Demand for the C8 Corvette Stingray is through the roof. No surprise then that the new mid-engine Chevy was the fastest selling new car last month.
Per a new report from automotive research website iSeeCars, the new C8 Corvette Stingray was the number-one fastest selling new vehicle in the U.S. during July of 2021, taking on average just seven days to sell. The Toyota 4Runner was second in the iSeeCars study, taking on average just 10.7 days to sell, while the Hyundai Tucson Hybrid was third at 11 days on average.
“Demand for the mid-engine Chevrolet Corvette has exceeded supply since its launch for the 2020 model year,” said iSeeCars Executive Analyst Karl Brauer. “Dealers stopped taking orders for the 2021 model year in March, and demand remains so high that dealers are marking Corvettes up tens of thousands over MSRP.”
That is right in line with comments made by director of marketing for Chevrolet cars and crossovers, Tony Johnson, who recently told GM Authority that GM is “not even close” to meeting demand for the C8 Corvette.
Per the iSeeCars analysis, the average price for the C8 Corvette Stingray models was set at $86,785, making it the second most-expensive model on the iSeeCars top 20 fastest-selling models list. The most expensive model on the list is the 2021 Cadillac Escalade, the average price of which was set at $98,959. Average days to sell for the 2021 Cadillac Escalade was 12.7, making the all-new SUV the 13th-fastest selling vehicle last month.
The latest iSeeCars report is based on an analysis of more than one million new and used cars sold in July of the 2021 calendar year. According to the research, the average new car takes on average 35 days to sell. New cars sold nearly a week faster during July than rates recorded in June, during which the average time to sell was 41.7 days.
“The microchip shortage continues to impact new and used car sales as production interruptions lower the new car and used car supply and dealers are forced to maintain tight inventory levels,” Brauer said. “The faster selling time of new cars suggests that new car supply continues to outpace demand, while demand for used cars has stabilized, likely because of elevated prices.”
Sales Numbers - Premium Sports Cars - H1 2021 - USA
| MODEL | YTD 21 / YTD 20 | YTD 21 | YTD 20 | YTD 21 SHARE | YTD 20 SHARE |
|---|---|---|---|---|---|
| CHEVROLET CORVETTE | +132.23% | 14,582 | 6,279 | 57% | 39% |
| PORSCHE 911 | +5.65% | 5,108 | 4,835 | 20% | 30% |
| PORSCHE 718 | +176.61% | 2,412 | 872 | 9% | 5% |
| MERCEDES-BENZ AMG GT | +28.18% | 2,329 | 1,817 | 9% | 11% |
| AUDI R8 | +78.89% | 356 | 199 | 1% | 1% |
| MERCEDES-BENZ SL-CLASS | -44.15% | 444 | 795 | 2% | 5% |
| NISSAN GT-R | -22.66% | 99 | 128 | 0% | 1% |
| ACURA NSX | +9.09% | 60 | 55 | 0% | 0% |
| FORD GT | -35.05% | 63 | 97 | 0% | 1% |
| MERCEDES-BENZ SLC-CLASS | -75.87% | 222 | 920 | 1% | 6% |
| BMW I8 | -91.30% | 10 | 115 | 0% | 1% |
| TOTAL | +59.42% | 25,685 | 16,112 |
Corvette sales shot up 132 percent to 14,582 units during the first six months of the 2021 calendar year, outpacing the 60 percent average growth rate of its segment. That gives the Vette a dominant 57 percent share of the segment.
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Source: iSeeCars
Comments
It appears that at this point sales is limited by production. Any further gains will similarly limited by increases in same. Given that they are running two shifts a day, have miraculously not had any recent pauses due to parts or COVID breakouts, further production gains will be limited. Adding the third shift might be possible, but when would maintenance on the line itself be accomplished? Speeding the line up has likely been worked hard already. My guess is that the rate is limited by the bonding steps with fixed cure times. Adding additional facilities to feed what is ultimately a niche market may not make sense, the market would likely collapse when the backlog is burned down leaving GM at a loss.
Impressive that they haven’t increased the price more aggressively. Either they have restrained themselves out of the goodness of their hearts (yeh right) or they are worried about the loss of brand loyalty with significant numbers either just saying FU and buying a Porsche (even if it still costs more) or foregoing a sportscar entirely. It is a luxury discretionary item anyway. Dealers? Well they can do what they want. It is nice that if you are willing to wait, sticker price sales are available.
What i don’t understand is the 7 day average sale time. 99% of the C8s are special order and are sold before the chassis start down the line. Only a handful sit on the showroom floor. I was at Ciocca two months ago and they has 135 sold C8s ALL over the place. So the 7 days is a bogus number.
Funny, I hardly see anywhere I live. And I don’t exactly live in the boonies.
I doubt that GM keeps 50 year old records of the “sit on the lot time”. I ordered new a 1973 and a new 1976. Both took six months from a dealer with good allocation. Yeah, they were a lot slower then but quick enough, stylish and definite chick magnets for a young fella. Two weeks into my first full time job( right out of college), I got the 73 under the list $6,600 list and then the 76 under the 10K list. Back then, owning a Vette was a really big deal and most guys who owned them were in their 20s and early 30s- they were coveted, but driven. C8 buyers a bit younger than those who got C5, 6, and C7s but by no means young . Too bad they’re beyond affordable for guys in that age bracket. GM wanted to keep Vette buyers in the fold for future purchases of more practical vehicles in the 60s and 70s. No longer .
Looking at the average sales price now up to $92000 it does not look like the demand will slow down any time soon.
GM is going to have to increase production for that to happen