C7 Vette prices

[Buff]

Why are C7 prices so high versus fall 2020. I could have purchased a Grand Sport 2019 for $75K in September and now a 2017 is that price. What gives?

 

[Dale124]

I saw an interview of a guy that works at a dealership talik about that same issue. He said the difficulty in getting a C8, along with the fact that they are not making them with standard transmissions, make the C7 quite desirable. The only reason I found this interview was I had noticed the prices are somewhat steeper than when I bought mine in fall of 2019, and thought I should investigate.

 

[ta-kid]

Agree,Having to wait over a year for new vette,fake allocation statements and some who do not like the new C8 styling are looking and buying C7 vettes more now then ever including auto and manual.Even some C6 models are climbing.

 

[gone]

I never would have anticipated a new model release to spark interest in Corvettes "in general" but perhaps that's what we're observing. I know when I first placed my 2020 C8 order, my dealer had about 40 new C7's left for sale, from about 90+ that had been ordered since the dealer purposely increased its numbers in order to obtain a larger C8 allocation. When I took delivery of my C8, the dealer had sold all of those C7's. Good news for dealers and current C7 owners for resale value. And if the computer chip shortage continues, we may see an increase in prices for the used car market, as a whole. I've been told one Northern Alberta GM dealer isn't getting its usual allocations of new vehicles (of any kind) so it's starting to buy used vehicles for resale purposes which will likely drive up the market prices. Our "interesting times" continue...

 

[Mad*Max]

Wow...used cars going up in value...strange times...I am hearing the same about other items too!

 

[Jeffer2013]

some folks don’t like the styling of the c8

 

[Creedence85]

some folks don’t like the styling of the c8

I'm old enough to remember people who didn't like the C7 styling, and that "Corvettes have round tail lights." I'm also old enough to remember people that didn't like the C6 styling, and that "Corvettes have flip up lights." I'm also old enough to remember "2 weeks to flatten the curve" yet here we are.

 

[Creedence85]

I never would have anticipated a new model release to spark interest in Corvettes "in general" but perhaps that's what we're observing. I know when I first placed my 2020 C8 order, my dealer had about 40 new C7's left for sale, from about 90+ that had been ordered since the dealer purposely increased its numbers in order to obtain a larger C8 allocation. When I took delivery of my C8, the dealer had sold all of those C7's. Good news for dealers and current C7 owners for resale value. And if the computer chip shortage continues, we may see an increase in prices for the used car market, as a whole. I've been told one Northern Alberta GM dealer isn't getting its usual allocations of new vehicles (of any kind) so it's starting to buy used vehicles for resale purposes which will likely drive up the market prices. Our "interesting times" continue...

The C8 is such a revolutionary difference from the cars before it that it's spiked interest from many people who've never looked at Corvettes before. The C7 is still a relatively modern looking and driving car, so for those who've never considered Corvette before, they probably realize it'll scratch the itch short term.

 

[ByronF]

This pricing situation is not unique to Corvettes. According to my local dealer the Covid situation has impacted ALL new vehicles. A simple drive by a few dealers shows clearly they have nowhere near the inventory that they used to have. And everything that shows up on the truck is already spoken for. So there is no reason for a dealer/seller to discount. In my case I had a situation of a local dealer decline my offer on a used vehicle and opt to hold the vehicle until the spring in order to get his asking price rather than match the price I could import the same vehicle for. Even dealers who in past would take unique Cdn vehicles and flip them to the US where they could make 25-30% just on the exchange differential are now holding back just to have some inventory on their lots.

 

[Cariboocreek]

My 2019 will be in the family for many years to come. It has retained it's value. It's proven engineering, and it's cool (lacking round taillights notwithstanding). When they get the bugs worked out of the C8 and I can cut a deal (I don't mean MSRP or higher) on the right one, I may join the crowd.

 

[Rruuff Day]

My 2019 will be in the family for many years to come. It has retained it's value. It's proven engineering, and it's cool (lacking round taillights notwithstanding). When they get the bugs worked out of the C8 and I can cut a deal (I don't mean MSRP or higher) on the right one, I may join the crowd.

Those damn taillights.... That's why you can buy a C1 for next to nothing these days... errrr... never mind...

