Now Is a Bad Time to Buy a New Chevy Corvette

It’s pretty apparent how the new-car market is treating buyers. Production shutdowns caused by everything from inflation to infections mean various automotive components—including those pesky microchips—are scarce. Consequently, meager supplies cannot meet increasing demands, and MSRPs are through the roof.

Not every new offering is affected, though. There are still plenty of cars that can be bought under the $23,000 mark. Realistically, buyers can acquire an eager Chevrolet Spark packed full of 98 storming Detroit horsepowers for $15,000, True Car reports. Yet, the Spark is cheap—apart from it being light on features—because drivers want something more exciting. Jeep Wranglers, Porsche Cayennes, and Ford Broncos, among others, are what buyers are after.

iSeeCars recently analyzed around two million new car listings to determine how high markups are getting. They found many new vehicles carry an average markup of 10 percent over MSRP. For the widely-popular Chevrolet Corvette, however, markups are nearly double that.

How much is the Chevrolet Corvette?

In the bottom half of the top-15 on iSeeCars’ list is the extraordinary mid-engine C8 generation Corvette. The newest iteration of the working man’s sportscar hit showroom floors two years ago with a price tag of around $60,000. Given the time between then and now, the cost is much, much different. Demand for beautifully-trimmed, blisteringly quick, sharp handling testament to American might has skyrocketed.

High demand is measured in markups 19.5 percent above MSRP. 2022 C8 Corvettes are now commonly over $100,000, and even 2020 models are fetching in the high $90,000 range. Therefore, the working man’s car may be, at least temporarily, more fit for upper management.

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What’s new with the 2022 Chevrolet Corvette?

Side 3/4 view of 2023 Chevrolet Corvette Z06 in Amplify Orange Tint driving on a track.
2023 Chevrolet Corvette Z06 | Chevrolet

Given the complete redesign centered around a mid-engine layout in 2020, Chevrolet hasn’t altered the Corvette much. U.S. News & World Report states there were no notable changes for 2021. This year, the Corvette got an upgraded fuel injection system and engine management software. Due to stringent emissions regulations, engineers had to make the C8 run cleaner.

Estimates show the 2021 Corvette had an EPA-rated 15 mpg in the city and 27 on the highway. According to Motor 1, a recalibrated stop-start function provided the 2022 model an EPA-rated 16 mpg in the city and 24 mpg on the highway. Nevertheless, Chevrolet engineers managed the tasks without sacrificing the engine’s power. The 6.2-liter LT2 V8 makes the same 490 hp and 465 lb-ft of torque.

Additionally, MotorTrend reports the Corvette got a few new paint colors: Hypersonic Gray Metallic, Amplify Orange Tintcoat, and Caffeine Metallic. But wait, there’s more. To commemorate wins in the driver, manufacturer, and team segments of the 2020 IMSA Championship, the Corvette got a limited edition. 1,000 IMSA GTLM Championship Edition Corvettes were built with 3LT and Z51 trim and performance packages augmented to mimic C8.R race cars. The National Corvette Museum purports the package will add an extra $6,595 to the already-steep price tag.

Is there an alternative to the high-priced Chevrolet Corvette?

Sticking with the bowtie brand, a good substitute for the Corvette is Chevrolet’s Camaro. With similar power in the LT1 and SS trim levels, buyers can still get push-you-into-the-seat acceleration and thunderous V8 roar. The 6.2-liter LT1 V8 delivers 455 horsepower and 455 lb-ft of torque, getting the Camaro from 0-60 in just over four seconds. It’s much more affordable than the Corvette, as well. Per Car and Driver, pricing for the LT1 begins just north of $35,000.

iSeeCars Executive Analyst Karl Brauer says, “new car pricing is not expected to improve until 2023 at the earliest.” Given the continued markups for Chevrolet Corvettes and other premium sportscars of its ilk, the Camaro could end up being one of the company’s most sought-after cars.

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