Sold 2006 Z51 3LT Corvette

Sorry to hear that. High interest rates these days? They must have bad credit along with no money. Bad combo. Hope it sells soon for you.

 

Interest rates for new cars are low when you do not get full discount.
To make money from interest rates, 1% simply is not enough. Nor is 3%.
When advertised with low rates, another party has to pay for the rest. On a new car that usually is the importer/dealer organisation, which has as a primary goal to sell new cars.
If a 1% rate convinces people to buy a 25000 usd car, it works. Goal achieved. The economical loss on the financing is paid for by less discount, or sometimes even the brand itself to just sell those things.

A used car on 3% when intermarket rates for a financing company are around 2%, leaves 1% margin. That does not even cover inflation.
Rates logically consist of market rates + inflation for the time covered + risk cover (cars stolen while not being insured, retrieving damaged cars from non-paying clients etc) + profit margin.
Over here in The Netherlands, 5 % is the lowest you sometimes can get on a used car, as there is no company paying for the rest. But most used cars get financed between 6 and 8%, otherwise it simply is not a good business case, the financing company has to make a profit or the bank will not finance them at all.
Nobody wants to lend a small company 20000 for 3 years or so on 1%, to receive 292 usd on interest in 3 years. That is an average of 97 usd on the loan, or 8 usd on each monthly installment.

I am in this business myself, and my bank demands a 250 euro profit on each average contract each year. On an average 15000 euro contract value, that means 1,6% netto interest margin after all company costs and taxes etc.

So in the case described above, I am not surprised at the higher rates on a used car.

That said, good luck with the sale and the personal circumstances.
With interest in nice cars picking up, and nonsense assets like crypto increasing in value, surely such a nice car as this will attract attention for value hunters soon.

 

Sure hope it sells for you QUICKLY, but I'd 2nd the recommendation posted previously: give Carvana a holler. Zero commitment on your part, takes about no time, and their offers are sometimes quite generous.

If it wasn't yellow (my wife has serious issues with yellow cars based on a horror story from her early driving years), I'd seriously consider snapping it up myself!

 

I also recommend giving Carvana or Vroom a quick check.

They offered more than I paid for my daily driver that I bought last year. (and more than I paid out the door)

I’ve sold 3 cars to Vroom now and the process is incredibly simple and legitimate.

 

Still sorry you are having to sell it but glad it's happening I guess.

 

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