boothea

I've been watching the corvette market for the last couple of years and have seen how the prices has fluctuated greatly. What I'm really curious about is what corvette prices looked like during the 07-09 Recession. You can look up and find data about how the overall used car market declined in prices, but I wanted to know if it was different in relation to corvettes specifically, as I'd say they hold more value than a mass-produced car such as an accord. I'm in my mid 20s so I was too young to understand/pay attention to these things during the last recession, but wanted to know from y'alls experience what things y'all remembering seeing. Thanks!

Dano523

From the start, keep in mind that corvettes will have a fall in value from once new, then at some point in a long enough time period, the bottom value stabilizes for that model, and it start to climb back up in value for the most part.
So in regards to model years, C6 has hit its lowest point, and is slowly starting to climb back up in value. The C7 still have a bit of price drop before they bottom price stabilize, and there values starting to climb. Keep in mind that we are talking well maintenance cars, and not someones problem child in needed of major repairs isntead.


Next, is the shortage Effect of Covid we are seeing, being that even with new cars being made, a great deal of them not completed due to missing electronics that the manufacturers can not get currently. So this shortage, is driving the price up on all the Used cars across the board. So in regards to C6, going to find that is selling for close to $6K more that what its price should be, and in regards to the first statement of the value of the C6 stabilized and climbing back up in value, once the new cars do meet up with demands (no more waiting lists for C8's), your still going to take that $6K if you go to sell it shortly after that.

Lastly, maintenance and yearly insurance can be a monster for a Vet, so the concept of driving the car for say 10 years, and thinking that it value increase is going to off set such, no way in hell. Between insurance and maintenance for 10 years of driving the Vet, $3K a year is about the norm, so $30K for a ten year mark period that its increase value increase will not be that much instead.

To bottom line it, a vet is really just another toy in the toy box, and if someone does have the front pocket extra change for another toy, the best way to look at it.
Granted that you will always have the very limited edition collectible models like the Z07 carbon ($100K right now), but for the most part on such limited models, really a car you pick up to show room it instead.

R&L's C6

I remember a lot Corvettes sitting on lots in 2010, 2011.

Dealers had a hard time getting rid of them and they were heavily discounted.

FAUEE

Overall the people who typically buy vettes still had money, and people who were reaching did not. It was also a totally different environment, with minimal inflation and a jobs shortage. We have massive inflation and a labor shortage.

Jeff T.

2016 a local dealer had a new white heritage package discounted $20k...

farmington

My 2012 Centennial sat on a dealers lot from October 2011 until April 2012. 2012 was the lowest volume of corvettes built.

C6ToGo

I took delivery of mine in March 2007 with the mortgage bubble burst starting 7 months later in October. C6 sales were great...the highest production year by far....you had to get a GM Supplier discount code to get a good price.

I don't recall in the couple years after I got mine of a drop in the C6 market to the point where I regretted not wishing to see into the future and waiting to buy.

The recession certainly affected production.....40,000 C6s built in 2007....down to 12,000 in 2010

Klawp

Wasn't there someone here trying to sell one of those for 100k and everyone was laughing at him...

https://www.corvetteforum.com/forums...-9k-miles.html

Claims he sold it but someone noted it was never registered.. lol

kwickag

To me, the premium I paid to have the car now was a fee. If I was a business, I would have written it off the moment it was paid. I got my car at the end of May, and it has 10,000 miles on it. Those are miles I wouldn't get until later this year if I had done the deposit and wait thing. The is what I paid the "fee" for, to drive it now. One way I look at it is that if I rented one for the time I was waiting for my order to show up, it would have cost more than the "fee". Thankfully I have the cash to do this kind of thing.

