Corvette Market is Plummeting: What You Need to Know
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- Опубликовано: 18 май 2024
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I have a long memory for those dealers that wanted to sell me a Stingray for $15-25k over MSRP. I’ll never go back.
I’ll have to buy in another country then because every dealership in America was charging that.
@@RedPandas3111 : No they actually weren't all charging over MSRP on Stingrays. The largest Vette dealers have always sold & continue to sell at MSRP. You just weren't aware of those dealerships obviously.
@@oneslackr oh I thought you were talking about the Z06 you’re tight, my bad.
@@RedPandas3111 : Places like MacMulkin, etc... don't mark up the Z06s either. They sell them at MSRP.
I bought a rav4 and they wanted a $5,000 mark up so I bought mine out of state n Illinois.
Corvette market is just going back to what it's supposed to be. A mass market car that regular people can actually afford.
Vette was carried by boomer wealth and the shine is gone when a soccer mom in a tesla can keep up from a stoplight now.
Depends on where you're at. Markup here in CA is still ridiculous. But Numb nuts are still paying it.
@@jacksondaniels8169 That's the beautiful thing about Chevrolet courtesy delivery. Buy from a dealer on the other side of the country from their allocation. Car is built in Bowling Green and then delivered from the factory straight to the dealer that wanted to charge you $20K over MSRP.
@@jacksondaniels8169 So True. I went to go see a base C8 Z06 here in LA and the dealer was asking for over 165k! I know its cheaper than most places but I can't see myself paying so much for a corvette. If i'm going to spend that much I much rather get an Aston Martin.
Yup waiting till the hit low 60s before I pull the trigger.. not to mention waiting for the interest rates to be below 5%
The consumer is having a tough time with out of control inflation, and HIGH interest rates on homes and cars. Groceries? up 30%+ since COVID? And vehicle manufacturers have raised their MSRP's 35%+ since COVID? People are sick of it. Guarding their wallets.
Vote with our wallets
People who are buying Corvettes are not impacted by inflation.
@@DeadAir21Exactly. People that can genuinely afford Corvettes aren’t whining about the cost of groceries.
@@DeadAir21 They are kinda. Corvette is not a supercar but less affected than most people.
But bidenomics is working…. 🙃
The market is not crashing. It's returning to normal.
Recently bought a 2024 GM HD diesel truck…. As typical, saved about $10K. That has been about the norm for the last 4 vehicles I’ve bought, GM and Ford. Now, the ask is higher, but the discount has seemed to be constant. Luckily didn’t need a new ride when trucks were being marked up like crazy…. I agree w return to normal market, however, the overall numbers are gonna be higher…. Hello inflation!
Keep in mind the caveat right now is much higher interest rates than pre-COVID. That’s gonna have more of an effect on the downward trend
Its crashing badly now as new vehicles are not selling or leasing well.
@@jonathonsantamont8527same for me, but bought a half ton High Country for 12K below msrp, 6.2L gas. 2024. Good discounts with GM products.
All those people that paid $20Gs OVER are going to take a bath on their cars. Spending money foolishly.
The z06 and c8 will continue to drop. Under msrp. The economy and interest rates are bad. Over 150k corvettes made.
Let it happen….
I'm not spending 100K on any American car, or actually any car unless its a PORSCHE that actually appreciates
Tried buying a ‘24 Corvette Stingray base, the mark up was so crazy they wanted $90k out the door here in Killeen, TX so I walked out the door laughing, not today!
Isn't the base Stingray around 60k?
@@Backin48 yes the numbers made no sense on how they got to $91k and some change. They had a bunch of addendums and dealers fees.this was almost 2 months ago and I do live in a military town so that may be a huge impact.
Just give it more time, It'll go down. They're already closing down dealerships. They'll sell them at a discount soon.
@@Backin48 You just woke up after 20 years, a 2004 24 hours at Lemans edition was $60k new.
@@JohnSmith-ti2kp I’m talking base mrsp, from GM. I think the average price is around 75k. If I’m not mistaken.
04 would be a C5, one of my personal favorites.
