Hagerty: C8 Corvette Are Depreciating Faster than C7 Corvettes

By
Mitch Talley
-
6
17453

Hagerty: C8 Corvette Are Depreciating Faster than C7 Corvettes

Screenshot Credits: Drive 615 / YouTube


What goes up, must come down.

That old standard rule of economics was never more true than in the case of the C8 Corvette.

With the supply growing every day as the Bowling Green factory continues to pump out hundreds and hundreds more Corvettes every week, the market price is softening, especially when compared to the previous generation of America’s Favorite Sports Car.

In fact, according to a new post by Hagerty, the average price of a C8 Corvette three years ago was 83 percent higher than a C7. Today, it’s just 48 percent higher.

A chart compiled by Hagerty shows that the auction price for C8s (excluding higher-priced variants) reached a peak above $120,000 in late 2021 and has continued a steady descent ever since, with the current average being $72,090. That compares to the current average of $49,180 for the front-engine 2014-19 C7.

Hagerty: C8 Corvette Are Depreciating Faster than C7 Corvettes


Plagued by production delays in the early years of the C8, plus being the “hot new thing” that everyone wanted, the Stingray was in short supply back then, with some dealers demanding well over MSRP. If you didn’t have a slot with an MSRP-priced dealer for a new car, the price was often tens of thousands higher on the used market.

Now, though, some dealers have started offering new cars at or below MSRP, and used C8s are now often thousands of dollars less than their original sticker price, thanks to the greater supply and the introduction of other variants like the Z06 and E-Ray.

Personally, we had expected prices for used C7s to fall immediately with the introduction of the new mid-engine generation, but that didn’t happen as the used-car market in general exploded after the pandemic. That, plus the fact that the C7 represents the end of an era for front engines and manual transmissions, resulted in higher prices.

Hagerty: C8 Corvette Are Depreciating Faster than C7 Corvettes


Explains Hagerty: “When a car is the ‘last of’ something, it tends to have staying power in the collector market,” especially when “it’s still quicker than many newer and more expensive performance cars.”

“While they’re a bit apples and oranges,” Hagerty concludes, “if anyone is cross-shopping C7 vs. C8, the front-engine car looks like the better buy at the moment.”


Source:
hagerty.com

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6 COMMENTS

  1. FYI: C7 Stingrays still use leaf springs suspension, that where first adapted to the horse and carriage in the 14th or 15 century.
    Patented on May 11 1805 by Obadiah Elliott, a carriage builder in London England.

    The most important factor in buying a high performance sports car is getting the factory warranty. Buy the newest C8 Corvette model you can afford.

    Many thanks,
    Ray

  4. At my cars and coffee C8 s are a dime a dozen. C7s are starting to get rare there. I will keep my M7 front engine Grand Sport.

  5. The C8 is ugly and repairs will be sky high after the warranty is gone. My 19 C7 is way nicer looking.

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