The price of a used Chevy Camaro has increased by nearly 30 percent in the past year, placing the sports coupe among the top ten vehicles with the highest average year-over-year price increase.
Auto industry research firm iSeeCarsrecently performed an analysis of around 1.2 million used car sales that occurred in April 2021 and found that used car prices have increased by an average of 16.8 percent, or $3,926, compared to the same period the last year. The Chevy Camaro was among the vehicles that saw the highest year-over-year average price increase, with the sports coupe rising in price by 26.7 percent year-over-year (or $6,582) to an average transaction price of $31,220.
As we reported previously, the Chevy Corvette is experiencing a similar trend to the Camaro, with the average used Corvette selling for 33.9 percent more in April 2021 compared to April 2020, equivalent to a $17,432 increase.
iSeeCars executive analyst Karl Brauer believes consumers have been buying up sports cars like the Chevy Camaro and Corvette as they seek new ways to have fun experiences amid the COVID-19 pandemic.
“These sports cars are aspirational cars for many consumers, and they surged in popularity during the pandemic as drivers sought fun cars to combat boredom,” Brauer said. “Sports cars aren’t practical purchases, so drivers are likely more willing to pay a premium for them, especially because they aren’t as common in the used car marketplace.”
Limited new Chevy Camaro inventory is also contributing to higher transaction prices for used examples. The GM Lansing Grand River Assembly plant where the Chevy Camaro is built has been shut down since April due to the global microchip shortage, resulting in lower new inventories and thus higher demand for used examples. Consumers have also been more willing to pay closer to the asking price for vehicles in recent months amid inventory shortages.
The Lansing Grand River plant will restart production on June 21st, which may relieve the inventory shortage and allow used transaction prices to return to a more reasonable level.
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Comments
I think used prices of all Chevrolets have increased since last year. In fact there is a good chance a 2019 Silverado is worth the same or more than what it was sold for before the Wuhan Virus.
Camaro “new” or “used” prices have increased?
Proof-read failure AGAIN.
i have 2001 Camaro S, 6 speed manual, fully loaded, leather t-tops, power everything and especially under the hood….On trade ins i was offered up to $13k. The car is flawless…drives like a dream. There are not many 68-69 Z28 that could outperform it…if any at all. I don’t see how these cars can be worth 4 times more than my 01 SS…/ There is a disparity from reality here. My car has 39k on the odometer…I am the original owner. And talk about exclusivity…hardly ever see any 98-2002 SS Camaros on the road. These are the real bargains…get a low mileage one…these are the best bang for the buck…maintain
George – I’m interested in buying your 2001 Camaro SS. Pls email zaki at Clutchgrowth dot com.
All used car prices are up, almost 20%, I’ve been looking at everything from 5th -6th gen Camaros to CTS-V 1 and 2 G8GT+ GXP /Chevy SS and even GTOs from 05-06. Anything with an LS is gone way up, even more so than the rest of the used market. Guess I’ll try to be patient and hope everything comes down soon.
George – I’m interested in buying your 2001 Camaro SS. Pls email zaki at Clutchgrowth dot com.
I have a 2015 Chevy camaro ss 6 speed black loaded…. for Sale $35,000
Lol fuk no I rather get a 2017 ss for 5k more lol
Lower your price way to high lol
GM can kiss my a**, seriously, they either mismanaged their need for the microchips or they purposely created the shortage along with the other american auto manufacturers? Funny that the foreign car manufacturers problem is not as devastating, makes you wonder. As far as the Camaro is concerned I’ll wait till they discontinue it and then buy one like I did in 02. My Z28 still only has about 5,600 miles on it, so I’m good to go!
I have a Red 2010 chevy camaro V6. 13K for miles. garage kept, clean as the day I bought it. Was looking to sell. $17,000 firm
Good Luck with the Wimpy 6 cylinder , SS all Day long !