The median annual household income of a Chevy Corvette C8 buyer is $76,000 higher than the equivalent figure for customers who bought the Corvette C7. This information was revealed by Steve Hill, North America Vice President, General Motors, during a call with the media attended by GM Authority.
The U.S. Census Bureau reported in September 2020 that the median income for the country was $68,703 in 2019. The $76,000 difference between the two groups of Chevy Corvette buyers is therefore very significant, and suggests that the mid-engine Corvette is attracting a whole new set of customers who are prepared to spend a lot more money.
Sales Results - USA - Corvette
| Year | Total |
|---|---|
| 2024 | 33,330 |
| 2023 | 34,353 |
| 2022 | 34,510 |
| 2021 | 33,041 |
| 2020 | 21,626 |
| 2019 | 17,988 |
| 2018 | 18,791 |
| 2017 | 25,079 |
| 2016 | 29,995 |
| 2015 | 33,329 |
| 2014 | 34,839 |
| 2013 | 17,291 |
| 2012 | 14,132 |
| 2011 | 13,164 |
| 2010 | 12,624 |
*** This manufacturer is now publishing only quarterly numbers for this market. Monthly figures may be averages.
This does not appear to have hurt Chevy Corvette sales in any way. On the contrary, U.S. Corvette sales in 2020 totaled 21,626 units – 20 percent higher than those in 2019, despite two months of production downtime and associated reductions in sales volume due to the COVID-19 pandemic. Without that impediment, sales would have been even higher.
The Corvette C8 is attracting customers who are new not just to the nameplate, but to the entire brand. According to Hill, two-thirds of C8 buyers had never bought a Chevrolet in the past, and its most cross-shopped vehicle is a Porsche 911.
As GM fans are aware, the C8 is the first-ever mid-engined Corvette. The “base” Stingray model is powered by the 6.2L V8 LT2 engine that produces 490 horsepower and 465 pound-feet of torque in standard form, or 495 horsepower and 470 pound-feet when fitted with the optional Performance Exhaust. Several other powertrains will become available in future.
The model is built at the GM Bowling Green plant in Kentucky in both left- and right-hand-drive forms, the latter for export to countries such as Australia, the U.K. and Japan.
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Comments
It would have been even more interesting if the ages of the buyers were teased out of those numbers. I maintain that if you see a sports car on the road, you will more than likely see some “old” guy like me driving one. I myself have blood red Honda S-2000, bought new in 2003. I still have it.
That more well-heeled customers are buying them is no mystery. Look at what you’d have to pay for a Porsche!
DR
Totally agree, it would be very interesting to see the difference in average age of the C8 buyers. I was 50 when I put down my deposit, but 52 on delivery, so probably right in the middle.
A fairly useless exercise without stating what the two annual incomes are.
I ordered mine 11 months ago , a 2020. Now waiting for my 2021 C8 convertible LT2 , which GM promised I would get by late spring , through a phone call , imagine ! I am 62 years old and will be 63 when I get my Vette. I have owned sports cars most of my life. I bought 3 Mustang GTs, a 2007, 2011, 2015 , my last 3 cars. All were tuned and upgraded to get more HP. I take all my cars to the track and quarter mile them. I cannot wait to try this one stock and then tune it up to see the difference in performance. I am retired and never earned more than 70,000 $ a year. I live in Quebec Canada and we pay taxes through the nose here. Always wanted to buy a Porsche but this is way better for the price.
Quebec taxes really suck, but you do get to live in one of the most beautiful cities!
I live in a suburb of Montreal.
Ordered a2020 on 1/21/20 and dealer didn’t reorder now I am without a allocation or order! They make very difficult to get a new vette!
Change dealer , imo . My dealer reordered as soon as he was allowed. GM Chevy guarantied me one because I had an order for a 2020 and re-upped for 2021.
