Dealerships selling way too high for used C7?

[Tango]

I'm finally shopping for a 2014-15 model and it seems there are very few in Quebec/Ontario and most of them sold by dealers. The ones I've seen seem to me are over priced way more than they should be. Dealers are in the 50K to 55K and some site suggest they are worth around 42K. What normal price range is for let's say a 1LT or 2LT manual?

I highly doubt if I go to a dealer and it takes me 6 hours to get there he'll drop the price that much.

What are my options, wait for a private seller to post one for sale, over pay at the dealer or somehow shop on the US side? Buying on the US side with our poor currency might not be too good after all but I've seen many between 35K to 42K.

 

[tyho]

If you find one in the US at $40,000 and get an exchange rate at 30%, you're still looking at $52,000 plus taxes. No savings there. Most vette owners (sports cars in general) don't want to sell in the winter months as they know the price drops. It is a buyer's market. Either you wait until spring when there will be more availability or continue shopping, hoping you'll find something. You can post as "wanted" and see if anyone approaches you.

 

[EJChevy]

You can buy a new one for $60k right now.

 

[Rruuff Day]

I'm finally shopping for a 2014-15 model and it seems there are very few in Quebec/Ontario and most of them sold by dealers. The ones I've seen seem to me are over priced way more than they should be. Dealers are in the 50K to 55K and some site suggest they are worth around 42K. What normal price range is for let's say a 1LT or 2LT manual?

I highly doubt if I go to a dealer and it takes me 6 hours to get there he'll drop the price that much.

What are my options, wait for a private seller to post one for sale, over pay at the dealer or somehow shop on the US side? Buying on the US side with our poor currency might not be too good after all but I've seen many between 35K to 42K.

Keep in mind that a dealer has in effect likely bought that car in a trade-in situation. He also likely discounted the new car somewhat to close the deal and is looking to make a few bucks back on the trade sale. Another thing to think of is the fact that it'a a Corvette and is not mile'd out like a 5 year old pick-up truck that's been hammered across the back roads. A car with 10 to 20,000 k on it is just nicely broke in and has probably never been on a gravel road or driven in the winter or left outside to paint bake in the sun.. My friend's father in law wrote off his 2015 Stingray, 2LT M7 this summer. Had 22,000 km on it. Insurance offered him high 40's and upon argument and pictures, ended up cutting him a cheque for $54k.
Mine is a 3LT M7 loaded, 20,000 k in near showroom cond., with rockers, splitter, splash guards and 75% Suntek PPF. I'd keep mine and make a yard planter out of it before I'd sell it anywhere near anything that started with a 4 ... But that's JMO...

 

[Rruuff Day]

You can buy a new one for $60k right now.

Agreed... But that's a bare base 1LT... A 2LT is more like 66k... If the extra 10 or 15k doesn't put you on KD forever, and you're not looking for an optioned out car, a new 1LT is certainly an option.... Keep in mind whatever your taxes are in Quebec too though. You save that buying private.

 

[YFCvii]

Hard Fact and Dealers know it ... These gems are only worth what one is willing to pay for it.
Proof in the pudding is ...
That's pretty much what they tell you when you attempt to trade one in ...
and so I would never take asking price with the greatest anticipation of value when buying or selling.

Know that there can be a catch 22 between trade-in value and resale value.

So if wanting to buy one on a lot and you want a better price ... I have personally found these to help (but not always)

1. try not to anticipate the chore will be a one-stop shop (unless the dealer is motivated).
(be prepared to have them watch your backside exiting the premises many times)
2. attempt to initially work with a sales manager directly and in order to have them pass you along to a salesperson who they choose. (this way names are known)
(I trend not to work with dealerships with sales managers who "hide" and will not do what they should be experienced in - being face to face with a customer)
3. make sure to tell the salesperson to phone you at the beginning of the last week of the month and let you know about your offer price (if not acceptable).
(this is the best way to tell them you are motivated to buy - but in no panic until they are motivated to sell)
4. if the salesperson does not call you, demand to see the sales manager.
5. do not hesitate to try your hard purchasing negotiation in the last week of the month. (this is when month-end reports can be a hot-topic internally)
6. it never hurts to have a real good friend/acquaintance that is well known to a good dealership, recommend you (it most often opens doors)
(after all most drop-in shoppers are for the first salesperson to get your name whether you like them or not at some places - so I have found - "oh, I see you are so-and-so's customer" - wtf?)
7. always be respectful and constructive when buying ... it will always open the door on your next visit.

