Just when you thought the used car situation couldn’t get any worse, it does. Toyota recently announced a 40% global production cut due to various issues, primarily supply chain issues. It seems more automakers are going to follow suit if that hasn’t happened already. On Reddit, this guy traded his 2021 C8 Corvette Stingray for a 2019 Honda Civic Type R to capitalize on the situation.
Trading a 2021 C8 Corvette Stingray for a 2019 Honda Civic Type R
Reddit user The_Exia on the Cars subreddit made an interesting trade. While waiting for his 2022 Cadillac CT5-V Blackwing to get delivered sometime next year, he decided to sell the C8. The C8 Corvette Stingray is going for an insane amount of money right now on the used car market.
When the C8 3LT came out, it was priced around $72,945. Right now, the same Corvette is going for between $100,000 and $120,000. Most of the vehicles have between one and 10 thousand miles on the odometer. Carvana and CarMax seem to have the most inventory right now, but the prices are pretty high. Most automakers have not recovered from the semiconductor chip shortage, and it heavily impacted Corvette production.
The price of a used C8 Corvette is through the roof
When it came down to it, the price for the used 2021 C8 Chevrolet Corvette was worth getting rid of it. A 2019 Honda Civic Type R is pretty easy to get right now. These popular vehicles are going for between $36,000 and $40,000, depending on the mileage. The Reddit user could trade the C8 for the 2019 Honda Civic Type R and have no payments. Quite the contrary. He was owed money afterward.
In this situation, the owner of the vehicle also has a Chevrolet Corvette C7 Z06. So it’s not like there is a shortage of sports cars in the driveway. When else are buyers going to make so much money on a used car? Probably never again. The Civic Type R is missing a few features that make it an excellent daily, but it gets the job done.
A 2019 vehicle is going to likely still have a warranty on it and will also have some modern safety features. Plus, the Honda Civic will hold value reasonably well.
Supply and demand isn’t going to level out yet
Used car prices are going to get worse before getting better. With Toyota slashing production by 40% in the coming months, new cars are going to be hard to find still. That means that prices of used vehicles aren’t going to go down anytime soon.
According to a recent article by CNN, the third quarter of 2021 was supposed to see a return to normal prices. Instead, coronavirus (COVID-19) cases are causing a new round of chip shortages.
Toyota usually produces around 900,000 vehicles during September but will instead produce under 600,000 cars total. North American plants will make 140,000 to 170,000 fewer vehicles for August and September combined. Volkswagen commented it might follow suit, while GM, Ford, and Stellantis echoed the statements.
At first glance, trading a 2021 C8 Corvette for a 2019 Honda Civic Type R sounds insane. But don’t just a book by its cover, even if it has a Civic on the front.