GM Vice President Steve Hill Says C8 Buyers are Wealthier than C7 Customers

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Chevrolet Vice President Steve Hill Says C8 Buyers are Wealthier than C7 Customers

Photo Credit: Chevrolet


We talk a lot about the entry-level price point for the C8 Corvette. After all, it’s hard to fathom how Chevrolet offers such a fantastic sports car starting at $59,995 that rivals competitor’s cars costing two to three times as much.

Now we are learning that most buyers of the C8 Corvette probably aren’t all that concerned about the starting price as a new report claims that C8 Corvette buyers are even wealthier than those who purchased the previous C7 generation. That tidbit comes from GM’s North American Vice President Steve Hill who spoke during a recent media engagement attended by GM Authority.

In his discussion with the media, Hill says that the median household income of a mid-engine Corvette buyer is $76,000 higher than those who purchased a C7 Corvette.

That higher income and the ability to purchase the higher trims and additional options led to a majority of 2020 buyers selecting a 3LT Corvette (46.8%) vs the 2LT (39.1%) or base 1LT package (14.5%).

It was during that same discussion that Hill disclosed that two out of three C8 buyers are new to Chevrolet, with C8 customers also cross-shopping the Porsche 911 among other vehicles.

With interest still high and brand conquests underway, the Stingray has been a great introduction to the C8 Corvette line-up. Now it’s up to GM to continue to deliver on its promise to provide exceptional performance and upscale luxury on future models that will continue to appeal to wealthy buyers but can still be attained by the everyday American worker.


Source:
GM Authority

Related:
GM Delivers 8,992 Corvettes in Fourth Quarter 2020
Final Production Statistics for the 2020 Corvette Model Year
GM Vice President Steve Hill Says Most C8 Corvette Buyers Are New to the Chevy Brand

 



17 COMMENTS

  1. Suspect at least some of the wealth difference is due to the current novelty and trendiness of C8s, and that the difference will likely decrease over time as the novelty wears off. Probably happened when C7s were first released too, although maybe not to the same extent as there was much more hype about the C8 release.

  2. So what is the median income of C8 (or C7) buyers? I can do the math. Just wondering what the $76,000 is more than.

  3. That’s because the MSRP on a comparably equipped C8 costs more. My 2014 C7 M7 2LT Z51 cost me $61,083.50 from Coughlin Chevrolet in October 2013 out the lot. Try to get a comparable C8 at that price! More like $71k+. And find a dealership that will sell you a base C8 for the often touted $59,995? Not one! As a poorer (lol) Corvette buyer I plan to keep my Cyber Grey, beautifully styled , 50/50 balanced, 7 speed manual C7 for a long time, thank you.

  4. Well, I guess they finally, got what, they have been after. a car for guys that want, a Porsche. all the magazine’s will be thrilled. while I wonder, if anyone at GM, ever thought, that maybe l have been buying corvettes, simply because That is what I wanted.

  5. I waited a year for my C8. The sales manager then ambushed me when I went to pick my car up depending $20K over MSRP. No wonder C8 buyers have to be richer than C7 buyers. I hope his tailpipe was big enough to accommodate my C8 I suggested he stuff in it.

  6. Yes it’s outrageous and just plain unamerican how GM Touts a MSRP of $58,900 and then allows dealers to have a $20,000 markup! That eliminates a lot of potential buyer’s trying to purchase an American car of there dreams!

  7. GM VP Steve Hill needs to ignore all the meaningless statistics and concentrate on building world class, RELIABLE cars. Success will follow. It’s as simple as that.

  8. It could be, there are a lot of C8 buyers out there, that are going to a Chevy brand, and giving up their European Super Cars. If Corvette keeps its build quality up, and releases the
    upcoming more powerful Z06 and various other “Hotter” models, these guys that have had Ferraris and Lamborghinis and such, will think why am I paying so much for these temperamental cars, when the Corvette does everything my old cars do, and is dependable and reliable. Of course there will always be the “snob” appeal of the European owners, who will always look down on Corvette, or anything not made in Europe for that matter.

  9. Not sure how Hill would know anything about the wealth of C8 buyers except for perhaps those who finance their cars through GM. There would be no need for cash buyers (and I suspect there are plenty for the C8) to reveal their wealth to anyone, let alone to GM. Sounds to me like it’s a ploy to raise the options prices on the pretense that C8 buyers can afford to pay more for the same option as C7 buyers, so why not stick it to them while we can.

  10. C8 owners are wealthier? I don’t think any Corvette owners are particularly wealthy, especially not owners of more modern Corvettes. Maybe owners who exclusively buy and trade older more expensive and highly collectible Corvettes. Anybody with a decent job or pension can buy a modern Corvette no problem whatsoever, try buying a high dollar exotic or a hypercar! That takes real wealth, the kind of wealth that few have. I think the executives at GM don’t have clue about who is actually buying the cars they sell.

  11. Duh? People who are stupid to pay $10,15, or $20,000 over MSRP and are willing to take a big hit on depreciation down the road must be wealthier.

  12. People are really stupid, this car isn’t being bought by wealthier people because the C8 is more expensive? its only a fraction more than the C7, it’s because those buyers finally wanted to purchase a Corvette, when in the past they didn’t.

  13. My sticker price was $97,000 & change (was around $110,000 total) for a convertible with about every option possible. Probably has a lot to do with the models before attracted to the older buyer & was bought with a lot of older men’s savings or retirements while this one attracted to more middle aged & younger buyers who just have a ton of money & before they were buying European supercars.
    Also an option they could do to attract more of those buyers is have Lamborghini doors as an option from the factory when the more expensive editions come out. That (& the back needing to be a little sleeker) is the thing I felt this car really needed.

  14. I’ve been waiting 497 days for mine. No. 1 allocation at a small dealer. Absolutely no way to talk to anybody about what’s going. Selling so many they don’t care. Big deal to me I just turned 75!

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