If you’ve been waiting to pull the trigger on a 2019 Corvette, you better act quick.
Last week, GM announced that it would be increasing the price of 2019 Corvettes that have not been built and invoiced yet. However, that doesn’t affect sold orders.
For example, if you placed an order for a new ZR1 before the announcement, the price you would pay at the time of delivery would be the price that was given to you by your dealer at the time the order was submitted and accepted by GM.
In addition to increasing the MSRP, GM is also increasing the cost of the 8-speed paddle-shift automatic transmission by $270 which accounts for the majority of all new Corvettes built today.
Below is a breakdown of the increased pricing which does not include the $1,095 shipping fee or the gas guzzler taxes on the Z06 and ZR1 models:
|Model||Model Code||Old Price||New Price||Increase|
|Stingray Coupe||1YY07||$55,495||$55,900||+ $405|
|Stingray Z51 Coupe||1YX07||$60,495||$60,900||+ $405|
|Stingray Z51 Convertible||1YX67||$64,495||$65,400||+ $905|
|Grand Sport Coupe||1YW07||$65,495||$65,900||+ $405|
|Grand Sport Convertible||1WY67||$69,495||$70,400||+ $905|
|Z06 Coupe||1YZ07||$79,495||$80,900||+ $1,405|
|Z06 Convertible||1YZ67||$83,495||$85,400||+ $1,905|
|ZR1 Coupe||1YV07||$118,900||$120,900||+ $2,000|
|ZR1 Convertible||1YV67||$122,900||$125,400||+ $2,500|
|8-Speed Automatic Transmission||RPO M5U||$1,725||$1,995||+ $270|
Why The Price Increase If Sales Are Down?
In 2014, Chevrolet built 37,288 Corvettes and ever since, annual production has continued to slide down to 32,782 Corvettes built for the 2017 model year. The 2018 model year was cut in half, resulting in only 9,686 Corvettes being built that year.
Thus far, Chevrolet has built just under 15,000 2019 Corvettes. Assuming 2019 production will end at the end of June like it normally does every year, we estimate that 2019 production will end up somewhere between 25,000 – 30,000 units built.
So why the price increase? It’s possible that GM is starting to feel the effects of President Trump’s tariffs that affect some automotive components that are manufactured overseas and imported into the U.S.
Some folks have assumed it’s to cover the cost of the upcoming mid-engine Corvette, but that is not the case as an R&D budget is pre-determined by an automotive manufacturer prior to even developing the car. An OEM won’t raise usually raise prices on a current model that’s currently in production just to cover the cost of something that is down in the pipeline.
Given the current state of the economy and the tariffs that Trump has put into place, chances are, that’s the reason why we’re seeing an increase in the Corvette’s MSRP.
If you’ve been sitting on the fence waiting to grab a 2019, you may want to run to your nearest dealer and grab one off the showroom floor now before the price hike.