Well it dropped about 10 grand the first year (or week), so if you say it's worth about 40k now I'm guessing you have a 2006. That's about right. If it has 20k you will probably do better to sell privately and bargain hard on a new one straight up. Car dealers would love to offer you nothing on a new one though to keep the "trend" going.
Why do you want a new one if yours has 20 k on it. It's basically the same car?
I hate to say it but that's why I don't buy new cars anymore. Especially American cars, they devalue quicker than there European counterparts.
I agree. I've owned my C6Z for about 30 months. I think if I were to sell today I would loose about $5k. The car has 23k miles and is perfect. Might get $38k for it. But it only cost me $43K.
Yep, 2006 with 3,600 miles. The guy I bought it from took a bath on this car, supposedly the first C6 Z in Iowa. You know he did not get a deal in October of 2005. And I do feel sorry for him. But sometimes we have to pay some stupid tax along the way before we learn.
They are out there and can be had for far less than any "Great Deal" that a dealer will give you. Are the newer Z's nicer than mine? Not $30k nicer and besides, you can't buy a new Lemans Blue Z.
Let someone else take the bath and you'll only get a light shower.
Yep. Bought mine used with 16k on the odometer. All cars loose value. The value is the fun in driving it. If yours is an 06 and you bought it new, You haven't been enjoying it enough. Go drive it. I've had mine 8 months and have put over 4000 miles on it and I still feel like I don't get to drive it enough.
I hate to tell you but cars are not an investment.............
Sure they are! They're just an extremely BAD investment!
Supply & Demand. There's a lack of demand, and an overage of supply.
How to fix it? Don't buy in. (Unfortunately, this is the only viable solution to losing yer money on a car.) Trade it in? Great, now you start the cycle all over again. You lose TWICE, then.
I've had my Z for almost 6 years now, and have no intention of getting rid of it. It has been mostly troublefree and the great car. I didn't buy it for an "investment." (Although I was offered 6K over what I paid, back in 2006!) Maybe I should have taken the guy's money! Nahhh, I've had $6000 worth of fun with it. Created some great friendships along the way, too.
I guess the economy has a lot to do with it. Look at the dismal production and sales numbers for 2011. How do you expect to get much for your used car if brand new ones aren't even moving?
And if you think it's bad now, just wait for the next generation Vette to come out in a couple years. If history is any indication, there will be some killer deals on the C6 leftovers. And unfortunately, values on all older C6's will take yet another hit. That is, of course, unless GM manages to totally botch the C7. Then your C6 Z06 might actually go up in value (but I doubt that will happen).
Well if you think paying $70k for a new Vette and then getting offered $40k on a trade in is bad, then the guy who sold a 2002 Bentley Arnage to my buddy really took a bath. My buddy picked this car up for $50k and it only had 5000 miles on it. That's including the $3000 plush sheep skin floor mats. $2000 for wheels, tires, four doors and an engine, not bad. So now for the price of the car new in 2002, drum roll please, $213,990.00. On second thought that's not a bath that's a prison hose down, with delousing powder, and a rectal search, without a proper reach around.
2002 Z06 Black on Black
Well for what its worth, I just sold a new leftover 2010 1LZ that stickered at $75k for $58k plus tax. Im selling a new 2011 Carbon edition (Super Blue thats being discontinued) for $87k and it's got a $100k MSRP. And I wont even go into the deals on the ZR1's because they're sickening. I also just sold a 2006 yellow Z06 with 13k on it for $34,000. There's deals to be had if you search them out. You've got to realize that when you're getting $15-$25k off a new car you're not going to get $5k over book on your trade. And if you're not getting the deals like I throw up then you're talking to the wrong people.
My 2008 C6Z is the only used car I have bought since 1977! I generally like to buy new, so that I know EXACTLY how the car is maintained and its history. But for the C6Z, when you look at how fast they depreciate, it makes no sense to buy a new one, unless you just have crazy money to burn.
In early 2010, it looked like the prices only started to stabilize after 2 to 3 model years after manufacture. In early 2010, I paid $55K for my my Jetstream Blue 2LZ option C6Z from a certified chevy dealer (extended 36 month warranty by 1 year) which was totally stock with the exception of a mild-to-wild remote, a bluetooth phone interface unit, and 3 small blue LED lgihts in the engine compartment for car shows. When I met the prior owner and he admitted that he had paid $80K and traded it in for $50K after owning the car for less than 2.5 years with only 7950 miles. He kept the car immaculate. That is serious depreciation!
I have a coworker, who likes Jaguars. While he started life rich as stink from family money, he waits 2 to 3 years to buy for the same reason. Two years ago, he bought one of the Aston Martin looking Jaguars for a very good price compared to new.
I sent an angry e-mail to corvette magazine after they included a high-mileage c5z06 from florida in their 15k story--that's a 50k car they wanted to be worth 15k--they printed my complaint, but i ma still smarting from it. But, hey man, look at Ferraris (am I allowed to say Ferrari?), they cost 300k new, and i have seen 360's for 50k, 430's for 75k, and the awesome 458 will also settle down, so that's a drop of 70% or so, so actually vettes hold thier value better. In fact, i have been wanting a ferrari for a long time, and i would have one except for the damn currency war. So, cheer up, and keep it if you don't like the trade in--anyway, trying to have the fastest car year after year is chasing the dragon, and very expensive.
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