[VIDEO] Have We Reached the Market Bottom for the C8 Corvette Stingray Prices?

YouTuber Fourwheel Trader has been offering these snapshot videos of the Corvette Market and it was only within the last year that we started seeing prices falling significantly for the C8 Corvette Stingray.

He starts off his latest update with a current snapshot of the market in early May 2023 where there are 2,059 Corvettes for sale. This is 18% less vehicles than just three months ago. He also states that the price difference between the pricing of the 2020 Stingrays compared to the 2023 Stingrays is $13,000.

In this first graph, we get the price development of the Stingray Coupes and Convertibles which shows that prices peaked in the summer of 2021 before beginning a decline of 17% through February 2023. But then he shows the very end of the graph which is pricing stabilizing over the last three months for the convertibles and even going up 1% for the Coupes.

This price stabilization is happening across all years of the C8 Stingray as well as those C8 Corvettes with both high and low miles. So, the real question becomes why did we see this price stabilization over the last three months? Fourwheel Trader has some ideas.

First, supply levels have dropped 18% over the last three months and demand for pre-owned Corvette Stingrays may have increased due to several factors. One reason may be the price increase in new 2023 Corvettes that was $2300 over the previous model year, while another reason comes with the introduction of the Z06 and those astronomical prices being charged by dealers has people reconsidering the C8 Corvette Stingray.

However, as Fourwheel Trader has also witnessed the Porsche market do a similar pattern at the same time as the C8 Stingray, the third reason might be the most accurate and that’s the effect of seasonality on the Corvette market with demand caused with people wanting to have a C8 Corvette Stingray to drive during the Spring and Summer of 2023. The host points out this is not the first time that pricing has flatlined as pricing also remained mostly flat in the first three months of 2022 as well before declining later in the year.

Finally, Fourwheel Trader looks at the time it takes to sell a C8 Corvette and we see that they went from being very quick and selling within 10 days. But as supply grew, so did the advertised time with it peaking in early first quarter 2023 at over 50 days. What’s unique here is that we see three drops in the “time to sale” trend and they correspond again to seasonality being the answer

Fourwheel Trader isn’t convinced that C8 Corvette Stingrays have quite reached their market bottom. He says that these cars are young and massed produced, the long-term price trends are still pointing downward, and third is the tightening credit markets.

You can watch Fourwheel Trader’s insightful analysis on C8 Corvette Pricing here:

Source:
Fourwheel Trader / YouTube

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