Originally Posted by johnr265
First of all, I want to preface that I am now the proud owner of a 2015 Z/28. It is the first American car that I have bought in 25 years and I am giddy like a schoolboy. It is my opinion that the car is not necessarily overpriced for what it is at it’s MSRP and is an absolute steal discounted as it is right now. I will put in my 2 cents regarding the value and relative long term value of a car like this.
My first observation is that car values, like the economy are reactive. When things are bad, everyone assumes they will always be bad and when they are good, people assume they will always be good. Just because there is a high discount off a certain number of Z’s does not mean they will always be undervalued. It does mean that a certain percentage of folks get a great deal on a great car. Witness car prices a few years back. Ford GTs that were 160 new were selling at 120 (now over 200). 996 GT3s were selling in the mid 40’s (now 60-70k). Z06 vettes were high 30’s certified from dealers, now closer to 50. A classic example are the Porsche GT3’s and RS’s. For a while, they were simply impossible to get new unless you put a deposit on one or two years in advance. In 2010-2011, there were GT3 RS’s sitting on dealer lots and could be had for a discount off MSRP (previously unheard of). A year or two later, those cars that sold for 150k new were selling for 100-120 and were difficult to sell. Now, those same cars which seemed destined to plummet in value sell for more than sticker when they were new. Why? A number of reasons. It is not because the 991 GT3 is slower or less capable. It is probably at least in part because the newer car doesn’t come in a manual transmission and because of a significant engine recall. Also, the older cars are more analog. More tied to the driver. It is not always about absolute speed. Most people are not racing and when they take them to the track, the goal is to drive home with a smile on your face, a result more likely in a driver focused car which requires skill and technique to master. Not necessarily in a video game car that produces the fastest lap time.
For longer term, there are many factors that make a car more valuable ranging from cars that were poorly cared for, wrecked, or transported overseas to collectors. Witness cars made in great numbers like the original Mustangs, of which there were millions made but a good example can fetch 60k or more. 10-15 years ago that same car could be had for about 20-30k. Porsches are another example. Cars that represent an end of an era command special value. For example, Porsche 993 Turbos (last of the air cooled) were selling in the 60’s 5 years ago and now over 100k while 996 turbos (first of the water cooled) are selling for about 40k right now even though they are faster and more powerful. Eventually value in these cars will be seen and even they will appreciate (these are actually fairly good cars to snatch up). Other unloved 911 years (the 70’s come to mind) are finally started to appreciate significantly and the days of a bargain 911 are coming to an end.
Third point. A parts bin special is not necessarily a throwaway but a realization of a companies potential if they culminate those parts into something special. Witness the BMW 1M coupe. Slap on an M3 chassis with the suspension, brakes and forged wheels, widen the body, put some nice trim in it, limit it’s production, and you have a cult classic. The 1M, 3 years after it was initally sold, is still being sold by their owners used for more than it cost new. Note too that the press didn’t love the 1M very much (Randy Pobst in particular ironically) yet the press LOVES the Z/28.
Indeed, I think while the present is uncertain for the Z/28, the future is bright. There is an electricity about this car that is intoxicating at any speed and a wonderful focus to it’s mission that is undiluted. For anyone that has tried to modify a car themselves, the end result is rarely properly completed. It is either too much engine for the chassis, brakes and tires or vice versa and for the few that are properly completed to the appropriate balance, the cost invested is obscene, never to be recovered by the original owner in terms of time and $ invested. Having professional engineers do that work for you and then having a major company provide the package discount allows us to have the otherwise unobtainable miracle car and helps in the long term to boost the value of the car.
The Z/28 has a lot going for it. It is clearly one of the last hurrahs for the naturally aspirated, analog old school muscle cars yet it benefits from the pinnacle of modern technology from GM, a major company. It closest true relative is the Porsche GT3, a car which admittedly has greater performance but costs double. Having driven both, I would say the Z/28 offers 90% of the fun for half the cost. It’s build numbers are limited and despite the apparent surplus, in the end there will come a time they will be difficult to obtain. As I predicted a large discount from GM on the car (and waited for it to occur before buying), I predict future value for the car to be quite strong. In a few years when there are none on dealer lots, collectors and enthusiasts have snatched them up and are holding on to them for dear life, there will be a demand for these cars that supply will not keep up with and values will rise. I intend to enjoy mine and not worry too much about it. If I have it long enough for that to occur, great. In the meantime, life is short and this thing is a BEAST. What more could I ask for?
Sorry for the long post. I learned a lot from this forum and hope to contribute more in the future.
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