Major used C8 price drop

Cannonball Rally said:
the big reset

The big reset is a video I watched this morning on C8 Corvettes. Dealers will soon be adjusting heavily I suspect on both new and used. It was only a matter of time...
Click to expand...
I watched the video with an open mind and here is my opinion:
1. Completely irrelevant to Canadian C8 market
2. Statistical data for US is being misinterpreted and misrepresented to fit the narrative of the video and ignores facts as simple as winter season and as complex as supply, demand, and availability.

In conclusion this video is irrelevant for US as a whole also.
 
Okay I'll grant you the fact that Canada gets a lot less allocation, and ill give you the fact that yes we are only a blip of the market and weather shorter season but the fact still remains from what I can see online with Auto Trader Canada and others that prices are dropping - are they below MSRP yet NO, but all they heading downwards I would say they are. Lets not forget our pricing is driven by the US market as well in many ways. For the past 3 years dealers have been off'ing trades stateside and making the exchange on them without doing a thing. I suspect as the USA market tightens and prices fall as allocations and deliveries increase we just might see a trickle of that hit us over the border here. If a car sells at the auction in USA it wont be worth double that here in Canada just because we have fewer of them! I could be wrong but I gotta believe if prices fall there , they will fall here...
 
Cannonball Rally said:
Okay I'll grant you the fact that Canada gets a lot less allocation, and ill give you the fact that yes we are only a blip of the market and weather shorter season but the fact still remains from what I can see online with Auto Trader Canada and others that prices are dropping - are they below MSRP yet NO, but all they heading downwards I would say they are. Lets not forget our pricing is driven by the US market as well in many ways. For the past 3 years dealers have been off'ing trades stateside and making the exchange on them without doing a thing. I suspect as the USA market tightens and prices fall as allocations and deliveries increase we just might see a trickle of that hit us over the border here. If a car sells at the auction in USA it wont be worth double that here in Canada just because we have fewer of them! I could be wrong but I gotta believe if prices fall there , they will fall here...
Click to expand...
Prices in Canada might be slightly down, but I think that is typical when we are still in the winter months....Prices for cars (especially sports cars) will increase in the spring & summer, and will go back down in the fall and winter months. (pretty normal for the Canadian markets). Most dealers that are getting regular monthly C8's in Canada I believe are selling and have been for quite sometime at MSRP (which is why they are getting monthly allocations), but I don't think you will ever see below MSRP as long as there is any kind of waiting list, which doesn't seem to be going away anytime soon, due to Parts supply, and the low # of cars allocated to Canada (assuming this is also GM strategy to create a demand!)
 
Cannonball Rally said:
Okay I'll grant you the fact that Canada gets a lot less allocation, and ill give you the fact that yes we are only a blip of the market and weather shorter season but the fact still remains from what I can see online with Auto Trader Canada and others that prices are dropping - are they below MSRP yet NO, but all they heading downwards I would say they are. Lets not forget our pricing is driven by the US market as well in many ways. For the past 3 years dealers have been off'ing trades stateside and making the exchange on them without doing a thing. I suspect as the USA market tightens and prices fall as allocations and deliveries increase we just might see a trickle of that hit us over the border here. If a car sells at the auction in USA it wont be worth double that here in Canada just because we have fewer of them! I could be wrong but I gotta believe if prices fall there , they will fall here...
Click to expand...
I have been watching C8 prices on autotrader for the past 18-24 months (specifically in Ontario only, 2021 and up, HTC only, 2LT or 3LT only (msrp of 90k-100k)) and the prices are 120K-130K is where they are selling, and 130K+ is where they are listed and not moving. Majority of price changes are from used car dealers lowering prices from 130s to 120s on inventory as old as 12 months. Obviously if you can get a 2021 2lt HTC for 120k, then all 2020 coupe 1lt's at in that price range are not selling. Also 99% of private C8s for sale on Autotrader is not priced correctly.

