C8 Corvette Prices Plummet Year-Over-Year, a Trend That Figures to Continue
C8 Corvette Prices Plummet Year-Over-Year, a Trend That Figures to Continue
C8 Corvette prices have held strong for years, but over the past 12 months, both the Stingray and Z06 have declined significantly.
The C8 Corvette debuted back in 2019 for the 2020 model year, and became one of the biggest instant hits one will ever see in the automotive world in general. Demand at that time was incredibly high, far surpassing GM’s production capacity for the new sports car, and that problem was only amplified by the ensuing pandemic and the many production and supply chain issues it stirred up. Since then, things have improved, and Corvette production has ramped up significantly, while 2023 might just wind up being the iconic model’s best sales year ever. However, this massive increase in supply – coupled with other economic factors – also has C8 Corvette prices tumbling, according to Four Wheel Trader.
In this video, our host covers C8 Corvette prices over the past year, specifically, by taking a look at all of the used examples out there for sale right now. In that regard, C8 Corvette Stingray pricing has declined by 12 percent over the past 12 months, inching ever-closer to the average MSRP for one of these models. In fact, used models are actually selling for less than new ones now, which hasn’t historically been the case for the C8 since its launch. Rather, some models are currently listed for sale at less than MSRP, which is a stunning turnaround, indeed.
C8 Corvette Prices – Stingray
What’s particularly surprising about C8 Corvette prices, however, is the fact that the Z06 is also seemingly coming down to earth following a launch that was riddled with some truly eye-opening asking prices – both from dealers and flippers. The average used Z06 is listed for around $180,000, which is far more than MSRP, but these cars can also be optioned to up around $180k. This means that the C8 Z06 is still selling for around $20k-$30k over sticker price on average, but that’s far less than the $100k-$140k premium we saw not too long ago.
In terms of configurations, C8 coupe prices have come down by 11.4 percent or $10,500 over the past year, while convertibles have declined by 12.9 percent or $13,300. For the Z06, coupe prices declined by 21.6 percent or $47,500 in the last 12 months, compared to 19.3 percent or $44,200 for convertibles. Meanwhile, supply of that track-focused model has increased rapidly over the past six months or so, by around 20 percent, which is helping to drive prices down. As a whole, C8 Z06 prices have dropped by 20 percent year-over-year.
Either way, these numbers are outpacing the average used vehicle’s deprecation rate of 8 percent, which is pretty stunning. This is obviously bad news for sellers, but clearly great news for those who have been holding off and waiting to buy a C8, particularly at this time of the year. As our host points out, buyers tend to seek out sports cars in the summer and not the winter, which means that discounts tend to be greater in cold weather months – making now a pretty darn good time to seek out a C8, in general.
