The Chevy Corvette won another accolade for holding a high percentage of it value over time, with Canadian Black Book giving it the 2023 Residual Value Award in the Sport Car Luxury category.
The data and analytics firm, which specializes in automotive values, said that “of note is that the Corvette gets an honorable mention for holding the most value four years from now at a predicted 84.2 percent.” Overall, GM vehicles won in three categories and received seven mentions.
The Canadian Black Book Residual Value Award is now in its second year, choosing those vehicles which research indicates will best hold their value over time as winners. Awards are given to five brand categories and 16 individual vehicle categories, using Canadian data and with a strong, but not exclusive, focus on EVs.
The Chevy Corvette has received recognition for its high residual value from other sources as well. Earlier this year, it received the J.D. Power Canada 2023 ALG Residual Value Award for its likelihood to provide high resale value. The Corvette took place in the Premium Midsize Sports Car segment as the vehicle most likely to hold maximum value over a period of three years.
The Chevy Corvette won the J.D. Power Canada ALG Residual Value Award two years in a row, but failed to win the J.D. Power U.S. Residual Value Award for either the 2022 or 2023 model year.
The 2023 Chevy Corvette won the Kelley Blue Book 2023 Best Overall Resale Value Award, placing in the top 10 vehicles for keeping the highest value over time. Research indicated all ten vehicles on the list keep their resale value better than 95 percent of competing vehicle models.
KBB ranked the Corvette as fifth in the awards, estimated to retain 65.3 percent of its original price over a five-year period. In comparison, the average new vehicle retains approximately 45 percent of its original price as resale value after five years have passed.
As a reminder, GM produces the 2023 Chevy C8 Corvette in the Stingray and the Z06 variants. The Stingray is motivated by the naturally aspirated 6.2L V8 LT2 engine developing 490 horsepower and 465 pound-feet of torque. The Z06 is powered by the 5.5L V8 LT6, providing output of 670 horsepower and 470 pound-feet of torque.
The upcoming 2024 Chevy Corvette E-Ray, which debuted on January 17th, adds the first-ever hybrid-powered variant to the Vette lineup. The front-mounted electric motor works in conjunction with the E-Ray’s naturally aspirated 6.2L V8 LT2 to generate a maximum of 655 horsepower.
Under the body panels, all C8 Corvette variants – including the E-Ray – ride on the GM Y2 platform. Production takes place at the GM Bowling Green plant in Kentucky.