[ZR1] Talk about not holding value...
08-09-2010, 01:09 PM
#1
Burning Brakes
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Talk about not holding value...
Two 09 ZR1 on AutoTrader for about $75,000. One with 13,000 miles and one with 23,000 miles. Wow these people might have paid about $130,000 two years ago.
08-09-2010, 01:17 PM
#2
Team Owner
08-09-2010, 02:45 PM
#3
Le Mans Master
Kinda like stating the obvious. The 75k car probably has a rebuit title. Just because one is that price doesn't mean they are plentiful at that price. The average is still in the 90's.
Last edited by Turbooo2u; 08-09-2010 at 02:50 PM.
08-09-2010, 04:05 PM
#4
This may be kind of a "duh" question but IF 2011 is the last year the ZR1 is made, what do you think the used prices will do over a years peroid of time? I realize that there are a ton of variables to think about, but what are the guesses? I ask this, in part, because I never thought I would see the 2010s being discounted the way they are.
08-09-2010, 04:13 PM
#5
Team Owner
This may be kind of a "duh" question but IF 2011 is the last year the ZR1 is made, what do you think the used prices will do over a years peroid of time? I realize that there are a ton of variables to think about, but what are the guesses? I ask this, in part, because I never thought I would see the 2010s being discounted the way they are.
GM is doing the only thing it can do...provide an incentive to move the product. Just how many will be sold due to the 0 percent financing is anyone's guess.
08-09-2010, 04:51 PM
#6
That's actually fairly low depreciation considering MSRP. People that paid over MSRP to be one of the first knew they were going to take a beating if they sold in a couple years. I suspect most didn't care, because money was not in short supply....
08-09-2010, 05:30 PM
#7
Team Owner
Low? Only because it held it's own for a whole year, get rid of that year and it isn't low, it has come down a lot since it finally broke below MSRP for the new ones. Also with all the unsold ones on the lots and 11's coming, she's gonna be just like the Z06, ok, maybe not, but you wait and see.
08-09-2010, 05:33 PM
#8
Racer
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If anyone bought one of these cars thinking it was an investment isn't facing reallity...past, present, and future. The used market is just now starting to be truely tested....$90K asking prices mean nothing in a market were new 2010's are advertised at $105K. This while a $3K rebate or free interest money has only liquidated 15-20% of current national inventory in the past 45 days.
Lets review......
Two years ago there was virtually no ZR1 inventory and lets say 2000 wanting and waiting buyers on the fence....MSRP +10K and up was the norm.
One year ago there were less than 100 cars available with perhaps 1000 buyers on the fence....MSRP was the norm and a few were selling just under MSRP. With very few used cars being resold....all cars were still $110K+
Six months ago there was 200 cars in inventory and lets say 500 buyers on the fence....invoice ($7K under MSRP) was the norm. A few used 2009 were spotted selling in the mid $90K range.
Today, there are more than 100 2011 ZR1's already sitting on lots and over 400 new 2010's cars still available at about $16K under MSRP. In reality, used 2009s are closer to $80K and used 2010 are now $90K cars regardless of mileage as demand for the ZR1 is now fewer than current production rates.
As for tomorrow, with the winter months fast approaching, just watch what happens to the remaining 2010 inventory...I'd bet $95K gets you a $122K MSRP left over 3ZR in December.
Why GM and its dealers elected to put so many 2010 ZR1's on the ground while yet half as many of the more affordable ZO6's are selling is silly....its killing the market which now tends to scare-off some buyers looking for the "bottom" and frustrates existing owners.
Only if GM abruptly stopped production would this change....in that event, MSRP would imediately be normal again and the current new inventory would dry up in a hurry...but that wont happen!
08-09-2010, 06:18 PM
#9
08-09-2010, 06:49 PM
#10
Le Mans Master
The high end car market is way down from where it was a few years ago, not only for the ZR1 but for most high performance and luxury cars. The ZR1 is a case of inordinately bad timing, although GM might have somewhat misjudged the market for a car with a 120K price tag. The C6 has also been around for a while as has the Z06 which, while it doesn't quite match the performance of the ZR1 is way more affordable.
GM is doing the only thing it can do...provide an incentive to move the product. Just how many will be sold due to the 0 percent financing is anyone's guess.
GM is doing the only thing it can do...provide an incentive to move the product. Just how many will be sold due to the 0 percent financing is anyone's guess.
08-09-2010, 07:37 PM
#11
And in January or February, somewhere between 93k and 95k might do it depending on the dealership, how bad the weather is, and how poor sales are.
It will really be interesting to see what there owned market is around then as well.
08-09-2010, 08:17 PM
#12
Melting Slicks
08-09-2010, 11:20 PM
#13
http://corvetteactioncenter.com/spec...rowse_2009.php
08-09-2010, 11:44 PM
#14
Racer
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not to state the obvious, but this is nothing new. General motors is historically terrible
at protecting its buyers. remember the supposed limited production zo6. remember how special it was. then they start using its wide body for gs and zr1 suspension for gs. I love corvettes and am willing to take it. it is all part of the game. Oh and by the way saying that someone who finances at zero should not have the car is rediculous. i forgot how to spell that word.
at protecting its buyers. remember the supposed limited production zo6. remember how special it was. then they start using its wide body for gs and zr1 suspension for gs. I love corvettes and am willing to take it. it is all part of the game. Oh and by the way saying that someone who finances at zero should not have the car is rediculous. i forgot how to spell that word.
