AutomotiveTruck

Used C8 Corvette Prices Are On The Decline

As production nears for the 2023 Corvette Z06 and two full model years of production under its belt, prices of used C8 Corvette Stingrays are on the decline. Market research from iSeeCars tells us that the used C8 Corvette market may be cooling although not by much. Buying a used C8 Corvette could still cost you more than a new one. In addition, determining whether this decline is temporary or not remains a challenge however the most recent study reveals a steady and consistent decline in prices over a short period of time.

Image Via GM.

The research from iSeeCars analyzed asking prices for both new and used vehicles, which included the C8 Corvette Stingray, since January of this year with an updated study taking place last month. That study revealed the downward trend in price for the used C8 Corvette market. In their previous study which looked at sales in January of this year, they found that used C8 Corvettes were priced higher than new models by an average of $16,645 (20.2%).

Top 15 Used Cars More Expensive than New – iSeeCars
Rank (By Percentage) Model % Used Price More than New $ Used Price More than New
1 Mercedes Benz G-Class 21.5% $40,958
2 Chevrolet Corvette 16.4% $13,594
3 Chevrolet Trailblazer 14.4% $3,856
4 Toyota RAV4 Hybrid 13.5% $5,002
5 Porsche Taycan 11.2% $14,009
6 Chevrolet Suburban 11.2% $7,881
7 Hyundai Accent 10.3% $1,886
8 GMC Yukon 10.0% $7,233
9 Kia Rio 9.7% $1,824
10 Toyota Tacoma 9.3% $3,405
11 Kia Seltos 9.2% $2,441
12 Toyota Sienna 8.9% $4,065
13 Toyota Corolla Hybrid 8.0% $2,138
14 Ford Mustang Mach-E 8.0% $4,292
15 Toyota Prius Prime 7.9% $2,508
Overall Average -1.0% -$454

The more recent April study revealed the C8 Corvettes were priced only $13,594 (16.4%) above new models on average. That’s a decline of just over $3,000. The study analyzed asking prices from over 1.5 million new and used cars sold in April and revealed the average 1-5 year old used vehicle costs just 1.0 percent less than its new version on average. Executive Analyst for iSeeCars Karl Brauer mentioned that if you compare prices of used cars prior to the microchip shortage the average used car was 17% less than its new iteration, showing us the used vehicle market is still quite inflated.

Photo via Chevrolet




Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button