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Just more evidence that Corvette market is on fire right now...
The C8 is the fastest selling new car, averaging only 9.2 days on the lot, average price of $87k.
The C7 is the 3rd fastest selling used car, averaging only 23.2 days, with an average price of $70k.
The market is hot, no doubt about it. That said, and as I also argued in another post, once you do all the math and factor in taxes paid, interest if you financed, maintenance costs and everything else, the actual in-pocket delta is likely only a few thousand more than if you had sold before the market took off.
I'm not trying to poo poo a few thousand bucks...that's real money...but in the grand scheme of things I'm a little surprised so many people are being moved to make decisions to sell over such a small amount. I totally get it if you were already thinking of selling anyway and just happened to catch the market on an upswing, but if you are happy with your car and still enjoying it, you are ready to give that up over a few thousand? Really? I just don't get it. And especially not if you're planning on pouring your "profit" into another car purchase at the top of the market.
You can't easily put a price tag on your happiness, but if I try, it's certainly more than a few thousand bucks for me.
I'm agonizing over whether or not to sell mine right now. I'm just not exactly sure what I'd replace it with, and how long I'd be without a fun car while I wait for the market to cool off.
I was wondering about that. I bet the clock starts when the car is actually delivered by the carrier. Then it includes the time it takes to process paperwork, do the PDI, and then however long it takes the customer to actually come get it and formally take ownership of it.
I'm agonizing over whether or not to sell mine right now. I'm just not exactly sure what I'd replace it with, and how long I'd be without a fun car while I wait for the market to cool off.
Same here, I was debating selling since it seems like I can sell for basically what I paid for it and thought about upgrading to a nicer house and just grab a fun car again later but the idea of no fun car hurts a little and I don't really need a nicer house... Ah decisions.
What a coincidence reding this thread. I was just last night thinking about selling my C7 and going for the C8. Hopefully being able to get top dollar for my C7. It has only 2600 miles.
The market is hot, no doubt about it. That said, and as I also argued in another post, once you do all the math and factor in taxes paid, interest if you financed, maintenance costs and everything else, the actual in-pocket delta is likely only a few thousand more than if you had sold before the market took off.
I'm not trying to poo poo a few thousand bucks...that's real money...but in the grand scheme of things I'm a little surprised so many people are being moved to make decisions to sell over such a small amount. I totally get it if you were already thinking of selling anyway and just happened to catch the market on an upswing, but if you are happy with your car and still enjoying it, you are ready to give that up over a few thousand? Really? I just don't get it. And especially not if you're planning on pouring your "profit" into another car purchase at the top of the market.
You can't easily put a price tag on your happiness, but if I try, it's certainly more than a few thousand bucks for me.
My plan was always to sell mine after a few years for a GSCE or something mid-engined. If I'm going to get out, it makes sense to do it at the top of the market. Even if it's 'only' a few thousand more than it would be during normal times.
St. Jude Donor '08-'09-'10-'11-'12-'13-'14-'15-'16
Carvana gave me a ridiculous offer for my 2016 Z51 M7 coupe.
I was thrilled because I was looking to go for a A8 Z06 vert.
That is until I realized they were getting stupid money for them.
I am not going to get rid of my car until I have the replacement in hand.
Premium gas is over $4/gal. I think we will see $5/gal by mid summer. That
may slow the market down a bit. If not, I ll just have to keep shifting
You're not going to see $5 gas The pipeline problem should be fixed in a few days. The only reason it's as big of an issue as it is, is because of senseless idiots panic buying.
I spoke with my salesman at Corvette World of Dallas yesterday. I sold my 17 GS to them 3 weeks ago. I asked if it has sold yet and he said, and I quote "no, the market has softened a bit in the last few weeks and we have inventory now"......that surprised me....
PS....My transaction with them was flawless and very easy. I got a good price and the check was in my hands 3 days after they received the car. To all those folks hesitant on selling that way, maybe there are other companies out there that aren't so reputable but CW of Dallas was for me. I even screwed up the title and had to request a duplicate title from the DMV and CW said, and I quote "not to worry, these things happen. Just send it to us when you get it." Again, I was pleasantly surprised at their response. So I went to an authorized 3rd party DMV office and they took care of all the duplicate title processing and charged me $34. When I told CW the title was on the way they even offered to reimburse me the $34.
I spoke with my salesman at Corvette World of Dallas yesterday. I sold my 17 GS to them 3 weeks ago. I asked if it has sold yet and he said, and I quote "no, the market has softened a bit in the last few weeks and we have inventory now"......that surprised me....
AKA we kept pushing prices higher and higher until we found the breaking point.
My plan was always to sell mine after a few years for a GSCE or something mid-engined. If I'm going to get out, it makes sense to do it at the top of the market. Even if it's 'only' a few thousand more than it would be during normal times.
I agree with that...if your plan had always been to sell around now and upgrade, might as well do it now and maybe see if the market chills a bit before you buy the next vehicle. My comments were more directed to the people that are plugging their VINs into Carvana or wherever and then rushing to sell their cars now without any plan just because they see a few thousand more than they thought they would. Kinda the tail wagging the dog a little bit.
I'm not trying to poo poo a few thousand bucks...that's real money...but in the grand scheme of things I'm a little surprised so many people are being moved to make decisions to sell over such a small amount.
This is my take too.
I've only had my used C7 for 2.5 years, if I sold now I would only "make" about $4k or about 10% of its value. About a 18 months ago, before the market took off, it was down 10% (typical depreciation)- so technically I'm "even" right now.
Like anything it depends on long term vs short term. I planned to own this car for at least 5 years. By then this might just look like a blip.
Long term - basically flat since 2018
Short term - BIG gain compared to the entry point in mid 2018 and MASSIVE gain if purchased in early 2020 (nearly +20%)
You can't easily put a price tag on your happiness, but if I try, it's certainly more than a few thousand bucks for me.
So glad you posted this.
Paraphrasing, I don't imagine myself saying, on my deathbed, "I'm so happy I died with $2000 more in the bank! It was worth giving up a summer or two with my Corvette."
I don't think many people are selling, making a few grand only to wait for it to come back down and buying it all over again. I sold mine because I got what I paid for it 2 years ago. This gave me a chance to try something new even though I was very happy with the C7.
I was wondering about that. I bet the clock starts when the car is actually delivered by the carrier. Then it includes the time it takes to process paperwork, do the PDI, and then however long it takes the customer to actually come get it and formally take ownership of it.
I have seen a couple at the dealership I bought from and take there for service but when you have a 2020 1LT that they are asking 95K for, c'mon, I know they are selling fast but those prices must slow the process at times......
I've only had my used C7 for 2.5 years, if I sold now I would only "make" about $4k or about 10% of its value. About a 18 months ago, before the market took off, it was down 10% (typical depreciation)- so technically I'm "even" right now.
Like anything it depends on long term vs short term. I planned to own this car for at least 5 years. By then this might just look like a blip.
Long term - basically flat since 2018
Short term - BIG gain compared to the entry point in mid 2018 and MASSIVE gain if purchased in early 2020 (nearly +20%)
Good post. I have been in the market for a 2014 C7 for a couple years now. Early on a passed on a couple with low miles in the mid 30’s because of color or options. Now looking back I would have jumped on them. Guess I’m just gonna have to wait for a market correction now.
05-13-2021, 08:38 AM
Corvettes are selling FAST
The pipeline problem should be fixed in a few days. The only reason it's as big of an issue as it is, is because of senseless idiots panic buying.
