C8 Corvettes Are Depreciating Faster Than C7s
They’re both America’s sports car. They both have the same name. They’ve both had white New Balances stomp on their pedals and jean shorts pressed into their seats. Yet the seventh (C7, 2014-19) and eighth (C8, 2020-present) generations of the Chevrolet Corvette are rather different automobiles. It’s not just that the C8 is the first ‘Vette with a mid-engine layout and automatic-only transmission, either. Their prices are doing different things, too. C8s are pricier at the moment, which makes perfect sense because they’re newer, faster, and more advanced. The gap between them, however, is shrinking.
GM started production of the C8 Corvette in February 2020. Then, over the coming months, everyone shopping for a new vehicle, be it a pickup truck or a weekend toy, became very familiar with terms like “supply chain issues,” “production delays,” and “dealer markups.” Deliveries for highly anticipated new models like the C8 Corvette or Ford Bronco were slow and production challenges choked supply in the face of serious demand. Dealers asked well over MSRP, while some buyers who got an early slot successfully flipped their still-new C8s at auction. Meanwhile, C7s settled into their status as yesterday’s Corvette, but their sale prices defied the laws of depreciation and trended upward. In the early 2020s essentially all enthusiast cars—even used ones—got more expensive.
More recently, though, there has been a shift for both cars. Supply for the mass-produced base C8 has caught up. New C8s are slower to sell, and the model has been out for long enough that there are C8s at used dealers as well. The initial buzz of the car has worn off, too, and while the C8 Stingray was initially the only model available in 2020, now there are the newer and more exciting Z06, E-Ray, and upcoming ZR1, further taking some of the heat off the base car. Prices have ticked down accordingly. No more pandemic markups.
As for the C7, it’s still a used older generation Corvette, just like it was in 2020. Its supply is going down as attrition takes cars off the road. It’s still quicker than many newer and more expensive performance cars. It’s also the last Corvette with the traditional front-engine layout and silhouette, and the last available with a manual. And when a car is the “last of” something, it tends to have staying power in the collector market.
Pandemic-era craziness settled down for C7s and they have depreciated, too, but all of the above suggests that they don’t have as far to fall as the still-new C8. And while they’re a bit apples and oranges, if anyone is cross-shopping C7 vs. C8, the front-engine car looks like the better buy at the moment.
Yeah,that buying just to flip for profit is hurting every segment of desirable car markets. Those with the $$ started treating it like a stock market, some times you win…some times you lose. Man, that’s gotta sting. Price adjustments? You mean screwing ’em because they can afford it, don’t ‘ya? Take your losses and suck it up….
The dealers are generally the issue not the flippers here. But then again no one is holding a gun on the fools that over pay. The ego gets in the way.
That would appear to be correct. A dealer in a town of 100,000 people near me now has 14 new 2014 C8’s on his lot. Winter and Canadian weather is on the way, and that doesn’t sound too promising.
As far as speculating, the housing market up here went crazy during Covid, that has cooled waaay off. Bigger per centage rate of loss as well. Speaking of which the mortgage interest rate has trended higher as well. A loss of $250,000 could buy you numerous of these trendy cars.
Someone once said, “You can live in your car, but you can’t drive your house to work”.
It appears the retirement age is getting further away for many.
Thankfully those of us with too many old cars only have to worry about the rising price of parts and decreasing availability of same.
You CAN drive your house: Get an RV!
I suppose you meant ’14 new 2024 C8s’?
You can work out of your home, you can’t cook dinner in your car.
Not really a house – a different animal entirely. And I sure would not want to drive an RV in the big-city rush-hour traffic I had to endure for decades.
The 2014 C8 is VERY desirable…
There are plenty of flippers and others who think their pile is worth big $$$$. Haggerty even has an ad in their magazine for a company that wants you to ‘invest’ in classic and exotic cars as part of a portfolio of ‘curated’ cars. A car is NOT an investment not is the house you live in. They MAY go up in value, but that is not why you buy either. Same fools buying over priced new and classic cars are the same ones who are paying for houses that are priced 50-100% of what they were valued 5 years ago. THEN they cry because they are broke. MOST of us here buy the cars we love and don’t worry about whether they will go up in value.
