Hey, Duane here! My blue 2002 C5 Corvette Z06 stimulated every drive. Purchased new, it featured 405-hp and parked next to my twin-turbo 1994 Toyota Supra. They were a great team. When the time came to sell one of them in 2004, I had few regrets in keeping the blue Corvette Z06 because it was newer, faster, and more sensory.
2002 C5 Corvette Z06 (like mine)
Next Generation C6 Corvette
The next generation C6 Corvette was introduced for 2005 and supplemented the following year with the higher performance Z06. At 505-hp, the new C6 Z06 was a bump of 100-hp over mine. I really wanted one but did not have the money.
Finances improved by late fall 2006, making a new C6 Corvette Z06 almost within reach. One afternoon I stopped at the nearby Chevrolet dealer and met the most knowledgeable car salesman I ever encountered.
Usually I knew more than the salesman, but this salesman blew me away. His expertise on Corvettes and the Z06 was more than I could fully process. Now convinced, I focused on affording one.
Vehicle Sales Tax Calculations
Maybe you already know that when trading a vehicle at a dealer in Indiana, the vehicle sales tax is collected only on the difference in value between the vehicle purchased and the one traded. Thus, you save the sales tax on the value of the trade-in. You’d have to sell your vehicle to a private buyer for 7% more just to break even on the dealer’s trade-in offer.
There was a new 2007 C6 Corvette Z06 arriving at year-end 2006. Not preordered for a specific customer, the salesman offered to reserve it for me. The price was non-negotiable at full list. We talked through different finance possibilities. Unfortunately, the dealer could not offer enough trade-in value for my 2002 Z06.
Then the salesman made a special offer. If I found a private buyer for my 2002, the dealer would process that sale as a trade on the incoming Corvette. Thus, I would pay sales tax only on the difference in value between the new car and the selling price of my 2002. That would save a couple thousand dollars in vehicle sales tax plus whatever higher price I obtained by finding a private buyer.
I advertised mine online and eventually connected with an interested local buyer. The timing was perfect as the new C6 Z06 had just arrived at the dealer. The sale proceeded and the new Corvette was mine in late December.
2007 C6 Corvette Z06
Red Corvette Z06
This new 2007 Corvette Z06 was red with black leather interior. Packing 505-hp from the 7.0L V8 engine with 6-speed manual transmission, the 0-60mph acceleration was 4 seconds. That’s quick!
This new C6 Z06 lacked the sensory rawness of my 2002 as insulation subdued its engine and exhaust resonances. That disappointment was soon resolved by adding an electronic switch to keep open all four exhaust ports.
Party of 4
Having purchased two new cars within seven months in 2006 (2006 Mustang and 2007 Corvette) and selling their predecessors (2003 Beetle and 2002 Corvette), I remained at four cars garaged at home. They consisted of the 2007 Corvette Z06, 2006 Mustang GT, 1993 GMC Typhoon, and 1978 Avanti II.
My garage behind the rental house was empty. In two weeks, see what opportunity that offered, whereas next Sunday highlights the eight cars purchased 2002-2006. Also revisit the past blog First 13 Cars 1975-2002. Thanks, and always drive with allure!