Good! As a C7 owner, I’m sick of the excessive markups and the arrogance of the automotive dealers and parent companies. There is no reason for a consumer to still be paying over $130k for a 2LT Stingray and over $250k for a ZO6. I understand the economics of supply and demand, but the price gouging is ridiculous! And to think, the government bailed GM out from collapsing. Then turn around and bend the consumer over!
Facts
I'm friends with an owner of a GMC/Buick dealership. He refused to do any ridiculous markups like the other dealerships (speaking more about GMC than Buick lol). Was able to get one of the new Hummers when it first came out. Sold it at MSRP. The guy turned around and sold it for twice what he paid. " Price gouging" only works with 2 parties. Should you sell your house for what you paid for it 20 years ago? Or should you sell it for what the market dictates?
The C7 is my favorite Vette, since the C5. I would keep the C7, and forget the c8…, it’s fugly in my eyes.
@actionfaction2558 completely agree. My son has a 2LZ 2015 ZO6 that was about $75k new. A comparable 2024 ZO6 is $100k more than what my son's car costs. Less than 10 yrs and over a $100k price increase. No thanks.
Jacksondaniels, the government didn't bail out GM, us TAXPAYERS DID !!! There is no such thing as government money, Its ALWAYS been taxpayer money for EVERYTHING we have. Thanks for letting me vent.
Dropping new car prices will eventually lead to dropping used car prices. good news.
people can't afford to buy a new car. so naturally they will look for a good used car. supply and demand. used will rise.
@@polycarphunter2257 This is interesting. You really think so?
@@msn-hn9eb common sense.
It will also lower the amount of used cars traded in because many people will be upside down on their trades.
@@polycarphunter2257People can’t afford used cars either, so prices will fall. The younger generations are living at home with their parents, don’t have a license, and are unemployed.
Is it really collapsing if the market is just correcting to where it should have been?
Bingo!
Lets go 35 000 dollar c8 inominh!!
Two things: 1. I called 3 dealers advertising ZO6 at MSRP. Ad was 24 hours old. All 3 said "Oh, that car is sold". Typical car dealer bs. 2) Your headline is misleading $50K off. Click bait - shameful. And you wonder why car dealers get a bad reputation.
Sold my 1LT 3wks ago for msrp(what i paid) after owning it for 10 months and putting 8400 miles on it, the dealership sold it for $10k over msrp in like a week so there's a fool born every minute I guess 😂
I was the Corvette fool for too long. No more.
Custom ordered my fully loaded C8 HTC Z51 for MSRP at around 93K. in 2021. Just about paid off. No complaints.
Its market saturation, demand was met in 2023 and there’s not enough owners ready to dump their cars for a new one yet. If you look back at every corvette generation it was the same thing a drop in sales after 4 years.
Yep, every single time.
well that was a waste of time typical dealer mumbo jumbo
with that corny pitch on the sauce junk lol
@@WillLarkin probably washed off after a heavy rain.
I got rid of my 21 c8 HTC 2LT torch red For $77k back in October. PAID OVER!! Now this pass January I bought a 24 c8 coupe 1LT Z51 + Magride riptide blue at MSRP!! No adm and no markup!! Now in my local area they are discounted anywhere from $1,500 - $ 5,500 depending on the trim. SO YES THE MARKET IS SHIFTING as people are not buying toys lol. Economy is definitely very unstable right now. Here in Phoenix Traxs are stock piling as well. Cheap car are not selling. 😮 sign of the times man. The Honeymoon is over in the car bizz lol.
The average Corvette buyer is 61 years old, so a lot of younger boomers and older Gen X. Unlike their parents, they rarely have a good pension or much savings. The market for Corvettes, Harleys, and vacation homes is about to take a huge hit.
It was way easier to make money 💰 mostly entrepreneurs back in the day!!!
