2020 Corvette Auction Price Tag Barely Breaks Even

Oct. 25, 2020 5:31 PM ET by Jay Traugott Auctions / 48 Comments

The winning bidder just got an amazing deal.

The market launch of the all-new 2020 Chevrolet Corvette didn't exactly go as planned. First, there was the nearly five-week UAW strike that shut down GM factories across the country. Just when things appeared to be getting back to normal, the coronavirus pandemic struck and remains with us today. While automakers like GM have managed to get their factory operations back up and running with strict social distancing safety measures, it's impossible for some models to recovery lost production time.

The 2020 C8 Corvette was one of them. The order books for the first-ever mid-engine production Vette quickly filled up following its debut and many buyers saw their orders delayed; they'll be receiving a 2021 model, not a first model year (and likely more valuable) 2020. Some of those who managed to snag a 2020 Vette almost immediately recognized the added value and decided to cash.

Last week, a 2020 Corvette 2LT equipped with the Z51 Performance Package, was up for auction with no reserve on Cars and Bids with a total mileage of 5,400 miles. When asked why he decided to sell, the owner replied "It seems like a good time to sell an early C8 as they are still very rare. I've enjoyed it. I move cars in and out of my garage regularly, all for personal use and enjoyment. Feels like a win-win." Fair enough, and the bidding got underway.

With a total of $20,265 in options, it's no wonder the Vette garnered this much attention. Despite its $80,260 MSRP, the winning bidder ultimately paid $82,000. Yes, that means the owner barely broke even.

This brings up a few questions, namely, why didn't this C8 sell for a lot more? There have been other recent sales for over $100k, though they were on eBay and other big-name auction websites. Another possible reason for the relatively low final price is that, perhaps, 2020 C8 demand could be dwindling down a bit. Some buyers may have simply accepted the fact they'll have to wait and the attraction of owning a first model year C8 is no longer what it was.

But we're only speculating here, and the fact is the new owner just got a pretty good deal.