C8 Corvette Ranks 2nd on List of Top 15 Used Cars More Expensive Than New

So much for that old adage that as soon as you drive off the lot in your new car, it’s worth a lot less.

Anyone who’s been keeping with the used-car market over the past year knows that certainly hasn’t been the case lately.

In fact, car search engine iSeeCars.com has a new study out that lists the top 15 cars that actually cost more used than new, with the C8 Corvette coming in second behind the Mercedes-Benz G-Class.

Used Stingrays are selling for 20.2 percent more than new models, according to iSeeCars.

“The mid-engine Chevrolet Corvette is one of the most highly-anticipated American sports cars ever made, and demand for the car has exceeded supply since its launch for the 2020 model year,” iSeeCars Executive Analyst Karl Brauer says. “Dealers have a backlog of orders for the 2022 model, and long waitlists have formed for the high-performance Z06 version coming for the 2023 model year, elevating demand for lightly-used versions.”

Sometimes, the market price is even crazier. Did you see the post by Speed Phenom over the weekend, where he showed a 2022 Hypersonic Gray C8.R IMSA GTLM Championship Special Edition convertible that sold for a whopping $330,000 (including buyer’s commission) at Barrett-Jackson Auction? That car actually lists for about a third of that humongous price!

Overall, used-car prices are at record highs in the wake of the microchip shortage, with iSeeCars reporting the average one-year-old, lightly used car is 1.3 percent higher than its new version.

“While choosing a lightly-used car has traditionally been a cost-saving measure for car shoppers, that is no longer true in today’s market as the effects of plant shutdowns and resulting pent-up demand continue,” Brauer says. “The used vehicles that are commanding the highest increases over their new versions include a mix of two extremes: expensive gas-guzzling SUVs and more economical small cars and hybrids, which shows that even practical and budget-minded consumers are being forced to spend more for their vehicles.”

iSeeCars analyzed asking prices from more than 1.5 million new and used cars sold during January 2022 and used that information to identify the top 15 with the highest price increases, used over new.

Leading the way was the Mercedes-Benz G-Class, with used versions selling for a whopping 35.6 percent more than new versions. That translates into $62,705 more!

Other GM vehicles in the top 15 are the Chevy Trailblazer, fifth, 15.6 percent or $4,270; Chevy Suburban, seventh, 12.9 percent or $9,106; and GMC Yukon, 11.3 percent, $8,258.

Source:
iseecars.com

Related:
Corvette Convertible Receives Runner-Up Honors in iSeeCars’ Best Used Cars Study
The Corvette Stingray is 8th on List of Top 20 Fastest-Selling New Vehicles for November
Pre-Owned Corvette Prices Up Nearly 34% In the Last Year