Why did you switch from the HTC to a Coupe? @@mikejautosandstuff3349
I was talking to Ciocca, which is a huge Vette dealer in New Jersey and they have many 2023 zero6s that were bought back to avoid lemon titleS Since there’s a lot of complaints about this first year, C8 Z06 from the customers. My advice would be to avoid the 06 for at least one more year and just go with the C8 LT three add Wheel Spacers make sure you get the high spoiler the large front you also should get a dark color since lighter color exasperate the odd looking side vents on the C8 06 looks great and some of the lighter colors since the vents are a bit different and the widebody kit reduces the oversize look of the vents
I had a 2017 Stingray 2LT and my wife had a 2019 1LT. We sold hers in 2021 for 5 grand more than she paid for it new and mine in 2022 for about 7 grand less than I paid for it new 5 1/2 years prior.
Dealerships were asking 50 grand over sticker for a new C8 in 2022 - which drove up values on C7s. We sold both of ours because we moved overseas and couldn't bring them.
Both the car market and the real estate market are due for a serious correction.
In February I feel I got a steal on a 2020 C8 w/Z51, Mag Ride, 3LT even at a higher mileage at 21k miles, I got it for $66k
What state
It's ablut time the car market is starting to go down and means since new cars are going down that means used cars should come way down soon too. Thanks for the video mike I enjoyed it and loved it alot and keep up the great work much love to ya brother have a good one take care god bless and I will see ya on the next one
I have been hearing about the “sky is falling” for 3 years…interest rates while higher are well within the historical norm, people just got use to artificially cheap money. Employment remains strong. Stock market sitting right around 40,000. Federal yearly deficit has been slashed by over half since 2020. Small business applications are up at record levels. Supply chains have recovered. Housing values holding firm.
Reality is that the economy has changed post COVID. Boomers retired. Young workers went mobile. Gig economy replacing traditional employment. Era of cheap liquidity post 2008 financial crisis has gone away….all in all, the US economy has weathered pretty well, and much better than in other countries.
Corvette mkt? You mean whole chevy/gm market is falling almost as fast as stellantis
At my store there are 6 C8s 1 a Z06 on the floor looks like the hip is over
I learned a long time ago to just wait. In1990 dealership was asking a 100k for a zr1 just waiting till the end of the year for a c8 .
Thanks Chevy-Dude for sharing "Bling sauce" with us. I just ordered some to help with the black plastic bits on our Jeep Wrangler!!
As long as that pushes down 2010-2013 C6 prices I'm all for it.
It’s interesting cause the C5s are now going up so seems C6s might stay where they’re at now. Just my guess
Chevrolet depreciation is insane, it has to be the worst. Just got a silverado zr2 for 70k out the door and I'm still upside down 15k
😂 don’t check again in four months or you’ll have a heart attack.
@@RedPandas3111 already got rid of it lol
@@username-kn3oh Why did you get rid of it so quickly?
@Melanie16040 just didn't like it as much as I thought I would unfortunately. Duramax was very underwhelming and I couldn't fit 35s on it without doing some serious upgrades and it's factory tires are hilariously small and make the truck look terrible
@@username-kn3oh How long did you have it?
Just bought a new Acura MDX types yesterday and got $10k off MSRP
Really. Nice. What dealer if you don’t mind me asking?…I was interested in a Type-S TLX…but not at current MSRP of $58xxx…..one Acura dealer in my area has a leftover brand new 2022 TLX Type-S. Sticker is $57K…I need 20 grand off then I’ll bite lol
@@Derek-pq3zbStay At home if you're looking for 20K off quit wasting people's time😂
@@dakotaautosales9673 lol. Of course I wouldn’t get 20 grand off…but 10k is a nice starting point😂
$10000.00 discount means car is over priced in the first place.
As someone who has been holding out for a stingray C8 with the Z51 package droptop, THIS IS A GODSEND TO MY WALLET 😂😂😂😂
Just picked up a ‘24 Z06 with Z07 at $3500 below msrp yesterday.
We all knew this day was coming.......
Here in Ontario, Canada, Toyota Corollas and Camrys are selling at $5,000 (or more) over MSRP, and that I when you place an order for one and have to wait 12 to 24 months for it to be delivered. For nearly-new used models, you can pay anywhere from $10,000 to $15,000 over MSRP.
