Used Corvette prices have risen dramatically over the past 12 months, according to a new study published by auto industry research firm iSeeCars.
iSeeCars recently performed an analysis of over 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 Corvette leads the way among cars with the highest year-over-year price increase, with the average used Corvette selling for $17,432 more April 2021 compared to April 2020, equivalent to a 33.9 percent jump.
The Chevy Camaro is experiencing a similar trend and was the seventh on iSeeCars‘ list of the highest year-over-year vehicle price increases. The average price of a used Camaro has risen by an average of $6,582, or 26.7 percent, in the past year.
According to iSeeCars executive analyst Karl Brauer, consumers have been flocking to sports cars like the Chevy Corvette and Camaro as they seek new ways to have fun 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 explained. “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.”
The COVID-19 pandemic has had the unexpected effect of driving up used car prices. With persistent supply chain issues and the global chip shortage hampering new vehicle output, more buyers have begun to turn to the used market. This has resulted in reduced inventories and higher average transaction prices for everything from sports cars like a used Corvette, to pickup trucks and crossovers – a trend that iSeeCars expects will persist in the coming months.
“The current used car price increase is unparalleled, and prices will likely remain elevated for the foreseeable future due to the magnitude of the global microchip shortage and restricted new car supply,” Brauer said.
The Corvette has been in particularly high demand in the past year as interest in the new mid-engine C8 Corvette compounded with lower production output at the Bowling Green Assembly plant. GM stopped taking new sold orders for the 2021 model-year Corvette in March and will switch to production of the 2022 model-year car later this summer.
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Comments
Still depends on the year and model.
The C7 is still very strong but you can still get a C5 at a great price as there are so many of them. C4 is cheap as demand is low.
As for the 4th gen F bodies the Camaro had been low in value as demand had not taken off. Today the demand is growing to where the Trans Am is if it has the right options.
Many Corvette buyers will be looking used for a while as there is so many orders for the C8.
Used Camaro’s are going for more than new ones. That is just dumb but supply is so tight if you have 2019 to 2021 and want a 2022 you can make some money on your current one. C7 corvette pricing is also crazy. Its good to see US cars keeping their value however.
A couple years ago with the C8 looming, some of us were dreaming about snagging a nice used C7 at a reasonable price. That hasn’t worked out very well so far. Oh yea, C6 Grand Sports aren’t cheap either. Crap! Lol.
Glad to hear C6 Grand Sports aren’t cheap. I have a Torch Red, 6 speed manual, 3LT, 2011 Grand Sport with 6,700 mikes on the odometer, but its not for sale.
I see old Volkswagans going for as much as a mid 70’s corvette…when I hear the Corona Virus is affecting some people mentally…yes I am starting to believe it…one guy put a hole in the his wife’s Volkswagan’s muffler and says it sounds like a Harley….what’s next?
The selling price of my 2004 Pontiac GTO just went up 50%!
Bought my 2019 Stingray 2LT Arctic White with Jet black interior for a great price on July 18th 2019 same day as the C8 roll out.
It has 750 miles on it. With all that’s going on in the market do I drive it or sell it? I love the car, but I don’t want to lose my drivers license either. These are unusual times!
Judging by the miles on the car…you don’t drive it anyway.
Sell it to someone that will
How can you enjoy the car if you have only driven it 750 miles in almost 2 years.
My 2014 has almost 36000 miles and I wish that I could drive it more.
Get driving.
Yep. My current offer from Vroom on my 2017 base model C7 Corvette is $10,000 higher than in January, and I what I paid for the car including tax back in June 2017.
everything has used trucks are up about 25%
…there is a devaluation of the dollar happening…a.k.a. known as inflation…it is led by real estate prices…induced by the Corona Virus which has created shortages real or imagined. I speak to real estate agents who say times are tough…because getting listings you have to overvaluate listings…well this has an affect on everything. Even dogs..7 years ago i got a German Shepherd for $500 dollars…7 years later German shepherd start at $2500 and can go as high as $4000 for a European one..
