Housing starts are off for the nation as a whole. I realize some of this is due to specific regions being off more than others, but the nationwide average is still off.
I think there are a few reasons for the soft market. In general, the economy is in decent shape but the perception of a lot of people is of future uncertainty. With that uncertainty, people are less apt to spend disposable income on a sports car in the $25-40k range. I think most people who buy sports cars in this price range are middle class folks who can afford the car, but still feel the costs of rising gas prices and increased interest rates. You're probably right that those rising prices haven't forced huge changes in their daily lives, but they're definitely keeping a lot of those people from shopping for sports cars.
Supply is another big factor. Right now, there are simply more C5 Z's on the market than buyers. Cars that are aggressively priced are selling and others are not. Buyers who pay any attention to the market at all know that they can sit back and pick off great deals as they come (and they keep coming). There are exceptions, but this is the general rule.
Interest rates are higher, making auto loans more expensive. This probably isn't a huge factor, but with low rates people feel more compelled to borrow money for fun things.
C6 Z's are driving down the cost of C5 Z's. This is just a natural progression that occurs within the automotive world. Whenever a new model comes out, the old model drops in value. The fact that the C6 Z is such a step up from the C5 only helps to exaggerate this trend.
Not to cast any more of a shadow over this scenario, but right now is as good as it's going to get for the next 8-9 months. When winter sets in prices will be driven even lower.
I think it's all about the price being right and the condition of the vehicle. Just like in a softening real estate market, you better have the best available product in the correct price point if you want your car (or house) to sell.
The car I bought was for sale for exactly 1 day before I bought it. It was a 1 owner car (2003) with 1300 miles. It came with about $3000 worth of upgrades and I bought it for $35k.
If your car isn't selling, take a hard look at the price and condition. Best wishes!
I am a realist. Cars, boats, houses; they're only worth what someone is willing to pay for them. I'll get the car sold, and I'll lose money, and I'll go on to the next thing. I didn't plan on losing money, but I never plan on making money on hobby's either.
I am a realist. Cars, boats, houses; they're only worth what someone is willing to pay for them. I'll get the car sold, and I'll lose money, and I'll go on to the next thing. I didn't plan on losing money, but I never plan on making money on hobby's either.
That's a good attitude to have. Toys are something to bring you enjoyment, not stress and heartache. Good luck with your sale.
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