Despite two years of serious headwinds, C8 Corvette Stingray production has been ramping up. Even so, demand has been and continues off the charts. This had contributed to both price gouging from Chevrolet dealers, as well as second-hand sellers looking to flip a used C8 Corvette for a quick profit. But this trend could be changing, at least for the Stingray.
YouTuber Fourwheel Trader whose channel focuses on depreciation of vehicles, touched on used C8 Corvette prices in the marketplace with a recent video:
C8 Corvette Stingray: Used Pricing And Market Data
The C8 Corvette Stingray was one of the hottest selling vehicles over the past few years, a glimpse at today’s market place indicates just over two-thousand of them were sold with an average selling price of $103,000 where convertibles were sold with a $12,000 higher price tag. Since July of 2020 the price of a C8 Corvette saw steady increases until July of last year where the tipping point began. A decrease of 4.2% or $4,600 between July of 2021 and January 2022 signals a definite cool down in the C8 Corvette market. These decreases are representative of the full used C8 Corvette Stingray marketplace spectrum, as there was actual uptick in price for the new models rolling out of Bowling Green. Such has been the case with each ensuing model year.
One reason for the decrease in used C8 Corvette prices is an influx of supply of used cars that began in April of last year which ultimately yielded a total of 1,523 vehicles by January of 2022. One cause of that phenomenon according to the video is there seems to be a surplus of folks trying to sell their C8 Corvettes at too high of a price, with not enough buyers biting. We can’t say for sure yet, but these trends may be indicative of C8 owners trying to flip their vehicles for profit in anticipation of the arrival of the Z06 later this year.
Another contributing factor for the decrease in price is mileage, go figure. As the years go on the miles accumulate, and with that comes the natural depreciation of a vehicle leading to even more decreases in price in the future.
Z06 Likely To Restart Cycle
For the 2023 model year, the GM Bowling Green Assembly plant will add the C8 Corvette Z06 to its schedule in just a few months. It’s likely that this seller’s market is likely to repeat itself again, as customers eagerly await the wide-bodied supercar with a center-exit exhaust, wildly adhesive Michelin Pilot Sport Cup 2R tires, and the most powerful production NA V8 engine the world has ever seen in an automobile. Hype is so massive for the Z06 that the first production model that will roll off the Bowling Green Assembly line was sold for a record $3.6 million USD at Barrett-Jackson Scottsdale in January.