Went to see a Z06

NYBladeZ · 04-10-2012, 06:53 AM

During my day off yesterday my friend, who has been looking for a Z06 Vette for awhile asked me to come along and visit a few dealers with him. He found one he liked and it sounded like it was a good price. It was a private sale for a 2006 Z06 with 25000 and it looked pretty nice. My friend is a few years older than me and has more than enough annual income (est. $90,000.00+) and he wanted to finance in full with no early payment penalties. That's where the funny stuff started happening. The asking price on the car was $40500 and he wanted to finance around $38000 but after spending time on the phone with underwriters at Wells Fargo and Chase he was approved but for no more than $29,xxx.xx. We assumed they didn't want to take a risk on him but when we spoke with the underwriter he said it wasn't that they won't approve him, they don't value the car anywhere near $40,000.

I found this extremely funny, so a 2006 c6 Z06 has depreciated so much that the banks do not view it as having more value than slightly less than $30,000?!? I picked on him all night using terms like "worthless power" "enough power to turn you upside down before you turn it on" and reminded him if he buys one now anything over $30,000 he overpaid for. Moral of the story, Chevy is all big power and no value, that's what you get when you flood the market with cars even as powerful as the z06.

04-10-2012, 06:53 AM	#1 (permalink)
NYBladeZ A True Z Fanatic Join Date: Apr 2009 Location: New York Posts: 2,158 Drives: Lotus Exige S Rep Power: 20	Went to see a Z06 During my day off yesterday my friend, who has been looking for a Z06 Vette for awhile asked me to come along and visit a few dealers with him. He found one he liked and it sounded like it was a good price. It was a private sale for a 2006 Z06 with 25000 and it looked pretty nice. My friend is a few years older than me and has more than enough annual income (est. $90,000.00+) and he wanted to finance in full with no early payment penalties. That's where the funny stuff started happening. The asking price on the car was $40500 and he wanted to finance around $38000 but after spending time on the phone with underwriters at Wells Fargo and Chase he was approved but for no more than $29,xxx.xx. We assumed they didn't want to take a risk on him but when we spoke with the underwriter he said it wasn't that they won't approve him, they don't value the car anywhere near $40,000. I found this extremely funny, so a 2006 c6 Z06 has depreciated so much that the banks do not view it as having more value than slightly less than $30,000?!? I picked on him all night using terms like "worthless power" "enough power to turn you upside down before you turn it on" and reminded him if he buys one now anything over $30,000 he overpaid for. Moral of the story, Chevy is all big power and no value, that's what you get when you flood the market with cars even as powerful as the 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