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.
To ALL those people who think the old car was better, my question would be- Have you driven the C8? If not, you really don’t have an argument. The C8 is a spectacular car and drives in ALL conditions like a f#@$king dream!!!!!
Heres the bottom line : the C8 is a “better” car in all the ways that ultimately dont matter as things age and emotion/analog things take more value. Its a boring automatic video game car just like all modern supercars save for the few that embrace manuals and driver involvement. The C7 was more raw, less perfect, and offered a manual, and those things will never become undesireable in the enthusiast market. Its why the viper acr, the c7 zr1, the camaro zl1 1le, and other “less perfect” american cars are and will remain more desireable in the long term. Sure the z06 because of its bespoke engine and limited availability will likely endure, but the e-ray and stingray will not.
The starting base MSRP price of the C8 was 60k. The “depreciation” is still higher than that. If someone expected their car to keep ADM value, they are stupid. I will never pay ADM, because paying someone for the privilege of having them sell me a car is asinine.
As we can see here we have many emotional reply’s here on what is a Corvette and what a Corvette should be.
The reason for that is the Corvette has survived 75 years. The car is an icon not just another car. Much like a Harley it has held to a formula but also it has changed to be culturally relevant to each generation over the years.
So each generation is drawn to what made the car an icon to them. Some the hide away lights. Some the tech, Some the styling. It has had a trunk lost it then got it back. Had a convertible, then got it back. Targa and t tops.
Price wise with inflation it has stayed in the same affordability box and expanded to higher end models to grab away exotic buyers.
The present car is a very good car and relevant to what is on the market. It appeals to more than the core group and that is important in these days low volume really is a 5 year run anymore.
Yes the Corvette can be killed for low sale or low profits. It was in 1992 and only saved by the team working on the C5 hiding the program and building a much better car than the C4.
The C5 is as much car as most Corvette owners need but the market wants more and will pay more for these other models. Who is going to turn down buyers willing to pay more? It is not what they need but what they want.
The C7 took the front mid mount car as far as it could go. The computers kept it on the track in hands of drivers less than the Pratt and Miller team.
I love all the Corvettes but I own a C5 as it is one that fits me well. It is easy to work on. It is easy to modify to make more power. It is on a stiff platform like the later cars but styled and has a trunk like a older car. It is kind of the mid point car.
I also want to look to get a 1959-60 model in the future. I have driven them all and these are my favorites right now. I also would like to do a Museum Deliver of a C8-9 at some point.
There is no right answer to what is the best car for everyone here. There are so many options and what is right for you.
But just because you like a specific C number it does not make the rest less of a car.
The weak years are the late and mid 70’s were cost cutting and low power was not good but even those cars have been picked up and made great cars. A neighbor took a car of this era and dropped a stocked 406 in it and made a monster car to play with. It just needed an engine.
The best car per the Corvette team is the late C6 GS. Why? It has all the tools to make a perfect track car. Dry sump, coolers for everything and a steel frame on the Coupe. This has enough power to make it easy to drive fast and the tools to make it survive. The steel frame is stiff and if you should nub a wall it can be bent straight again. As they say less is more with power in the hands of an armature. But keep in mine the GTS cars had less power than the street cars too. My best autocross times were in car with less power.
So just be glad the car is relevant and still earned the name and image it deserves. We have something special here and over 75 years of it. You should be able to appreciate all of it and just pick the favorite.
I’d say the ‘Gen 2’ C4 really was the first great effort to save the Corvette. LT1, real 6 speed, laundry list of big and small changes. I still have one of those in the stable and it’s my go to for long trips.
“Three years ago the average price of a C8 Corvette was 83% higher than a C7. Today that is nearly halved at 48%”… nonsensical comparison without more details.. new C8 vs new C7 from prior year or ??… if you’re trying to assess depreciation a far better comparison would be cost of new C8 or C7 vs present value after 1/2/3 years of ownership..
PPP and ERC money paid for dealer mark ups. Ultimately tax payers allowed folks to pay crazy mark ups.
👆Truth
I have no problem with those who have the money to purchase expensive cars. It keeps people employed and family’s fed. For myself, could I afford to buy one of the new Corvettes? Yes, will I ? No. We have a C2 and that is all I need, It is not a show car but a driver and I feel so good driving it and shifting gears. All the running gear is new from the radiator to the gas tank and still have things to do. Keeps me going at 81 3/4.
On another note, driving home yesterday I saw a C8 Corvette with a bicycle rack somehow attached to the rear, I almost wrecked see that. Dang!
