Corvette Z06 Forum banner
1 - 13 of 13 Posts

·
Registered
Joined
·
2,388 Posts
Discussion Starter · #1 · (Edited)
I see a lot of guys in the "For Sale" forum selling their C5 Z06s at what seems to me well below their true value. For example, many 2002 Z06s in "excellent condition" with 12K to 18K miles going for around $32K ... maybe as low as $30K if the guy is really desperate to sell. Kelly Blue Book on that car would be about $36K for a private sale. Personally, I think KBB is even on the low side. Once a few guys start dumping them like this it seems everyone looking for a used Zee expects everyone to sell at these "bargain basement" prices ... it's a self feeding spiral killing off the way the car should really hold it's resale value IMO.

Remember, the C5 was only made for 4 years (3 of which were the 405 HP version) and is unique in its body style. The new C6 Z06 is a whole different animal, and the price is much steeper which means a lot of C5 Zee guys probably will not be making the switch.

Seems to me these two facts would tend to help hold the C5 Zee's value up there some ... better than some mid 90s Cadillac anyway. :mah: :flaming:

Rev - Correction made to number of years C5 Zee made as pointed out below.
 

·
Premium Member
Joined
·
9,756 Posts
Actually, the C5 Z was only made for 4 years, 2001 - 2004.
A lot of us who can't (or don't want to) afford $70k will be hanging on to their C5Zs for a while. I hope the value does not plummet, but I can't expect someone else to try and keep the value of my car high. I bought the car as an investment in my happiness - not a financial investment. What can you do ? :cool:
 

·
Registered
Joined
·
4,777 Posts
The rest of GM's lineup is killing the resale on the Z06. As long as people associate the vette with other GM cars, like the Cobalt, they're not gonna see it's true value.

It's like in real estate. Let's say your house's true worth is double that of the others in the neighborhood. Do you think anyone will offer you what it's really worth? Probably not.
 

·
Registered
Joined
·
1,140 Posts
Sports cars in general do not hold value as well as luxury cars. However the z06s are holding their values pretty well. Given that an 02 Z06 could be bought for $44K to $46K in 2001 and after 4 years it can still sell for $30K to $32K. That is about 70% of its orginal sales price, not that bad in the car business. That means it cost about 14K for 4 years which is about $3.5K per year or about $300 per month. Try leasing a car of that type for that amount. I don't think you can even get a cheap ricer for that let alone a full out sports car.
 

·
Registered
Joined
·
2,388 Posts
Discussion Starter · #6 ·
2001Z06 said:
Sports cars in general do not hold value as well as luxury cars.
Guess it depends on what luxury car. I know that the older Cadillacs lost value like no tomorrow. In 3 years they where worth about 1/2 of the initial new cost. Must be something about "old peoples" cars or something. :)

2001Z06 said:
However the z06s are holding their values pretty well. Given that an 02 Z06 could be bought for $44K to $46K in 2001 ...
In 2002 the MSRP for a Zee was slightly over $50K. I doubt if many guys got one for $44K to $46K ... that's got to be close to dealer invoice.

Maybe the guys I see dumping them so cheap are the ones who got a "$200 over invoice" deal somehow. Either that or they just need to get out from under is fast.
 

·
Registered
Joined
·
2,388 Posts
Discussion Starter · #7 ·
vant said:
The rest of GM's lineup is killing the resale on the Z06. As long as people associate the vette with other GM cars, like the Cobalt, they're not gonna see it's true value.

It's like in real estate. Let's say your house's true worth is double that of the others in the neighborhood. Do you think anyone will offer you what it's really worth? Probably not.
They should if they don't want to drive (or live in) a frickin' Cobalt so to speak. :)

I bet the value will recover some after all the "more money than brains" dump theirs in hopes of landing a new 06 Zee for $100 over dealer invoice ... LOL!!
 

·
Registered
Joined
·
2,388 Posts
Discussion Starter · #8 ·
Speedratchet said:
Invest in the passion. :cheers:
I doubt anyone bought a Zee as an "investment" ... but it's sickening to see their value lower than you'd think, mostly when a new Zee is gonna cost $70K+.

