The Chevy Corvette Stingray has won the 2022 Kelley Blue Book Best Resale Value Award in the Sports Car category.
Kelley Blue Book’s Best Resale Value Awards are an annual recognition of the automakers and vehicle models that retain the highest percentage of their original value on the used market. The Chevy Corvette took top honors in the sports car category this year and was also listed as the number one model for resale value overall, beating out popular models like the Ford F-Series, Toyota 4Runner and Tesla Model X. The best brand for resale value was Toyota, while the best luxury brand was the Japanese automaker’s luxury arm Lexus.
According to Kelley Blue Book, much of a vehicle’s resale value is based on supply and demand, as well as “current and projected future market conditions.” Some vehicles, however, like the Chevy Corvette, also retain a high percentage of their original value as they are not often discounted from new and generate high levels of consumer interest. In other words, shoppers in the market for a Chevy Corvette may be willing to pay a higher amount for a used model if they are unable to locate a new one with any kind of discounted price, and are usually highly motivated to make the purchase.
The publication says an average 2022 model-year vehicle will only retain about 43 percent of its original value after a five-year ownership period, which means a vehicle that sells for $45,000 new today will only be worth about $19,350 five years down the road. Vehicles included in this list of the top ten best vehicles for resale value, by comparison, will retain around 56 percent of their original price on the used market.
Other GM vehicles that received awards for resale value from Kelley Blue Book this year include the GMC Yukon (full-size SUV category) and GMC Sierra (full-size pickup category).
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Comments
Although I’m in the auto business, I have a serious (real) question for others out there when it comes to resale value. Especially now with the huge markups on many cars during this shortage. Does a report like this from KBB take into account the $10,000 or many times higher “dealer markup” that they have?
I’ve said many times that the industry is going to be in big trouble, along with the customers paying these high markups, when inventories reach a point where markups will no longer work and the used car values begin to drop a lot. When you have a customer paying as much as $30,000 over MSRP for an Escalade with a total selling price of $130,000 before tax, how will this be able to hold up? I don’t think it can. So back to my question about the KBB values and if they consider the markups.
It may, emphasis may hold up. KBB does not include inflation making future dollars less valuable I don’t think. In 5 more years, a Slade may be 150K MSRP, so 130x.43 = 56k which may be a good price on a 5 year old slade when a new one is 150. (if current 10% inflation is sustained for 5 years, a slade would be 160K roughly) High inflation is something the US has not really seen for decades and it is just not even thought about anymore.
Will be interesting to see if, over time, the mark ups of the 2021 and 2022 Corvettes continue to be embedded in their prices on the used market after the supply/demand curve flattens – say – in three to four years
The best move Chevy made was converting this car to a midengine platform. The C8 is single handedly saving the brand. With it’s midengine styling,, improve interior quality. This is the most sort after Generation of the brand I’ve ever seen. The C7 wasn’t even close to the demand this car is generating. Fact