C8 Corvette Prices Continue to Fall In Spite of Continued Market Surge
C8 Corvette prices are showing signs of finally coming down even as the overall market continues to rise.
Times have been tough for those looking to get behind the wheel of a C8 Corvette since the new model launched in 2019 for the 2020 model year. In normal times, when a hot new model comes out, prices are inflated for a while, at least until supply catches up with demand. Unfortunately, the C8 launched in the worst of times – the pandemic – and C8 Corvette prices are still on the high end, a couple of years later. Fortunately (for those looking to buy one), it does seem like C8 Corvette prices are steadily declining, according to the car depreciation analysts at Four Wheel Trader.
C8 Corvette prices peaked in April of 2021, but have been falling slowly ever since, even as the used and new vehicle markets, as a whole, continue to set new records in terms of average transaction prices with each passing month. Since then, C8 prices have declined by eight percent, though the market also looks quite a bit different than before, too.
As our host points out, the majority of C8s for sale at the moment are 2022 models, and they’re also listed, on average, at cheaper prices than 2020 and 2021 models, but this could be largely because many dealers don’t advertise markups. It also isn’t like the C8 is affordable by any means, as the median price still comes in at a lofty $104,000. At the high end, some crest the $160k mark, while quite a few are listed around $120k.
Our host believes that there is a significant shift coming in the C8 market, however. Pricing was stable from April to August of last year, but the first decrease of 4.5 percent came five months later. At the same time, supply has increased significantly, while time to turn slowed a bit and the average mileage of cars on sale increased.
As such, our host believes that the C8 Corvette is indeed starting to depreciate – a phenomenon that most all vehicles experience at least one in their lifetimes. It’s certainly still expensive by anyone’s measure, but as flippers continue to exit the market when it becomes impossible to sell a new Corvette for a tidy profit, that trend will only continue.
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