C7 Z06 2016 20,000 miles switchblade silver 6% oh great investment driving and enjoy it every day!
Got $10.5k off the hood of a brand new C8. Basically the same price used. Used market has a WAYS to go and the new market is plummeting FAST!
Great Video! How does the Bling Sauce look after the first rain on it? There are tons of products that look good right after application, it rains and ALL your work (and $$$) is gone! I have a 2001 F150 with the same issue as the Avalanche on the trim. It is mechanically perfect with 188,000 miles on it, but now it is time for new paint and I have to do something with the trim as well!
Trim Shine seems to last. I love that stuff.
This happens with every single generation of new Corvettes. They sell above sticker the first couple years and give them away the next few years until the next one comes out. The price remain high for the C8 a little longer then usual because of the lock-down.
Is not just the Corvettes on 4/30 I purchase a new 2023 Dodge Challenger SRT Hellcat Jailbreak Last Call for $68K {$75K OTD} and the MSRP was $82K before add-on's, fees and taxes.
Wish I could find a deal like that, I’d consider trading my ‘17 Challenger 🐈
@@livinglife3230 Jerry Ulm Tampa talk to Caleb say $75K otd take it or leave it then walk out and wait for the call at the end of the month I think he has 4 more with the same specs and price as mine
@@livinglife3230 I can't tell you the dealer because he takes down my post but there's 4 in the Tampa market
If you don't work for the dealership, anymore, how do you get employee discounts?
I just paid 1K under sticker for a brand new Z06
Where I’ll get one
Location?
Me too!
Z07 or no?
Still inflated by 30%
Props to your wife for acknowledging that you won't like something that doesn't have power instead of saying "why do you need that?"
Although when I was in the market for a truck a long time ago, there was a Ford that was a really good price and my wife reminded me that I would soon hate it because it is a Ford... and I realized she was right and didn't get it.
My local dealer has a 2024 Rapid Blue 3LT listed for $93k. It's been there since October. 8 months no sale. They park it our front on sunny days and store it away at closing time. Every day for 240 days. I am guessing they aren't making any deals with people.
Please tell me how the transmission issues are going? Is Chevy put out a recall? C06 MSRP $110,000. Good luck.
I was making a funny. Ha Ha. Good to see. I was getting my camry serviced at lowes Toyota. They are not selling(cars n trucks) right now. Only used selling. The people coming in cant get a loan. I would like to buy a c8 in near future but i want a deal
Related: Mega RAM dealer is stuffing new iron on their used car/truck lots as they're out of space on the new side.
Across the street is a Tesla store that's also parking new iron in a large church parking lot (location use to be a K-mart) as they are also 'no room at the inn' at their location. (Pacific NW area)
Tough times ahead, party is over!
btw Target just lowered sales guidance and LULU stock went from $500 to $300 in a few months.
A truck is nice to have. I've been looking for a work truck. Trucks are nuts now. The market on that will go down too. Has already since December. Too many $100k leather seat city trucks are sitting on dealer lots.
Can wait to buy some used c8s in the future a few years from now for high 40s and low 50s
Chevy dude why you don't like the Eray because I was thinking about a Eray because they are so fast you can put a slick on it and go 10:00s and the Zr1 will have the electric motors two
Would you recommend buying a 2024 Acura Integra base that has 6000 miles on it? It was used as a service loaner car at the dealership. It is going for 28K. Is that a good deal, or should I avoid?
With what's coming with the economy I'd be unloading expensive toys, not adding to them.
29k c8 c'mon baby you can do it! keep nose diving!
I haven’t bought a sports car in 35 years, I ❤️ love the Lexus LC 500 and think 💭 about it all the time, but to actually buy I’m looking for a Mint Hummer and Excursion
Ciocca is pronounced SEEOOCAH. If you live anywhere near the Mid Atlantic region, I highly recommend you stop by and see their store in Atlantic City NJ. It's the old FC Kerbeck dealership. There is a sea of Vettes there!!!
