As production nears for the 2023 Corvette Z06 and two full model years of production under its belt, prices of used C8 Corvette Stingrays are on the decline. Market research from iSeeCars tells us that the used C8 Corvette market may be cooling although not by much. Buying a used C8 Corvette could still cost you more than a new one. In addition, determining whether this decline is temporary or not remains a challenge however the most recent study reveals a steady and consistent decline in prices over a short period of time.
Image Via GM.
The research from iSeeCars analyzed asking prices for both new and used vehicles, which included the C8 Corvette Stingray, since January of this year with an updated study taking place last month. That study revealed the downward trend in price for the used C8 Corvette market. In their previous study which looked at sales in January of this year, they found that used C8 Corvettes were priced higher than new models by an average of $16,645 (20.2%).
Top 15 Used Cars More Expensive than New – iSeeCarsRank (By Percentage)Model% Used Price More than New$ Used Price More than New1Mercedes Benz G-Class21.5%$40,9582Chevrolet Corvette16.4%$13,5943Chevrolet Trailblazer14.4%$3,8564Toyota RAV4 Hybrid13.5%$5,0025Porsche Taycan11.2%$14,0096Chevrolet Suburban11.2%$7,8817Hyundai Accent10.3%$1,8868GMC Yukon10.0%$7,2339Kia Rio9.7%$1,82410Toyota Tacoma9.3%$3,40511Kia Seltos9.2%$2,44112Toyota Sienna8.9%$4,06513Toyota Corolla Hybrid8.0%$2,13814Ford Mustang Mach-E8.0%$4,29215Toyota Prius Prime7.9%$2,508Overall Average-1.0%-$454
The more recent April study revealed the C8 Corvettes were priced only $13,594 (16.4%) above new models on average. That’s a decline of just over $3,000. The study analyzed asking prices from over 1.5 million new and used cars sold in April and revealed the average 1-5 year old used vehicle costs just 1.0 percent less than its new version on average. Executive Analyst for iSeeCars Karl Brauer mentioned that if you compare prices of used cars prior to the microchip shortage the average used car was 17% less than its new iteration, showing us the used vehicle market is still quite inflated.
Photo via Chevrolet
