The global microchip shortage has left deep wounds in the global automotive industry, leading to vehicle shortages, sporadic on-again-off-again production, and the deletion of some features. It’s also contributed to the rise in used vehicle prices. Since new vehicle customers can’t find or order what they want, they’re looking elsewhere, and they’re paying handsomely. Along with the headline story of rising used pickup truck and SUV prices, we’re also seeing it in spades with the Chevrolet Camaro muscle car.
As the chip shortage continues to halt production of new cars, used car values have risen sharply over the course of the past year, specifically on large SUVs, trucks and sports cars. The Camaro is one of these, used prices increasing 45.1% from June 2020 to June 2021 according to iSeeCars statistics. That’s an $11,000+ increase on average when compared to the gross average of the Camaro market.
Used Chevrolet Camaro Prices Competitive With New Ones
The Chevrolet Camaro can be seen going on CarGurus for MSRP, even 6 years removed, one 2017 Camaro SS going for a little over $37,000 with a “below market” asking price. But browse around, and it’s easy to find even more premium examples.
Outside of the chip shortage, what could be causing the prices to rise so dramatically. For one, it could be the fact that thesixth-generation Camaro will be discontinued in 2023, and could be replaced by an electric performance sedan. Meaning, if you want a Chevrolet Camaro, what’s left out there (running or not) is what’s out there and you’re gonna have to pay.
A Safe Haven For Tuning
Along with inventory shortages (and inflation), another reason that prices could be increasing is that the Camaro still has an open ECU, with no encryption blockading owners from modifying their engine calibrations. This will be an ever-shrinking feature, even in just a few years. And, since you can’t really “tune” the C8 Corvette, that leaves Chevrolet Performance enthusiasts with the Camaro as the stand alone sports car option with tuning potential.
Regardless of the main contributor to the skyrocketing prices, it’s safe to say a price jump of almost 50% is bonkers, no matter the car. For Chevrolet Camaro owners, it’s definitely a seller’s market.