When I first read the story of this 2024 Corvette E-Ray losing $30K in value following its sale for $89,000 on Bring a Trailer, I was thoroughly dejected. What’s that going to do for pricing on this special car moving forward, I wondered? And what’s that going to do to the value of my 2025 Corvette E-Ray which I just got last November?
However, as a wise person once told me, you only “lose” that money when you sell. And since I have no plans on that happening for a few more years down the road, we’ll deal with that then. So let’s turn that frown upside down as I think right now is a great opportunity for Stingray owners to move up to the E-Ray or the Z06 at a discount.
To recap the story from Carscoops, a 2024 Corvette E-Ray 3LZ Coupe with 1700 miles on the odometer and an MSRP of $118,935 was offered on Bring a Trailer in early June, and the high bid was $101,000. The owner closed the auction without selling, and then came back in early July to try again. This time, the auction was No Reserve and the car ended up selling for $89,000.
New car depreciation is something that every new Corvette owner faces when times are normal. It was only during that extraordinary time period of 2020-2023 that a new Corvette’s depreciation was turned on its head due to a variety of factors that included a new generational roll-out that was impacted by COVID and supply chain problems, causing demand to soar when the supply was low. All that changed in 2023 with Chevrolet building over 53,785 Corvettes during the model year, followed by 2024 which saw over 42,934 units delivered.
It was gradual turnaround, but suddenly the marketplace became awash in available new Corvettes, with inventory of on the ground cars reaching a high of over 6,100 in early 2025. Meanwhile, interest rates remain high and dealers are being forced to sell their inventory at substantial discounts off of MSRP pricing.
It would easy to blame the low resale values or high discounts on the fact that it seems like many enthusiasts don’t understand the benefits of the E-Ray, but we have seen similar declines in Z06 values as well. A friend of mine has a loaded 2023 Z06 that he paid $170K for and now two years later CarMax is offering him $120K for it. So it’s more systemic that all Corvette values are declining and not just the E-Ray.
Again, we see this as a great buying opportunity for those who want in on the fun. And the E-Ray is still such a fun sports car for the money.
The E-Ray was Corvette’s first All-Wheel drive model which uses electrification as a power-adder for the front wheels. The front motor provides 160+ horsepower for a total combined power output of 655-hp. That AWD offers additional stability and traction, especially when wearing their standard Michelin All-Season tires. But there is added performance as well with the ability to launch 0-60 mph in 2.5 seconds. At the time of its reveal, the E-Ray was the quickest Corvette in the lineup.
It also has a few fun tricks up its sleeve like the ability to drive in electric-only “Stealth Mode” for a quiet neighborhood exit, and my favorite feature is “Shuttle Mode” which uses the electric motor only and its perfect for moving the car in and out of the garage for washes, maintenance, and other reasons.
While the Z06 is the Corvette to have for the track, the E-Ray excels as a Grand Touring sports car for the street. The LT2 V8 provides outstanding power and still offers over 24 MPG on the highway. The car’s ride is very smooth with the included Magnetic Ride Control and the large standard carbon ceramic brakes offer plenty of stopping power.
Today’s market for the Corvette is much different than what it was just a year or two ago, and now new Corvette buyers can take advantage of higher inventories and lower demand to find and purchase their dream cars at a discount. We still find the E-Ray to be the most misunderstood model in the C8 lineup (a guy wearing a C5 cap once asked me why my E-Ray has exhaust tips if its all electric?) and with only 4,500 E-Rays built over two years, it remains one of the more exclusive ownership opportunities. Currently, the only model with lower production than the E-Ray is the new ZR1.
So to wrap this up, we offer this little piece of advice for those wanting to drive a new Corvette. Other than a few examples, all new cars depreciate so finding a new Corvette at a discount is one of the best ways to justify the depreciation on a new car purchase. The seller of the 2024 Corvette E-Ray at BaT could have minimized his losses by selling the car with a reserve price, or picking a different venue the second time around. If the Bring a Trailer auction didn’t produce the results during the first offering, did he really think it would get a whole lot better four weeks later?
Source:
carscoops.com
Related:
Let’s Pump the Brakes on the C8 Corvette Z06 “Doom and Gloom” Sales Takes
Nearly 45 Percent of Chevrolet’s Nationwide C8 Corvette Inventory are Z06s
Chevrolet’s Live Inventory Tracker Shows 6,126 On the Ground as of February 1st
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Everything cost money and if you don’t have any skin in the game then you’re likely missing out on LIVING. The best thing one can do to minimize losses is to always buy smart/sell smart. New cars are not long term investments. You knew that!
Zero tears. If I’d been able to get the HTC E-Ray in AYM over SCG that I’d wanted–I would still have it 20 years from now. So as far as I’m concerned, everyone who got a 2024 ER allocation deserves whatever is coming to them.
