Corvette enthusiasts are well-acquainted with the significant markups on C8 models, especially the high-performance C8 Z06. These premiums, often far exceeding the Manufacturer’s Suggested Retail Price (MSRP), have been driven by production delays, the global chip shortage, supply chain disruptions, and even events like the UAW strike. For those eager to own the latest and greatest immediately, price wasn’t always a barrier. However, recent market trends indicate a potential shift, with sale prices for Z06 models showing a notable decline, suggesting that these hefty markups may be receding.
According to data from Classic.com, the average sale price for a used C8 Z06 in the past month, as of early March, was $150,333. This represents a considerable drop from the average of $183,363 recorded just six months prior in September 2023. Let’s delve into the factors contributing to this downward trend in C8 Z06 Prices and also examine the pricing trends for the standard C8 Stingray.
Will C8 Z06 Prices Fall Below MSRP Soon?
Front view of a 2023 Chevrolet Corvette C8 Z06 showcasing its aggressive styling and wide body, symbolizing high performance and exclusivity in the sports car market.
Classic.com reports that the peak average C8 Z06 price reached a staggering $282,000. Throughout much of 2023, the average sale price remained above $200,000. This high price point was largely fueled by the initial limited availability of the Z06. The principle of supply and demand was in full effect, with high desire meeting restricted supply, even GM’s attempt to deter flipping by voiding the warranty for resold models within the first year did little to curb inflated prices. Furthermore, dealership markups also played a significant role in driving up the C8 Z06 price.
However, the landscape has changed. The C8 Z06 is no longer the elusive commodity it once was. Dealership lots are beginning to see increased inventory, and as more Z06 models accumulate mileage, the average resale prices are naturally adjusting downwards. While market predictions are inherently uncertain and susceptible to external factors, it’s unlikely we’ll witness sub-$100,000 C8 Z06 prices in the near future. However, current trends suggest that the C8 Z06 price is likely to stabilize around or even slightly below the MSRP. The pricing trajectory of the C8 Corvette Stingray provides a useful comparison.
C8 Stingray Pricing Trends and the Impending ZR1 Effect
A vibrant yellow Chevrolet Corvette C8 Stingray Coupe on display, representing the base model's design and affordability within the Corvette C8 lineup compared to the Z06.
Upon its debut in 2020, the standard C8 Corvette Stingray also experienced a period where prices exceeded MSRP, both at dealerships and in the used market. Classic.com indicates that the highest average C8 Stingray price reached $187,000 in January 2022. In contrast to the C8 Z06, the average Stingray price has remained relatively stable and is now also showing a downward trend in recent months, currently averaging around $84,788. Considering that the average MSRP for the 2024 Stingray models (factoring in coupe and convertible trims and various options) is approximately $80,000, the current average sale price is closely aligned with the MSRP.
This suggests that the premium for immediate C8 Corvette ownership diminishes as Chevrolet increases production volume. With the C8 generation now in its fourth year, initial demand from eager buyers willing to pay above MSRP has largely been fulfilled, and those who opted to wait for MSRP deliveries have likely received their vehicles.
Looking ahead, the impending arrival of mass deliveries of the C8 E-Ray and the highly anticipated ZR1 model will likely exert further downward pressure on C8 Stingray prices. While the Z06 may be positioned a step below the upcoming ZR1 in the Corvette hierarchy, significant price drops for the Z06 are less probable until its availability mirrors that of the Stingray. For prospective buyers willing to exercise patience, waiting a couple of years might yield considerable savings on a C8 Z06.
Photos: Chevrolet
