This Covid-Era market has been bizarre to live through, but at least for the C8 resale market, the trend is heading in the right direction. Will the day come when we don’t see a flurry of lol emojis on every Facebook for sale post, and the price-police takes a day off? We’ve had crazy auction prices on the C8 Z06, and dealers trying to get absurd markups over MSRP, so some relief is definitely welcome.
After analyzing over 8.9 million new and slightly used cars (on sale from February to March 2023), iSeeCars.com did an insightful compilation of the top 14 lightly-used cars that are more expensive than new. But a used Corvette is still priced higher than brand-new!!! Yes true, but at least it’s almost off the top 14 list and only a smidge above MSRP.
How much is the C8 price cooling off? Well, here is the ranking from February 2022. Yikes, was the market so crazy folks were paying nearly $17,000 over MSRP for a used one?!? You know the Corvette has reached “premium” status when only a Mercedes is commanding a higher resale. The other number that jumps off the list above also puts the C8 second to Mercedes, and that’s the average used price of $84,827. As someone who was buying brand-new Corvettes for $40,000, (albeit nearly 25 years ago), that number is a bit startling.
I think most of us enthusiasts can say we have never seen a time like this, and the old joke about how much you lose with depreciation the moment you drive that new car off the lot seems so outdated. Stay tuned to CorvSport, because the moment I hear interesting market news I will bring it to you. We have an active community on our Facebook page, I would love to hear from you! Douglas B.