This is not a complete list of course ... nor is it intended for debating ... merely something to ponder ... and perhaps for others to add to.

The Best of Good Fortune on your Corvette Shopping Endeavor

 

[Rruuff Day]

Hard Fact and Dealers know it ... These gems are only worth what one is willing to pay for it.
Proof in the pudding is ...
That's pretty much what they tell you when you attempt to trade one in ...
and so I would never take asking price with the greatest anticipation of value when buying or selling.

Know that there can be a catch 22 between trade-in value and resale value.

So if wanting to buy one on a lot and you want a better price ... I have personally found these to help (but not always)

1. try not to anticipate the chore will be a one-stop shop (unless the dealer is motivated).
(be prepared to have them watch your backside exiting the premises many times)
2. attempt to initially work with a sales manager directly and in order to have them pass you along to a salesperson who they choose. (this way names are known)
(I trend not to work with dealerships with sales managers who "hide" and will not do what they should be experienced in - being face to face with a customer)
3. make sure to tell the salesperson to phone you at the beginning of the last week of the month and let you know about your offer price (if not acceptable).
(this is the best way to tell them you are motivated to buy - but in no panic until they are motivated to sell)
4. if the salesperson does not call you, demand to see the sales manager.
5. do not hesitate to try your hard purchasing negotiation in the last week of the month. (this is when month-end reports can be a hot-topic internally)
6. it never hurts to have a real good friend/acquaintance that is well known to a good dealership, recommend you (it most often opens doors)
(after all most drop-in shoppers are for the first salesperson to get your name whether you like them or not at some places - so I have found - "oh, I see you are so-and-so's customer" - wtf?)
7. always be respectful and constructive when buying ... it will always open the door on your next visit.

This is not a complete list of course ... nor is it intended for debating ... merely something to ponder ... and perhaps for others to add to.

The Best of Good Fortune on your Corvette Shopping Endeavor

Good advice Sp. The month end thing was really on the mark. And especially at and after Christmas... Dealers are looking at month end reports and sales personnel are thinking about those x-mas presents they need to buy.... And then the last week of January they are looking at that Visa statement they need to pay... Good luck Tango... Let us know how you do...

 

[YFCvii]

Good advice Sp. The month end thing was really on the mark. And especially at and after Christmas... Dealers are looking at month end reports and sales personnel are thinking about those x-mas presents they need to buy.... And then the last week of January they are looking at that Visa statement they need to pay... Good luck Tango... Let us know how you do...

Both our Corvettes are purchased in the last two days of July (2016 & 2017) ...
It was noticeable that it really made the support staff work pretty hard to wrap up the sales documents and follow-up with a quick delivery.
Our (not-hers) 2016 took 6 weeks and the (not-his) 2017 took 2 months before those purchase dates - we were very well known by then and we still are.

It might possibly be a good thing we have a "distant relationship" (we are a 6 hour return-drive apart) otherwise they would be sick and tired of seeing me every week .

 

[Cariboocreek]

Warning personal opinion ahead.

Our dealers are on crack.

I have been looking to possibly move into something newer or different from my 2013 GS. I gave some thought to a couple of extremely nice C6 ZR1’s but I am not a collector and spending $90k on a ten year old car with no dealer support (roof doesn’t come off either) was not going to work for me. So I started poking around here for a new or lightly used C7. I was shocked. Still over a $100k for a nice Z06, almost $100k for a GS convertible. One dealer has a 2018 used Z06 that they want over $100k for. Either I am missing something or the dealers are underestimating the impact of both the economy and the impact of the C8. So I will continue to watch the market and I am in a position to pounce when I find something worthwhile.

