Your reigning sales champ in new car sales has done it again.
For the fourth consecutive month, the Chevrolet Corvette was the fastest-selling new car in America as highlighted in this new report from iSeeCars.com.
For the month of April 2021, the Corvette needed an average of 9.2 days to be delivered to its new owner. That’s a slight improvement over the 9.4 days it took in March.
Even better news for Chevrolet is that the average price of the Corvette increased 5.9% from $82,457 in March to $87,390. That’s the highest figure we’ve seen during Corvette’s chart-topping performance during the first four months of 2021.
To put the Corvette sales into perspective, iSeeCars.com says that the average new car takes 48.3 days to sell. New owners know that the Corvette has been a hot ticket since 2020, with overwhelming demand and production interruptions that caused Chevrolet to extend 2020 orders, and then cut off early new sold orders for 2021 in March to ensure customers who ordered won’t be disappointed.
Even though the average selling time remained consistent for most vehicles, iSeeCars is seeing available new car inventories drop across the country. “The microchip shortage is showing up as a clear constriction to new car supply, as we’ve seen a 16.6% drop in new car inventory over just the past four weeks from April to May,” said iSeeCars Executive Analyst Karl Brauer. “The significant decrease in inventory suggests demand continues to outpace supply, and these hot sellers will likely be even more difficult to find in the coming months.”
That drop in new car inventory is pushing up demand in the pre-owned market with the Corvette ranked third with needing just 23.2 days to sell. That’s up from the 29.6 days from March and the average selling price of used Corvettes has also increased 3.7% to $70,131 from March when it was $678,605/
“Car buyers who are making a new or used car purchase might have difficulty finding the most in-demand vehicles and may end up paying a premium for them in the used car marketplace,” said Brauer. “While automakers are prioritizing their more popular vehicles and continuing production in the wake of the microchip shortage, demand for these vehicles is still likely to outpace supply in the coming months.”
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