Chevy Corvette C8 Buyers Are Much Richer Than C7 Buyers, Says GM
The arrival of the Chevy Corvette C8 and its sub-$60,000 price tag gave U.S. enthusiasts a cheaper way into a mid-engined sports car. However, it seems the Corvette‘s flashy looks have attracted some seriously huge spenders with plenty of cash in hand. According to GM Authority reported by Motor1, C8 buyers are significantly richer than previous buyers of the C7 model.
How rich are these Chevy Corvette C8 buyers?
One of the main goals of the Chevy Corvette C8 was to introduce the model to a younger age group. In fact, Motor1 reported back in April 2020 that buyers for the mid-engined model were significantly younger than past generations. However, a new report by GM Authority confirms that these buyers are significantly richer as well. According to a call with Steve Hill, North America Vice President of General Motors, the average Corvette C8 buyers make $76,000 per year more than C7 buyers.
To put that into perspective, the previous generation Chevy Corvette C7 still carried a base price of around $43,900. Add in one of the many optional extras, and prices could grow rather quickly. As a result, you already had to have a fairly sizable income to put a brand-new Corvette in your driveway.
However, it is worth pointing out that many of the first-year Corvette models available in the U.S. suffered from serious dealer markups. As a result, these six-figure cars may have potentially skewed these numbers slightly.
Regardless, given that these buyers make $76,000 per year more than previous buyers, it is unsurprising to learn how these cars are being optioned from the factory.
Almost no one is buying the base model
Now that we know that the average Chevy Corvette C8 buyer has serious cash let’s look at how they are optioning their cars. The mid-engine Corvette is available in three main trim levels, the 1LT, 2LT, and 3LT. As the ascending nomenclature may suggest, the higher the number, the more expensive it is. They take the sportscar’s base price from $59,995 to $71,945 before we even discuss the available options.
According to Motor1, GM managed to produce around 20,368 of the 2020 Chevy Corvette C8. Of this first run of cars, a vast majority featured the more expensive 2LT and 3LT packs. In fact, Motor1 reports that just 15.9 percent of cars featured the base 1LT pack. On top of that, Motor1 reports that a staggering 76 percent of buyers opted for the optional Z51 package. This optional extra costs $5,995 and includes an electronic limited-slip differential, Brembo brakes, and a performance exhaust.
How well is the Corvette C8 selling?
Given how ecstatic these buyers seem to be about the Chevy Corvette C8, it won’t surprise you to learn that they are selling incredibly well. In fact, GM Authority reports that GM managed to sell 21,626 of these mid-engined models in 2020. In contrast, 2019 saw the sale of 17,988 front-engined models, a figure that had been steadily decreasing since 2014.
Given the massive sales success the Chevy Corvette C8 experienced during its first year on sale, there is no indication of it slowing down. As GM can make more of these sportscars thanks to the resolution of various production issues, expect sales to continue this upward trend with the convertible model’s arrival.