Spence’s points are spot on.....

 

[EJChevy]

Warning personal opinion ahead.

Our dealers are on crack.

I have been looking to possibly move into something newer or different from my 2013 GS. I gave some thought to a couple of extremely nice C6 ZR1’s but I am not a collector and spending $90k on a ten year old car with no dealer support (roof doesn’t come off either) was not going to work for me. So I started poking around here for a new or lightly used C7. I was shocked. Still over a $100k for a nice Z06, almost $100k for a GS convertible. One dealer has a 2018 used Z06 that they want over $100k for. Either I am missing something or the dealers are underestimating the impact of both the economy and the impact of the C8. So I will continue to watch the market and I am in a position to pounce when I find something worthwhile.

Spence’s points are spot on.....

I don't disagree with this. That's why we haven't bothered with used Corvettes at all. Why spend that much on a used one when you can get a new one for just a bit more?

The C7 has held its value extremely well, but I'm sure the case was the same when the C6 was still new. Now, look at a 2013 C6 and a 2014 C7. If both were essentially identical, the C7 would be $15k-$20k more than the C6. I expect the same to happen with the C7 when the C8 begins to hit the used market; It's going to depreciate a lot more than it has over the last 6 years.

 

[Rruuff Day]

One of the managers at my dealer has no reason to BS me as I'm not in the market for one of the new C7's on the lot, but we are friends and had a long chat yesterday over coffee. He has 14 on the lot with three on the fence purchasers that are hedging waiting until spring when costs go down further on this stock. His response to them was his Corvettes are discounted to the max right now and will not be reduced in the spring. True or not, he told me that $500.00 per unit is the sales commission and the profit for the dealer on the floor models is sitting at only $300.00 per unit right now..... Not a lot of room to move....

 

[Cariboocreek]

One of the managers at my dealer has no reason to BS me as I'm not in the market for one of the new C7's on the lot, but we are friends and had a long chat yesterday over coffee. He has 14 on the lot with three on the fence purchasers that are hedging waiting until spring when costs go down further on this stock. His response to them was his Corvettes are discounted to the max right now and will not be reduced in the spring. True or not, he told me that $500.00 per unit is the sales commission and the profit for the dealer on the floor models is sitting at only $300.00 per unit right now..... Not a lot of room to move....

Mark those prices and watch what happens in June when 9 of the fourteen are still sitting on the lot and 2021 C8 orders are open. Other than mad love for the C7, why would I pay $100k for a discontinued, obsolete, model when for real close to the same price I can own a new C8? Incentives will be found to move stale stock.

I am a qualified buyer with money burning a hole in my pocket (well actually the banks money, but’s something’s burning) and I am not budging until there is a reasonable separation in price between the C7 and C8.

 

[G-ForceJunkie]

Not sure if it's still there, but there was a 1LT C7 in Thunder Bay for $39K a week or so ago. That was the cheapest I'd seen a C7 in Canada.

 

[Rruuff Day]

Not sure if it's still there, but there was a 1LT C7 in Thunder Bay for $39K a week or so ago. That was the cheapest I'd seen a C7 in Canada.

Post the ad for that. If that's a new C7 that's unbelievable. When i bought my Diesel F250 Ford, I went to a dealer out of town advertising new diesels in the newspaper for $38,000...Sorry, he said.That one is gone but we have some for $60,000. Yeah right...Get me in the door... Needless to say, I walked.

 

[Kanuck]

I started looking at the C7 prices nearly a year before making a purchase in Oct. In Ontario, I noticed that the prices varied widely between similarly equipped C7's.

The way I approached it was to send an Email to the Dealer stating that I was interested but I had a budget of XXX , my budget varied between different Trim level's and the Dealer's asking price. Some replied but others did not, I generally went out to the Dealers that responded to see the car and whether is was in line ( condition / options) with what I was looking for and to get a feel of how negotiable they were.