Subjective opinion: Ontario has only 12 appropriately priced 2021+ C8 HTC 2lt or 3lt for sale, only 5 have exteriors in "color" and 7 are shades of white, grey and black. One of the 5 cars in color, is a "clown spec" of yellow exterior, blue interior and red seat belts/ brakes, and wheel lips.
 
I don’t see prices coming down on the used side to “normal” levels anytime soon. It’s not just the c8, all sports car are difficult to get. I will never pay those crazy used prices so been waiting for a year on lists.

I’m on both a c8 waitlist and 911, the 911 seems to be even more difficult.
 
Without having read all of the comments above or watching the video in full, this guy has multiple videos predicting the price drop of the C8. A broken clock is right at least twice a day.
 
The +++ lower C8 Canadian allocations will keep the Canadian *NEW* supply down, keeping prices at a higher level. I agree with DenisC8 that the video isn't descriptive of Canada's Corvette market.

I wonder if the Canadian *USED* cars will be affected...if people start selling used ones that are no longer on GM's radar (ie. they're more than a year old), into the States given the high exchange rate/profit difference. So in other words, if we start losing used cars to the States, that will decrease the Canadian used C8 availability and once again, perhaps keep Canadian prices for used C8's at a higher level?

We'll see. It's not an unlikely scenario for used Canadian C8's, since I know GM dealers have been selling used GM trucks that are over a year old into the States, for years (even before COVID) and bringing buyers from US dealerships here to bid on them, capitalizing on the US exchange rate. This is done since GM will honour the warranty on these vehicles, that make their way to the States. And those are GM dealerships doing this. There are also private businesses who flip cars/trucks cross-border due to the exchange rate and have been doing that for a LONG time.

But in the meantime, I agree with others on this thread: any so-called Canadian decrease in C8 pricing (I haven't seen it, but admittedly don't track AutoTrader ads) is likely because of seasonal demand, which will change once we get into the "traditional sport car weather" of Spring and Summer. Around here (Alberta) I'm still talking to people who want a C8, they're on a list, and frustrated at how slow the lists are moving. There are a few local dealers who continue to ask ridiculous prices for new and used C8's ($20,000 to $30,000+ over MSRP) and they're not moving their inventory right now. They purchased their used C8's near or over MSRP, so they're looking to make a hefty profit on top.

About a year ago, I was offered a used C8 for $30,000 over by one of these local dealers...and told they'd put me behind the wheel of a new Z06 by the summer of 2023...however ONLY if I agreed to trade in my C8 Stingray on the Z06 (price on the trade-in not specified) and although they wouldn't tell me the price for the new Z06, I was told it would be "somewhat" over MSRP. Of course, if they wanted $30,000 over for a used C8 Stingray, I knew they'd want at least $75,000 over, for a new Z06. Needless to say, I passed on their "deal" and they lost my business, very likely forever.
 
She's waiting for the snow to clear a bit so I can bring her home! Thought I'd share the photos of my Brand new 2023 Corvette HTC 2LT, which I was extremely lucky to get without the 2 year wait.

IMG_8892.jpg

IMG_8890.jpg
IMG_8892.jpg
IMG_8890.jpg
IMG_8891.jpg
IMG_8893.jpg
IMG_8894.jpg
IMG_8888.jpg
 
Okay so your saying the plate once installed in the factory location, is not high end too meet the requirements of the law within ontario? Hmmm okay ill use the front lift then if I get pulled over and raise the front of the car :) another reason to buy front lift ...
 
Cannonball Rally said:
Okay so your saying the plate once installed in the factory location, is not high end too meet the requirements of the law within ontario? Hmmm okay ill use the front lift then if I get pulled over and raise the front of the car :) another reason to buy front lift ...
Click to expand...
No. the opposite. BTW, there is only 2 states that require height. Not sure about Canada. Ontario has no height restriction. It just has to be on the furthest forward position and readable.
 
Old Thread: Hello . There have been no replies in this thread for 365 days.
Content in this thread may no longer be relevant.
Perhaps it would be better to start a new thread instead.

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
Back
Top