Honestly, it's not the worst problem to have.
The date is set: July 18, 2019. The location: Southern California. The event itself: the reveal of the all-new C8 Corvette. Why is this Corvette different from all other past Corvettes? It’s mid-engined. Say goodbye to the front-engine Corvette, most likely forever. While the C8 hype is as high as it’s ever been, another problem has presented itself: lack of interest in the current C7. According to Bloomberg, Chevy dealerships are currently experiencing decreased demand for the current Corvette while interest continues to grow for its successor.
Obviously, that’s a problem for the existing stock of C7s dealerships are keen to sell. Some Corvette customers are even coming to place deposits for the C8. "We’ve been taking deposits for a rumored mid-engine Corvette since 2014,” said Sean McCann, floor manager at Stingray Chevrolet in Florida. "People are canceling their orders (on 2019s) and starting to hold back, because they want to wait and see what’s going to come out.”
This specific dealership is even offering discounts and incentives of up to $15,000 on some C7s just to clear out lot space. In general, C7 sales have declined every quarter from the year prior since 2016. Last year, a total of 18,791 C7s were sold in the US, which was 44 percent less than in 2015. One of the likely reasons why is due to buyers’ knowledge that the C8 is not only coming but it’ll be revolutionary. That alone is already attracting younger buyers – a key demographic for Chevy and GM – to the C8. In the past, Corvettes appealed mainly to older buyers and Chevy rightly wants to change that. In order for the Corvette to survive long-term, younger, more affluent buyers are needed. It’s that simple.
But once Chevy dealerships deplete their new C7 inventory, another issue is expected to quickly rise: a surplus of used C7s. Many existing owners, Chevy believes, will want to trade in their current Corvettes for the new C8. Of course there’ll always be some Corvette purists who’ll refuse to drive their beloved sports car with its engine not up front, but that’s a relatively very small number of people. As the C8 reveal gets closer, Chevy dealerships across America will need to continue offering various C7 incentives in order to make room for its revolutionary successor. It’s an annoying problem at the moment, but in the big scheme of things, it’s not a bad problem to have.