Discussion
Hi all. What do all you corvette experts reckon to what will happen to C5 values and desirability as the C6 becomes available? Also, why are there quite a few C5 cars that appear to have been for sale for months and months (esp. on Autotrader). Is is colour, spec or some other factor. Are they difficult to shift? Also, what do you think of coupes vs. 'verts, or manual vs. auto, and what are the colours to go for? What about any dealer feedback (without incurring the wrath of Ted!!!!) Sorry, I know, questions, questions.......Please help.....Cheers, all. JONSCZ
All Corvettes are red.
Two thirds are auto's.
One third are convertibles.
Hardly any (in Europe) are the Hardtop version.
Even fewer are Z06 higher power version.
All cars depreciate.
Most cars depreciate more when new model is launched.
Run-out models are discounted which hits all residuals.
Corvette is no exception to these rules.
The colours that sell best are red and silver. Colours that sell OK are yellow and black.
Other colours may be more of a challenge at sale time.
It's generally over-priced and/or modified cars that tend to hang around.
Two thirds are auto's.
One third are convertibles.
Hardly any (in Europe) are the Hardtop version.
Even fewer are Z06 higher power version.
All cars depreciate.
Most cars depreciate more when new model is launched.
Run-out models are discounted which hits all residuals.
Corvette is no exception to these rules.
The colours that sell best are red and silver. Colours that sell OK are yellow and black.
Other colours may be more of a challenge at sale time.
It's generally over-priced and/or modified cars that tend to hang around.
The Corvette appeals to a small market, namely two seater high power sports cars. It is a small market as the UK traditionally plays safe and goes for MR2's and RX8's and the like. This is based on economy factors. It is ironic in the case of the RX8 which will return about 16mpg, won't last anything like as long as a C5, will cost a large amount more to service and will depreciate faster. However, I digress. The RX8 has 4 seats.
So there are a limited number of buyers for a 2 seater, single blokes or childless couples. The C5 is a wide car and it's left hand drive. This further alienates buyers. It is also carrying round the usual myths about poor handling and gross fuel consumption based on pure ignorance. Put all those fcators together and yoy have a narrow number of buyers, many of whom will alreday be into American cars. the rest must come from conquest sales but too many people won't even try it. However, advertise the car in the right place, like Classic American and the buyers may be more available.
When I was looking for a C5, I'd say the natural rivals were the TVR's, Skylines and Porsches. The Corvette generally offers hugely cheaper servicing, much lower mileages and often quite fastidious owners. Something like 90% of Corvettes are still on the road. they do depreciate initially but tend to level out (a 1997-8 car fell to about £18-20k 2 years ago and stayed there). C4's have fallen but have now bottomed out.
It's a hard one to call with the C6. I've been observing it from every angle since the moment it first saw the light of day. I've looked it up and down, side to side, front and rear and I've watched that Top Gear clip a thousand times. At no point have I ever been able to think it looked good. It screams Japanese car to me. the front is horrendous, even Top Gear had it in the studio facing away from the camera. I've come to accept the C5 oval lights as being definitive Corvette - a move away from the traditional round lights and very distinctive in a good way (as opposed to the Jag X-Type's yukky oval headlights). I look at the rear of the C6 and see a 1985 Corvette.
In the US, many people are waiting for the C6 out of patriotic fervour and "first on the block" motives. They point to the C4/C5 debate to suggest the initial rejection of the C6 styling is a flash in the pan. But an equal number are rushing out to buy the last Z06 C5's which is faster and better handling than the C6 (or at worst, just as good). Prices of the C5 in the US are falling but I don't think they'll continue to fall. We'll have to see how well the C6 sells but I know I won't be buying one until they radically change the styling.
In short, I think you're safe with C5 depreciation. The C3's are on the way up. The 1984-1996 C4's are still in the doldrums ranging from £6k - £15k and the C5's are showing no immediate sign of depreciating in the UK. For ultimate peace of mind, you could import one, preferably a Z06, thus shaving off £10k of depreciation. You'll be saving on insurance and servicing costs anyway and I doubt the C6 will have much effect as we'll be looking at a £50k price tag and most UK C5's are falling under £30k now. Also, unlike the C5 which represented a quantum leap over the C4, the C6 isn't so much better that you'd kill to own it.
So there are a limited number of buyers for a 2 seater, single blokes or childless couples. The C5 is a wide car and it's left hand drive. This further alienates buyers. It is also carrying round the usual myths about poor handling and gross fuel consumption based on pure ignorance. Put all those fcators together and yoy have a narrow number of buyers, many of whom will alreday be into American cars. the rest must come from conquest sales but too many people won't even try it. However, advertise the car in the right place, like Classic American and the buyers may be more available.
When I was looking for a C5, I'd say the natural rivals were the TVR's, Skylines and Porsches. The Corvette generally offers hugely cheaper servicing, much lower mileages and often quite fastidious owners. Something like 90% of Corvettes are still on the road. they do depreciate initially but tend to level out (a 1997-8 car fell to about £18-20k 2 years ago and stayed there). C4's have fallen but have now bottomed out.
It's a hard one to call with the C6. I've been observing it from every angle since the moment it first saw the light of day. I've looked it up and down, side to side, front and rear and I've watched that Top Gear clip a thousand times. At no point have I ever been able to think it looked good. It screams Japanese car to me. the front is horrendous, even Top Gear had it in the studio facing away from the camera. I've come to accept the C5 oval lights as being definitive Corvette - a move away from the traditional round lights and very distinctive in a good way (as opposed to the Jag X-Type's yukky oval headlights). I look at the rear of the C6 and see a 1985 Corvette.
