Keep and drive or Sell?
06-24-2013, 01:24 PM
#1
Racer
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Keep and drive or Sell?
I purchased a 1997 torch red M6 coupe loaded with all available options from the original owner at a price I could not turn down. The car has 19k miles, 100% stock, never seen any rain and serviced at the local chevy dealer twice a year for 16 years. It has New tires and at least 16 coats of Zaino and no chips on the paint. The underside is showroom new without a spec of dirt.
Here is my dilemma. Since it is a 97 will it really effect the value much if I drive it? KBB says that this car is worth 20K but I kind of doubt that. What I am thinking is that I could sell as is for 14 or 15k or drive it for 50k and still get 12k for it. Will the value keep going down if I just keep it in the garage for a few more years?
Opinions?
Here is my dilemma. Since it is a 97 will it really effect the value much if I drive it? KBB says that this car is worth 20K but I kind of doubt that. What I am thinking is that I could sell as is for 14 or 15k or drive it for 50k and still get 12k for it. Will the value keep going down if I just keep it in the garage for a few more years?
Opinions?
Last edited by Jeff73454; 06-24-2013 at 01:39 PM.
06-24-2013, 02:04 PM
#2
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I, personally, would drive it and enjoy it (and would replace the factory wheels with something a bit more eye appealing 
. I don't anticipate the '97s value increasing appreciably in the coming years.
. I don't anticipate the '97s value increasing appreciably in the coming years.
Last edited by bthollow; 06-24-2013 at 02:07 PM. Reason: Answering the OPs actual question.
06-24-2013, 02:08 PM
#3
Instructor
Drive it!! If you were to sell it now i think you could get a little more than 15k for it with that low of miles. Maybe not 20k but you never know. If you bought it for less than 14k you got a HELL of a deal. If it were me I would drive it for a few years and get my money back out of it then.
06-24-2013, 02:13 PM
#4
Melting Slicks
Drive it!! If you were to sell it now i think you could get a little more than 15k for it with that low of miles. Maybe not 20k but you never know. If you bought it for less than 14k you got a HELL of a deal. If it were me I would drive it for a few years and get my money back out of it then.
They were built to be driven and enjoyed!! I drive mine every single day!!DSTURBD
06-24-2013, 02:22 PM
#5
Instructor
I alway face the same dilemma, only it's my car that I kept in near perfect condition. For the first time I bought a car that was taken care of the way I would have and the dilemma here is, should I drive it and enjoy it as if it were a new car, or keep it in the garage in fear of spoiling it?
I have decided....what a waste to not take it out and have some fun. It's going to get dirty. It may pick-up a stone chip. It will need to be serviced like any other car. The way I choose to look at it....I'm starting out pretty fresh and didn't have to layout $50K. I did pay out $20K and will only loose money if I ever sell it.
My advice is enjoy it and stop check it's net worth. Corvette owners are known to collect their cars. The corral gets a little more crowded and only sell if someone comes along and offers to buy for an amount you can't refuse.
I have decided....what a waste to not take it out and have some fun. It's going to get dirty. It may pick-up a stone chip. It will need to be serviced like any other car. The way I choose to look at it....I'm starting out pretty fresh and didn't have to layout $50K. I did pay out $20K and will only loose money if I ever sell it.
My advice is enjoy it and stop check it's net worth. Corvette owners are known to collect their cars. The corral gets a little more crowded and only sell if someone comes along and offers to buy for an amount you can't refuse.
06-24-2013, 02:22 PM
#6
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Sure it will affect the value if you drive it, but if you only put say 5,000 miles on it over a 12 month period, it would probably still be worth the same as if you parked it in the garage for that 12 months. 24,000 miles on a mint '97 is still extremely low miles.
If you drive it 6,000 miles a year for the next 5 years it will have the 50,000 miles you mentioned, and if you care for it as the previous owner did, it will probably still be worth close to what you paid for it (you indicate you bought it for a bargain price).
So, why sell it, keep it and enjoy it, it may be the cheapest, and most enjoyable, motoring you have ever experienced.
(NICE COLOR by the way!)
.
If you drive it 6,000 miles a year for the next 5 years it will have the 50,000 miles you mentioned, and if you care for it as the previous owner did, it will probably still be worth close to what you paid for it (you indicate you bought it for a bargain price).
So, why sell it, keep it and enjoy it, it may be the cheapest, and most enjoyable, motoring you have ever experienced.
(NICE COLOR by the way!
).