Redsoxnation

Corvettes are a halo car, they do not have the production numbers of an Impala, or Malibu. I noticed that you reside in AL. A Corvette can be a daily driver, however in the New England states they are stored from Nov - Mar. and will have lower mileage.
The demographics for Corvettes owners are very different than a Toyota or Honda. Corvette owners tend to have disposable income therefore, the economy tends to have a lesser impact. During a recession people with Cadillacs, Lincolns. MB, and other higher end cars were not selling their cars. The financial hit would be to great.
With higher mileage Corvettes 100K or more is a different situation, these owners are buying into a community at the lower cost spectrum and will have greater reason to sell due to cost of maintenance.

Frank4202

Someone the other day said they bought their 2008 Z06 in 2008.... Sticker price was 80k, they paid 63k.

jksvet

I did get an offer from my GM Card for an additional $750 added to my earnings, so that's a start. That being said, they aren't even allowing using the GM Supplier discount yet on the car, so I don't think substantial is coming soon.

Vette_DD

Not exactly.

2012 was the lowest number built for C6s. Lowest volume of corvettes built was 1953 when only 300 were built.

Vette_DD

I did discover that the information I had about the number of C8s built was incorrect. It should have been 126,200 and the total number of Corvettes built thru 2023 should have been 1,867,567.

VetteVinnie

Interesting older thread, but still relevant.

According to the Carfax, my 2011 Grand Sport arrived at a dealer in North Bend, Washington in April of 2011, had an "electrical service" in July of 2011 with only 17 miles on it (I suspect battery from sitting there four months practically untouched), and was finally purchased by a buyer in North Carolina in May of 2012. It was then titled in North Carolina in June of 2012 with 64 miles on it, so it took a few weeks for transport.

It took that dealer over a year to find a buyer for my car during that same timeframe. It had to be related to price since mine is a fully loaded 4LT convertible that stickered at ~$78K, which is pretty high for something that's not a Z06. I would wager they had to discount it quite a bit to get it moving.

hawkgfr

In the 2010 to 2013 time frame Chevy was handing out 3k loyalty discounts like candy at Halloween....Between that and discounts you could get really good deals...Good times...After my first new 2007 I had a 2011 and a 2012 and a 2013 all new and the 12 and 13 had the 3k bonus from GM...



All things considered C6 values have held up extremely well imo...and still are up there pretty good...

yeller z06

I think my first C6 was a 2012, so I guess I ordered it in 2011? Who can remember back that far. I do recall though that my local dealer was begging me to buy one, and I negotiated a huge discount with them but they pissed me off so badly with the trade-in value on my Porsche that I walked. I bought it through McMulkin for a huge discount. Did a similar thing with my C7, except that I bought that one out of stock at McMulkin, once again at a huge discount.

The thing about Corvettes is that when a new version/model/edition comes out, the prices are MSRP + premium until production catches up with demand, and then GM keeps cranking them out and prices fall like a rock. The pandemic shortages have extended the time that they are selling for a premium, but I believe you can now by a C8 (not Z06) for MSRP.

FAUEE

The automakers are trying a different take on the system now. Previously dealers would have a variety of cars on hand at one time, some of the big dealers would have 50+ new vettes on the ground. That inventory led to discounts and incentives, because they wanted to sell as many cars as they could.

The process is different now. They're intentionally constraining supply and inventory. You don't see huge lots full of new vehicles anymore by design, they've moved to a fewer sales but at higher prices system. Because there's not a ton of inventory on the ground, they don't have to offer incentives to move it, and they can convince you that you're lucky to be given the opportunity to buy their car, and so you're gonna take their mark up and you're gonna like it.

This of course will fall apart for them, because American vehicles are priced with a 20% or so mark up in them. If you're gonna pay that full MSRP (and then some), why not go with a higher end car from a competitor that doesnt pad their MSRP and just delivers a car with that price point in mind in terms of material and quality?

DrKrieger

My buddy just bought a 2022 C8 for $68K.......has 3,300+/-miles, Rapid Blue with black interior. So, prices are stabilizing in certain instances. We will see what happens in this the presidential election year. I have no idea what that has to do with car prices, I just thought I'd throw that in the mix.