It seems these cars have really taken a nose dive lately in value and desire. Local banks don't won't to finance them, and local sellers offering stupid low offers makes me really upset. Has anyone noticed this also?
My 1995 Formula w/57,xxx miles, rough paint, some light mods (CAI, Magnaflow catback) M6. Car does have rough paint but no rust. People only offering me $2500-3000. Is this for real??

 

Just pissed and need to vent.

 

Bad time of year to try and sell, so you will get lowball and dealers. That said, I sold a gorgeous 97 Formula with 132K on it for $4k.

 

I purchased my 93 Z28 M6 about 2 years ago. 140k miles Paid $2600. I sold the car about a year later with some suspension upgrades and new brakes.145k miles $4500. I bought the car back with a bad optispark for $3000.149k miles....Interior is a 9/10 exterior is nice, but has lots of small issues...a solid 10 footer!!

That said, I have done alot more work to the car and Im about to do more..Im sure I wont get back what I have in it. Id be lucky to get $4500. again with all the new parts and work done. Sucks, but its a labor of love and not a good investment of money. Good investment of my own sanity though....I actually really love working on my car and find it theraputic.

 

LOCATION matters, and as said time of year is bad to sell this sort of car in most of the country.
Beyond that I think you might be a little delusional about the value of a 20 year old car with "rough paint".
Paint is the first thing people see and reduces their impression of the car instantly.

What do you think an appropriate price is?

 

^ This... These cars are older than most of the kids driving them. Which is a testimony to what great cars they are. I think of them as the C-47 (DC-3) of pony cars. The V6 models have never seen an ounce of torque and the V8 models were well underpowered for what the unibody could readily handle.

This changes dramatically when the cars are modded up significantly. But, the fact remains, that they're old cars. We own 'em because we love 'em.

Now, here's the key:

 

The car sounds nice, depending how bad your paint is is the difference between 2500-4k. Paint is god damn expensive yet I keep getting cars that need paint and spending too much. I think the reason banks wont finance is because of the age if I'm not correct? Also those little oem add ons help the car sell I think. For example, an OEM style ramair hood and air box, 17x9 wheels instead of the 16x8s, honeycomb tails etc etc. At least that's what i tell myself when I bought it all.

 

Nice so you basically paid $1100 for the car.

I'm the same way too, I enjoy working on my cars. It's like meditation.

 

Most banks won't finance anything over 10 years old except on a special case basis, and then you're usually looking at around 10-15% interest rate, and it blows my mind why anyone would do that

To put that in perspective, most newer vehicles are around 3-5% with decent credit.
You could very well pay double the amount after you're done making payments that you "paid" for the car with a high interest rate like 15%.

 

I bought a 98 WS6 with 137k miles on it for $3K.

Fbodies are definitely coming down on price.

 

Really depends on where you live, but the LT1 4th gens are devaluing pretty quickly. There's no denying that.

A car with bad paint isn't going to fetch much considering the average buyer is pretty superficial and will be scared away. That leaves those who are familiar with these cars to send you countless lowball offers because ya know LT1 owners... A bunch of broke cheapasses (including myself).

 

It's just the age of the vehicle. 15-20 years is about the lowest they get, after 20-25 years they begin to appreciate again. Right now they're not old enough to be appreciated by the masses, and not new enough to be very relevant. Many of them are starting to have terrible cosmetic issues, junked interiors, failing mechanics that nobody wants to fix, and the public perception goes downhill.

5-10 years ago, the 3rd gens and fox bodies were absolutely dirt cheap and nobody wanted them. Now they're on the upswing and more and more people are wanting them, thus they're worth more.

 

I'm trying to sell my buddy's 95 formula m6 stock with 85k for $4250 and can't even get a bite. It really sucks to try to get out of these cars, it's easy to get in though now. I have so much money in my car, and it runs low 12s, and every now and then I get bored and put it on Craigslist and can't even get bites at $4000.

 

I paid $2400 for my car 4 years ago with 140k, needed paint.

Id never pay more then 3k for an lt1 and 5k for ls1 based fbody, depending on condition. I'm cheap tho

 

Blame cash for clunkers, the optispark's sterling reputation , and the overall superiority of the later LS1 4th gens for the low values, that and as mentioned most need paint, interior work and general maintenance pretty badly after 20 years unless the car's been pampered.

There is light at the end of the tunnel however! According to Hagerty's the values are starting to creep up quickly now and should continue to do so for cars in decent shape, especially the more rare highly optioned ones!

http://www.hagerty.com/price-guide/1...evrolet-Camaro

 

http://www.hagerty.com/articles-vide...ocket-in-value

Love how the Firehawk is #1! I'm holding on to mine for sure!

 

I was offered 7k for mine and said no

 

...for who knows how many untimely LT1 deaths.

 

I understand your feelings, 100%!!


Every once in a while, I get tired of trying to fit 10 Tons of s**t in a 5 Ton garage, and consider selling my '96 Z/28. It's a one owner car (me), has 77,000 miles, no winters, some decent upgrades, a very clean interior, but as others have said, less than terrific paint, mostly due to age, but it runs strong.

Just as "bufmat" said, I get insulting offers. EVERYBODY wants it....for $2500, but I have more than that in wheels, tires, and shocks!

 

Cars are a depreciating, bad investment either way you look at it.