Go on the Corvette forums and see who are the best dealers for your area to get a C8. I am new to the Corvette world but I have learned a bunch with the forums.. dealer rip offs, real cost of the EPP extended warranty, saved me over 2500$ on the warranty alone!
Check with Rick Conti at Coughlin Chev or Mike Furman at Crisswell Chev. They have a lot of allocation.
I ordered my 2021 C8 in Sept, how can I find out about when I will receive it. What determines my production date?
Good luck Jim. I ordered mine in May and still no production date. I have owned 25 Corvettes in my lifetime. The last 6 were from the same dealer in Kansas. You would think that they would give lifetime owners a priority on reorders, but they do not. Hope you enjoy your new Vette when you get it.
Sadly it depends on the dealer. If you come up with a brown envelope, with cash in it , you might move up. My dealer/ salesman, said they do not accept bribes , which made me happy , because I would of moved on. I had my name at 2 dealerships when I ordered and one moved me down from 14th to 18th ! So I gave them a whopper of a negative comment, one star. Then they called me and put me first for a C8 they had but for 20,000$ more than sticker price. I said , no thanks. It was not a convertible or the colors I wanted. They just wanted my comment to disappear . Good luck. Remember I have been waiting almost a year now and still no VIN.
If you mean Sept. 2020 , you will have to wait until all 2020 orders , who reordered for a 2021 have their cars ! Also it takes about 18 months, after you put in an order, to get one. 2022 s will have a price increase for sure. Good luck.
It’s statistics like this that are behind the move by some at GM to establish a sub-brand of Corvette. When you have the attention of such buyers, it’s natural to want to offer them more than one model.
Is Corvette finally getting rid of rednecks with a few bucks with gold chains, sideburns and/or moustache?
Actually more of the section 8 peeps but ☕️🐸
I think you are getting mixed up with Mustang people
Seen a lot of C7s in the hood so this makes sense
I will say this I have always had a hot rod of some sort but most people get stuck on one car builder . I did order my C8 on September 2019 to get it for my 60th in November. So most laughed because I got it on my 2020 birthday and I was still crazy Excited when it came . I was more a C3 driver when I was young so you didn’t have to be old for a vett it’s because the low horse power with the box vetts and not much to look at . I was active duty and 25 for my first Porsche and Road Runner so if there is a car you want just wait for it and drive some thing that will hold you over.
Your right Greg, I have a 67 Corvette 427/435 and that still is a fun car to drive, or I drive my BMW 640i convertible for a more relaxed cruse. I would still love to get my new C8 within a year, but from what I am reading , that’s not going to happen. I’m 77 so I’m not sure how much more time I have?
Making 70k a year buying a 70k+ car. That’s broke if you ask me.
Learn to read. It says they’re making $76K more than the median income of C7 buyers, so probably $175-$225K.
Thanks for pointing that out. Your figure is a stretch I’d say. The vast majority of vettes sit infront of homes valued less than 500k and that tells me the real story. So your figure is quite a stretch to say the least.
Not with lengthy time payments!
So is the C8 in high demand that it is already spoken for in 2020? I understood production had challenges due to COVID.
The only 2020s that are for sale are overpriced at dealers and private sales. The 2021 are on their way.
According to the publication “Corvette Black Book” Production numbers for the C7 are as follows.
2014 – 37,288
2015 – 34,240
2016 – 40,689
2017 – 32,782
2018 – 9,686
2019 – 34,822
Where did you get your production information? You’re not even close on C7 numbers.
It does say “US Sales” in the article, not Production numbers. The difference could be foreign sales.
That’s a good thing……maybe those folks won’t whine as much for repair work that will be needed when their vehicle goes out of warranty………..
Are you kidding? If I whined about my 911 IMS bearing, I’ll whine about a dead DTC.
I find it difficult to accept that only 7000 traditional Chevrolet customers bought a 2020 C8. This seems artificially low to me and almost every one that I have seen was purchased by long-time Corvette fans.