I'd like to get your thoughts and anyone's on this subject. My local Palm Springs, California dealer wanted anywhere from $20K-$30K over for a C8 LT1,2,3 coupe in 2023. I ordered a 2024 from a Big 3 Corvette East Coast dealership who sold at MSRP and did a courtesy delivery for $500 bucks. It was an easy transaction. I typically buy 1 new car a year. My feeling is that I will NEVER do business (buy) from these guys again. Is this wrong? Am I too ignorant?
Thanks, Chevy Dude. I live in NJ and know of this Clifton dealership. May have to check their inventory now.
I’m a truck driver going back and forth from Gary in to GA/AL I’ve seen trailers loaded with zo6s every time I’ve stopped at a truck stop I see them
Getting discounts on new Corvettes are hard to come by here in California. Two people I know bought new Vettes from dealers on the East Coast and had them shipped back here because the discounts were so deep. It was still worth to pay the shipping across the country.
The corvette I made brand new was $78k msrp.
I don’t think that’s that bad. And that’s for the 2LT convertible orange one.
Am I missing something?
Ur video says never buy over MSRP . Is that for used or can u do it on new vetted that u order.
I could never understand why anyone would pay the amount of money for cars in America that they do. Why? Stop throwing your money away there are real cars out there that are actually worth the money....
What is MSRP for a 2024 3LT with Mag Ride???
What’s the MSRP for a 2018 Ford Raptor?
Like others have mentioned, newer versions of vehicles are being sold under msrp….I believe vettes aren’t the only ones
Great news. Sick of these people reselling these vettes for more than new
The whole car market is droping like a rock 😮
I think people in the car sales business are so condition4ed to be positive they don't want to talk about this under any circumstances.
@@oleradiodudea.m.4735 Same as realtors w/"potential".
I sold my c8 z06 2 months ago and got what i paid for it lol. I saw it coming
2024 Z06 3LZ in orange for sale in my city for $190K which includes $40K in 'uplifts' 5.5L / auto.
NEW VEHICLE PRICES PLUS $1,946 IN VALUE PROTECTION DEALER ADDS (TINT W/LIFETIME WARRANTY, DOOR EDGE GUARDS, RESISTALL CERAMIC INSIDE & OUT, AND THEFT). New vehicles may have addendum due to market conditions and vehicle scarcity.
I'm looking to buy a 2014 Stingray Z51 3LT. When would be a good time to buy that model for a great deal?
Now
I went to the same dealer where I bought my current Corvette, and I'm a mature, safe driver with a credit rating well into the 800's, and after driving up in my current Corvette, they would not let me take a test drive in a new C8. Period. No sale today, boys!
There's nothing wrong with the corvette market. stingray price drop is expected now that people are trading up for the Z06 & E ray. The Z06 price is just coming back to earth from Mars LOL dealers wanted 230k for a 1LZ Z06 when you could build one straight from GM for 112k
The entire car market is crashing lol, if you like reliability, don't buy a Volvo.
Lol, depends how far back you wanna go.
Had a 1990 240dl wagon that hammered out well over 300,000 miles.
Love to see it.
Been selling sports cars for three decades and the Z06 has gotten out of hand with the price disparity. You’re just not getting that much more over the stingray with this model. I’ve owed 17 over the last two decades and wouldn’t buy the current one when the C8 is so much more reasonable with a time proven engine that relatively inexpensive.
So December is the time to buy a used Vette??
Just started looking for one.
Was is the realistic bottom price for one now used or new?
I bought a 23 lt2 coupe with 2,600 miles. Performance exhaust, lift, non z51 for 62k. Good deal now, but I suspect a similar car will be less in a year.
Relax dude! I just picked up a new 23! Maybe it’s time to pick up that elevated Z51 package!
Bro really works at a chevy dealer and said that the 3ray has no purpose or its pointless, brother the eray is meant to the equivilant of a grandsport corvette, it has the same body style as a z06 but without the z06 motor but this time it has way more hp than a regular c8 and it beats a c8 z06 in the quarter mile.
Good save on picking up that bottle off the hood/paint.
