Chevy Corvette Wins J.D. Power 2023 Canada ALG Residual Value Award3
The Chevy Corvette is a recipient of the J.D. Power Canada ALG Residual Value Award for the 2023 model year alongside several other GM models. The award highlights the Corvette as one of the cars the research firm predicts is likely to offer high resale value.
The awards, which were announced on February 1st, name the Chevy Corvette as the leading model in J.D. Power’s Premium Midsize Sports Car segment. The ALG Residual Value Award is recognized in the industry as a benchmark for the vehicles most like to keep maximum resale value over three years (for premium brands) or four years (for mass-market brands).
ALG, J.D. Power’s automotive residual value division, analyzed 272 model lines from the 2023 model year to find the leading 15 brands in 29 segments, per the firm’s press release. The research company’s artificial intelligence (AI), and advanced logarithms crunched data while analysts assessed “used-vehicle performance, brand outlook and product competitiveness” to select the 2023 Chevy Corvette and a handful of others as Residual Value Award winners.
This is the second consecutive year the Chevy Corvette won the J.D. Power Canada ALG Residual Value Award. The Corvette did not win the J.D. Power U.S. Residual Value Award for either the 2022 or 2023 model year. Other winners this year in Canada include the Chevy Silverado 2500 HD, the GMC Canyon, the GMC Savana, the Buick Envision and the Cadillac CT5.
The residual value of a Chevy Corvette will, of course, derive from its MSRP, which in the Canadian market is as follows (including a $2,295 destination freight charge):
Notably, the 2023 Chevy Corvette also received a “recommended” rating from Consumer Reports in November 2022. This is the first recommendation Consumer Reports has given the Chevy Corvette C8 since its 2020 launch.
CR gave the Corvette the top ranking in its sports/sporty cars over $40,000 segment, with the automobile scoring 87 out of 100 points. This put the 2023 Corvette ahead of the 2023 Toyota Supra, the 2023 Porsche 718 Boxster, and the BMW 2 series, among others. Performance, handling, and owner satisfaction ranked highly, while its reliability score of 3/5 improved from the 2022 Corvette‘s 2/5.
While GM announced a Canadian MSRP of $73,998 CAD for the 2023 Corvette C8 Stingray in March 2022, the model’s price has risen $4,100 CAD so far during the 2023 model year.
More recently, the 2024 Chevy Corvette E-Ray was unveiled on January 17th, 2023, and GM soon thereafter revealed the E-Ray 1LZ trim will be priced from $128,798 CAD in Canada, with other trim level prices to follow. The 2024 Chevy Corvette C8 E-Ray features a hybrid powertrain, all-wheel drive and faster acceleration than the C8 Corvette Z06.
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In the end, a thing is only worth what someone will pay you, or can pay you.
My 2021 had a base MSRP of 60,995 I think, My out the door was $78,611 for a Z51 with Mag ride and front end lift 2LT.
And although people admire the car, not one person has said to me – you want to sell that ?
So you can say all you want about what they are worth, but if no one is lined up to buy it you can only
get what you can get.
I do think that having the MSRP go up each year has made it easier for the earlier ones to retain some value.
I would like to add that offers to buy your car from ANY person-on-the-street are not a very good predictor of any vehicle’s resale value. Much less a niche car such as the C8. Because the odds of any potential SERIOUS buyer encountering YIOU and YOUR care are about the same as hitting the the PowerBall / MegaMillions jackpot. Yes, it happens. No, it is not common.
PEOPLE ARE LINING UP TO BUY THEM
PUT YOUR CAR FOR SALE ON ANY WEBSITE AND YOU WILL SEE MANY PEOPLE WANT TO BUY IT