Went to see a Z06

m4a1mustang · 04-10-2012, 01:39 PM

Quote:

Originally Posted by NYBladeZ

He has substantial savings, honestly man he could walk in and pick up any car he wanted, his credit is not the issue. The Z06 has no value in the eyes of Chase, Wells Fargo and PNC and frankly that is surprising and hilarious.

I think it's just that they are only willing to finance an auction value on a used car of that age to limit risk. If they repo the car they will just sell it at auction, not retail. I'd suspect for other cars it's going to be a similar deal... they won't finance full retail.

Retail resale isn't really a problem with the Corvette. Look it up, it's very competitive.

I just looked this up on NADA and it's in line with the good stuff.

I doubt the same banks would give your friend full retail for the two P-cars. They'd probably go off of some auction value.

JWMotoring · 04-10-2012, 01:41 PM

Quote:

Originally Posted by BigT

Tell your friend to try applying for a loan with a Credit Union. They usually have better rates and are a little more lenient. However, credit score, etc. will still have an affect.

A credit union will make it happen.

NYBladeZ · 04-10-2012, 02:04 PM

Regardless of what the numbers say, it is obvious that the Z06 is not a financial sound investment but a matter of how much $ you want to pay for the POWER. You'd have to end up marrying the car trying to sell even a year or two later will be difficult if you want a premium asking price. All in all...I'm happy he passed, I just couldn't get over the American build quality and it doesn't help that we drove around in his Lotus Exige S all day yesterday.

Red__Zed · 04-10-2012, 02:09 PM

Quote:

Originally Posted by NYBladeZ

Regardless of what the numbers say, it is obvious that the Z06 is not a financial sound investment but a matter of how much $ you want to pay for the POWER. You'd have to end up marrying the car trying to sell even a year or two later will be difficult if you want a premium asking price. All in all...I'm happy he passed, I just couldn't get over the American build quality and it doesn't help that we drove around in his Lotus Exige S all day yesterday.

This is not unique to the corvette. Banks don't like hanging out significant amounts of money on old cars. This is not new.

Hell, go check into how much money you can finance for a 2009 370z.

m4a1mustang · 04-10-2012, 02:09 PM

Quote:

Originally Posted by NYBladeZ

Regardless of what the numbers say, it is obvious that the Z06 is not a financial sound investment but a matter of how much $ you want to pay for the POWER. You'd have to end up marrying the car trying to sell even a year or two later will be difficult if you want a premium asking price. All in all...I'm happy he passed, I just couldn't get over the American build quality and it doesn't help that we drove around in his Lotus Exige S all day yesterday.

Hardly any car is a sound "investment."

Red__Zed · 04-10-2012, 02:10 PM

Quote:

Originally Posted by m4a1mustang

Hardly any car is a sound "investment."

m4a1mustang · 04-10-2012, 02:13 PM

Obviously there are some exceptions.

MightyBobo · 04-10-2012, 03:22 PM

Quote:

Originally Posted by NYBladeZ

Regardless of what the numbers say, it is obvious that the Z06 is not a financial sound investment but a matter of how much $ you want to pay for the POWER. You'd have to end up marrying the car trying to sell even a year or two later will be difficult if you want a premium asking price. All in all...I'm happy he passed, I just couldn't get over the American build quality and it doesn't help that we drove around in his Lotus Exige S all day yesterday.

The only power in a Z06 that is worthless, is the power that goes untapped due to either lack of driving skill, or lack of confidence to USE the power.

Furthermore, if you think buying a Z06 should be a solid investment, much less almost ANY car now-a-days that isnt ultrarare, you should probably let a finance guy do all your investing and stay out of that realm.

NYBladeZ · 04-10-2012, 08:03 PM

I am aware that no car is a sound investment, but you're drawing to broad a picture. A z06 depreciates far faster than say a BMW 1M or m5. I love the power and torque as much as the next guy I just don't think I want a car worth significantly less than what the current market asking price is. That and I don't think a Z06 looks very good, it looks good because it is a z06.

Red__Zed · 04-10-2012, 08:48 PM

Quote:

Originally Posted by NYBladeZ

A z06 depreciates far faster than say a BMW 1M or m5. .

NOPE.

second row is based on Edmund's predictions, top is based on TMV from purchase in 06 until now.

The 1-series M coupe is going to look awful simply due to the fact that most were purchased at far over MSRP.

BMW's are notorious for awful depreciation.

NYBladeZ · 04-10-2012, 09:25 PM

I stand corrected. Oh well, he's still on the hunt though I keep telling him to save $ for a home, retirement, emergencies and stop buying toys. You would think that an s2k, 1m, and exige s would satisfy a guy!

