely sell them quickly, and there is a large pool of prospective buyers (people who wish they had corvettes) compared to actual buyers. This means the threshold for turning someone into a committing buyer is lower, so you can charge more and still sell.

quarterlifecrisis > MouseFitzgerald
11/12/2013 at 14:11

They're GM vehicles...they'll depreciate. I bought my 05 in February of 2012 with 27,000 miles on it for roughly $28k. It stickered for $55k in 2005, and this was a loaded car. I paid a little too much, but the car was only 2 hours away and was optioned (with the exception of 1) exactly how I wanted it. I think the $35,000 C7, well maintained (driver) C7 will be a real thing within 5 years.

MouseFitzgerald > GhostZ
11/12/2013 at 14:12

Gret response!
Not really interested in a C6, not looking for a cheap car, just speculating on prices.

quarterlifecrisis > MontegoMan562 is a Capri RS Owner
11/12/2013 at 14:13

Eh, they really don't hold their value that well. Depreciation happens to them, and it happens in a way similar to that of everything else that rolls out of GMs plants.

MontegoMan562 is a Capri RS Owner > quarterlifecrisis
11/12/2013 at 14:17

The only thing that might be close to it in keeping value would be large trucks from GM, here's 2 2008's for sale near me:

http://www.autotrader.com/cars-for-sale/…

MtrRider Just Wants Doritos > MouseFitzgerald
11/12/2013 at 14:23

I expect the C7 to hold value better than the C6 because it's a much better car, and now a lot more people want them. Demand for a C7 will be higher than for C6.

quarterlifecrisis > MontegoMan562 is a Capri RS Owner
11/12/2013 at 14:23

Oddly enough, before I bought the Vette, and somewhere around the middle of owning the TBSS, I wanted (let's face it still do) an LMM or LML (read that as Duramax from 07.5 and newer) Sierra. It's cheaper to buy a Corvette than one of those. Used. With 150k on the clock.

Meatcoma > MouseFitzgerald
11/12/2013 at 14:26

I seen this Monday. Such a beautiful car, the owner had just picked it up an hour ago and was kind enough to let me take some pics and look inside.

Kinja'd!!!

quarterlifecrisis > MontegoMan562 is a Capri RS Owner
11/12/2013 at 14:27

Also...those prices aren't bad. Consider one is for a 2008 base car that was probably knocking on $60k's door when it was new, and is listed for $35k. That's almost 50% in 5 years. The other was a Z06, which they do hold their value more, but still $45k for a car that stickered for probably between $75-80k...not bad again. Granted I have a buddy that paid $67k for his 08 off the dealer floor when it stickered for $80k....which, well, that was just a good deal on his part.

MontegoMan562 is a Capri RS Owner > quarterlifecrisis
11/12/2013 at 14:36

Well the base car in 08 was supposed to start at 45k, I know most of them weren't sold within 10k of that though lol. THANKS OPTIONS (and I'm sure OBAMA too). And the z06 was supposed to start at 72 i think?

You're right they drop, but not like most GM cars.

The trucks are just insane though aren't they?

Jayhawk Jake > Meatcoma
11/12/2013 at 14:38

I want to like it in yellow. If it wasn't for the Camaro in the picture, I might like it in yellow, but that Camaro wears it so much better IMO

TheDon > MouseFitzgerald
11/12/2013 at 14:43

Just wait until you turn 65 and the AARP will send you a coupon for one free Corvette.

Meatcoma > Jayhawk Jake
11/12/2013 at 14:56

Edit: I read that wrong....

Straightsix9904 > Meatcoma
11/12/2013 at 15:05

my neighbor drove me around in his blue one with a seven speed. It has less than 300 miles and he wasn't exactly willing to hand over the keys or go hard on it.

I'm still a have a raging clue.

Meatcoma > Straightsix9904
11/12/2013 at 15:32

Yea that one had a manual as well. He got a 'hell yea' from me for that one.

quarterlifecrisis > MontegoMan562 is a Capri RS Owner
11/12/2013 at 16:26

For the sake of comparison, my TBSS stickered for about $42k...best I can figure it at least. I paid $21k for it when it was 3 years old, so, half of sticker. However I got a stupid good deal on it at the time, comparable examples were selling for 5k more.

It's still a steep curve, no matter how you look at it. I'm ready for mine to nose dive, now that I'm theoretically a few grand ahead on it. Lovely.

Trucks are just crazy. I could go spend $65k and have a well optioned 2014 Stingray. Or $65k and have a 3/4 truck with a diesel (and a really nice interior for a truck.) The Vette would get comments of "how can he afford that," whereas the truck would get "it's a truck."

MontegoMan562 is a Capri RS Owner > quarterlifecrisis
11/12/2013 at 16:54

It sure is crazy to compare them like that.

And I think you're right, the truck holds its value better. Pay 40k for a truck, re sell it for 30k after you put on 75k miles.