Bought a Corvette

[ponyo]

Traded the C7Z06 for VITAX a couple weeks ago. Lost about 10% on the car after nearly 3 years. Not too bad I guess.

This is 30 minutes before it was sold.

10% depreciation in 3 years is awesome! That's basically free.

Is that you or the new owners in the picture?

 

[AdamK47]

Me and the girlfriend.

 

[DooKey]

Do you still have the C5?

 

[AdamK47]

Yes. It's the daily.

 

[y2kse]

It's definitely a seller's market for Corvettes. A local dealer just listed a 2019 Z06 optioned like mine (with 1500 more miles) for about what I paid new.

 

[AdamK47]

Maybe I should have waited a couple of months later to sell.

Chevrolet Corvette Price Trends - CarGurus

Track Chevrolet Corvette price trends. Find out which cars are going up or down in price. Compare to index and historical prices.

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Although, the investments I did put the money into have all gone up.

 

[BarkingGhostar]

I think it has to due with lack of new vehicle inventory driving up used car prices.

 

[DooKey]

Used Corvette prices are through the roof.

 

[jlee]

Used Corvette prices are through the roof.

Yeah, up 40% YoY now.

Chevrolet Corvette Price Trends - CarGurus

 

[darkswordsman17]

Yeah. I see people trying to sell nothing special C5s for almost $20k now. Really kicking myself that I didn't buy the very nice and clean 50th Anniversary one that I saw pop up for $11k last fall. That'd be worth like $15-17k easy now.

 

[AdamK47]

I still have my c5. 2002 auto with middle of the line options. Bought it for $16K last year.

Saw a 2000 in worse shape with similar miles to mine (47k) selling at a dealer for $22K last week.

 

[AdamK47]

Just saw this. https://www.motor1.com/news/510114/used-car-truck-prices-increase/

Corvette listed at #1

 

[y2kse]

They might go up a little more now that GM has canceled the rest of MY21 orders.

 

[AdamK47]

They might go up a little more now that GM has canceled the rest of MY21 orders.

That's going to maintain the ridiculous dealer markup on all C8s that find their ways to dealer showrooms. It's either that or wait 2 years for one to be built at MSRP.

Sometimes I think GM is purposely limiting supply with mysterious plant shutdowns in order to continue the hype and demand for their halo car. Blaming it on parts shortages without saying which parts. With actual part shortages for other products in the news, anything they say can seem plausible. It's the way many companies are going. You don't actually need a product to remain profitable. All you need is hype and demand for a product. It has worked well for Nintendo for years.

 

[JCH13]

That's going to maintain the ridiculous dealer markup on all C8s that find their ways to dealer showrooms. It's either that or wait 2 years for one to be built at MSRP.

Sometimes I think GM is purposely limiting supply with mysterious plant shutdowns in order to continue the hype and demand for their halo car. Blaming it on parts shortages without saying which parts. With actual part shortages for other products in the news, anything they say can seem plausible. It's the way many companies are going. You don't actually need a product to remain profitable. All you need is hype and demand for a product. It has worked well for Nintendo for years.

I work in (not automotive) manufacturing. We are backordered over a year on industrial inkjet print heads, and I assure you that none of its on purpose. For us parts/supplier capacity/raw material/labor hiring and customer demand are batshit insane right now. Vendor lead times are at least double their historic norms for us, I often can't even pay to expedite my orders. Hell, we're paying between 2x and 4x hourly rates for OT to get enough build techs in. Our products have ~100 components, I can only imagine how crazy it is for a car mfg with hundreds of vendors and thousands of components. Plus the silicon shortage in Taiwan and other countries where automotive chips are made.

Take off your tinfoil hat. None of this is a conspiracy.

 

[AdamK47]

I work in (not automotive) manufacturing. We are backordered over a year on industrial inkjet print heads, and I assure you that none of its on purpose. For us parts/supplier capacity/raw material/labor hiring and customer demand are batshit insane right now. Vendor lead times are at least double their historic norms for us, I often can't even pay to expedite my orders. Hell, we're paying between 2x and 4x hourly rates for OT to get enough build techs in. Our products have ~100 components, I can only imagine how crazy it is for a car mfg with hundreds of vendors and thousands of components. Plus the silicon shortage in Taiwan and other countries where automotive chips are made.

Take off your tinfoil hat. None of this is a conspiracy.

Well of course I know all of it isn't.

That doesn't mean it can't be used as a crutch for business behavior.

 

[y2kse]

I don't think its in the interest of GM to purposely underproduce the car. It doesn't get the benefits of selling cars over MSRP.