The Chevy Corvette took first place in the Sports Car: Luxury category of the Canadian Black Book 2023 Best Retained Value Awards, winning that distinction by keeping the highest percent of original MSRP as a used car among the contestants.
Back in March of this year, the nameplate also took first place in its category in the Canadian Black Book 2023 Best Residual Value Award for the 2023 Chevy Corvette, picked as most likely to keep maximum value in 2027 four years after its initial sale.
The Chevy Corvette outperformed a pair of Porsche models in keeping the highest percentage of MSRP in the current residual value awards. Second and third place in the Sports Car: Luxury category went to the Porsche 911 and the Porsche 718 Boxster respectively, which kept somewhat less of their value than the Vette.
The unprecedented effects of the COVID-19 pandemic and the following supply chain and vehicle production bottlenecks drove used car prices to historic highs. Thanks to this trend, used cars retained more of their value than previously, with Canadian used car residual value peaking at 80 percent of MSRP in 2022 and declining slightly to the second-highest ever, 77 percent, this year.
While prices are still high, CBB expects retained value as a percentage of MSRP to be on a downtrend, with lower retention in 2024. Electric vehicles outperformed the overall vehicle market in keeping maximum value, with all six models in the BEV Main and BEV Luxury categories holding on to 82 percent or more of their original sticker price.
Several other Chevy models besides the Chevrolet Corvette appeared in this year’s awards, with the Chevy Spark and the Chevy Silverado 1500 placing second and third in their respective categories. The Bow Tie brand itself achieved second place in the Overall Brand Award: Car category.
Earlier this year the 2023 Chevy Corvette also won the J.D. Power Canada ALG Residual Value Award in the Premium Midsize Sports Car segment as most probable to retain maximum resale value over three years after initial purchase.
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It helps that the new C8 is almost $20k more than it was in 2020. I’m not complaining my 2020 is still worth more than I paired for it.