C8 Corvette Prices Are Finally Dropping, but Will That Trend Continue?
C8 Corvette Prices Are Finally Dropping, but Will That Trend Continue?
C8 Corvette prices have declined over the past five months as supply improves, which is a good sign for prospective buyers.
The C8 Corvette has now entered its third year of production, but amazingly, supply still hasn’t caught up with demand. Much of that can be blamed on the state of the world around us, which is filled with leftover supply chain constraints brought on by the pandemic, of course. That has forced automakers to slash production, while demand for the mid-engine Corvette hasn’t wavered one bit, while prices continue to reach insane new levels with each passing month. However, C8 Corvette prices, on average, have actually decreased in recent months, according to YouTuber Four Wheel Trader.
More specifically, C8 Corvette prices have dropped four percent over the past five months, which is an encouraging trend for potential buyers. This is precisely what most expected to happen a year or two ago, as it’s the case with every hot new car model as the luster inevitably wears off. However, unprecedented world events prolonged the C8’s decline in value, though thankfully there are signs that big changes are finally on the way.
Four Wheel Trader uses graphs and data to tell that story, gathered from 2,112 C8 Corvettes for sale right now. The median price of those vehicles is a rather high $103,000 but the highest checks in at the $180k mark and many others are priced at around $120k, which means that plenty of C8s are still selling for well over MSRP. Convertibles are commanding $12k more, on average, than coupes, too. However, looking at data from June 2020 to January 2022, we can see that pricing peaked five months ago, and is now on the decline.
This drop can largely be attributed to the used C8 market, as our host explains. While new C8 prices continue to rise slowly, used C8 prices have been declining for some time now. Used Corvettes are still selling for more than new ones, which is quite the anomaly. However, it seems that fewer people are paying big bucks for used C8s, which is leading to a sharp decline in prices, which impacts the entire market.
As our host points out, supply has improved while demand is beginning to cool off. The number of used C8s on the market has tripled since April 2021 as more owners are looking to take advantage of the market and flip their cars for a profit, while others may be looking to purchase a C8 Z06 instead. It’s also quite possible that buyers are sick and tired of the insane prices C8s are selling for and are simply refusing to pay. Regardless, it certainly seems like the C8 market, in general, might finally be cooling off a bit.
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