Everyone’s holding out for the C8 Corvette, it seems.
GM has a problem: It’s producing more C7 Chevrolet Corvettes than it can sell. When you hype up the launch of an all-new model, one of the first questions to crop up surrounds the fate of the old version. Such is the case with the Chevrolet Corvette. While C7 Chevrolet Corvettes are on sale right now, it appears people aren’t buying them, instead holding out for the mid-engined C8 Corvette. Right now, Chevrolet dealers have a jaw-dropping 232-day inventory of C7 models on their lots. That’s way higher than the industry average, which is a little over three months.
The data comes from eInventoryNow, a dealer-to-dealer site that aims to be a “matchmaking” service to those with excess inventory. In helping GM dealers manage their inventories, they supply a “day supply” list of every GM model. Best-sellers like the Equinox have about a 63-day supply span with 66,000 units. Even slow-selling models like the Buick LaCrosse only show a 121-day supply across all U.S. GM dealers. The 232-day supply for C7 Chevrolet Corvettes dwarfs all other models except the Blazer, which just went on sale.
CorvetteBlogger first pointed out that C7 Chevrolet Corvettes are just sitting on dealer lots. In January 2019, GM dealers moved just 800 examples. That’s a far cry from the 40,689 they shifted in 2016 (averaging around 3,400 a month). All the while, Bowling Green continues to produce the current Corvette as we wait for the new model’s launch.
Deals ahead for C7 Chevrolet Corvettes?
I can’t help but think dealers will offer incredible deals on these brand-new Corvettes, particularly as we inch closer to the C8’s imminent arrival. CorvetteBlogger points out that they’ll keep ordering new Corvettes because they don’t want their allocations from GM to fall. They need to have a higher allocation so they can get more C8 Corvettes when they’re available.
That means the inventory oversupply problem won’t go away anytime soon. However, it does mean dealers may be willing to budge on shifting what inventory they do have. Local dealers around Denver, Colorado, for instance, are advertising several thousand dollars off new C7 Corvettes, not including any loyalty programs or employee discounts.
As we move into the strange new world of mid-engined models, the “old” C7 Chevrolet Corvettes may become collectable as the brand’s last front-engined design. Over the years, as the model gets rarer, perhaps they will appreciate in value.
