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.
Buy what you like and let the market sort it out. I own a 1999 C5. Not sure I’ll get a newer model. I like all Corvettes!
If the article headline is true, that’s good news for me. I didn’t care much for the C5, 6 & 7. I have an ’89 C4 and love it. Maybe I can pick up a pre-owned C8 in the not so distant future. If I win the lottery, a new blue eRay will be in my garage even sooner.
C8”s are cool but in my opinion the C7 is by far a better choice. Styling for the C8 coul have been planned out a bit better. A buddy has one and certain performance upgrades are not possible due to the design and configuration of the engine, I know it’s still fairly new but just easier and cheaper to slip into a better looking C7ot C6.
I don’t agree that dealer markups have gone away. From friends I spoken with, they are still out there, but pressures to sell in a downward trending market are making these rarer. The general market feel from several market metric sites I’ve seen say that folks feel that the barrier to entry is still too high for many things automotive. The additional aspect that American manufacturers have seen fit to discontinue cars in general and small cars in particular, is not bringing folks into showrooms, and thereby not exposing them to higher priced options. Until the market dynamics shift, if they ever do, I think this will be the case.
If I were to drop $80 – $120 on a Corvette, it wouldn’t be a C7 or C8, rather a C2 big block 4 speed. Can work on it myself, stir the gears, hear that big block roar, and sell for a profit later on.
I have a couple of fun cars that aren’t Corvettes so I don’t have any emotional attachment or bias towards any of them. However, I work for a someone who has a sizeable collection that includes Corvettes of every generation and I have had seat time in every version so here is my objective opinion, which I admit isn’t worth much. Also, both of my “fun cars” had an MSRP that is equal or slightly above a nicely optioned C8, so I am not coming at this from a position of jealously or not being able to afford one.
C1-C2 – Probably the prettiest and timeless styles (I’m partial to the C2), however aside from taking it out on a weekend drive, not a car that is comfortable for an extended drive. At least compared to later generations.
C3 – This was the generation that made me love Corvettes, but the performance is lacking, even when you consider the era.
C4 – Very cool when it came out with the electronic instrument cluster (which are notorious for going bad). Still a very nice looking car.
C5 – probably one of the most fun cars, especially with a manual. All the performance most people need if you can overlook the “Interiors by Playskool”.
C6 – Evolutionary step up from the C5, but the “playfulness” of the C5 seems to have been dulled just a bit.
C7 – Big step up, both in handling, power and especially interior materials and fit/finish. The ZR1 is my favorite, especially with the manual. It is an absolute monster.
C8 – This car is on a whole other level. From a performance stabdpoint, the mid-engine layout truly allowed the common person to be able to tap into the power that these cars have. When turning the car just rotates in a much more neutral manner. It can be a monster or a comfortable grand tourer in a much better way than the previous generations did. There’s a reason that a C8 with 495hp can out accelerate a 2019 with 755 hp. The performance is truly at exotic levels (and I’ve driven a few of those) at a third of the price. The future will bear out the reliability of the DC transmission and the flat plane crank engine of the Z06.
Styling is a subjective and emotional thing, but the C8 is truly something special.
I have considered possibly getting rid of one of my toys and getting one, but around here C8s are everywhere. Go to a Cars & Coffee and there are no fewer than 20-30 C8s with the only thing differentiating them is color. Nothing wrong with that, but I like to have something that is just a little less common.
That last point aside, there is no disputing (again just my opinion) that the C8 is worth every penny at MSRP. Like others have said though, would never pay over MSRP just for the privilege of owning one before anyone else, especially since in a few months you’ll be seeing them everywhere.
My wife and I have owned every generation of Corvette and loved everyone of them for different reasons. My first Corvette, a 69, is still one of my favorites, but not the car the newer ones are. I prefer my 2016 Z06 manual over my wife’s 2007 Ron Fellows Z06 manual mainly because the C7 has more headroom. We just completed a 3 week trip to Bowling Green for the NCM’s 30th anniversary in my C7. Great trip and great ride. I won’t by a C8 because it’s an automatic, and storage is not as usable, not that Corvettes have a lot of storage space in the first place. The friends that drove their C8s, had to very careful on what they could bring and store in their car.
Very fair. I agree with most.
The C1 1959-60 is one I grew up with and would love to own.
The 66 Coupe is just well sorted design.
The 70 71 was just right.
The C4 did not age well but it finally made the car taken seriously.
The C5 links the past and future with heritage looks and new platform that is so stiff.
The C6 looks good accept the nose. But I would love to have a GS.
The C7 was a bit over done. But they had to buy time. it was not expected till Lutz delayed the C8 to protect it.
The C8 it clearly a Corvette in styling. The C7 looks fit the C8 better. Much of the design it done for down force and cooling. It is functional styling.
We bought a new 2019 GS coupe in 2018. Got 10K off the sticker. Still own and love the car. The C8? Both my wife & I still can’t wrap our heads around the look. Yeah, I know…Faster, quicker, revolutionary, great bargain and all that. What’s missing IMO, is the classic mystique which earlier Corvettes invoked. The move to mid-engine was a natural progression but something got lost in the exercise of the style. There’s no “Wow, I gotta get me one of those”. Maybe the C9 will overcome the I’m not a Corvette stigma for many of us.
Personally, I love them all prior to ’68 but then again, I’m as old as dirt.
The new E Ray is the fastest of them all.
As Monty Python said, And now for something completely different, how about a baby vette, the Opel GT. I had one and it was fun to drive, cheap to operate and gathered as many oohs and awes as a “Daddy” vette at car shows. Drive what you like and like what you drive!
A former neighbor, who is not a “car guy,” commuted in an Opel GT. He loved it.
I think that Chevy has found the limit of old geezers who just HAD to HAVE a C8 in their garage.
( under a car cover, to be idled over to the local C&C once a month, and feather dusted while boring everyone about how ‘rare and fast’ their Vette is)
Glad to see that anyone who paid the Stealerships an “ADP” above MSRP has lost even more of their money!
Add to that, the C7 is way more attractive.
I consider the C8 to be not attractive and just a real boring car. But like what you like….My all time favorite is the C2 coupe.
One way the C8 will always be better:
Looks.
The C7 looks like a Ferrari drawn by a 7th grader in study hall.
How many vents do you need?
Then highlight them by making them black.
Look at the silly tail light trim.
It’s too corny for a Batmobile, let alone a car that wanted to be taken seriously in Europe.
GM styling should be made to apologize and any exec who approved it should be kicked out of his Florida retirement condo.
In the Z51, all the vents are functional.
Former owner of a 2014 Z51.
They may be functional on your uprated car, but are they necessary on base models?
Seems like there are a lot of higher performance cars out there without them.
The C7 is the prettier car. I predicted history would be very kind to the last of the front engine Vettes as soon as I saw the C8. I didn’t expect to be right so soon. As a recently retired Chevy tech and Corvette specialist I can’t fault the driving prowess of the C8. In spite of that I am not surprised many of us are waxing poetic for the proper Corvette with the engine where god intended it to be.