Hell, my Toyota truck has held it's value way better than my Zee, and they make about 10 times more of those a year than GM makes Zees. Go figure ... :-?
 

·
Registered
Joined
·
296 Posts
Look, good,bad, or indifferent. The car is NOT a collector car. There have been too many of them made! It might be (a collector car) in a lot of years, or if has something special about it. (first or last one off the line etc.)

I don't know anyone that payed MSRP. Did you? (There was a guy that I talked to that paid over MSRP, but he had one of the first ones the first model year.)

The price will fall even MORE! It always does when a new car/style comes out.

The new Z06 will at first get a premium (Most dealers will charge over MSRP.) But, I would guess that shortly after that the price will go down below MSRP.
 

·
Registered
Joined
·
26 Posts
ZeeOhSix said:
I see a lot of guys in the "For Sale" forum selling their C5 Z06s at what seems to me well below their true value. For example, many 2002 Z06s in "excellent condition" with 12K to 18K miles going for around $32K ... maybe as low as $30K if the guy is really desperate to sell. Kelly Blue Book on that car would be about $36K for a private sale. Personally, I think KBB is even on the low side. Once a few guys start dumping them like this it seems everyone looking for a used Zee expects everyone to sell at these "bargain basement" prices ... it's a self feeding spiral killing off the way the car should really hold it's resale value IMO.

Remember, the C5 was only made for 4 years (3 of which were the 405 HP version) and is unique in its body style. The new C6 Z06 is a whole different animal, and the price is much steeper which means a lot of C5 Zee guys probably will not be making the switch.

Seems to me these two facts would tend to help hold the C5 Zee's value up there some ... better than some mid 90s Cadillac anyway. :mah: :flaming:

Rev - Correction made to number of years C5 Zee made as pointed out below.


I sell cars for a living.
GET THIS THROUGH YOUR HEAD- KBB or NADA don't know $hit. What these people are selling the cars for is the TRUE Market Value. Final thought- KBB is a book. It doesn't buy cars.
 

·
Premium Member
Joined
·
4,289 Posts
Rfat16 said:
I sell cars for a living.
GET THIS THROUGH YOUR HEAD- KBB or NADA don't know $hit. What these people are selling the cars for is the TRUE Market Value. Final thought- KBB is a book. It doesn't buy cars.
I would not go that far. They are a tool and a guideline. Yes your area may differ. I would not sell my 02 Z with 42,000 miles on it for less then 32K. I would just hold on to it until I got what I wanted. Other peoples reasons are different. A good deal is a good deal if you find one jump on it! If not there are more that will become available down the road.
 

·
Registered
Joined
·
736 Posts
dwjZ06 said:
I would not go that far. They are a tool and a guideline. Yes your area may differ. I would not sell my 02 Z with 42,000 miles on it for less then 32K. I would just hold on to it until I got what I wanted. Other peoples reasons are different. A good deal is a good deal if you find one jump on it! If not there are more that will become available down the road.
My 2002 only has 11,000 miles and looks better than when I took delivery. I don't think I would let it go for less than 37 or 38 which is right in line with what the price guide in Corvette Magazine had it listed for. I think Corvette Mike wrote the article or came up with the price guideline. If it didn't sell for that, old well... :jammin: And I feel like I am giving it away at that price.
 

·
Registered
Joined
·
9,957 Posts
The gentleman that sells cars for a living nailed it.

The kelly blue book or any other book cant' really be prepared for the type of discounting of cars from manufacturers as they have been.

The blue book has always been bS BUT the failing economy and free for all on new car prices in general has destroyed the used car market.

I'll be holding onto my C5 Z06 for as long as it still serves me as a fun toy and then at that point I'll decide what car to buy.

Till then I'll enjoy and drool over the new C6 Z06 knowing full well its an evolution of America's finest sports car! I'll admire the new C6 Z06! Cause hot dam GM kicks serious butt!

More than likely , when I finally nail 60/70 K miles on this C5 Z06 and I got my enjoyment from it, then whatever I sell the car for is a bonus! If I'm still enjoying it? I'll keep it longer...

JMO
 
1 - 13 of 13 Posts
Top