Price Gouging vs Market Adjustment: What’s Your Take?
Will the Corvette market ever get "back to normal"?
The pricing buzz has been around the Internet for going on years now, on Corvette Forums, Facebook, Reddit, Youtube, and just about any message board out there, and there is not a lack of outrageous stories if you put “Corvette Z06 markups” in your search engine. In late December a dealer was asking $375,000 for the pictured Amplify Orange Z06. And unfortunately, the markups and inflated market are not just limited to the hot new C8 Z06. Let’s take a deeper look.
I had an opportunity recently to talk with Roger Judski, who’s been operating the infamous Roger’s Corvettes since 1965, and he commented that this may just be the “new normal”. So what really caused this chaos that most are now accepting as a reality that may never end?
For one, the new C8 was just too darn revolutionary and popular. Corvsport even did a story back in 2019 on where you could buy one for MSRP, and it’s worth checking out again if you are in the market. The popularity of the C8 in general has caused these higher prices to trickle down to the C7, C6, and even the C5 on. The enthusiast figured, “hey I can’t get, or afford, a new C8 so I’ll just buy a C7!” Well, then they saw the price and availability of the C7 and said a C6 will do. Rinse and repeat and prices get silly across the generation spectrum.
But there is more to it than just the popularity of the C8. Enter the covid phenomenon, which included lots of money pumped into the system, (leading to increased discretionary spending on toys), topped off with supply chain issues, which got so bad production for the C8 was halted. Our own Scott Kolecki did a story on that in 2021.
In closing, as a recently retired owner of a small used car dealership, I have followed the Corvette market for two decades. Not just for opportunities to flip for profit, but as an enthusiast. That beautiful low-mileage 2012 Coupe that I flipped for $28,000 in 2019 is now worth well north of $30k. That 2002 C5 Z06 with only 10k miles that I passed on in 2020 for $26k (still kicking myself) is worth close to mid 30’s.
I could go on and on, but I believe the verdict is in, and as Roger says, this is in fact the new normal. I’d love to hear your take on the market. We often have a vibrant discussion on our Facebook page or scroll down to comment. Will we see the “gouging” on hot new Corvette products continue, or will this nonsense finally end?Douglas B.