The Depreciation Rate Of A 2021 Chevy Corvette Might Make You Pause

When you choose a new car over a used one, you're probably looking for the benefit of a warranty period, reliability in performance, and a guaranteed pristine condition. However, the downside of a new car is that its value can depreciate quickly after you buy it. According to Kelley Blue Book, a typical new vehicle will depreciate 30% over the first two years after you buy it, and 8% to 12% each year after that.

That said, certain classic car designs appreciate in value instead of depreciating. The Chevrolet Corvette is a rare classic car that still has new models in today's market. The 1963 version of this Chevrolet classic car is worth a small fortune now. That model's increase in value is impressive; its new sale price was little more than $4,000 six decades ago, and nowadays, its price tag is often in the six-figure territory. Needless to say, new Chevy Corvette models are depreciating like most modern cars; however, the 2021 Corvette's depreciation rating is incredibly low — in the last three years, it only lost 27% of its value. Compared to other 2021 model year two-door coupes, the 2021 Corvette ranks in the top 10% to 25% in terms of depreciation performance, according to Kelley Blue Book, meaning it holds value better than its peers.

The Corvette is one of the best-known motor vehicle designs of the past several decades, and Consumer Reports says this sports car ranks high in customer satisfaction. Such popularity among drivers may be one reason the 2021 model is depreciating slower than similar vehicles. According to Kelley Blue Book, the current average resale value of the 2021 Chevrolet Corvette is $54,400. Meanwhile, the publication estimates the average resale value of this model to be $37,238 by 2028.

The 2021 model is also holding value better compared to newer Corvette model years. Kelley Blue Book shows that the 2022 model year has a depreciation that fits in the 25%-to-75% range compared to all 2022 coupes, giving it a loss of value that's average. It has a current average resale value of $55,700, which is only slightly higher than that of the 2021 model. Its average resale price is estimated to be $37,903 in 2028.

Kelley Blue Book shows similar results for the 2023 and 2024 Corvette model years, with a loss of value that's comparable to that of other coupes. These model years' average resale value in 2028 is projected to be $39,147 and $41,048, respectively. Beyond the model year, any car's resale value will be affected by its mileage, condition, and accident history. With sports cars, factors like trim selection and accessories can also play a role.

JD Power named the 2021 Chevrolet Corvette the top-rated coupe for that model year in its Automotive Performance, Execution, and Layout (APEAL) Study. Compared to most other coupes near the top of the APEAL list, the Corvette is holding its resale value quite well.

For example, the 2021 Lexus LC ranks second on the APEAL list. Its loss of value is average among other coupes of the same model year, according to Kelley Blue Book. The 2021 Lexus LC's current average resale value of $58,600 is about $4,200 higher than the Corvette's, but the LC had a much higher original MSRP range of $94,125 to $102,175, compared to the Corvette's original MSRP of $60,995 to $79,945.

That said, the 2021 Porsche 911 ranks third on the APEAL list, and this coupe is depreciating slower than the 2021 Corvette, ranking in the top 10% among that model year's coups in terms of depreciation. Meanwhile, the 2021 BMW 4 Series is ranked fourth on the APEAL list, but it has one of the worst depreciation ratings according to Kelley Blue Book, ranking worse than at least 75% of 2021 coupes.