Used Car Prices are Finally Dropping as Corvette Prices Rise
America’s Sports Car rounds out the Top 10 list of used car prices that are still rising, but is this about to change???
The American auto industry has survived depressions, recessions, and even a couple of World Wars. But it’s hard to find a comparable period to these last three years. When the pandemic first hit and the world locked many doors in March of 2020, OEMs and car dealers struggled to sell and produce new vehicles. As the world started to open back up in 2021, demand surged while supply and distribution chains remained clogged, sending new and used car prices soaring ever since. That is, until Q4 of 2022.
According to a new report from iSeeCars.com, average used car prices — which tend to follow new car pricing patterns — fell 2% in November of last year, and another 3% in December. The average used car price effectively dropped $1,000, which is the first such decrease since June of 2020. What’s particularly striking is that, as late as September 2022, the average used car price was still rising, up 8% over September 2021.
However, Corvette Fans Have to Wait for the Good News
Despite what seems like good news for auto enthusiasts looking to find a great deal, you’ll never guess which American sports car is bucking the overall trend. Just kidding, you already know it’s the Corvette, which saw an average used car price increase of $7,089 between September and December of last year. That’s right, to buy a slice of Kentucky-made ‘Muricana in December of 2022, folks paid an average of 9.0% more than they would have just three months earlier.
The Corvette was number 10 of the top used vehicles that saw price gains in Q4 last year. The Cadillac Escalade, actually topped the list, with a 14.9%, or $9,867, September to December price increase.
So, What’s Going On with the Corvette, and Will Things Change?
Corvettes have always been special despite being mass-produced. Although many are daily driven, most are not. Most become well-maintained weekend toys owned by people who know and love the brand. And the best way to get someone to sell an old Corvette is to have them buy a new Corvette.
But supply chain issues and production delays have been plaguing Bowling Green for years, as we write this. This means Chevrolet wasn’t able to make as many C8 Stingrays and Z06s as the market demanded. And GM is about to add the E-Ray to the production schedule as well. Also, the C8 generation is such a radical evolution — going mid-engine, dropping the manual transmission, and mid-six-figure pricing — some folks are opting to keep C5, C6, and C7 generations for longer (and perhaps, forever).
Plus, with all the talk of GM going all-electric in the next 13 or so years, lots of folks are taking a look at V8-powered American sports cars. And, let’s face it, any generation Corvette is arguably the best one to get.
That said, the C8 Corvette Stingray will be heading into its fourth model year later this summer. And the more GM delivers Z06s and E-Rays, the more people will be dumping C8 Stingrays, which will likely convince others to step up from earlier generations. (And around and around we go.)
The point is that we probably should not expect used Corvettes to pull a Tesla Model 3 and drop by 16.8% in the near future. However, we do expect Corvettes to follow the overall market trends in the coming months. Perhaps, my friends, 2023 will finally mark the return of the used Corvette deal. But only time will tell.
You Could Always Buy a Mustang or a Camaro
However, if you’re itching for a new toy, there are a few deals brewing at the moment. If you’re okay with skipping a Corvette, that is. Used Chevy Camaros are down 10.4% since December 2021. And, sacrilege we know, Ford Mustang prices dropped 11.5% between September and December of last year (13.5% versus December 2021).
Photos: Joe Kucinski & General Motors
