The C7 Corvette is Going to Keep Going up in Value
The 7th generation of corvette is looking like an instant classic and its used prices have not depreciated like a standard car. Being the last front engine corvette ever made, owners are hesitant to sell the cars and many people are holding on. Many cars are listed for close to their original MSRPs from 7 years ago. I believe these cars will start appreciating in value soon and can be a great purchase if you are looking for a high performance car that will not lose value.
Background on the C7 Corvette
The 7th generation of corvette went on sale for the 2014 model year and was a ground up redesign of the car from the prior generation. Chevrolet was able to significantly improve performance with a better suspension and a completely new chassis. The car was a strong performer on the track and could go toe to toe with European rivals that cost twice as much. Over the 5 year run Chevrolet made several special models like the Grand Sport, Z06 and the top of the line ZR1.
Current state of the used car market for the Corvette C7
The car has been out of production for over 3 years now, and demand is still strong in the used car market. When the car was new, entry level models started at just under $56,000 and the top of the line ZR1 started at $132,000 MSRP. Looking at the used market, a lot of people held on to their ZR1s and some low mileage examples are being sold for 2-3X their original asking price. The lower end models are still holding strong, and the only options in the $30k range are cars with over 100,000 miles. Most used cars are listed for $50-70K, which is very close to the original sticker on the car.
Where is the used market for C7 Corvettes headed?
It is unique to see a market hold as steady for such a mass produced car. In the past, you would see ZR1 Corvettes retain their value, especially low mileage ones. For the C7, we see ZR1 Corvettes being listed for well over their original sticker and are bordering on super car prices. Prior generation Corvettes have seen pretty steep declines in prices on the entry level models, but that has not happened for the C7. This leads me to believe that the market will continue to remain flat or even go up. As Chevrolet continues to electrify the Corvette, and potentially get rid of gas powered cars all together, the C7 will become more desirable as the last example of a front engine, gas powered Corvette.
Is now a good time to buy a used C7 Corvette?
If you are in the market for this car, I think right now is a good time to buy as there is no indication that prices will drop and there is a high likelihood that prices will continue to increase. If you are considering ZR1 models, I would recommend looking at the new generation of car as I do not believe there is much value in spending over $250,000 on a Corvette. I believe looking at 1970s versions of the car can provide a good blueprint for the top end of the market for these cars in the future.