Agree. Anyone that “invests” in cars deserves what happens.
I love to be able to buy homes at 50% of what they were selling for 5 years ago!!! That would be a huge profit!
In 2022, while there were still some shortages, I needed a new vehicle. I went to the dealer and found one suitable and was told there was a $4000 add-on to the sticker due to new cars being in short supply. I checked and found he had had the vehicle in stock for 70 days already. I asked why he thought he could charge a surcharge on a vehicle on the lot that long. Got a blank stare. Left the lot and bought a used one. Dealers are not always good at judging the market.
The C8 stingray is the most boring Vette that could be had.
It’s a matter of opinion like our rear ends!! I’ve owned many Corvettes but by far the C8 is my favorite so far…
I never found any Corvette boring accept the Vega wheel cars of the 70’s.
Love them all.
I even liked them. It was & still is a Corvette.
It’s virtually a ferrari! How can you hate in a mid engine? The power will finally be planted and the 0-60 will be insane
Just because you don’t t own one I have 4 C8 all are Sold to replace with Z06
Maybe, but no Vette in History can Beat it 0-60 !! That’s why I bought the C8
Bob, have you ever driven one? I’ve had a 54,68,79,92,69,22. Now I’d say the C7 ZR1well rival the C8 but it won’t beat it. The C8 IS the best Vet Yet.
I’m edging toward retirement and thinking of selling off the herd to get my sunny weather car. As much as I love the C8, I refuse to drive an automatic. You lose half the fun. As long as my left hip is in good shape, it’s an absolute deal breaker.
Manuals rule – that is 90% of the fun – if you want speed, buy a Tesla
Absolutely agree. Manual transmission cars (IMO) are a far more engaging and entertaining overall driving experience.
My bigger complaint with these new 800-1000hp C8 models is that they are basically expensive accidents looking for a convenient telephone pole for 95pct of retirement age owners.
Strictly my personal opinion, of course.
B
I’ve got arthritis in my left hip. That’s what Advil is for. 😏
😂
Clearly you have never driven one.
I own both the C7 And C8. They are very different Corvettes. My C7 2015 coupe was factory ordered and a long wait for delivery. It has every option available including the 7 speed manual. I love driving this ‘vette with the 3 pedal configuration, Z51, magnetic ride control among all the other options that I opted for and added. When I bought this one, the dealer gave me $2,000 off list price and it was factory ordered.
The 2020 C8 coupe also has every option available. I had a long wait for this one and the dealer charged me the list price and not one penny more. If you think that it’s boring to drive, you never drove one. Although it came equipped with the 8 speed duel clutch automatic transmission, it goes through the gears very smoothly and has lightening fast shifts in the automatic mode, but the manual shifting mode is certainly more sporting. It has many new features (too many to list). It’s a joy to drive, just like my C7. Both are great road and track machines, just different but both are very exciting to drive or track and never boring!
…boring? How so?
Only true, if you’re still driving that 2010 Camry LE… Or you’re daft. Or both.
This article makes me LOL so hard. I remember telling guys on CorvetteForum.com back in 2020-2021 to stop paying $40,000+ more for these cars because they’ll eventually decrease in value. Why would anyone want to pay $120,000 for a $70,000 car just blows my mind. Now those same guys either have a car they cannot get rid of due to negative equity or they paid cash and will never get that money back. How incredibly stupid. Then I was banned by that forum for “interruption of sales” by trying to talk sense into people. CorvetteForum.com is a scam of a website.
You will find the money lost here is not a factor to many. They have the money to waste and they chose to waste it to be the first to own a specific car. This happens with many special models. We see it on every new C model out.
You can’t fix stupid especially when some can afford to be stupid.
I just laugh sit back and buy the car used with low miles for half what they paid new.
“ I just laugh sit back and buy the car used with low miles for half what they paid new.”
