The Chevrolet Corvette’s streak as being the fastest-selling new car for four straight months was broken in May with America’s Favorite Sports Car coming in at a close second to the Mercedes-Benz G-Class. The Corvette averaged 9.5 days to sell, up .3 from April while the Mercedes-Benz G-class makes its debut on the list at number 1 with 9.4 days on average to sell.
This news comes from the iSeeCars.com May survey just released today. The survey analyzed over 1.3 million new and used cars sold during month of May and found that the average new car takes 47.1 days to sell while the average used car takes 34.8 days to sell. Both new and used cars are selling faster in May than in April, when the average new car took 48.3 days to sell while the average used car was sold in 37.4 days.
The report also shows the average price for the 2021 Corvette during the May survey was $85,359, a slight decrease from April that shows the average price was $87,390.
“The Corvette C8 has been in short supply since its 2020 debut due to overwhelming demand and multiple production setbacks,” said iSeeCars Executive Analyst Karl Brauer. “Production for the Corvette idled from May 10th through May 17th and again on May 24th through the end of the month due to a parts shortage, and production of the 2021 model year is being cut short to make way for the 2022 Corvettes.”
As for the fastest-selling used vehicles in May, the Chevrolet Corvette was third on the list with an average sale time of 21.8 days while the average price is $74,773. These are improvements from April where the Corvette was third with an average sale time of 23.2 days and a 70,131 average price.
“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 amid microchip-related inventory constraints,” said Brauer. “Vehicle inventory is expected to remain tight for the remainder of the year, so consumers who are in the market for one of these fast sellers will need to act quickly when they see their desired car for sale.”
It’s our belief that the primary driver of the used car values for the Corvette are coming from the high number of those C8 owners flipping their cars for huge profits.
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