 

[KLinNBC]

Bought my used 2014 in September 2019 and prices were at their lowest. Dealers had started taking orders for C8's and there was a bit of a feeding frenzy: like mine many C7 owners threw their car back at the dealer and said to get whatever they could for a down payment and place in line for a C8. Coupled with a coming winter and bargains were to be had. There were about 800 C7's listed on AT Canada wide at that time. Fast forward and it's supply and demand driven in part to the lack of availability on C8's. Further, I actually wanted a C6 but couldn't find the right car and then, as now, similarly equipped/mileage C6/C7 go for near the same price.

 

[ta-kid]

Just bought a 2016 C7 coupe ,manual 3 LT. Z51 for 61K ,which was slightly Better then the 105K for,my spec’d C8 that if I had ordered would arrive mid 2022.
I have to wonder what a manual will be worth next year?

 

[Cariboocreek]

So I just perused the interweb for C7's for sale. Needless to say I was surprised even after the chatter, about the asking prices. Specifically to the GS there were 2LT cars with 15k to 20K mileage that were 10 to 15000 dollars more than I was out the door for a new 2019 3LT convertible (of course mine is a manual). No mine isn't for sale now, but for once and at least on paper, I didn't get hit with the usual 25% depreciation.

 

[rfh928]

Why are C7 prices so high versus fall 2020. I could have purchased a Grand Sport 2019 for $75K in September and now a 2017 is that price. What gives?

C7 used prices have always been relatively high. I bought my 78 C3 and 98 C5 both at 6 years of age and in brand new condition, for half the new price. I always intended to do the same once the C7's got to that age, but they stayed very high in comparison. In then end I ordered a brand new 2019 a couple of days before the final cutoff, with major discounts that I got it was only $8K more than a 2017 I'd looked around then, which hadn't been well looked after by the original owner.

 

[WPGZ06]

Supply and Demand is the reasoning, like others have said its impacting all manufacturers and dealerships. Better off buying new (if you can) as there is a little more room for negotiation than the used market it seems right now. You are not wrong on pricing, looks like everything including the C6 gen has all skyrocketed. Saw a C6Z with maybe around 25k I believe with owner asking close to 60g. Great time for sellers, terrible for buyers (me being one). I've spoken to quite a few of my connections specific to corvettes and they believe it will be coming down to reality in the fall as more C8's show up as plants start to increase production again, but time will tell on that one.
Makes me kick myself for not grabbing one last summer, pre-covid, but that's hindsight. I'm lucky enough to not be in position to rush anything, so I will wait it out if need be or just purchase something else entirely. I cannot justify the price tag some people are asking, but that's just me. Great for the owners though!

 

[Buff]

Supply and Demand is the reasoning, like others have said its impacting all manufacturers and dealerships. Better off buying new (if you can) as there is a little more room for negotiation than the used market it seems right now. You are not wrong on pricing, looks like everything including the C6 gen has all skyrocketed. Saw a C6Z with maybe around 25k I believe with owner asking close to 60g. Great time for sellers, terrible for buyers (me being one). I've spoken to quite a few of my connections specific to corvettes and they believe it will be coming down to reality in the fall as more C8's show up as plants start to increase production again, but time will tell on that one.
Makes me kick myself for not grabbing one last summer, pre-covid, but that's hindsight. I'm lucky enough to not be in position to rush anything, so I will wait it out if need be or just purchase something else entirely. I cannot justify the price tag some people are asking, but that's just me. Great for the owners though!

 

[Buff]

I agree with you but fortunately I still have my brain so not paying 20% higher prices on a used Corvette or anything else. Hopefully the fall brings some sanity but I can wait it out for the right deal

 

[WPGZ06]

I agree with you but fortunately I still have my brain so not paying 20% higher prices on a used Corvette or anything else. Hopefully the fall brings some sanity but I can wait it out for the right deal

I'm in agreement. Waiting is fine with me as well. Only thing I don't like, besides waiting, is cars possibly changing hands a few times, which is a deal breaker for me. Have no interest in any car that's been owned by multiple people (more than 3) prior to myself. I prefer original owner obviously or two, after that my interest level drops significantly.

 

[Buff]

I'm in agreement. Waiting is fine with me as well. Only thing I don't like, besides waiting, is cars possibly changing hands a few times, which is a deal breaker for me. Have no interest in any car that's been owned by multiple people (more than 3) prior to myself. I prefer original owner obviously or two, after that my interest level drops significantly.