The beauty of owning a Corvette is what someone can afford. I’ll be 83 years young next month and four years ago a Corvette came up for sale in my affordability price range. As a longtime retired blue collar worker with a bucket list desire to own a Corvette, this would be mere pocket change to those with the enviable ability to not even blink at the thought of dumping a hundred thousand dollars into the latest and greatest status symbol, investment, or whatever one may chose as justification. So scoff if one must, I’ve always liked the old Stingray body style and am not, nor ever have been, a race car driver anymore than those who can be seen driving out of a car show, trying to impress the spectators with all the horses under their hood, and fishtailing out of control into a tree. Consequently, the 350 small block in my ’77 is fast enough for me to get around pokey drivers, it serves us well when the old girl and I want to take a cruise, and has even taken a trophy or two at a car show. It’s just what you can afford and, like a fellow once told me, when you drive a Corvette everything else on the road is just traffic.
This is why the Corvette is such an American success story. I’ve owned a 71 an 81 and a 2001. my favorite is the C5. I paid less than 25,000 for all three combined. And yes, the C5 is fairly easy to work on asHV6 said(He usually nails it)Recently had to change the starter not too bad after you get the exhaust out of the way. my son-in-law has a C8. It’s a blast to drive. It really is a great sports car. I don’t like the cockpit feel of it though, and I think the overhaul on the dual clutch will be expensive and probably necessary at about 50,000 miles.I splurged a couple of years ago and bought a brand new ZL-1 Camaro 10speed & couldn’t be happier with it . Maybe it will appreciate maybe not-I Don’t really care. i’m in my late 60s now and hope to be driving this car for many years. By the way, I was driving Wes across Nevada last week in a whole bunch of C5 sixes and sevens and a few eights headed East. They are part of the bay area Corvette club headed to Bowling Green, Kentucky! Stop for gas and Winnemucca and they told me they do this every five years. That’s the way you do it!!!
I think I’ll stick with the nearly absolutely perfect C4 that I got with 40k miles on it for $6k, and drive it into the ground as a daily driver for a few years before buying another one and doing the same, rather than spending 6 figures for a car that only sits in the garage while hoping it’s value goes up to sell it for a profit.
I prefer to enjoy my toys, not just use them as a risky investment, and also prefer not have to worry about someone scratching it in a parking lot when it’s left unattended.
I’ll be enjoying driving my C4 daily, while C8 owners stress out worrying about depreciation, damage, and if they can gain social status by posting pics online of themselves standing beside a car they’ll never enjoy driving cuz it loses value for every mile it gets driven…
IMO the C7 is a better looking car.
I have enjoyed all of the comments, some of which are emotional, some are financially oriented and some are very astute, and yet , there are always the unexplainable crazy people who come across as just weird.
That is why I have a collection of old Jaguars…
I love Jags, but now you’re really opening the proverbial can of worms, and they’ll be climbing out of the woodwork to comment on these.
Talk about crazy that is what it takes to keep a Jag. Insane if more than one.
I love jags but nothing is cheap or easy. Be it failed electronics or dropped valve seats.
We always wondered why many Jags have a Chevy engine. After losing two valve seats in a V12 the cost of a bare head is as much as the Chevy engine. We put in a Pontiac 428 near 20 years ago and never looked back. It has never been trouble.
Forgetting the interiors for the moment I think I like the C6 generation Corvette the best in terms of looks. The C7 is a better car but I think the C6 looks better. The C8 I am split on. I think the Z06 and ZR1 visual tweaks are more appealing to me than a base C8 but the great wall of buttons between me and my passenger plus the rear storage compartment I keep hearing from owners makes all their stuff quite warm makes me feel the C8 is a less practical and more “weekend toy” oriented car than the previous generation Corvettes. Previous generation Corvettes seem a more practical car to use and if you dare daily drive.
Looks are subjective. I like the back of the C6 but not the nose.
The C5 is the one that links the past and future. It has the styling of the old but the platform of the future. That is what I I like. The nose is so low with the LS in the Fram and it has a show car element to it.
Always surprised by how many mean, angry, sarcastic folks comment on these articles. Cars are a hobby for most of us, should bring enjoyment and pleasure. Maybe the site needs a more active moderator to weed out the grumpy guys.
There would be nobody left😂
It’s wrong to say the C8 is the first Corvette with automatic transmission only. It’s happened 3 different times. The1953 and 1954 were all automatic only and the 1982 Corvette, the last year of C3 production, was automatic only.
C6 2008 burgundy brown interior six speed. Extra pedal a requirement for me.
Love it & it’s looks. Only thing better a 62!
But my budget doesn’t travel in those circles. Corvette, thank you for hanging around all these years!
Here is another two cents worth. I have been a fan of Corvettes since I watched “Route 66” as a kid. I think the C8 is amazing and fully deserving of every love note Jay Leno sends it, but, I have never had to wait until I am within 10 feet of any other Corvette built between 1953 through 2019 to know with absolute certainly it is a C8 and not something else from a foreign land. Obviously that was fully intended by GM/Corvette. They have hit their target.
Sad but true. No Corvette DNA in that styling.