Still a Highly Desirable Car
There was plenty of speculation about what would happen with the resale value of the C7 Corvette once the C8 came out with its mid-engine layout and its totally new design. So far, the C7 Corvette doesn’t seem to be hurting much. Recently J.D Power listed the car as number one in its latest 2020 U.S. Resale Value Awards.
The Corvette beat out other cars that are well-known for keeping their value like the Nissan GT-R and the Porsche 911. In the Medium Premium Sporty Car category of J.D Power’s awards, the Corvette was at the top of the heap by seeing the lowest level of depreciation of other cars in its class.
“Our transaction database shows which models have the lowest depreciation costs, hence providing consumers with a key component in the total cost of ownership of the vehicle they plan to purchase or sell,” said the general manager of vehicle valuations at J.D. Power, John Banks. “Currently, wholesale prices remain strong and we expect prices will be greater than pre-virus levels by year’s end. However, given the volatility of the market, it’s more important for consumers to factor this information into their purchase decision.”
J.D Power analyzes data from about 270 different vehicle models across more than 592,000 dealerships and their transactions. The vehicle’s wholesale price was divided by its original purchasing price to find the amount of depreciation in three years since it was first sold.
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