Interesting, but like everything else in this world, these increased prices in Corvette’s has many factors that have to be considered before anyone jumps to conclusions.
My current 60K mile 2001 “tastefully modified” C5 Corvette (after many different generation of Corvette ownership over the years) has been a joy to own and drive, and being a Southern California car since new certainly has it’s merits. The increased value seems to have a lot to do with “location, ODO miles, location, condition and…location”. With these factors locked in, I suppose that there might be some truth to values going up. However all of this is pointless if you plan on “moving up” from one generation Corvette to another, it’s like selling your home to buy another one (especially here in SoCal), sure your home is worth a lot more than you probably paid for it, but everything else has gone up too, so it is with Corvette’s also or just about any other specialty vehicle now days.
The offer’s I get once in while, asking if I’m interested in selling my C5 ‘Vette, while encouraging really doesn’t mean anything to me because “it’s a keeper” (just my personal favorite body style of choice) and to move up to a newer generation of Corvette really isn’t necessary. Every generation of Corvette has it’s followers, but in truth the C-1 and C2 ‘Vettes, are not really driven too far during their ownership years due to their now pretty steep prices and if they are “Concourse” condition, well, they are probably “Trailer Queens”…and that’s okay too, someone has to own and show off these perfectly restored or perfect survivor Corvette’s, more power to the lucky owners!
With certain models of C-3’s (solid lifter big block ’68-’69, Tri-Power 435 HP usually) now climbing up there in cost if in concourse condition, each generation of Corvette has certain models that seem to escalate in value quicker than other models….and that’s cool too! But….lets be honest here, most of us that own and drive every year and model of Corvette on a weekend jaunt or with car club friends, to car shows and Cars & Coffee events tend to keep ’em gassed up and ready to go whenever the weather permits (here in SoCal, that’s just about 365 days a years!) and when you stop to think about it, that’s what these “All American Sports Car’s” were designed to do and a lot of us appreciate owning, driving & sometimes “showing off” our Corvette’s. Just got back from a “C&C” this morning, took the C5 out for drive to this event, then “hit the road” and cruised it up and down a few freeways, then over to a couple of canyon roads and then headed for home again. Four hours of fun in the sun….and I’ll probably do it again come Sunday morning! If ‘ya got ’em…why not drive ’em!
I recently bought a clean 2014 3LT stingray from carmax for $34k with 60k mileage. Haven’t seen a single c7 under $42k since
I’ve got a C6 2005 that I purchased in 2012 with 15,000 miles ( 9 years later 31,000) after trading in my 1999 C5 silver bullet that had 91,000 miles . So basically I went from a 350 hp, flip up headlights,auto transmission to a Monterey red 400 hp , manual transmission, non flip up headlights . I liked the nice round number of 400 hp, and of course the manual transmission, and while the 99 look great during the day I really wasn’t a fan of the look with the lights on ( just a personal thing I guess). In any case I can imagine ever letting it go , it reminds me of a old Cadillac Commercial “where a lady says that whenever she turns her Cadillac on it returns the favor and turns her on”, Seriously it has been one of the few Consistent Joy’s in my life and really can see no reason for ever letting it go!, ( btw my first Corvette was a 1974 T top L82 ), often wonder it’s life has gone
I’ve got a C6 2005 that I purchased in 2012 with 15,000 miles ( 9 years later 31,000) after trading in my 1999 C5 silver bullet that had 91,000 miles . So basically I went from a 350 hp, flip up headlights,auto transmission to a Monterey red 400 hp , manual transmission, non flip up headlights . I liked the nice round number of 400 hp, and of course the manual transmission, and while the 99 look great during the day I really wasn’t a fan of the look with the lights on ( just a personal thing I guess). In any case I can imagine ever letting it go , it reminds me of a old Cadillac Commercial “where a lady says that whenever she turns her Cadillac on it returns the favor and turns her on”, Seriously it has been one of the few Consistent Joy’s in my life and really can see no reason for ever letting it go!, ( btw my first Corvette was a 1974 T top L82 ), often wonder how it’s life has gone