The eighth-generation C8 Corvette is depreciating at a much faster rate than the previous seventh-generation C7. Prices for the base-level C8 Corvette Stingray skyrocketed after the first new units began rolling off the line in February of 2020 due to high demand and myriad production setbacks, and as a result, the average price for the C8 Corvette was 83 percent higher than the average price for the C7 three years ago. Since then, however, the price gap has narrowed considerably, with the average price for a new C8 now just 48 percent higher than the average price for a C7.
That’s according to a recent report from Hagerty, which records the current average price for a 2020+ C8 Corvette at roughly $72,000, as compared to an average price of $49,000 for a 2014-through-2019 C7 Corvette.
As Hagerty points out, the rapid depreciation for the C8 compared to the C7 is down to a variety of different factors, one of which is the C7’s position as the last generation to offer the familiar front-engine layout and long-hood shape that defined the Corvette nameplate for nearly seven decades. The C7 is also the last Vette to offer a manual transmission, further underlining its enthusiast appeal.
The initial price spike for the C8 is also a major factor. Following the launch of the C8 in early 2020, production issues, supply chain disruptions, and high demand led to extremely limited availability, leading to big dealer markups that pushed prices well above MSRP. Some early buyers even flipped their C8s for impressive profit at auction. Meanwhile, the C7 experienced price increases as well following a boom in used car values during the pandemic, although nowhere near the spike seen with the all-new-for-2020 C8.
Since then, the market has changed. C8 production is back on track with demand, while used C8 models are now hitting dealer lots. GM has also unveiled several new C8 variants, including Z06, E-Ray, and ZR1, further reducing the allure of the base-level C8 Stingray.
At the same time, the C7 continues to defy typical depreciation trends, solidifying its desirability among collectors thanks to its traditional front-engine layout and position as the last Vette to offer a manual transmission, as well as dwindling supply as attrition takes its slow but steady toll. And while the C8 may be newer, faster, and more agile, The C7 is certainly no slouch.
Indeed, it’ll be interesting to see where prices for these two models head in the future, especially as electrification becomes more widespread.
Comments
It’s not unexpected… the more expensive the car, the faster it depreciates. It’s not an exotic. Chevrolet is not an exotic brand!
Used C7s are being bought by Corvette loyalists. Prices will remain solid and increase for that generation because the architecture harkens back to the inception of the marque. C8s have more sales that have come from first time buyers.
The article correctly points to the availability of the desirable manual trans in the C7 but neglects to mention the availability of a true rag top in the C7 . Loyalists want folding fabric, not rigid top convertibles.
Agree!!!! My C7 ragtop is the best looking machine on the road! IMHO. And fun as all get out to drive!
The comparison is absolutely bs. Why are they comparing the used prices of C7 in 2020 which already had their biggest deprecation then, and compare then to new C8s? If they really wanted to make a real comparison they should have compared C7 Launch 2014 to 2017 and compared that to C8 2020 to 2023. But even they it’s hard to compare since the C8 had huge markups for years and even now the used prices are now really falling below MSRP
Think the transition from the C7 layout to the C8 layout represents a core departure to a lot of people from the historical essence of a Corvette….IMHO.
Much like Porsche going to from Air-Cooled to Water-Cooled engines..there may be loads of of vehicular / performance advantages for the change, but to many…a “real” Porsche is an Air-Cooled Porsche.
The cold hard truth is the front engine went as cars as it could.
For the car to survive it needs to bring in new customers it needs to relevant to everyone.
If you think the Corvette is not at risk well it was canceled in 1992 and only saved by rebel engineers who disobeyed orders.
They are selling more Corvettes now than they often have sold and see extended demand.
I know some people did not like the exposed headlamps but the cars survived. They did not like the squared tail lamps but it survived. Going mid engine the car will thrive and buy them time to figure out how to survive the future regulations.
Has the corvette been deemed a prestige model now, depreciating like Aston’s and Bently’s?
I’ll never have new corvette money, so let them plummet so they are attainable for me sooner. 😉
I think it is too early to mention the resale value of C8s….which have been out only for 4-5 years. Let us wait until 2030 to understand how sales proceed…
Well this story is a bit slighted.
#1 the C8 since it arrived has been selling over sticker price by dealers. The demand is now getting caught up and more used C8 stingrays are available as many upgrade to the Z cars.
The C7 is still losing value but mostly due to age and decreased demand. It is a true used car. The new c8 has been inflated but the value is now just getting to what it should be.
Put a manual in the C8 and watch how many they sell. I care about driving experience, not 1/10ths of seconds. No manual, no C8. They are piling up on lots in Calgary. Incentives for the first time.
There are no factory incentives on C8
They are making this claim from how high the C8 went at it’s peak..it went way higher than a C7 would ever command…people were paying $40k over asking for a C8…so of course that was bound to depreciate back and if you start from the high price paid for a C8 and come back to todays price then yes the c7 would have been better value…I don’t believe from my research if you bought a C8 from a dealer at list price that the drop is less than a C7.