Does the 2023 Chevy Corvette Stingray Have Good Resale Value?
For decades, the Corvette has been an affordable dream car exemplifying American muscle. The 2023 Chevy Corvette Stingray is no different, with impressive specs, a sleek design, and cutting-edge features. But what can you expect from the 2023 Corvette Stingray regarding resale value and depreciation?
In this article, we’ll take a deep dive into the Corvette’s resale value, investigate the factors that influence it, and assess how the 2023 model compares in the market.
2023 Chevy Corvette Stingray overview: Price, specs, trims, and notable features
Before we get into the 2023 Corvette’s resale value, let’s look at what makes this Stingray so desirable.
Price and specs:
Starting at $64,500, the 2023 Corvette Stingray is the second model year of the eighth-generation Corvette. It packs a 6.2-liter V8 LT2 engine harnessing up to 495 hp and 470 lb-ft torque when equipped with the optional performance exhaust.
Trims and features:
The standard 2023 Corvette’s interior features include an 8.0-inch infotainment touchscreen, a 10-speaker Bose audio system, Apple CarPlay and Android Auto integration, and a head-up display. Chevrolet offers three Stingray trims: 1LT, 2LT, and 3LT. All are available in a coupe or convertible body style.
One of the best features of the 2023 Corvette is its V8 mid-engine layout, delivering the performance of a supercar that undercuts the price of some luxury SUVs.
Analyzing the 2023 Corvette Stingray’s resale value
Resale value is important if you plan to keep your purchase for several years. The term “resale value” refers to the value a car retains of its original price when sold as a used vehicle. A higher resale value means the original owner will lose less money over time, making it a more cost-effective purchase. Let’s look at the resale prospects for the 2023 Chevy Corvette Stingray:
Understanding resale value and depreciation:
Whereas resale value, or residual value, refers to how well a car holds its original price over time, depreciation is the inverse, measuring how much value a car loses. On average, cars depreciate about 10% to 30% per year. A vehicle that retains 50% or more of its value after five years is considered to have good resale value.
Does the 2023 Chevy Corvette Stingray have good resale value?
So, how does the 2023 Corvette fare regarding resale value? Quite well, according to two trusted sources. J.D. Power awarded the 2023 Stingray a “great” score of 81 out of 100 in resale. That’s better than average for the sports car class.
Meanwhile, Edmunds predicts the 2023 Corvette will retain about 60% of its value after five years — an excellent retention rate. As an example, the site also lists resale prices for an average-condition 2023 Stingray 1LT convertible with the 6.2-liter V8, eight-speed automatic transmission, and no options:
- Trade-in: $61,520
- Private party: $66,114
- Dealer retail: $71,727
Note that those are prices as of this writing, so they fluctuate based on the market.
Find out how much a specific 2023 Chevy Corvette model is worth:
In addition, Edmunds has a handy tool to determine specific models’ worth. Corvette owners can even find estimates based on their car’s VIN or license plate number.
What’s new with the 2024 Stingray?
The 2024 Corvette Stingray brings exciting updates. They include the following:
- Exterior colors: Riptide Blue Metallic, Cacti Green, and Sea Wolf Gray Tricoat (extra cost)
- Power hood pull-down
- Two new available wheel designs
- Five new accent-color choices with the available full-length dual racing stripes
- Artemis interior with green accents throughout, including the seat belts
- Available coupe and convertible engine appearance packages
- Available LT2 engine cover in Edge Red or Sterling Silver
- Standard driver assistance features
- Following distance indicator, forward collision alert, lane-keep assist with lane departure warning, IntelliBeam auto high beams, automatic emergency braking, and front pedestrian and bicyclist braking
- Rear camera mirror now standard on all trims
- Performance data recorder now available on 1LT trim
If a new Stingray is your next sports car, you can be confident in its high resale value. The Corvette remains a class leader in performance, style, and technology, and its impressive resale value retention further solidifies its status as an excellent investment. And with the 2024 Corvette Stingray, Chevrolet remains committed to preserving the Corvette’s legacy among iconic sports cars.