The Canadian Black Book Proves High Prices for Used C7 Corvettes Isn’t just Occurring in the USA

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The Canadian Black Book Proves High Prices for Used C7 Corvettes Isn't just Occuring in the USA

Photo Credit: Chevrolet


Before the new C8 Corvette came out, did you think you might just buy a used C7, figuring that the demand for the new mid-engine Stingray would send values of previous generations plummeting?

Well, so much for the best-laid plans.

The economic turmoil created by the COVID-19 pandemic has sent used-car prices skyrocketing over the past few months as new models remain in short supply and customers are turning to late-model used cars instead.

In fact, according to Canadian Black Book, the 2017 Corvette just set an all-time record for retaining the largest proportion of its MSRP over the past four years – keeping a whopping 88.5 percent of its value! That broke the previous record of 87.1 percent held by the Toyota Tacoma.

“We are witnessing the most rapid progression of vehicle values ever,” says Yolanda Biswah, senior vice president and general manager at Canadian Black Book. “We all know that supply issues are a key factor in driving prices up; however, we must also recognize that the overall quality of vehicles has also gone up, which is another significant component contributing to recent value growth.”

The 2017 Corvette finished ahead of two Porsches – the Cayman and the 911 – in the Luxury Sport Car division. The only other General Motors winner was the GMC Sierra, first in the Full-Size Pickup category.

Overall brand winners were Honda – Car, GMC – SUV/Truck, Porsche – Luxury, Volkswagen – ZEV, and Kia – Most Improved.

According to Canadian Black Book, traditionally, new vehicles lose half their value by the time the three-year warranty expires, with losses of 20, 15, and 15 percent the first three years. In March, however, CBB discovered 2017 model vehicles were bringing an average 61.5 percent of their original price at auction, up from 52 percent two years earlier. That figure climbed even higher to 64 percent in the most recent study.


Source:
wheels.ca

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