[VIDEO] C8 Corvette Market Analysis Shows Prices Continuing to Drop

By
Keith Cornett
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[VIDEO] C8 Corvette Market Analysis Shows Prices Continuing to Drop border=


We’ve got a new video this week from the Fourwheel Trader, a YouTube site dedicated to understanding the market conditions for various vehicles. FourWheel Trader has been looking at the secondary C8 Corvette market since 2020, and he pulls in around 2,500 C8 Corvettes for sale to analyze the pricing data and info about the cars age and mileage to determine where the market is headed.


His latest video brings the discussion of the C8 market up to date through February 2023 and it’s somewhat of a buyers’ market these days as prices continue to come down. In the current market, he says that 61% of the Corvettes for sale are Coupes, and the average prices for coupes are $88K vs the $99K for convertibles. We note that he is specially talking about C8 Stingray values and Z06 pricing isn’t included in the analysis.

[VIDEO] C8 Corvette Market Analysis Shows Prices Continuing to Drop


Looking at the pricing trends, C8 Corvette prices are still coming down from the July 2021 highs when demand far outpaced supply. According to Fourwheel Trader, the average prices today are down as much as $21,500 for the convertibles and $18,500 for the coupes from July 2021. The days of buying a new C8 Corvette, driving it for several thousand miles and selling it for the same price or for more are generally over.

Volitivity in the market has also decreased, and that means that depreciation has also stabilized with prices for the different model years and body types decreasing at roughly the same amount of -11% to -14% over the last six months. New cars are losing money faster than older cars now which used to be the norm in the pre-pandemic market, but that’s because the new Corvettes are typically sold for over MSRP.

[VIDEO] C8 Corvette Market Analysis Shows Prices Continuing to Drop


Lastly, in the current market, it’s also taking owners longer to sell their C8 Corvette Stingrays on average. At the market peak of July 2021, it would only take around 10 days for a seller to move his C8 Corvette, but in today’s market, C8 Stingrays are taking up to 55 days to sell. As the supply increases and cars remain unsold, he finds those cars are being discounted by 3-4% which is something we didn’t see in the earlier market snapshots.

From Fourwheel Trader via YouTube:

The Corvette C8 market entered a new phase. Depreciation accelerated during the last year and appears to have stabilized now. Price trends are decreasing linearly and supply is no longer trending up. Moreover, used cars are for the first time priced below new cars.



Source:
FourWheel Trader

Related:
[VIDEO] Has the C8 Corvette Market Finally Turned?
The Stradman’s 2023 Corvette Z06 Sells for $218,200
2023 Corvette Z06 Sells at Mecum Kissimmee 2023 for $275,000

 



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5 COMMENTS

  2. Parallels the real estate market. I notice the flipper’s numbers are quickly coming down. My dealer is hounding me to trade my C7 GS M7-not. See quite a few C8s sitting on lots in my town. I guess when Bitcoin goes back to $60,000 and companies stop laying off C8 prices will go up.

  3. I am seeing a similar thing as Rob is seeing. I am interested in ordering an E-Ray. It will be interesting to see what I get for my 18 GS M7. I really like my GS, and will be an interesting
    to see how it goes. It is really fun to deal with a dealer when you really don’t have to deal. The price of a C8 will come down more once the idiots with too much money stop paying more than MSRP.

  4. Well it was going to happen. I shopped for a used C7 to replace my C6. Measured the market for a year. Waited for the C8 anticipating C7 resale would drop. In 2018 a C7 convert was available at a AutoNation MB store. $39,990.
    Same year, convert now $42,990. 4-5 years later, $3,000 more!!!!

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