A Chevrolet Corvette is not what most people think when they think of a good investment in an automobile. That line of thinking is reserved for lunatics like myself who drown their sorrows in aspirational Bring-a-Trailer browsing. However, it would appear the lunatics are finally right about something. Take that, mom. Turns out, the Chevrolet Corvette may not be such a bad idea given the topsy-turvy used car market right now. The pandemic certainly has something to do with it.
Why sports cars depreciate
Sports cars depreciate. C’est la vie. How can they not? In many cases, a sports car is expensive, impractical, and obnoxious to own. For most. A lucky handful are able to squeeze that lifestyle for everything it’s got and the world is better for it. But why do they depreciate so badly?
First and foremost is reliability. Perceived or not, people think sports cars like a Chevrolet Corvette generally aren’t reliable. When they do break, a sports car is often expensive to fix. Of course, practicality is often an issue. Rather hard to own a car that seats two as your only vehicle when you have 27 kids, 18 dogs, and a goldfish, isn’t it? Hence, people aren’t willing to pay as much for a car like the ‘Vette in most scenarios. Keyword: most scenarios.
Why the Chevrolet Corvette doesn’t
The pandemic is a large part of why sports cars like the Corvette have seen an upturn in value lately. Due to the nature of our economy, a handful of people have been very lucky to make money where most haven’t. Stuck at home with nothing to do, these people started snapping up impractical cars like Cheetos at 4:21 in the afternoon. As the market became more competitive, prices began to rise, according to iSeeCars.
Year over year, the value of a used Chevrolet Corvette has seen a 30% increase, or roughly $17,000. Part of that is due to the launch of the new “C8” generation Corvette pushing used values up as the hype train builds steam. Moreover, the waning “dad’s sports car” reputation of the Vette has led younger buyers at the peak of their careers into these models.
Will the trend continue?
The ‘Vette is also an exception to many of the downsides of sports car ownership. Most models have a big, practical trunk. Additionally, taller folks don’t have to be a human pretzel to fit in one. Upsides are many in Corvette-land, and these are just a few. It’s hard to say if the trend will continue, however. It’s hard to imagine it won’t, with the recent surge in used car pricing and the slow but steady recovery of the post-pandemic economy. Should you own one, maybe now is the time to trade up. If you don’t own one and want one, maybe wait a while to avoid paying out the nose for these excellent Chevrolet sports cars.