Are we starting to see the used C8 Corvette market starting to cool? We’ve been following the near-monthly pricing studies offered by the car search engine iSeeCars.com that analyzes the asking prices of new and used cars sold and their latest study shows the overall used car market may be starting to cool down from its red-hot run.
The Corvette has been no stranger to these lists. In the previous update of its “Used Cars That Cost More Than New” study which measured sales during January 2022, pre-owned C8 Stingrays were selling for 20.2 percent more than new models with the average price being $16,645 more. During the April 2022 study, they found that used C8s sold for 16.4% more than new models, and the average price being $13,594. We also saw similar pricing declines for vehicles that made both lists like the Mercedes Benz G-Wagon and even the Chevy Trailblazer.
“Used car prices have improved since January when the average used car was actually more expensive than its new version,” said iSeeCars Executive Analyst Karl Brauer. “The average lightly used car is currently just 1.0 percent or $454 less than its new version, and when you compare that to prices before the microchip shortage when the average lightly-used car cost 17 percent less, you see that used car prices are still well above normal.”
We know that the secondary Corvette market has been hot over the last two years as it was the only steady source of C8 Corvettes for sale that could be purchased without waiting. But now there are inflation forces to deal with it in addition to the supply chain issues which continue to limit the overall production numbers of the car.
We still think the Corvette is a must-have car for many and those supply and demand concerns aren’t going anywhere in our near-term outlook. We’ll take another look at the data in a few months with the next update to see if this is an actual trend or just a blip in the market.
Source:
iSeeCars
Related:
C8 Corvette Ranks 2nd on List of Top 15 Used Cars More Expensive Than New
New Study Shows Chevrolet Corvette Sales Average 19.3 Percent over MSRP
Corvette Convertible Receives Runner-Up Honors in iSeeCars’ Best Used Cars Study
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A decline to a price that is greater then you paid new for your C8 is not a decline. The market is just trying to talk you out of a used car the can’t buy new off a show room floor. Until a C8 goes used for lest then I paid new it isn’t depreciating at all! And the first C8s might take a same dip in price but will appreciate in the long run due they were produced against all odds. UAW, Pandemic, strike, broken supply lines! Vin 5418 is worth more now then when I bought it New!
GM stock is doing a great job of declining!
My guess is that the first and hardest hit victims will be the owners of second-handed bare bones 1LT cars with little to no options. The same ones that were priced way over sticker compared to the fairly well-optioned vehicles that were (somewhat) worth the increased prices. If you are one of the ones who bought into the hype to have the latest and greatest and did so with a way overpriced used 1LT, you will likely be looking for a chair when the music stops. Good luck. 😱🙄🤦
Didn’t some so called experts say a similar thing about 4-5 month’s ago, and about 5 month before that? People keep wanting the C8’s to start going down so they can start picking them up for cheaper prices, but that just doesn’t seem to be happening anytime soon. The only two things I can see to start lowering the prices on used cars is the new car lot to start filling up or people not having the money to pay these inflated prices.
You are correct mako. My dealer has more orders now waiting than he did 2 years ago. Even with the Z06 sold out for 3 to 4years. I’m number 333 on that list……My 2023 Stingray ordered to the factory this Saturday…… I’m assuming first batch of 2023…..My Z06 in two years? …Changed the 70 th anniversary edition order for a few reasons + on constraint anyway. Z51 plus other goods!!
Crypto and stocks cratering, margin calls, tech laying off, high energy prices, record inflation, mortgage rates double, housing prices starting to crash, world war, food distribution issues, a Resident of the WH who has no clue, an inflationary 40 billion slush fund to MIC, and in a recession possibly heading to a depression. Do you think this might have something to do with it? Cash will be king very shortly
To add, look at the C8 for sale ads on Corvette forum. Starting to see comments, “going in a different direction”,”changes in my situation”, and of course “bad back…”. Starting to see a lot goting for less than $100k. A lot of $100k plus cars sitting longer on the ad forum. My dealer contacted me and offered a new 2022 2lt for my Grand Sport plus $12000. Doing the math, that C8 is basically at MSRP.
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