Is it REALLY Cheaper to buy a NEW C8 Corvette Than USED???

Used C8 Corvette prices were already high, but the chip shortage has sent them soaring to even loftier levels.

Over the last several months, the semiconductor chip shortage has wreaked havoc on global automotive production, leading to massive inventory shortages and skyrocketing prices. Meanwhile, demand hasn’t let up either and has only worsened conditions across both the new and used vehicle markets. As a result, some very strange things have been happening, including the fact that a handful of vehicles are actually cheaper to buy new than used, and with Corvette prices blowing up in recent months, the C8 has found itself on that list.

According to new data from CarInsurance.org, used Corvette prices are now averaging an incredible $105,555, which is $22,865 more – or 28 percent higher – than the average new Corvette price of $82,690. The only vehicle on the market today that enjoyed a larger gain, percentage-wise, is the Toyota RAV4 Hybrid, which costs 37 percent more used than it does new at the moment.

On average, the top ten most popular used cars gained $7,557 from their original purchase price, while also increasing 20 percent in value from 2020 to 2021. These are indeed mind-boggling numbers, which in the case of the C8, have only been furthered buoyed by the fact that it was already a highly desirable vehicle before the chip shortage came along and wrecked the supply-demand curve.

What this means, of course, is that now is not a good time to buy a used C8, if possible. While it’s still difficult to purchase a new Corvette thanks to supply constraints and production woes, those looking for a shortcut to C8 ownership will indeed have to pay a premium for that privilege. As is often the case in life, a little patience will save you a lot of money, even though some have been waiting years to purchase a mid-engine Corvette at this point.

Making matters worse, it’s unclear when conditions might improve. Most expect the chip shortage to last at least into the summer of 2022, and perhaps even longer. And even if the chip supply rebounds by then, it will likely take a few months, at least, for automakers to catch up. Until then, conditions will remain optimum for those that want to sell, while buyers will have to pony up crazy money for the vehicle of their dreams.

Photos: Chevrolet,CarInsurance.org

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