Remember when the C8 Corvette was a sports car bargain?
The Chevrolet Corvette Stingray has a reputation for being one of the best bang-for-buck performance cars on the market. Starting at $60,900 for the coupe and $68,400 for the convertible excluding destination charges, the C8 Corvette Stingray is a true sports car bargain, even though it originally cost under $60,000 until the MSRP increased for the 2022 model. However, securing an order for a C8 Corvette isn't easy right now.
Chevrolet has a huge backlog of orders to get through and the semiconductor chip crisis is still causing supply shortages. In other words, supply is vastly outstripping demand right now. Dealers know this and are taking full advantage by adding massive markups onto used models.
We've seen used 2021 Corvettes selling for over $120,000 but used prices for the newer 2022 model are even more outrageous. A case in point is this 2022 convertible example listed by Warren Henry Auto located in Fort Lauderdale, Florida, selling for an eye-watering $169,995.
Finished in Accelerate Yellow Metallic with a Sky Cool Gray/Strike Yellow interior, it only has 14 miles on the odometer, but this doesn't justify the crazy price tag. It's more than twice the price of the Corvette Stingray Convertible's MSRP and costs over $55,000 more than a fully loaded model. If that's not scandalous, we don't know what is.
With the markup, this 2022 Corvette Stingray costs around the same as a new Porsche 911 Turbo. It's also around $24,000 more expensive than a BMW M8 Competition.
Inventory shortages are so bad at the moment that General Motors is now offering price protection for the C8 Corvette. According to a dealer bulletin uncovered last week, the incentive offers price protection for those who place an order before a possible mid-year price increase. This will give buyers facing long delays peace of mind, but good luck finding a dealer willing to sell a C8 Corvette at MSRP if you want one sooner.