Used Corvette Prices Skyrocket Amidst Industry Delays

Corvette shoppers should be prepared to pay quite a bit more than they would have a year ago.

The past 18 months have hammered the auto industry, causing all sorts of delays in just about every aspect of the business. The most publicized issues have come in the production chain, where the rollout of the C8 Corvette has been heavily hampered by multiple component-based issues. That has caused a shortage of new Corvettes, which leads to lower-than-desired inventory levels at dealerships around the country. When dealers are unable to get new inventory, they try to acquire the freshest possible used models for prospective buyers.

In other words, if a dealership can’t have a C8 Corvette on hand for a buyer with cash-in-hand, that dealership will try to have a C7 in used vehicle inventory to show that customer. This leads to greater demand for used models and with increased demand at the dealer level comes an increase in price. This has happened with many vehicles in the United States over the past year, but according to Corvette Blogger, the Chevrolet Corvette is the model with the largest increase in used pricing.

Corvette Price Boom

The Corvette Blogger piece shared a study by ISeeCars.com, which looked at used car pricing in April 2021. Around 1.2 million used cars were sold in the United States and across the entire grouping, prices were up by 16.8% over April 2020. If you aren’t sure, that number is extremely high. Typically, year-over-year price changes among used cars vary by less than a percent, with the change being little more than a normal deviation from a flat growth curve. Normally, a change of 1% would be unusual, but in April 2021, the used car market price is up on average by nearly 17%. This is the strongest used car market, ever.

According to the study, the model with the most dramatic increase in pricing from April 2020 to April 2021 is the Chevrolet Corvette. The average price for a used Corvette in April was $68,804, up $17,432 from the year before. That is an increase of 33.9%. Obviously, with an average selling price nearing $70,000, it is clear that the majority of the Corvettes included in this study were newer models and realistically, the used C8 market is likely playing the biggest role here.

It is not unusual for someone to buy a C8 Stingray for $70,000 and sell it right away for $90,000, making a profit on a “used” car of $20,000. Of course, in most situations, you cannot expect to make money when selling a used car that is a few months old, but when the car is highly sought after and in short supply, like the C8 Corvette, that leads to a unique pricing opportunity for owners.

Not Just C8s

At the same time, it is not strictly the people flipping C8s who are causing the big increase in used Corvette pricing. As dealers buy up C7 Corvettes of any model for their inventory, often paying more than they would have a year ago, they also ask more when they put those cars up for sale. When dealers begin asking for higher amounts for slightly older models, private sellers follow suit, causing the average price of C7 models to climb.

In short, if you have a Corvette and you have ever thought about selling, right now is probably the time to sell if you want to get the most money possible. Used prices are through the roof and inventory is low, so it is a seller’s market. If you are looking to buy a Corvette right now, you should be prepared to pay top dollar and you shouldn’t expect dealers to offer much wiggle room in the pricing.