Luxary always collapses first. 90% of Corvette buyers have no business owning a 100K car but when they could finance at 0.9% for 84 months they could "afford" it.
When was auto financing ever .9%
@@marioremondino9837 Tesla has it right now. Look it up.
@@marioremondino9837 Plenty of times over the last 15 years, manufacturer incentive financing.
@@marioremondino9837 I got my 2020 Camry Hybrid for the .9 rate. Love it
Lol vettes are anything but luxury.
You def have all the signs of a car salesman. Good talker. Great body language. Waving hands. Yep. Car salesman
Glad I couldn't afford a new Corvette, and bought a C7 for a great price. Prices are still insane on new vehicles!
A Corvette owner of 2 saying the ERay is a trash car is a big statement. I hope GM is listening.
Sure, GM listens the way Disney does.
GM doesn’t listen or care! Being run by a diversity hire slit…. She will destroy GM
Is it that bad?
The ERay isn't trash. It's overpriced.
@@AFVetteran it's a low power durability test of the four wheel drive they will need to stay competitive at the price points and performance they want to take the car . For now it serves the folks who want to drive their corvette in winter, instead of mothballing for a season .
This guy is all over the place. Non stop commercial
I just bought my first Corvette an 01 convertible (lite pewter) 56k 😊 now I have the fever 😂
I've always used "Back To Black" on black trim.
What is happening to C7 pricing?
2016 Z06/Z07, 3LZ, competition seats, 7 sp, convertible, black on black, 30K miles?
Even at msrp they are over priced. Paying over 150k for a Z06 defeats the purpose. That’s used Ferrari, Lamborghini and gt3 prices
A brand new 2024 Z06 convertible completely loaded is about 185k. An 8-year-old Lamborghini hurricane is about 250k. The insurance and upkeep on a Corvette is a 1/4 of the Lamborghini. I will take the Corvette.
Go price just an oil change on a Ferrari, Lambo or Porsche.
I'll give you an example 😁 .... '18 Huracan oil change $673.00
Thinking of buying a 2024 Corvette. Anybody know who is rocking with the best deals right now? Interested in the convertible dont need the top spec LT1 would probably do me fine
I was telling anyone interested to just wait until supply catches up with demand. You now see C8s everywhere! All those who paid over SMRP received their vettes early but was it worth it ? To each their own.
I sold my vette & bought a 2023 Camaro 1ss . My favorite car I ever owned.
Funny, coincidently I was searching corvette this morning for lease deals and Ciocca was among the results
Mike, sell me a used C7 for a great price and Ill drive up from Florida to drive it home.
I just saw a truck load of brand new vettes heading to the dealership.
Trim sauce.. looks great…. But for how long. After it rains, a car wash, etc.
Nothing you spray on will last long, this sauce included.
Long enough to sell to an unsuspecting buyer, I suppose.
Does this mean you could get a base price corvertte at 70k? Or is that still impossible?
You can easily get a base C8 below MSRP
If you mean base as 1LT, doesnt that package miss the backup camera and some other worthwhile perks?
I've seen a lot of c8 1LTs in the used market.
Unless I am operating on old/wrong info, seems like at least 2LT is the package to go with.
@@SilentNight115 IDK I am not corvette guy I just like how it looks, maybe someday I'll buy a C8 used
@@SilentNight115 all C8 trims have a backup camera and as of 2024 all trim levels have the rear view mirror camera as well.
The C7Z’s got up too $15,000+ under MSRP if my memory serves me right. The C8’s will do the same, if not even more.
I have a question for Corvette owners...will I fit in the cockpit at 6'6"? Thanks for responding!
Yep
I have a 2014 so I’m very interested in this.
Dave sell Chevy on RUclips works for Schumacher. Maybe you can get a great deal if you would want one. He's just like you very honest
Chevy Dude how come you don’t have any new videos on your Mikes Car Store channel here on RUclips.
Time. I have a new hire starting tomorrow so we can focus on that channel.
@@ChevyDude Ook i totally understand I was just wondering cuz i miss your videos.