2021 Chevy Corvette Depreciation: Discover Its 5-Year Value Drop
The Chevrolet Corvette has been an iconic sports car since its debut in 1953. Renowned for its impressive performance and striking design, the current C8 generation further emphasizes these traits with innovative technology and a mid-engine configuration. Despite its desirability, the Corvette is not immune to depreciation.
2021 Chevy Corvette Depreciation: An Overview
According to CarEdge, the new Corvette Stingray may experience a significant depreciation of up to 44% over a typical five-year ownership period. This estimate assumes an initial selling price of approximately $82,220 and an annual mileage of around 13,500 miles. However, estimates from iSeeCars suggest a more modest depreciation. According to their data, a gas-powered Corvette coupe may depreciate by about 26% over five years, while a hybrid version may see a decrease of around 28%. Convertibles also experience notable value drops, with hybrids at 36% and non-hybrids at 33%.
Resale Values and Depreciation Rates
For the 2021 Chevy Corvette, Kelley Blue Book (KBB) predicts a resale value of around $53,600 by January 2026, given its starting price of $60,995. This represents a depreciation rate of approximately 12% over five years. A closer examination of Classic.com reveals that 2021 Corvettes generally list for above $53,000 after five years on the market. The site notes the lowest recorded sale at $54,000, while some models reach prices as high as $101,908.
- The average listed price for 2021 Corvettes is around $69,359.
- CarGurus reports an average selling price of $65,530.
This excellent value retention is particularly impressive, considering the average price of the six trims offered in 2021 was about $70,995.
Price Comparisons within the Segment
KBB quotes that the fair purchase price for the 2021 Corvette Stingray Coupe is roughly $56,000, while the Stingray Convertible is priced at around $60,100. Given its original price of $60,995, this translates to a depreciation of about 8% for the coupe and 12% for the convertible.
Comparison with Competitors
The Corvette competes with esteemed sports cars like the Porsche 911, Mercedes-AMG GT, Lexus LC, and Audi R8. Despite the fierce competition, the Corvette’s 12% depreciation rate stands out as one of the best in its class.
- Porsche 911: Holds value excellently, with a depreciation rate of just 0.15%.
- Lexus LC: Experiences a depreciation of around 37%.
- Audi R8: Records a depreciation of 16%.
In summary, the 2021 Chevy Corvette remains a solid option in the luxury sports car market, showcasing competitive resale values and low depreciation rates, especially when compared to its formidable rivals. Chevrolet can take pride in the strong performance of its iconic mid-engine coupe.