06-24-2013, 02:29 PM
#7
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like houses you hate to leave that you've done a lot of your own landscaping, painting, home improvements, and what not, the only way to get over it is to move to a better house. I believe the same is true for a car you've pampered and taken great care of. So, if you are thinking of moving into a C7 or even GS C6 you will not miss your 97 enough to kick yourself in the butt later on.
06-24-2013, 02:30 PM
#8
Race Director
not really going to be a huge effect on value driving it for a few years, sure there will be some effect, but, not a lot. the money is going to be what you fix when you start driving it. if the car has basically set you can expect to replace the water pump, hoses, belts, fluids and fuel filter soon or out of the gate. if you put 10k miles on it this year i'd almost say the car would be worth more as you would have to fix the issues as they come up and the new buyer would get a car ready to go.
if i had your car i would run it up to 70-100k miles and then sell it. get some enjoyment out of the car and have fun.
you're absolutely correct about being able to run it to 50k and still get 12
if i had your car i would run it up to 70-100k miles and then sell it. get some enjoyment out of the car and have fun.
you're absolutely correct about being able to run it to 50k and still get 12
06-24-2013, 03:07 PM
#10
Le Mans Master
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2023 C2 of the Year Finalist - Modified
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Drive, drive, drive............
You will be a long time buried before your vette has any real value.
You will be a long time buried before your vette has any real value.
06-24-2013, 03:31 PM
#14
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St. Jude Donor '09-'10, '14
Sure it will affect the value if you drive it, but if you only put say 5,000 miles on it over a 12 month period, it would probably still be worth the same as if you parked it in the garage for that 12 months. 24,000 miles on a mint '97 is still extremely low miles.
If you drive it 6,000 miles a year for the next 5 years it will have the 50,000 miles you mentioned, and if you care for it as the previous owner did, it will probably still be worth close to what you paid for it (you indicate you bought it for a bargain price).
So, why sell it, keep it and enjoy it, it may be the cheapest, and most enjoyable, motoring you have ever experienced.
(NICE COLOR by the way!)
.
If you drive it 6,000 miles a year for the next 5 years it will have the 50,000 miles you mentioned, and if you care for it as the previous owner did, it will probably still be worth close to what you paid for it (you indicate you bought it for a bargain price).
So, why sell it, keep it and enjoy it, it may be the cheapest, and most enjoyable, motoring you have ever experienced.
(NICE COLOR by the way!
).
06-24-2013, 04:49 PM
#16
Safety Car
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Our Vettes are a depreciating asset - like it or not. There were so many made that they will never be rare or appreciate substantially in value. You got a hell of a deal on a very nicely maintained driver. USE THE CAR - DRIVE IT AND ENJOY. The previous owner is the big looser in the transaction, spent a lot of money and hardly drove and enjoyed his car.
06-24-2013, 04:55 PM
#17
Lepus-temperamentalus
Sure it will affect the value if you drive it, but if you only put say 5,000 miles on it over a 12 month period, it would probably still be worth the same as if you parked it in the garage for that 12 months. 24,000 miles on a mint '97 is still extremely low miles.
If you drive it 6,000 miles a year for the next 5 years it will have the 50,000 miles you mentioned, and if you care for it as the previous owner did, it will probably still be worth close to what you paid for it (you indicate you bought it for a bargain price).
So, why sell it, keep it and enjoy it, it may be the cheapest, and most enjoyable, motoring you have ever experienced.
(NICE COLOR by the way!)
.
If you drive it 6,000 miles a year for the next 5 years it will have the 50,000 miles you mentioned, and if you care for it as the previous owner did, it will probably still be worth close to what you paid for it (you indicate you bought it for a bargain price).
So, why sell it, keep it and enjoy it, it may be the cheapest, and most enjoyable, motoring you have ever experienced.
(NICE COLOR by the way!
).
Go drive it.
06-24-2013, 05:14 PM
#18
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A C5 really makes a lousy investment. Drive it.
06-24-2013, 06:14 PM
#19
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Drive it and enjoy it!
This one's a 1997 and it is high mileage (187k) I don't care what it's worth, because I'm not selling, I'm driving it and loving it.
This one's a 1997 and it is high mileage (187k) I don't care what it's worth, because I'm not selling, I'm driving it and loving it.
06-24-2013, 06:29 PM
#20
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You bought it to drive it, not collect dust in your garage, right? At the end of the day it's just a car, there are thousands of vettes out there. All you're doing by not driving it is keeping it low mileage for the next owner to enjoy.
-Eric
-Eric