Hope all that laughing makes you feel good about yourself. You spend a lot of your time demeaning your fellow auto enthusiasts, I’ve noticed here. Kind of lame, IMO.
Congratulations on being correct! Your prize is….. nothing. Enjoy that fossil of a car.
Congratulations Enron you prove a sucker is born every min.
Nothing wrong buying new if the price is right but to over pay just for 15 weeks of fame is for suckers.
Sports cars are an emotional purchase and your own circumstances might not be the same with someone with a lot more money who doesnt need to worry so much about buying a toy to have it first. You guys can get your used cars and value after the richer guys are done with them. Just how it is. Me, I try to be somewhere in the middle lol
Ego purchase. Not a bad thing but one that makes you feel good about yourself. But you do need to keep it in check. You can waste money or reputation.
That’s the thing they’re not depreciating they were advertised as being sold for less than $70,000 originally.
i drove my 2021 for four summers and sold it for more than I paid for it
Can you count?
I find it amazing that anyone cares what someone has paid for something. It’s their money and to some of us, it’s stupid. If a person wants to pay an escalated price, so be it. I honestly don’t give a rats ass what someone pays for something. Not my money, not my concern. If it makes them happy, good for them. I like the C7 and C8. The last Corvette I had was a C5 hardtop with a stick. My son in law has a C8 and it’s fabulous. It’s whatever floats your boat. I wanted a Prowler when they came out, but not for double the sticker. I waited till 2000 and paid sticker. See simple… That’s my opinion. Decision’s – decision’s…..Admittedly I’m partial to a stick shift in a play car but….that C 8s nice.
The market is adjusting back to where it needs to be on the Stingray. The Z06 took the mark up and now the ZR1 will take the mark up.
Every time They put out a new Corvette it will see dealer mark ups for suckers willing to over pay.
GM is still to the point they are behind on production and sell everyone that comes out.
Note it will still sell higher than the C7 due to age and demand.
The move to Mid Engine has driven Corvette sales to levels we have not seen in years. It has brought in more buyers and younger buyers. The future is pretty secure for the brand as long as they don’t damage it by naming a SUV a Corvette.
The C7 is a Mid-Engine, yes front mounted, however remarkably it’s a mid mounted engine, making it that much more special.
The c5-7 were behind the front axle but the C8 is more central offering less mass spread out.
You want balance front and rear weight but you need that mass centered as much as possible. Also with it in the rear the driver is lower.
Front/mid yes…. But not a true mid engine platform where the engine sits just ahead of the rear axle.
Everything at or after the C3 is shockingly midship.
I own a ’59 C1 and a ’69 C3. The C3, full tank of gas, and me in it. SB car, went over scales at 54/46 weight distribution, too.
They just put the engine behind the driver, instead of in front.
And I’ve driven C8s. I summed it up as the C8 is a better sports car. The C5, 6 and 7s are better Corvettes.
For me? A C7 Z06 is attainable perfection for a Corvette. I need that third pedal. FE/RWD.
Apex Corvette, IMO.
…and traction limited.
I love my C8 would never sell for any amount.
Sure you would! If you were offered a huge fairy tail amount.
That might never happen in our lifetime though.
How can you acknowledge the artificially high pandemic era prices and minimize how they affect the point of the article?
The pandemic affect created car market pricing that will never been seen again. The article is pointless.
The covid deal was more on the used prices for the Corvette.
The C8 on the other hand has brought many new and younger buyers to the Corvette and it has driven up demand. So with limited supplies with early production it drove up prices.
The Stingray held demand till the Zo6 arrived and most buyers moved to it. The Stingray began to show on the used market as they were sold or traded for the new model. Now the ZR1 is coming so it will be the next one and the Z06 prices and demand is back to expected ranges.
This process happens each time but with the move to the mid engine it has brought even more than expected demand
Also note the production of the Stingray is now where it should be after a soft start. GM has done this before with other Corvette models. With the new car there was much more to watch in early production. 1997 they did it to a greater degree with a radical change.
