robvuk

Because the current value of the car your selling is totally dependent on what someone will have to pay for a new one. Let's say a new one has msrp of $60k What would you pay for a used one? $52k?? $55K?? Certainly not $55k if you could buy a new one at a discount for let's say $56k. So msrp has nothing to do with it. It's current demand.

Let's say you buy a car at $55k last year, This year it will cost you $60k due to inflation/price increases. Would you sell the car you paid 55 for at $48k now? Hell no. Because somebody would rather pay 52k for your used one than $60k for a new one. All the cars older than one year will follow the trickle down affect. If that still doesn't make sense, let's exaggerate the example and say that the car you paid 55k for is now suddenly 100k for a new one. What do you think you would ask for it then? probably at LEAST 80K!

kokoa87

robvuk

I'm always amused to find people putting a price on their used car when they haven't checked to see what it costs to get a new one. For example, right now a lot of people are asking way too much for a 2010 C6 because you can buy a 2013 C6 at a deep discount and/or very favorable financing. I think that the current C6 depreciation will only be temporary for a year or two until the C7 is fully rolled out and the frenzy has died down.

JerriVette

I bought a new 2008 c6 z51 manual 1ltwith NPP . Msrp around 50k...paid 45k

Had it sold 19 months/19k miles later for 38k. Decided to keep it.

Order a c7 z51 manual with MRC and NPP and it will be in demand.

Hope this helps

C7 101 car

Your Dad is correct.
You will lose about $18 K if you have less than 10k miles on it.
and about $20K+ with 24K miles on it.

RedC7AZ

All of what you explained is common sense and I would agree has an effect on what you sell your car for, but my point was that the figure used in calculating depreciation on your car STARTS with the MSRP of your car, not another car. The depreciation would be calculated as the difference betwen the MSRP on your car and what you sold it for.

robvuk

Your depreciation/appreciation is calculated from what you paid for it but the selling PRICE is calculated from the price of the new car. I thought I demonstrated very clearly that your car would APPRECIATE if the price of the new car suddenly increased to a greater amount in following years.

lt4obsesses

This makes alot of sense, and is more likely to be true than not. If compared to the C6 2005 prices in 2007. But there are a couple of major variables out there. One will be economic strength. The other will be production vs demand. If GM does a better job of keeping production in line with demand, the used prices will be higher.

harlold

is 24k more miles worth losing $2k over


YES

C7 101 car

Actually in my example that would be 14K miles for $2K. BUT...
You should Never try to limit you miles just to get more when you sell it, just use it as you please.
For me my C7 (as my third car) will have about 3,000 miles in 3 yrs.

C7 101 car

Answer 2 1/2 years later is......

I am trading in my Z51 C7 (had it 2 1/2 yrs. & has 923 miles on it )
I paid $69,000. Got $50,000. for it
That's a $19,000. loss for 2 1/2yrs. or $7,600. p/yr.
I did get a extra $3,500. for the low miles.

So I would have lost $22,500. if I had 19,000 miles
Which would have been a loss of $18,00. for 2 yrs.

rmorin1249

Seriously, less than 1k miles in 2.5 years? Why did you buy it in the first place?

C7 101 car

#1.. I like to have New versions of cars that I like when they first come out.
#2.. I have 4 cars insured, The C7 is not a daily driver.
#3.. I had back surgery and the C7 is a little to low for me, so I am trading it for a 2016 CAMARO. Which I will not use much also.

Ramapo

I'm just thinking, Wow, $21 per mile, just for depreciation. When you made a 10 mile round trip to Starbucks, did it occur to you that transportation was costing you over $200?

joeybsyc

Also gotta remember that's trade-in value... Which is about the biggest beating you can take. Go back in a week and see what the dealer is asking for it after you trade.

C7 101 car

No

Actually if I include the $2,670. I saved in sales Tax on my 2016 Camaro, I only lost $16,330.

So that's only $17.69 per mile

Woodson

Wow, you should have rented one for the few times you drove it.

cor66vette

Interesting thread revisit.

SeaIsleZ06

Did the original $69k include taxes and registration.

awright2009

http://www.edmunds.com/chevrolet/cor...4/cost-to-own/

I think the used price is about 50k give or take right about now, which isnt too bad from invoice (assuming someone would want to sell it, I dont)