In the US, many people are waiting for the C6 out of patriotic fervour and "first on the block" motives. They point to the C4/C5 debate to suggest the initial rejection of the C6 styling is a flash in the pan. But an equal number are rushing out to buy the last Z06 C5's which is faster and better handling than the C6 (or at worst, just as good). Prices of the C5 in the US are falling but I don't think they'll continue to fall. We'll have to see how well the C6 sells but I know I won't be buying one until they radically change the styling.
In short, I think you're safe with C5 depreciation. The C3's are on the way up. The 1984-1996 C4's are still in the doldrums ranging from £6k - £15k and the C5's are showing no immediate sign of depreciating in the UK. For ultimate peace of mind, you could import one, preferably a Z06, thus shaving off £10k of depreciation. You'll be saving on insurance and servicing costs anyway and I doubt the C6 will have much effect as we'll be looking at a £50k price tag and most UK C5's are falling under £30k now. Also, unlike the C5 which represented a quantum leap over the C4, the C6 isn't so much better that you'd kill to own it.
To pay £30k for any second hand C5 would take a leap of faith with most older cars settled roughly around the £20k level. There's no reason to think they will drop any further at least until there's a significant number of C6s turning up - which isn't going to be for another 18 months or so. The running costs on a Vette should be a lot less than any car of comparable performance, especially cars made in Blackpool or Italy. A clean low mileage C5 in the right colour/specification for a bit over £20k looks a steal.
Hi LuS1fer and 5USA, just to say thanks for posting replies to my MANY questions. I am having to sell my Marcos due to my company car situation and a 'vette is top of my list as a more useable everyday car. I am a little concerned, as I said before, though at the length of time taken to sell a couple of what seem like really nice cars on the 'trader web site....a silver coupe and a red coupe. I was wondering why they seem difficult to sell. As my car has only just gone on sale I have time to look around. I'd probably get a convertible if I decided on a 'vette, though. Thanks again and if anyone else can help, I'd be grateful. Cheers JONSCZ.
jonscz said:
I'd probably get a convertible if I decided on a 'vette, though.
Theres quite a nice silver one at BM in Manchester for 27K. 22K Miles, but has crappy magnesium alloys which are quite kerbed. Also the passenger side tyre is mismatched to the drivers.
www.bauer-millett.com/html/user/stockUSAUSED.htm
Otherwise Chris Graham usually has nice ones and is very helpful.
Hi again, Thanks for all your helpful replies. I still havn't sold my car yet (only been for sale for a few days) so I'm not ready to start looking in anger yet. Not sure about importing, to be honest I'd not really thought about it. I still need to decide if a 'vette is for me and I've got a few different cars on my shortlist. Have looked on the Auto Motor Und Sport website in germany and have seen a few for sale there, but they are not exactly bargains...same price as here if not more, just more choice. Will test drive one soon and decide then. Thanks once again to all who have helped. Cheers, Jon
Jon, what's your budget? You can get a Z06 pretty cheap right now. Many are down to under $30k and I can put you in touch with a guy who can look at and export a car for you for a fee. You can land and register a 2001 385hp Z06 for under £23k. However, the exchange rate won't stay high forever. The good thing is that you spike the depreciation where it hurts. I can send you the figures if you're interested. Because I've done all the SVA work myself, you can also save a lot there.
www.cardomain.com/memberpage/627465/2
>> Edited by LuS1fer on Sunday 5th September 10:49
www.cardomain.com/memberpage/627465/2
>> Edited by LuS1fer on Sunday 5th September 10:49
Don't look at me, that's what it said in Used Car Buyer. I didn't write it. Actually I never bought it either so you'll have to get someone who did to check it. I'm sure that's what it said. Might not have been 1999...however, I think that's why there were no upgrades to the 350bhp. Maybe it was just the engines. Doh, wish I'd bought it now.
Addendum: I re-read it in Smith's today and it says SOME of the Euro-spec cars were 1999 models, even up to and including 2001 so to check the VIN for the year of manufacture. There, that scared ya!
>> Edited by LuS1fer on Monday 6th September 18:40
Addendum: I re-read it in Smith's today and it says SOME of the Euro-spec cars were 1999 models, even up to and including 2001 so to check the VIN for the year of manufacture. There, that scared ya!
>> Edited by LuS1fer on Monday 6th September 18:40
LuS1fer said:
SOME of the Euro-spec cars were 1999 models, even up to and including 2001.
Due to some kind of strike action in USA Euro '98s are virtually non-existent and from '99 model year the "A-pack" "B-pack" regime kicked in for real in Europe. With low sales volumes etc it wouldn't be surprising if the spec' didn't change much. Remember there are no Euro hardtops and the blue Le Mans Commemorative runs with LS1 instead of LS6 in Europe.
The vette Black Book lists specifications in detail for every model year up to 2004, but surprise surprise it says next to nothing about Euro cars....
LuS1fer said:
Also remember that the Eurovette is effectively a 1999 model whatever year you buy as they froze the specification according to that article in Used Car Buyer.
Not true. When I ordered my 2001 I got all the stuff and options I wanted as listed on the GM America website for the 2001 model.
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