[VIDEO] Market Update: C7 Corvette is a Supercar Bargain

We have a new market update video on the Corvette from YouTuber Fourwheel Trader whose car depreciation analysis has been featured here are couple of times now, but targeted to the C8 Corvette. Fourwheel Trader’s latest video takes a break from all the C8 pricing craziness and focuses on the four C7 Corvette models: Stingray, Grand Sport, Z06, and ZR1.

If you have seen these videos before, they are very interesting as our host plots all the Corvette models and pricing for sale on a chart. Based on October data, he says that are just over 2,000 Stingrays for sale, between 700-800 for both the Grand Sport and Z06 models, and just 49 ZR1s are currently offered for sale. And now that you have the models plotted, we know the median price is $55,000 for the Stingray, $70,000 for the Grand Sport, $89,000 for the Z06 and $170,000 for the ZR1.

He states there are few things that make the C7 Corvette market unique. First is that there is “Low Model Year Sensitivity” which is that there is very little price drop per model year. The second is the “Low Mileage Sensitivity” and here he flips the graph to show price vs miles. Other than the ZR1 models, there is very low depreciation per 1,000 miles and therefore the difference in prices of cars with more miles than others is very low. The ZR1 is the only outlier here as they are significantly more expensive the lower the miles are. The third point is the “Large Price Overlaps” and after identifying the “sweet spots” in the pricing data that fall between $55,000 to $75,000, it’s within this price range you can choose between a Stingray, Grand Sport, or Z06 model.

He then lays out the Price Developments chart and plots the pricing of the four models. The idea here is to see how they have changed over the last year. Starting with the ZR1, from June 2020 to June 2021 we see the median prices increase +30% or +$40,000. While these are “Asking Prices” that are plotted, he pulls another chart showing actual ZR1 sales with final pricing from Bring A Trailer which supports his data on the Price Developments Chart. For the Z06, the price increase has been +16.1% or +$11,000, the Grand Sport gained +12% or +$7,600, and the Sting Ray increased 22% or +$18,000

There are a couple more graphs shown and he even compares the C7s on the price development chart with the C8 Corvette which he shows has increased 13% over the year. He even speculates that the base price of the C8 Corvette may come in at $90,000, but we could expect to see these for sale on the secondary market for upwards of $120-130,000 which is twice the cost of a pre-owned C7 Z06.

All in all, he says the data shows that there is a lot of value for the money in the C7 Corvette market.

With all eyes on the Corvette C8, the Corvette C7 seems to be a bit forgotten. Yet, the Stingray, Grand Sport, Z06, and ZR1 offer tremendous value for money. In this depreciation and buying guide I will show you how the values changed during the last two years and how this compares the C8 stingray and the C8 Z06.

Source:
[VIDEO] Is the C8 Corvette Market Finally Cracking?
[VIDEO] C8 Corvette Market Update and Depreciation Analysis
Bob vs the Mob: Why Sit on the Sidelines When You Could Be Enjoying a C8 Corvette Today