I am not a huge fan of the C7 and don’t see myself owning one. The manual is a 7 speed and if you look at the production numbers, you will see there aren’t many of them around.
I’m currently looking for a base C6 to replace the C5 I had and finding a manual is most of the work. Used Corvettes are one of the nicest used cars you will ever see, so it’s about finding the color and options.
Is anyone surprised that when the new puppy smell on the Corvette had passed prices would drop? Once the ‘ but I want it now’ brat market had come and gone? Seems silly, to put it mildly, for most sensible beings, yet there’s that market segment who think paying way too much and loosing money is a badge of honor.- Giving credit where credit is due. After years, decades, of wondering if a mid engine design would work GM finally pulled the trigger. Like when DVDs replaced video cassettes they figured it was finally a proven technology. However was it the right decision? Much like Porsche stayed with a rear engine configuration in the 911 maybe, just maybe, ‘ Team Corvette ‘ should have stuck to their guns and kept going with a front engine transaxle. If only for the ageing loyalists alone who have the disposable income that they targeted. “Survey says!”- I honestly was routing for the home team and hoping with a clean sheet of paper the C-8 would be a fresh and somewhat unique design like the early C-3. Instead it looks like they rolled a 2013 Lambo Adventador in the design studio and said ‘this… but different and on the cheap’. Photographing it with a similar/same backdrop as the GT-40 some months ago didn’t help its cause.
Nothing here should surprise anyone. We all know new vehicles depreciate like crazy in the first few years. 99.9% of vehicles depreciate after we buy them period. Everyone knows this, but we do this anyways because we ‘want it’. Nobody in their right mind busy a sports car because it’s a prudent financial decision. The main difference here in which car people purchase is how much a person is willing and able to lose. I have no hate towards someone purchasing the newest, latest greatest Vette if they can afford it. Go for it, life is short! The only reason I’m purchasing an older model is because that’s my budget. I can’t currently afford to lose $50k plus in depreciation on a vehicle. Just because I choose to purchase a vehicle that only depreciates $20k does t make me any smarter. We’re all spending what we can afford to enjoy something we love.
I’m not accounting for the few truly stupid people who can’t afford it and do it anyway. At any price point purchasing beyond your means isn’t intelligent obviously.
C6 z06 or zr1 is the last true Corvette before it was destroyed.
But some claim no as it did not have hide away headlamps.
The fact is the Corvette has been a very diverse car over 75 years and can not be defined by one type
Over the years the secret of its survival is it has become an Icon by remaining culturally relevant. That means it has been changed to appeal to more than one generation.
Actually the Vette team feels the C6 Grand Sport is the best car they did. At least from their engineering thinking and track use.
I agree with that…C6 Grand Sport and the C6 427 are the last of the Corvettes that I liked…I liked every generation up until the C7. I never warmed up to the C7 and despise the C8SR…among my nitpicks were carbon flash painted trim, too many over-designed body creases, and the ugly tail lights (esp. C8).
With higher maintenance costs (esp from the dual clutch), I won’t be surprised to see the C8 drop below the C7 as soon as the C9 is out. It will also be very interesting to see if the Z06 motor proves itself reliable over time.
The only constant is change in this world. People are free to buy old models but if you stay stagnant you go the way of the dodo or Harley Davidson. Cant appeal to old guys forever, otherwise your target market ages out, eventually.
That is a fact. I had a C7, it was completely joyless. I imagine the C8 is the same.
With the known C8 transmission issues, people are dumping them before they’re out of warranty. And buyers are skeptical to buy one used knowing of the potential $20k repair bill that awaits them.
Ouch!
Google this – Judge Grants Class Action Status to GM 8-Speed Transmission Lawsuit
Looks like GM is going to have to make good on these. Initially, when my 2016 Z06 starting bucking, a free transmission fluid change fixed it. I even tracked it after that. Don’t know if the results were long -lived. Have to ask the new owner. Chevy also got a class action lawsuit on cooling problems on early C7 Z06’s and I got a brand new, upgraded cooling system for free. Sometimes they come through.
