depreciation

[Jeff]

So who does not want to pay the premium for a GS? How much can we expect it to depreciate over the years?
What do you guys think?

 

[Rruuff Day]

To be perfectly honest, I would venture that most aficionados who have their heart set on a Corvette give zero consideration to how much the car is going to depreciate. Corvette is a passion. We own them and drive them because we love them!

 

[Jeff]

True. don't take offense. But for those who a willing to wait a few years for the car and buy it used, I was wondering, what could we expect to get the car for?

 

[Elf]

When I started will Corvettes they we're a good investment as cars go .You could by a good two year old ,drive it for 20,000 miles and sell it for close to what you paid .Things have changed a lot and none of the models are holding very well .There are just a lot of used Corvettes for sale and the age group and people with a good disposable income have other interests .I can buy a condo in Florida for what a new Vett costs . .

 

[Rruuff Day]

True. don't take offense. But for those who a willing to wait a few years for the car and buy it used, I was wondering, what could we expect to get the car for?

No offence taken Jeff. I guess in answer to your question, I have no answer. There are a lot of factors here. If the new Corvettes migrate over to a mid-engine with a radically re-designed body style, there are probably going to be a significant number of old school purists that won't take kindly to the shift to mid-engine. The "classic" American Corvette sports car will always be remembered as a traditional front engine design. This could see the C7 and earlier, especially the GS and Z06's retain a decent value. But.... And this is a big BUT.... The C7 is the most popular selling Corvette in history (in total numbers) which equals a lot of them out there that will drift in and out of the marketplace. Now, under the same condition, the GS would certainly retain it's value better as there will be significantly fewer numbers out there... But if GM continues to produce a front engine, naturally aspirated V8 model for a while longer (and some of the sneak peeks do indicate they might be), well, again....it's anybody's guess.
So now that I've spent considerable time saying nothing at all, I would suggest you take your best guess, follow your heart, and if I were you and had my heart set, I would pull the trigger as soon as it worked financially. Good Luck.

 

[Keith Tedford]

In 2012, we bought our base 1SB six speed car with 13,300 miles on it. The owner used Q'tips to clean the engine compartment. It was newer than new. We paid $31.5K for the car that had a list price of just shy of $68K when new. Looking at prices, I can probably get north of $25K fairly easily. Every time a new generation comes out, everyone takes a bit of a hit. We are still perfectly happy with the car and have no notion of selling so prices don't really matter to us. These cars are reasonably practical in having luggage space for our trips and we do put a fair few miles on. In looking at an Audi R8, I wouldn't be interested in a mid engine car just from a practical stand point.

 

[theboss]

If depreciation have to be take in consideration, we probably would not buy anything, there is a price for everything. I dont think it is better or worst to pay 250$ for a diner with your wife and a pair of tickets at the theater or spending 400o$ for a 1 week trip for 2 persons or getting hit by a 5000$ depreciations for a year + the expenses to keep it on the road. I have friends who play golf, paying more just for the membership + equipement (wich depreciate to) and all expenses to. Its just a matter of choice, I think there no good answers, just pick the one that fit better to each other. I know I lost money buying this car new, but everytime I sit in it, start the engine and listen the music comming out of the exhaust tips, I get goose bumps and it worth every penny

Stephane

 

[Keith Tedford]

The advice that I got was to buy the newest that would comfortably fit my budget. Worked for me.

 

[Rruuff Day]

In March 2013 I bought a pristine 2009 C6 1LT (no extras other than the CF dash and console trim). I paid $31,000.00 (no GST) private sale. She had 30,640 km on her. I found the car with all the options and the colour i was looking for and traded her with 43,000 km for my C7 in October 2015 . They dropped 7% off the MSRP and gave me $28,500.00 for the C6. Part of the deal was they remove the Corsa Sport exhaust off my C6 and put the stock exhaust back on which they did. Considering the GST savings on the trade, the value to me was $ 29,925.00 plus the exhaust. Could I have got a little more for the car in a private sale? Probably, but I didn't want the tire kickers or the test pilots.The dealer supposedly sold it for $ 34,000.00. Was I happy with the deal I got and the value it held? Definitely. And Stephane.... I totally agree with you. I cannot contain the smile.... I love these cars.....

PS. I sold the Corsa the next summer and made a good friend with a sweet C6 in the process.

 

[tyho]

When I bought my C7 I knew that it would depreciate, and really, I didn't care. I love the car, enjoy driving it, did some mods and now it sleeps until April. If depreciation is a factor in your decision, then better get a C2 and something else that will hold or increase its value. The C7 will unlikely increase, since so many have been produced. If you want a C7, go for it, regardless of the depreciation, which you will be unable to control. The market will be the ultimate controlling factor.

 

[Jeremiad]

I have never bought any vehicle with any regard for depreciation. It's going to lose money, and if it somehow doesn't, well good for you. But it's rare. I've lost money on every car except two, and you'd be stunned to know what they are. It's just the way it goes. Buy real estate with your head, but buy cars with your heart. If you really love your car, it will never be worth the paper someone offers you for it anyway, unless it helps you to get a better car! lol.

 

[YFCvii]

Likely, as with many, the Investment is toward Happiness and a Continuing Great Spirit. It can also be admittingly a placebo for a more Youthful Living. So, I leave Depreciation as a problem for the beneficiaries of the Estate ... Nice places to visit but there is many moving to live old in Southern States and I can see its benefits but for me, not without my also owning this car.

 

[YFCvii]

Sorry (got taken away during my 20 minute edit time) and I meant to close by saying it has always been my nightmare not really knowing who benefits in the previously-enjoyed market when I see some drivers driving like they stole it.

 

[Dik]

Hi Jeff. I think the topic of depreciation is doing a mental back-flip between driving your car or not. If you require a high trade-in value then you keep the mileage very low (obvious, I know). I have also considered depreciation but I ask myself, what is the purpose of buying a "drivers car"?

How about this; if the depreciation is a major factor then figure out how long you plan to keep the car. If you plan to sell in one or two years then I'd drive it pretty regular, say 3000 to 5000 klicks per year, max. If you plan to keep it five or more years then you need to drive it less. .....Just tossing the idea out there....

My target will be to own for minimum of five years and drive ~5000 klicks/year. I think that strikes a balance. My C6 was a daily driver (sales) and I averaged ~20,000 klicks/year. Consequently my annual repair costs were pretty high especially once I crossed the 100,000 km mark.

Dick