Now Is a Bad Time to Buy a New Chevy Corvette
It’s pretty apparent how the current market is treating Chevrolet Corvette and other vehicle 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.
Still, there are still plenty of cars that can be bought under the $23,000 mark. Realistically, buyers can acquire a Chevrolet Spark packed full of 98 eager Detroit horsepower for around $15,000. 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, have buyers paying much more than Spark prices.
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 Plastic Fantastic” hit showroom floors two years ago with a price tag of around $60,000. However, demand for beautifully-trimmed, blisteringly quick, sharp handling testament to America has never been higher.
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.
What’s new with the 2022 Chevrolet Corvette?
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. Moreover, 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.
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 pantomime. The 6.2-liter LT1 V8 delivers 455 horsepower and 455 lb-ft of torque, getting the Camaro from 0-60 in around four seconds. It’s much more affordable than the Corvette, as well. Pricing for the LT1 begins just north of $35,000.
Keep up with MotorBiscuit for the latest information and content on performance cars like the Corvette and Camaro.
Editor’s note: Alex Lemieux contributed to this article.