Pharmacist · 04-11-2012, 01:57 PM

Quote:

Originally Posted by Red__Zed

NOPE.

second row is based on Edmund's predictions, top is based on TMV from purchase in 06 until now.

The 1-series M coupe is going to look awful simply due to the fact that most were purchased at far over MSRP.

BMW's are notorious for awful depreciation.

You won't believe how many people on the BMW forums are convinced the 1M will hold tremendous resale value due to the limited production and that the car will be a "collector's item"

Red__Zed · 04-18-2012, 10:19 PM

Quote:

Originally Posted by Pharmacist

You won't believe how many people on the BMW forums are convinced the 1M will hold tremendous resale value due to the limited production and that the car will be a "collector's item"

about as crazy as the people that think the 370z will become a collectors item.

NYBladeZ · 04-19-2012, 11:43 AM

The demand and fanboys for the 1M right now is extremely high, with that said I expect BMW to do something to cash in on it. Come on man, those guys who bought the 40th Anniversary Z and don't drive it will cry if you tell them its not a collectible.

flashburn · 04-19-2012, 12:22 PM

04-10-2012, 02:04 PM	#18 (permalink)
NYBladeZ A True Z Fanatic Join Date: Apr 2009 Location: New York Posts: 2,158 Drives: Lotus Exige S Rep Power: 20	Regardless of what the numbers say, it is obvious that the Z06 is not a financial sound investment but a matter of how much $ you want to pay for the POWER. You'd have to end up marrying the car trying to sell even a year or two later will be difficult if you want a premium asking price. All in all...I'm happy he passed, I just couldn't get over the American build quality and it doesn't help that we drove around in his Lotus Exige S all day yesterday. __________________ 2009 Carbon Fiber/Red 370z aka Trish: Sports Package, Meisterschaft full catback, Fast Intentions Longtube Headers, Injen Long Tube Intakes, UpRev Tune: Sold 2008 Lotus Exige S Club Racer aka Bella, always leaves me smiling

04-10-2012, 02:13 PM	#22 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6962	Obviously there are some exceptions. __________________ - Steve Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!) LIKE us on Facebook!

04-10-2012, 08:03 PM	#24 (permalink)
NYBladeZ A True Z Fanatic Join Date: Apr 2009 Location: New York Posts: 2,158 Drives: Lotus Exige S Rep Power: 20	I am aware that no car is a sound investment, but you're drawing to broad a picture. A z06 depreciates far faster than say a BMW 1M or m5. I love the power and torque as much as the next guy I just don't think I want a car worth significantly less than what the current market asking price is. That and I don't think a Z06 looks very good, it looks good because it is a z06. __________________ 2009 Carbon Fiber/Red 370z aka Trish: Sports Package, Meisterschaft full catback, Fast Intentions Longtube Headers, Injen Long Tube Intakes, UpRev Tune: Sold 2008 Lotus Exige S Club Racer aka Bella, always leaves me smiling

04-10-2012, 09:25 PM	#26 (permalink)
NYBladeZ A True Z Fanatic Join Date: Apr 2009 Location: New York Posts: 2,158 Drives: Lotus Exige S Rep Power: 20	I stand corrected. Oh well, he's still on the hunt though I keep telling him to save $ for a home, retirement, emergencies and stop buying toys. You would think that an s2k, 1m, and exige s would satisfy a guy! __________________ 2009 Carbon Fiber/Red 370z aka Trish: Sports Package, Meisterschaft full catback, Fast Intentions Longtube Headers, Injen Long Tube Intakes, UpRev Tune: Sold 2008 Lotus Exige S Club Racer aka Bella, always leaves me smiling

04-19-2012, 11:43 AM	#29 (permalink)
NYBladeZ A True Z Fanatic Join Date: Apr 2009 Location: New York Posts: 2,158 Drives: Lotus Exige S Rep Power: 20	The demand and fanboys for the 1M right now is extremely high, with that said I expect BMW to do something to cash in on it. Come on man, those guys who bought the 40th Anniversary Z and don't drive it will cry if you tell them its not a collectible. __________________ 2009 Carbon Fiber/Red 370z aka Trish: Sports Package, Meisterschaft full catback, Fast Intentions Longtube Headers, Injen Long Tube Intakes, UpRev Tune: Sold 2008 Lotus Exige S Club Racer aka Bella, always leaves me smiling

04-19-2012, 12:22 PM	#30 (permalink)
flashburn A True Z Fanatic Join Date: May 2009 Location: Central Florida Posts: 1,884 Drives: '12 Corvette GS 6M Rep Power: 19	__________________ Current Ride: 2012 Chevrolet Corvette Grand Sport Centennial Edition Carbon Flash 6M Previous Ride: 2009 Nissan 370Z Sport Platinum Graphite 7AT