Totaled 2020 Corvette: Why Is It $48,000 More Than A New One?
So, what’s going on here? Why would a totaled 2020 Corvette be going for $48,000 more than a new one? Especially one with this much damage? There are the obvious front and side damage, as well as part of the C8 Corvette‘s rear wing, which is missing. Both of the airbags deployed so you know this was a hard hit. Can you say, “frame damage?” Sitting at a Copart in Cleveland, Ohio, the asking price is $107,699.
This is not 3LT but instead is a 2LT model. With the Z51 performance package, the white C8 was slightly north of $72,000. So it’s not a maxed out 2020 Corvette by any stretch. Scoping it out a bit further it’s apparent why the price is so high.
This totaled 2020 Corvette was built in January
Much of the Corvette aura revolves around collectability. This Corvette was built in January 2020. “But 2020 Corvette production didn’t start until February,” you might be saying. What Chevy called “regular production” started on February 3.
Between pre-production models that can’t be sold and regular production starting February 3 Chevy built some “dealer demonstrators.” These were used for promotion and to get mid-engine Corvettes into the hands of dealers to juice up orders.
So what this white C8 represents is one of the first Corvettes produced. Its collectability factor is huge as an example of a very early production model. Down the road, this will significantly increase its value.
Chevy won’t release structural pieces for 2020 Corvettes
But first, there will be a huge price to pay. For one, you’ll have to cough up whatever this ends up being bid to at the Copart auction. Second, you can’t just swing into Lester’s Collision Repair Shop for a rebuild. Chevy won’t release structural pieces for C8 Corvettes to body shops outside of their “certified” GM shops.
That means no deals on repairs. You’ll pay handsomely before its new white paint is being buffed out. So will all of the extra costs involved in bringing this rare piece back be worth it? We expect that 2020 Corvettes will always demand a bit more than any other year of C8 production.
It’s the first year of production and more importantly, production was labored. The UAW strike last September delayed production, and then COVID-19 stopped it. Chevy now says it intends on building around 20,000 2020 Corvettes before 2021 production begins. That is an average number for yearly Corvette production. So 2020 production won’t be especially smaller than in other years.
We’d say it is worth the cost especially if its production history can be confirmed
With the mid-engine configuration, we doubt there is any engine damage. If that ends up not being the case then there will be further problems to rectify which means more money. But even as a salvage title rebuild it can be enjoyed for as long as its owner wants to drive it. We’d say it is worth the cost. Especially if its production history can be confirmed. Anything that can be pegged as pre-regular production puts its value at a premium.
If that proves not to be true in the coming years it is still a car that can be driven and enjoyed. That takes some of the concerns about its future collectability away.