[VIDEO] Has the C8 Corvette Market Finally Turned?

By
Keith Cornett
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[VIDEO] Has the C8 Corvette Market Finally Turned?


We’ve previously featured videos from Fourwheel Trader who does some pretty in-depth car depreciation analysis on his YouTube channel. His previous video on the C8 Corvette dropped back in August which the host believed was the peak for the C8 Corvette market. Today, we have his latest video and it looks like the market prices for the C8 are declining for the first time.

The C8 Corvette has been one of the hottest vehicles for sale since production started in 2020 and today’s market snapshot shows 2,112 Corvettes for sale with an average price of $103,000 as shown in the video. Fourwheel Trader also breaks out the Coupe vs Convertible pricing and we see convertible models selling on average for $12,000 more than the coupes.

In another chart, we watch the price development of the C8 Corvette since June 2020 and the prices steadily rose through July 2021 but over the last six months, prices have dropped 4.2% or roughly $4.6K. Further analysis determines that it was the used vehicle pricing that we are seeing on the decline while the median prices for new C8 Corvette Stingrays actually increased.

[VIDEO] Has the C8 Corvette Market Finally Turned?


But it’s more than just declining prices that are of interest here. FourWheel Trader believes the market to be oversaturated with too many sellers offering their cars at high prices and with not enough buyers now willing to pay those inflated prices. Some of these sellers could be flipping their cars for profit after driving, while some may be preparing for the arrival of the Z06. Unfortunately, we don’t know why the sellers are selling, only that there are a lot more Corvettes for sale today than 6 to 12 months ago.

So to sum it all up, the YouTuber expects that the gap between supply and demand will decrease further, resulting in lower prices. However, this will be more of a gradual adjustment than a market crash. The C8 is a car and cars are typically a depreciating asset. As owners continue driving their C8 Stingrays and racking up the miles, vehicles with increased mileage usually sell for less than those with very few miles. However, as the market is still considered somewhat crazy, we’ll have to see if the used market continues its downward trend and what the introduction to the Z06 will mean for C8 Stingray buyers.

From Fourwheel Trader via YouTube:

This is key information if you are looking to buy a Corvette C8. Prices came down by 4% during the last five months but this only goes for the used market. We can see large supply increases and also an increase in the average days it takes to sell a used C8. Naturally, both help to explain the price decrease. There are too many people trying to sell their C8 at a too high price and too few people willing to pay that price. Things are different in the market for the new Corvette C8. In that market prices continued to trend up following price increases from Chevrolet.


Source:
Fourwheel Trader / YouTube

Related:
[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

 



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7 COMMENTS

  3. Finally received my new 22 after waiting almost 2 years. Bought it from Parsons of Eagle River, WI with no added mark up or add ons. Very happy with them.

  4. Has the stock market finally turned? Has the real estate market finally turned? Has Bitcoin finally turned? Is the Fed raising interest rates?

  6. One thing that needs to be factored in is seasonality. I finally received my new 2021 level 2, z-51 coupe at the end July of last year. I hoped that I would have received it last spring, but that was not to be, so I missed about 50% of the driving season. This is after an 22 month wait.

    All I can say is that the car is so much more than I expected.

    Since I live in Pennsylvania, “Maybelline” is now tucked away for the winter on trickle charge under on a car cover in my garage until the middle of April. Needless to say, I am really getting the itch to tear off the cover and take her out for a spin. I suspect that this primordial urge will grow to a raging fire as we get closer to Saturday, April 16th; when I plan to “fire her up” for the first drive of the 2022 season.

    Unfortunately, if you do not have a C-8 you are going to have to wait for up to 2 years to experience the guttural thrill of “firing her up” if you want to purchase a new one. That is why I believe that there will be a significant increase in demand for used C-8’s in the 2nd and 3rd quarter of this year. My question; is it worth the two year wait for a new C-8 or do you bite the bullet and shell out more $’s for a used one?

    An interesting dilemma!

  7. Love the baiting the dealers are doing. Advertise on sites like CarGurus sticker of $94,000. Call them and they say you need to add the typical mark up of $30,000. Eat my nuts

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