I played the “gotta have it” game when I bought a new 2005 C6. Then the Z06 came out. Had to have it! History repeats itself with the C8. As with the C6 after time they’re just used cars. Now I have a classic C2 Sting Ray coupe. It will never be just a used car. It’ll always be a classic!
Same here, I have a C2 and while sitting at a stop light a guy in a new Vette pulls up along side, looks over and says, “I see you have a real one”. Every part is still made for the C2 and they are pretty easy to work on. Everyone cannot own a C2 and the newer Vettes are way better road wise, so each to his own. As for the cost of a new Vette? My dad said, son (dummy) don’t worry about how much something cost, worry about the payments because that is what you are stuck with. Dads gone now, I still have the C2, and no payments, life is good. Enjoy your car, new or old, it doesn’t matter as long as your happy.
Nothing here should surprise anyone. We all know new vehicles depreciate like crazy in the first few years. 99.9% of vehicles depreciate after we buy them period. Everyone knows this, but we do this anyways because we ‘want it’. Nobody in their right mind busy a sports car because it’s a prudent financial decision. The main difference here in which car people purchase is how much a person is willing and able to lose. I have no hate towards someone purchasing the newest, latest greatest Vette if they can afford it. Go for it, life is short! The only reason I’m purchasing an older model is because that’s my budget. I can’t currently afford to lose $50k plus in depreciation on a vehicle. Just because I choose to purchase a vehicle that only depreciates $20k does t make me any smarter. We’re all spending what we can afford to enjoy something we love.
I’m not accounting for the few truly stupid people who can’t afford it and do it anyway. At any price point purchasing beyond your means isn’t intelligent obviously.
I would never buy a c8. After warranty it’s one of the most expensive cars on Earth to repair. A simple water pump replacement costs over $10,000. Think about that before buying one
Far from the most expensive. The Stingray for the most is not much worse than many FWD cars.
I have owned a mid engine car for 40 years and it is different but not much worse than many others. It is not like the Bugatti where you have to remove the rear of the car to change oil. The WP is one of the rare things that takes dropping the engine. But many FWD cars need an engine drop for work.
Even the C5 in 2004 needs the rear end, torque tube and exhaust to be removed to put a fuel pump in. They all have quirks.
To your point, the previous generation Explorer is an “engine pull” water pump. $3K at a dealer.
The Ford 2.7 V6 has a rubber internal belt running the oil pump. To get to it you need to pull the entire front down on the engine and pull the one time use pan to fix it. Many of these trucks will not be worth the repair vs the Corvette will be.
The Vette will be like the Fiero where you just drop the rear cradle. Yes it is a job but not as bad as some other things I see. Ferrari wants cam belts changed on most cars at 30K and many need the engine dropped for that. Clutch in a Bugatti you have to have a mechanic from France come and break the car in half to get to it.
“But many FWD cars need an engine drop for work.” Many? Typically FWD don’t need an engine drop.
In the end, they are both Corvettes. They are overrated, overpriced and the difference between a cactus and a Corvette is a cactus keeps its pricks on the outside.
If only Hagerty could keep theirs on the outside.
Now THAT is both timely and funny!
Sounds like a sour grapes Mustang owner.
Listen, they’re fun cars. They’re not overpriced versus their performance peers.
Are they the greatest cars invented? Nah. Are they a blast to own and drive, and cheap like a Chevy to fix? Yessir.
Is my ’73 911 more polished that my 69 Corvette? Absolutely. But that 4150 sounds great when you’re deep in it, and it’s not as far off as you might think…
I just did brakes and a new distributor on the 911. It cost multiples what it would on the Stingray.
Ha-ha-ha. How droll – and original!
Not sure if you are referring to all Corvettes or just the C8. If it’s the C8 version, about 180,000 buyers of this $100,000 car (on average) to date would disagree with you. I think it was 2023 when C8 sales hit over 57,000. That was the 2nd highest production year (1979 was highest). Obviously it’s not over-rated or over-priced. Are there any other popularly sold mid-engine cars in this price range?