CORVETTE NEWS SUMMARY | FEBRUARY 2022
Recently, America's sports car has been in the news, dominating headlines, events, and car markets. After starting the year with great strides, Chevy isn't slowing down anytime soon, and from all indications, this will be an exciting year for General Motors, and all Corvette owners and lovers, despite chip scarcity.
Following up on January's Corvette News Summary, we are back with a summary of the exciting news of happenings in the world of Corvettes for February.
The Z06 Dealership Tour, reported in our December News Summary, kicked off mid-February at Ciocca Corvette in Atlantic City. The tour is a live reveal of the 2023 Corvette Z06 alongside a tech from GM to help showcase the new model's various options including colors, upholstery, and wheels.
After appearing at Ciocca Corvette, the Tour headed to Hendrick Chevrolet Cary. Following Rick Hendrick winning the bid for the first VIN001 2023 Corvette Z06 at a whopping $3.6 million at the Barrett-Jackson auction event as we reported in our news summary for January, the dealership also got an up-close look at the C8 Z06 in a classic Torch Red finish.
Image source: American Hydrocarbon via MidEngine Corvette Forum
Here is a list of upcoming Z06 Dealership Tour dates:
|Buster Miles Chevrolet
|Lander’s McClarty Chevrolet
|Estero Bay Chevrolet
|New Smyrna Beach
|New Smyrna Beach Chevrolet
|Wildwood (The Villages)
|George Nahas Chevrolet
|Don Mealy Chevrolet
|Rick Hendrick Chevrolet
|Les Stanford Chevrolet
|Van Bortel Chevrolet
Sales in 2021 have proven that there is none like the 'Vette'. The Corvette commands 63% of the market for premium sports cars (Porsche 991, Mercedes-Benz SLC Class, Ford GT, BMW i8, Nissan GT-R, and Acura NSX).
General Motors sold 33,041(US) C8 Corvettes in 2021. The Porsche 911 (in second) old 10,000 units.
Source: GM Authority
J.D Power, the research firm behind studying residual values of cars, found that the Chevrolet Corvette to hold the best value in the premium sportscar market. Now we can show our significantly other's that buying this Corvette was worth it! As you will read shortly, the C8 Corvette is currently second on the used car market that is fetching higher prices over its MSRP.
Source: J. D. Power
The C8 Corvette secondary market is hot to say the least.The C8 Corvette is not the only vehicle experiencing used prices being higher than list, but it did place second place out of 15 cars. The top three were:
- Mercedes-Benz G Class (35.6% above MSRP).
- Chevrolet Corvette (20.2% above MSRP)
- Tesla Model 3 (17.8% above asking)
- Ford Bronco Sport (16.4% above MSRP)
- Chevrolet Trailblazer (15.6% above MSRP)
- Toyota RAV4 Hybrid (14.8% above MSRP)
- Chevrolet Suburban (12.9% above MSRP)
- Toyota Tacoma (12.2% above MSRP)
- Toyota C-HR (12.2% above MSRP)
- Kia Tellulride (12.1% above MSRP)
- Kia Rio (11.7% above MSRP)
- Subaru Crosstrek (11.7% above MSRP)
- GMC Yukon (11.3% above MSRP)
- Toyota Sienna (11.2% above MSRP)
- Hyundai Accent (11.2 above MSRP)
Shameless plug, but hey, it's our blog! We just released the C7 5VM Winglet, which was made to give the C7 Corvette a bit of the new generation. It looks almost exactly like the C8 5VM Side Rocker, just that it has shorter width and height when compared to the C8 5VM.
It is made locally using polycarbonate thermoplastic injection molding. This process gives the winglet excellent durability, impact strength, rigidity, and a sleek look that is to die for!
Just like the preinstalled rockers, hood inserts, spoiler, fender inserts, and other C7 components on the C7, it is painted carbon flash metallic flash.
The ACS 5VM Front Splitter at $739 got featured as one of the top ten coolest mods for the C8 Corvette!
There are no shortages of was to modify the Corvette from lights, interior, body components, wheels and more. That is what makes this platform great to own, and product quality aftermarket components.
The 3LT package, some may say, is the final step in the C8 Corvette experience. You're geting GT2 seats, unlimited custom leather and stitching options and weather wrapped interior.
GM Authority reports that GM sold more 3LT in 2021 than all Corvette sales in 2018 and 2019.
The upgraded package increases the average order value of the C8 up to nearly $90,000. General Motors knows how the up-sell game works!
Source: GM Authority
Well, chip shortages have been affecting automakers for a long time now, and unfortunately it is hitting the C8 for the first time. The rear park assist is driven by chip technology and the shortage is forcing Corvette to drop this feature from future orders.
Buyers whose vehicles were stripped of this feature will receive a $50 credit. However, there will be retrofit parts available in Q4 2022.
This is not the first supply chain shortage we've seen with the C8. Options such as the Engine Appearance And Lighting Package (ZZ3) and the High Wing Spoiler In Carbon Flash Metallic (5ZZ) are still on constraint. But the situation is not all bad - the Carbon Fiber Outside Mirror Covers (5JR) and the Carbon Fiber Grille Inserts (RZ9) will be available to order once again beginning February 7th.
If you missed last month's Corvette News Summary, then you would have missed us teasing our own Engine Appearance covers coming out shortly! Here's another shot of them.
Source: Corvette Action Center
Chevrolet, on Wednesday, February 23rd, sent out an email update on the 2023 Corvette Z06, which stated that the 2023 Corvette Z06 Anniversary Z06 Coupe will be available for purchase in Spring.
This is an exciting development, and as the email stated coupe alone, we can't provide any further updates about the convertible yet. However, without any schedule change, the 2023 Corvette Z06 production should start by May 9th.
That's it for our February summary! Thank you so much for reading. We believe we have brought you up to speed on all things Corvette. This month came with good and bad for the consumers, but one thing still stands: Chevy is determined to do well in production and customer satisfaction!