AWESOME or AWFUL? GM Is Having Significant DIFFICULTY Moving C7 Corvettes, It's A Buyer's Market

While listening to the radio this morning, I heard a story on 1010 WINS. Highlighting the supply glut of General Motors' current-gen C7 Corvette, it's become nationwide news that an all-new, gamechanging Corvette is on the way.

Now buyer's are holding out to see what's coming down the 'pike.

July 18 is the big day. We're looking forward to it.

Until then though, as we've pointed out before, there's a ton of incentives and money on the hood. Perhaps the national headlines will help clear inventory before the C8 gets here?

This weekend I may head to a dealer or two just to see what the offers look like. Honestly, I am not particularly impressed with what I am seeing with the all-new C8. Its design is kind of off putting and its interior is laughable from the leaked spy shots we've seen so far.

That said, what do YOU make of the situation, Spies? Is this inventory build up getting your attention or are you hanging in there for the C8?

...Corvette sales in the U.S. have declined every quarter from the prior-year period since 2016. Dealers sold just 18,791 of the vehicles in 2018, 44 percent less than in 2015. Current models are idling on dealership lots, forcing dealers to offer large incentives. Stingray, for example, is dangling discounts and incentives up to $15,000 on some of the high-performance models. If you’ve always wanted a Corvette and don’t care where the engine goes, now’s the time.

General Motors declined to talk about the big Corvette upgrade or the sales slump, though the company did confirm a reveal date: July 18, in southern California...

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runninglogan1 - 5/7/2019 4:54:58 AM

+2 Boost

Tough sell with the C8 around the corner.

MDarringer - 5/7/2019 8:26:43 AM

0 Boost

Actually, our experience is quite different. Our lot and internet sales of the Corvette are quite robust. Premium cars are always a buyer's market, but we're definitely not doing fire sale pricing. I guess you customers haven't gotten that memo.

mre30 - 5/7/2019 7:45:43 AM

-1 Boost

Chevy is going to find that this segment is dying. Once the initial flurry of pre-orders for the C8 is filled, sales for the C8 will dry up too.

Their is a risk that dumping development money into a mid-engined Corvette will end up killing the Corvette all together. I will be the first person to say that, and 2 years from now when there is a 10 month supply of mid-engined Corvettes on the Chevy lots and Autospies is doing same post, except it will read...

"AWESOME or AWFUL? GM Is Having Significant DIFFICULTY Moving C8 Corvettes, It's A Buyer's Market"

The segment is dead or dying.

Related - yes the new Supra sucks but 10 years ago there would have been human beings with a pulse and a checkbook to take them off the dealer lots, but that buyer no longer exists. The Supra will have a lifespan of about 3 years before its canned.

MDarringer - 5/7/2019 8:27:18 AM

-1 Boost

The C8 is a colossal mistake and it will kill the Corvette.

PUGPROUD - 5/7/2019 8:59:03 AM

+1 Boost

I believe the C8 will find its niche and sales will follow those of the over all category which over time is shrinking.

TomM - 5/8/2019 4:35:46 AM

+1 Boost

It all depends on the pricing and availability of the new car.
After the initial Surge - Chevy will need to have premium versions available - but along with a bunch of Base models.
Not having the base models destroys momentum and you will get the Model 3 syndrom - lots of deposits but less deliveries. Still - I do not think Chevy will be able to keep up with demand.

AS far as the C7 - the price will drop 1 whole year of depreciation in one day - so $15,000 of an old Vette will be commonplace. Maybe even more. It is not a matter of how much profit there is in the car - Chevy brought up inventory - and will need to get rid of the cars. You do not want a lot full of C7s out there in the way of C8 sales momentum. Still - I believe Chevy will sell every one they can make for at least a couple of years before sales start to normalize.

Truthy - 5/7/2019 10:22:36 AM

0 Boost

My local dealer is not having difficulty seeking C7s. Rather than bash Chevy, look at historical sales for previous generations or cars in its competitive set to see if their is a similar pattern.
Sales if Tesla Models S and X have nosed dived, but all I see here are articles admiring Tesla.

wilfred - 5/7/2019 1:22:37 PM

+2 Boost

So I see $10k off the C7 stingray is already possible, maybe $20k? on higher trims? Or when the C8 finally hits the showrooms... People are willing to pay $60-70k on a Camaro ZL1.

Keep in mind the C8 will be in high demand for first few years.

Section_31_JTK - 5/7/2019 10:36:31 PM

+1 Boost

$15k of a new Vette is not fire sale pricing? Just how much profit is there in the thing?