08-10-2010, 12:54 AM
#15
Low? Only because it held it's own for a whole year, get rid of that year and it isn't low, it has come down a lot since it finally broke below MSRP for the new ones. Also with all the unsold ones on the lots and 11's coming, she's gonna be just like the Z06, ok, maybe not, but you wait and see.
08-10-2010, 01:08 AM
#16
Le Mans Master
If you look at the VINs and compare them to the ZR1 Registry, you'll see that they are actually pre-production ZR1s that were used by GM and the Press / Media for testing:
http://corvetteactioncenter.com/spec...rowse_2009.php
http://corvetteactioncenter.com/spec...rowse_2009.php
08-10-2010, 01:32 AM
#17
Burning Brakes
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The high end car market is way down from where it was a few years ago, not only for the ZR1 but for most high performance and luxury cars. The ZR1 is a case of inordinately bad timing, although GM might have somewhat misjudged the market for a car with a 120K price tag. The C6 has also been around for a while as has the Z06 which, while it doesn't quite match the performance of the ZR1 is way more affordable.
GM is doing the only thing it can do...provide an incentive to move the product. Just how many will be sold due to the 0 percent financing is anyone's guess.
GM is doing the only thing it can do...provide an incentive to move the product. Just how many will be sold due to the 0 percent financing is anyone's guess.
08-10-2010, 03:36 AM
#18
Le Mans Master
08-10-2010, 10:27 AM
#19
Burning Brakes
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How about this, My 08 heavy optioned Porsche with 11K miles mint condition stickers for $171.000 I recently got offered low 70,s as a trade in on a new one. Probably would sell privately for $95,000 I guess I will be owning it till I croak.
08-10-2010, 10:39 AM
#20
Burning Brakes
Nothing but simple supply and demand compounded by a crappy economic environment....
If anyone bought one of these cars thinking it was an investment isn't facing reallity...past, present, and future. The used market is just now starting to be truely tested....$90K asking prices mean nothing in a market were new 2010's are advertised at $105K. This while a $3K rebate or free interest money has only liquidated 15-20% of current national inventory in the past 45 days.
Lets review......
Two years ago there was virtually no ZR1 inventory and lets say 2000 wanting and waiting buyers on the fence....MSRP +10K and up was the norm.
One year ago there were less than 100 cars available with perhaps 1000 buyers on the fence....MSRP was the norm and a few were selling just under MSRP. With very few used cars being resold....all cars were still $110K+
Six months ago there was 200 cars in inventory and lets say 500 buyers on the fence....invoice ($7K under MSRP) was the norm. A few used 2009 were spotted selling in the mid $90K range.
Today, there are more than 100 2011 ZR1's already sitting on lots and over 400 new 2010's cars still available at about $16K under MSRP. In reality, used 2009s are closer to $80K and used 2010 are now $90K cars regardless of mileage as demand for the ZR1 is now fewer than current production rates.
As for tomorrow, with the winter months fast approaching, just watch what happens to the remaining 2010 inventory...I'd bet $95K gets you a $122K MSRP left over 3ZR in December.
Why GM and its dealers elected to put so many 2010 ZR1's on the ground while yet half as many of the more affordable ZO6's are selling is silly....its killing the market which now tends to scare-off some buyers looking for the "bottom" and frustrates existing owners.
Only if GM abruptly stopped production would this change....in that event, MSRP would imediately be normal again and the current new inventory would dry up in a hurry...but that wont happen!
If anyone bought one of these cars thinking it was an investment isn't facing reallity...past, present, and future. The used market is just now starting to be truely tested....$90K asking prices mean nothing in a market were new 2010's are advertised at $105K. This while a $3K rebate or free interest money has only liquidated 15-20% of current national inventory in the past 45 days.
Lets review......
Two years ago there was virtually no ZR1 inventory and lets say 2000 wanting and waiting buyers on the fence....MSRP +10K and up was the norm.
One year ago there were less than 100 cars available with perhaps 1000 buyers on the fence....MSRP was the norm and a few were selling just under MSRP. With very few used cars being resold....all cars were still $110K+
Six months ago there was 200 cars in inventory and lets say 500 buyers on the fence....invoice ($7K under MSRP) was the norm. A few used 2009 were spotted selling in the mid $90K range.
Today, there are more than 100 2011 ZR1's already sitting on lots and over 400 new 2010's cars still available at about $16K under MSRP. In reality, used 2009s are closer to $80K and used 2010 are now $90K cars regardless of mileage as demand for the ZR1 is now fewer than current production rates.
As for tomorrow, with the winter months fast approaching, just watch what happens to the remaining 2010 inventory...I'd bet $95K gets you a $122K MSRP left over 3ZR in December.
Why GM and its dealers elected to put so many 2010 ZR1's on the ground while yet half as many of the more affordable ZO6's are selling is silly....its killing the market which now tends to scare-off some buyers looking for the "bottom" and frustrates existing owners.
Only if GM abruptly stopped production would this change....in that event, MSRP would imediately be normal again and the current new inventory would dry up in a hurry...but that wont happen!
GM should only have built sold (customer ordered) cars. That would regulate prices a little.
And I know this has been stated a thousand times. But the dealers who asked for thousands above MSRP, deserve to get stuck with them. They mentioned then that "it's only business" , so all I have to say now is "it's only business".. And my business will never be going their way.