The price of a used Chevy Camaro continues to climb, with second-hand examples of the sports coupe selling for over $36,000 in June – up more than 40 percent year-over-year.
Back in May, we reported that the price of a used Chevy Camaro had increased by nearly 30 percent so far this year, with the vehicle fetching an average transaction price of $31,220 on the used market. Prices for the Chevy Camaro have continued to climb since then, with the vehicle now selling for an average of more than $36,163, according to market research firm iSeeCars. That’s $11,242 higher than the average transaction price for a Chevy Camaro in June of 2020 – an increase of 45.1 percent.
In May, iSeeCars executive analyst Karl Brauer surmised that consumers have been buying up sports cars like the Chevy Camaro 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.”
But that’s not the only reason used Chevy Camaro prices are climbing. The GM Lansing Delta Township plant where the vehicle is built has experienced recurring shutdowns due to the semiconductor shortage, making the vehicle hard to come by at dealerships. This likely has more prospective Chevy Camaro buyers shopping second-hand, in turn driving up used prices for the two-door. The GM Lansing Grand River plant is expected to come back online on August 9th.
“The microchip shortage has brought historic used car price increases, so much so that some lightly used cars are more expensive than new models,” Brauer explained.