As a qualified buyer, I knew that one would come along. At a minimum, I wanted a Z51, 2LT Manual , eventually in Oct. I came across a 2015 with just over 5K Kms. after some back and forth negotiations I ended up purchasing it. I was also introduced to the Salesman by a previous C7 Purchaser , not sure if that helped any .
My advice, keep looking and be ready to commit when one that suits you come along.

 

[Rruuff Day]

Mark those prices and watch what happens in June when 9 of the fourteen are still sitting on the lot and 2021 C8 orders are open. Other than mad love for the C7, why would I pay $100k for a discontinued, obsolete, model when for real close to the same price I can own a new C8? Incentives will be found to move stale stock.
I am a qualified buyer with money burning a hole in my pocket (well actually the banks money, but’s something’s burning) and I am not budging until there is a reasonable separation in price between the C7 and C8.

There will be a huge separation come next year Al. JMO but when the 2021 hits the market it will start at considerably more that the 2020 price point did. Further to that, your C6 and my C7 is still a sports car that you can toss a couple suitcases and a guitar in and still take the top off. Try that with a C8. Not only will your wife feel she's confined to a stock pen in the passenger side (look at the pictures), the only storage you have with the top off is the frunk... one airplane carry on bag. That's it. I go on 10 day cruises down to Wyoming, South Dakota, etc. Don't know about your wife but mine likes to pack accordingly and limiting a woman is a challenge. Especially when I want to toss in a guitar and a 12V cooler... My C6 and my C7 allowed me to do that. The C8... Not a chance. I might buy a C8 down the road but it sure won't be a vacation cruiser... At least not with Brenda along... Again.... JMHO

 

[EJChevy]

There will be a huge separation come next year Al. JMO but when the 2021 hits the market it will start at considerably more that the 2020 price point did. Further to that, your C6 and my C7 is still a sports car that you can toss a couple suitcases and a guitar in and still take the top off. Try that with a C8. Not only will your wife feel she's confined to a stock pen in the passenger side (look at the pictures), the only storage you have with the top off is the frunk... one airplane carry on bag. That's it. I go on 10 day cruises down to Wyoming, South Dakota, etc. Don't know about your wife but mine likes to pack accordingly and limiting a woman is a challenge. Especially when I want to toss in a guitar and a 12V cooler... My C6 and my C7 allowed me to do that. The C8... Not a chance. I might buy a C8 down the road but it sure won't be a vacation cruiser... At least not with Brenda along... Again.... JMHO

You can drop an extra $9k and get the convertible. Solves all of the "roof off = no trunk" problems.

 

[Dale124]

A few months ago I purchased my first ever corvette. It is a used 2015 2LT Z51. I got it for about $52K from a local dealership. Prior to purchasing it, the fine folks on this forum did not feel the price was out of line. There is also other factors to consider for the cars you are looking at. You don’t mention in your post what options are on them. Are they base models, or z51? What trim package, and were there any add ons that the previous owner had installed?
I was not thrilled spending that much $$ on a used car, but am absolutely thrilled that I finally own my dream car.
life is too short.

 

[Cariboocreek]

There will be a huge separation come next year Al. JMO but when the 2021 hits the market it will start at considerably more that the 2020 price point did. Further to that, your C6 and my C7 is still a sports car that you can toss a couple suitcases and a guitar in and still take the top off. Try that with a C8. Not only will your wife feel she's confined to a stock pen in the passenger side (look at the pictures), the only storage you have with the top off is the frunk... one airplane carry on bag. That's it. I go on 10 day cruises down to Wyoming, South Dakota, etc. Don't know about your wife but mine likes to pack accordingly and limiting a woman is a challenge. Especially when I want to toss in a guitar and a 12V cooler... My C6 and my C7 allowed me to do that. The C8... Not a chance. I might buy a C8 down the road but it sure won't be a vacation cruiser... At least not with Brenda along... Again.... JMHO

Precisely why I would like to find a C7 Z06. I have little interest in the C8. Just trying to make financial sense before I buy.

 

[Rruuff Day]

You can drop an extra $9k and get the convertible. Solves all of the "roof off = no trunk" problems.

True that but sort of like the engine view with the coupe... Maybe wait til they re-design and offer that in the Vert