an220

Happy Friday! Maybe some of you guys are in similar situation. My C8 has about 40k left on the loan. Say i get a Z06 allocation sometime this year, whats the best method to get the most value out of my C8?
1. Trade it in to dealer for z06?
2. Pay it off, sell it on the street and then buy a z06?
3. Sell it with a loan pending like to Carmax or something & then buy a z06?

Kracka

Likely #1 for the sales tax benefit. Really depends what it'll be worth at the for an outright sale to #2 or #3 though. You'll have to run all 3 scenarios at the time.

ArmchairArchitect

A dealer probably isn't going to offer you close to market value for your C8, so that will erase any sales tax benefit. I would put it up for auction on eBay with a reserve. Ebay fees for cars are pretty minimal, I've listed there before.

EAST COAST Z51

Check Caravan and Vroom before you trade it. Trading it will save you $ on tax.

z28lt1

For all those talking about the sales tax benefit, we don't know what state the OP lives in. There are 5 states that don't charge sales tax on vehicles and 7 more (plus DC) that don't give any credit for trade-in. So in 38 states there is a tax advantage to having a trade. In the other 12 (and DC) there is not.

whitec7

Sell it out right, and buy the Z06 latter

CAlexio

Sell it right now when the market is still high. Then buy a z06 in five years when it becomes available

thebishman

A dealer will be salivating to get your current C8 in on trade, and you can parlay their need for your car for a position at the very beginning of their C8 Z06 allocation list. You will get top $ for the C8 now which allows you to pay off the note and use the equity to buy something to drive until the Z06 is available. They may even have something on their lot that you trade for now with the understanding; (get this in writing with a signature from the GM and New Car Sales manger!) that the car you drive off the lot today will have the exact same value when you trade it back in on the Z06.

The above works really well if your state allows the sales tax deduction for trades, but also works if you just trade the C8 in and walk away with the cash and buy something elsewhere with a firm commitment to being able to get a Z06 early. (If you do walk away with cash equity and look to buy something until the Z06 arrives try and buy a new vehicle as used car prices are stupid currently).

Good luck

marknagy13

Here's what I usually do. A month before your Z06 is going to arrive, get the dealer/CarMax/carvana to give you a quote on what they'd offer you. For the next month try and sell it on the open market for 10% more. If no one buys it then sell it to the highest bidder when you get the Z06

midengine

This is exactly what I did albeit sometime ago. Put me closer to the top at local dealer. Unfortunately it's a smaller dealer with lower allocation numbers but I'm happy to secure in 2023. In the meantime I'm happy to continue enjoying the c8.

Atlantan

Wasn't aware that dealers are willing to do this, take no depreciation on a "bridge" car.

ArmchairArchitect

So that means they screwed everyone else that was already on their list (presumably with deposits as well, to secure their place in line). Never underestimate the lack of ethics with dealers.

EasyLivin

I'm not going to do a private sale... Once my Z06 order is accepted I'll get a few quotes from the usual suspects like Carvana, Carmax, Truecar etc... Then I'll do the math with the dealer offer and FL sales tax and possible plate transfer savings and if I can't save more than $2k with the car buying sites I'll just trade in my car for the convenience...

thebishman

Not all will since market conditions could/do change, but even if they specific a high to low range of value for the intermediate trade it’s worth asking them to do it.

Also, some states give the dealership a long time frame to consider a deal to be a trade versus a sale and then a purchase. Meaning you trade in the car on an allocation and when that new car finally arrives you can still use the sales tax benefits if they apply in your state. That legal time frame needs to be verified for each state obviously.

Juniorss

That most likely isn’t going to happen. If the market on used cars happens to crash, a dealer isn’t going to give you what you bought a car for a year ago. I understand the times we are going through now, but there is no way a dealer is going to guarantee you in writing that a car will be worth what you paid for it a year from now. Find me a dealer that will do this, and I will buy a car from them every year

Also dealerships know you get a tax savings when trading into them. Most are going to try and give you a number with the sales tax savings included. Your best bet for top dollar is a used car dealer like Carmax, or a dealer that’s willing to give you top dollar for your trade if you don’t want to do private party. If you find a dealer with a specific car you want that is in high demand, the reality is they will most likely low ball you on the trade.

Michael A

If you sell the C8 yourself, be sure to pay off the loan early, so you have a clear title. That can take many weeks. I found that out the hard way.

Display333

you do understand... that we are discussing a topic.. that has ZERO known quanities...

dont have the vaguest idea when well get the zo6
don't have any idea on MSRP
dont know the C8 market 18 months in the future

we are just babbleing...

that said.. I saw a ZO6 yesterday... at a dealer preview... my advice... don't give up your C8, or your C8 allocation.. on the off chance you'll get a ZO6... cool, yes... worth falling on your sword for... debateable...

sound.. yea, cool... performance FAR FAR beyond what you can use on the street (much like a C8 or C7 or many cars)

just my .02