Is a 5400-mile C8 Corvette worth full retail to skip the wait list?
The first-ever production mid-engine Corvettes shipped out to buyers this year, followings delays related to strikes at GM and a production hiatus related COVID-19. Some owners have been exploiting pent-up demand by offering their cars for sale in the $100,000 range. Few C8s have come up for auction, so when this 5400-mile specimen popped up on Cars & Bids at no reserve, it caught our attention.
This C8 quite literally ticks all the boxes, including the track-oriented Z51 Performance Package. This $6000 option adds goodies such as Brembo brakes, upgraded suspension, performance exhaust, an electronic limited-slip differential, and an aero package. Creature comforts are not overlooked in this C8, which includes Apple Car Play, GT2 heated/ventilated seats and more. The current owner made a few minor changes, including a window tint and de-badging, but the car is otherwise in as-delivered condition.
After some spirited bidding in the final moments of the sale, the auction ended at $85,690 (including buyer’s premium). Commenters immediately congratulated the seller, although many were expecting a much higher final price.
C8 Corvettes are not a common commodity yet, and demand is outpacing supply. We priced out a 2021 Corvette with similar options to the C8 sold, and suggested retail is about $76,000. Add on dealer fees and taxes, and you’re easily looking at a car that will cost as much as this 5400-mile example commanded at auction. Remember that old adage that the moment you leave the dealer lot, your car depreciates? At least for now, that doesn’t apply to well-equipped and low-mile C8 Corvettes.
This particular buyer paid for the privilege of not hassling with a dealer nor waiting for the car to be built and delivered. Skipping the line in this way is worth it for some customers who don’t mind stepping into a lightly used car, but don’t expect this situation to last once the supply/demand ratio normalizes and balances out. On top of that, savvy buyers can look into a 2LT without the Z51 package for a Corvette experience that sacrifices almost nothing yet isn’t as sought after. Which of course, explains why this under-depreciation situation exists in the first place: The C8 Corvette is so good that you can’t really go wrong.