Op-Ed: Chevrolet Needs to Build a Less Expensive Corvette to Slot Under the Current Stingray

Chevrolet and fans of the Corvette would all benefit from a pared-down and less expensive Corvette model.

In 1963 you could get a nicely equipped Corvette for about $4,500. That is roughly $45,000 in 2023 money. You are not getting a new 2023 Corvette for $45K unless you select the engine and transmission delete option. (There isn’t one, so don’t bother checking.) The point is the base Stingray has gotten faster, safer, more efficient, and technologically advanced. But also, quite pricey. And if you fancy a Z06 or E-Ray model you need to be in at least the top ten percent of earners in the country. Even with the talk of Corvette spinning off into its own brand, the vehicles being suggested don’t appear to be any more affordable. This is a bit of a troubling trend. Chevrolet needs to build us a less expensive Corvette model.

Why do I say that? Several reasons, actually. And I will go through them in a moment. Before I get to the reasons, I think it is important to make clear what I propose. The Corvette has to retain the V8 engine. But it can be a bit less powerful than what we get in the Stingray today. 460 horsepower would be plenty. We can also live with smaller wheels, tires, and brakes. Imitation leather, and manual seats are fine. Ditch the Bose radio and automatic climate control. Forget expensive options like a front axle lift. Scale back the technology offered on the car. Offer it for $50,000 with a “fully loaded” cap of $60,000. Call it the Corvette Club Sport (or whatever). That would be a win for all of us, and these are the reasons why.

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1. It Could Be a Massive Hit (with Almost No Competition)

A 460 HP Corvette with pared-down technology, features, and weight that you could buy out the door for around $50K or so will sell like mad. Why? Because it would be the greatest performance bargain of all time in a world where the Camaro and Challenger/Charger don’t exist anymore. As of next year (give or take), there will only be Corvette and Mustang. And imagine America’s Sports Car dethroning the pony car.

To be fair, Chevy is having no trouble selling the C8 as it is now. But why not sell even more? This would probably be the volume seller in the Corvette line. It would bring money in to allow Chevy to spend more on R&D for future models (and/or cash in on all the money spend developing this current generation). If Corvette is going to become a new brand, this gets people in the fold. Selling more cars is never a bad thing for an automobile manufacturer.

2. Attract a Younger Crowd

Chevy said they wanted to attract younger buyers with the C8. And they have had some success with that, but a well-equipped Corvette Stingray is still going to cost well north of $70K. Not many youngsters outside of the social media influencer world have that kind of coin. So, the younger crowd is looking at older C5 generation cars. And there is nothing wrong with that. But if they want something new, they are looking at imports from Toyota Supra, Honda, and Nissan.

However, if there was a viable entry-level Corvette for younger customers, Chevy would be creating Corvette fans for life who could eventually move up to the Z06 or E-Ray trims.

The Corvette has been a blue-collar sports car from day one. You didn’t need a huge income to afford one. They were always good looking and performing cars that had American swagger and reasonable affordability. That attracted loyal buyers who would not consider anything but a Corvette. But these loyal customers are getting priced out of the new Corvette market. The average price of a new car today is just under $50K. A Corvette can be a bit more for sure, but when loaded up Stingrays are stickering at $80K and up you shrink your target market. The higher trims shrink it even more. Now the person that could afford to buy a Corvette every five years is left out in the cold. A less expensive Corvette model will keep these buyers in the fold.

4. Dealer Infrastructure Can’t Support Luxury Models

Chevy is moving the Corvette upmarket. We have discussed this before. The problem is, no matter how good the car might be, the Chevy experience just doesn’t measure up when you spend $150K+ on a car. Dealers today can’t even change the tires on a new C8 Z06. A less expensive Corvette model would be more appropriately aligned with the Chevy experience. It is what Chevy knows and has been about for decades. They are not ready to swim in the Ferrari, McLaren, or Lamborghini pool. That has nothing to do with the performance of the car, but the performance of the infrastructure in place that surrounds the car. Spend 30 minutes in an exotic car dealer and then 30 minutes in a Chevy dealer. The difference will be obvious. Chevy should be a little truer to their roots.

5. Driver Corvettes

A new less expensive Corvette will be driven. It will not be bought by collectors looking to flip it or hoping the value will increase ten years from now. A $50K Corvette Club Sport (or whatever) will be purchased by people who truly love to drive. Not to collect. It is about the driving experience and putting the rubber on the road. Sure, there are plenty of folks today that drive their Corvette. But there are many that just don’t. That is what happens when the car is bought as a financial instrument rather than a sports car to be used up and enjoyed. Let the collectors have their rare, hard-to-get, expensive models. But give those that love the thrill of the drive and Corvette passion a model as well. One that doesn’t require an income that rivals the GDP of a small nation.

Images: Chevrolet

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