New Chevrolet Corvette buyers are much richer than the old ones

Business

The new mid-engine Chevrolet Corvette Stingray was designed to better compete with high-end exotic cars, and it’s not just doing it on the track.

A Chevrolet spokesman said that the median income of a Corvette buyer last year was up $76,000 to $214,000, suggesting it is being cross-shopped with cars well above its $59,995 base price, which is only $3,000 more than the previous version’s.

Chevrolet was only able to produce around 20,000 Corvettes in 2020 due to the challenges of the coronavirus pandemic, and it was a complete sellout.

Some dealers have been listing the coupes and convertibles for tens of thousands of dollars over their suggested retail price due to the tight supply.

The 2020 Corvette Stingray is powered by a 495 hp, V8, and capable of accelerating to 60 mph in 2.9 seconds, which is as quick as some mid-engine cars like the Audi R8 and Acura NSX that cost nearly three times as much as it.