Option a high-take-rate build like white over red/black (which has zero model-year exclusivity)–and you aren’t going to rake in top dollar flipping it. Fugly Cacti ER’s will have more value. I hope it was worth it for the flipper. Chef’s kiss.
Buyer’s remorse is a term used to describe the feelings of regret which can manifest in many different ways, for example, guilt, anxiety and depression, that a person feels after making a large purchase, i.e.. Real Estate or an expensive sports car. It is a common phenomenon that occurs when a buyer realizes that they have made a mistake in their purchase decision, either because they paid too much, or because they did not receive the expected value from it. This feeling can be particularly strong when the purchase was made impulsively or under pressure, such as during a sale or limited time promotion.
Many thanks,
Ray
It is well known that buying a car is not an investment; it is an expenditure. If people are looking at “minimizing loses” everybody would be buying Toyotas, Hondas end the like. After months of tweaking my build, I bought my 2025 Stingray with $22K of options and I’m enjoying every one of them with no remorse or regrets. When time will come to sell it, I’ll do the market research to find the then current market value and try to sell it close to that value; trying to get “extra bucks” would be a waste of time and opportunity as it is the case of the E-ray of this article. I’m sure I’ll find a buyer that will think that he/she got a great deal in a Vette with $22K in options and ended paying $XX for them. Good for them; however, I will remember how much I enjoyed those options.
The Carfax report shows this car has had two owners. it’s very doubtful that the second owner bought this car from the first owner for MSRP. Therefore I would think that the second owner who was the seller this time didn’t lose his ass as much this article makes it appear that he lost.
Buying an early production C8 was an investment. the C8 no matter what class is now a depreciating asset. ERays should in theory remain a car that retains slightly higher value to how many have been produced vs. Stingray and Z06. True fact is the modern era Corvette is now like any other vehicle on a Chevrolet lot, pull it off the lot and it depreciates.. just like other generations.. Cabin refresh was designed to generate new sales as well as those with previous model years looking for new design. ERay to me was a testing ground for the ZR1x to see the performance upgrade with the electric engine and also open up a car the folks in colder climates could feasibly drive in colder weather environments..
L
Not a lot of discretionary income out there as the economy is not what is being reported. Even collector car sales are soft unless you are selling a 67 Ford GT. Cash is king for now.
The sky isn’t falling. That’s one car. One sale.
Being offered at no reserve the seller thought the car would bring more and the buyer got a bargin.
I follow BaT every day and I see this happen with many an offering.
Through personal experience BaT encourages no reserve listings knowing there is much more bidding.
Again, 1 sale, more a fluke than a indication of market value.
I think the People are telling GM that Electrification isn’t going to be the Future , ZR1X is Definitely an Awesome Car , But Mary Barra and the Folks at GM should Save the ICE Vehicles
The article accurately points out that for street (which is where I use my cars), the E-Ray is the hot setup. Great range between fill-ups (like Stingray) and extra-tremendous passing power due to very high torque.
A few E-Rays were trickling out when I bought my Stingray. Z06 lines were still very long. The early-model dealer bribes to get an E-Ray were everywhere. Given the high complexity, I thought it best to read some “customer abuse/field testing” reviews to see if E-Ray would hold up. I never pay dealer bribes so I played it safe with Stingray Z51. No regrets. But today I would prefer to have an E-Ray in the garage.
Glad that some used Corvette deals might be out there so that some of my friends might be able to experience C8 in all flavors…
My thoughts turn to ZR1X… Because it’s a hybrid are we to conclude that ZR1X will suffer rapid depreciation over ZR1 because Corvette buyers will confuse them with EVs? Lol. I don’t think so. I’m in line for a ZR1X. Yes, they’re going to be a gas hog like Z06. But the much higher power and torque potential in the turbocharged cars make the short-range-per-tank worth it. In my neighborhood, when sneaking out for distant 7 am Cars and Coffee meets, the “stealth” and “shuttle” modes will come in handy.
I agree with Joren and Bob in Fl. I bought my 2023 C8 Z06 at MSRP with over $32K worth of options and have added PPF, ceramic coating and a some other cosmetic additions. I have no regrets. It is an absolutely gorgeous representation, has won several awards and people constantly complement me on my build. I am enjoying the car and not concerned with whatever the price of the car will be at sale time. I am in line for the ZR1x and very much looking forward to it. I did not buy the car as an investment. I bought it to enjoy it. To that end I am enjoying every penny I spend on it.
Bought my 70th Edition Z51 fully loaded at sticker price when they were selling at $10 to $20 grand over window. Best $115,000 check I ever wrote. Bought it to drive and enjoy,and I do. After 66 years of buying vehicles, too many too count,I learned quickly automobiles weren’t an investment. I bought them to drive and enjoy,which I still do.I can’t drive my stocks,they just make me money,that’s my investments,my C8 is my real joy.
Seller was 2nd owner therefore didn’t take the full “hit”.
Please check the Carfax.
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