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.