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
*** 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.