Chevrolet Corvette Resale Value: Is It Worth The Investment?
The Chevrolet Corvette has been an iconic American sports car since it first hit the market in 1953. Every generation of Chevy Corvette has been a powerful bang-for-the-buck proposition for the American market, competing for top resale value with elite German and Italian machinery. Despite known issues with parts degradation and build quality, the Corvette has a solid reputation for holding its value well against other sports cars.
Last year, Kelley Blue Book listed the 2023 Corvette as having the fifth-best projected resale value across every vehicle that year, expecting it to sell at 65.3% of its sticker price. The Corvette was the highest-ranked car on the list — only Toyota's Tacoma and Tundra pickups, the new Ford Bronco, and Tesla's Model X SUV did better.
The folks at iSeeCars.com did a similar study on cars that had actually sold, covering a full five years of depreciation. The Corvette still placed 23rd, third among American sports cars. That study found a 5-year-old Corvette would only lose 27.5% of its value. The 'Vette's strong brand recognition and high performance — a 5-year-old stock C7 Corvette can put down 460hp and run 0-60 in 3.8 seconds — have earned it a spot among the most profitable used cars.
The Chevy Corvette depreciates slower than others
The Corvette has been a top performer in the resale market for some time. In a 2018 study by iSeeCars.com, a 2013 C7 Corvette placed third behind the VW Golf R and Subaru Impreza WRX for having the lowest average five-year depreciation among sports cars. The C8 Corvette also claimed the top spot in Kelley Blue Book's Best Resale Value Awards for 2021. With a predicted resale value of 49.5% of the original sticker price after 60 months of ownership, the C8 Corvette outperformed perennial competitors like the consistently high-resale-value Porsche 911, which would sell at 48.9% of its sticker value after five years, and the 2021 Dodge Charger Scat Pack, which sold at 47.9%.
Crucially, the upfront cost of a Corvette is also significantly lower than some of its competitors. A base Porsche 911 Carrera sold for $91,100 in 2018. The 2018 'Vette cost just $55,495. With consistently cheap buy-in and low depreciation, used Corvette buyers just need to decide which Corvette model is the coolest. Notably, for buyers whose tastes run to the classic, old-school 'Vettes can be even more rewarding. A mint 1953 C1 Corvette could fetch anywhere from $50,000 to a mindblowing $700,000. Not bad for a car that sold new in 1953 for under $3,500, the equivalent of $40,000.