2023 Corvette Stingray Gets $15,000 Price Hike In Australia
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The 2023 Corvette Stingray has received a $15,000 price hike in Australia over the outgoing 2022 model.
According to Drive.com.au, the Australian-spec 2023 Corvette Stingray in the base 2LT trim level will be priced from $144,990 in Australia – up from $144,990 for 2022. The 2LT Convertible is up from $159,990 AUD to $175,000 AUD, while the 3LT Coupe will be also now be priced from $175,000 AUD. The 3LT Convertible will now be priced from an eyebrow-raising $190,000 AUD. Shipments of the 2023 Corvette Stingray to the country will commence in the fourth quarter of this year.
Drive.com.au reports that many General Motors Special Vehicles (GMSV) dealers in Australia applied large destination freight charges to the 2022 Corvette Stingray, which typically ranged from $10,000 to $15,000, due to the limited supply of the vehicle in the country. GM allegedly took notice that Australian buyers were willing to pay these inflated prices for the mid-engine sports car, which prompted the price increase, an anonymous GMSV dealer told the publication.
“GM have seen the invoice prices customers have been prepared to pay in Australia, and decided to help themselves to a greater portion of that,” the person said.
The automaker attributes the higher revised prices to the increased costs of doing business, partially driven by inflation and exchange rate fluctuations in the value of the Australian and US dollar. A total of 55 GMSV dealers are currently operational in Australia, with each of these stores allocated just four examples of the C8 Corvette Stingray in the past year and a half, according to Drive.com.au.
Deliveries of the right-hand-drive Corvette Stingray in Australia and New Zealand commenced earlier this year following a lengthy two-year wait for the mid-engine sportscar down under. Like U.S.-spec vehicles, right-hand-drive 2022 Corvette models are equipped with the naturally aspirated 6.2L V8 LT2 gasoline engine, rated at 490 horsepower and 465 pound-feet of torque. An eight-speed dual-clutch transmission sends power to the rear wheels.
Australian and New Zealand GMSV customers will eventually have the opportunity to purchase the new C8 Corvette Z06 locally in a right-hand-drive layout, GM said previously. Naturally, the price of this model will be much higher than the run-of-the-mill Stingray in these countries.
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LOL now we know where the 5900 discount came from for the Bolt or at least some of it. Take from the rich and give to the poor. Somehow that sounds real familiar.
Some extra profit for gm for sure, but divide everything by around 1.4 to get back to USD. And take a google at what shipping rates have done over the past few years by boat. Not pretty. Some of that price increase really is cost of transport.
The ocean shippers like Maersk are having a Roman holiday over the Covid and European War events. Ocean cargo rates have gone into the stratosphere.
Caterpillar has found it less expensive to float to Europe, transfer to rail and ship through Russia to Asia, as both a workaround to high ocean freight rates and congestion at the Pacific ports.
A guy drove one of these into the station ⛽ where I work. Very nice!
Gouging 100%
All cars into australia are imported, we have no manufacturing here anymore.
No other manufacturer have had a 15k increase in one year.
To that base price we have the following
33% luxury car tax for every dollar above 68k
10% GST (vat)
Registration and Compulsory third party insurance $800
Stamp duty 15k
Dealer delivery fee any wher between 2k and 25k
The luxury car tax is added on at the end, so any extras you put on the car you are paying 33% on top, including all fees etc
The dealers have been charging like wounded bulls and now the manufacturer wants a piece of the action
GM are so short on market demand a LHD to RHD conversion workshop in queensland are buying USA market cars to order and converting them.
2 are available now at 300k each or you can wait until 2025 for the next available order.
To be fair, It remains unclear – at least to me – who benefits from the increase. Is GM passing along increased freight charges. Is the dealer passing along increased freight, Is it GM fully markup, or is it dealer mark up. Crazy times we’re living in – and not just for the price of a Corvette.
Just as a point of interest, $15,000 AUD is about $10,800 USD. Either way – it’s considerable.
John:
Ocean carriers have jacked up their rates considerably due to two global events, Covid and the European War. Ports have been jammed. Lots of freight workarounds have occurred. Ship to train, where before it was exclusive ship. It’s been a logistics nightmare the past couple of years. Rail and truck rates have increased significantly due to the price of diesel. This all adds to inflationary price increases which will never adjust downward. We are in an era like never before.
These combined events are leading the masses into electric vehicles. These stars are in alignment to benefit EV makers. Hertz rent a car just ordered 100,000 Teslas.
You’re either delusional or independently wealthy.
$15,000. Not $1,500