The Corvette Market seems to have bottomed out.
Sales for us in the last 6 months have picked up.
It seems that the reduction or market correction in prices due to a bad world economy, has motivated collectors and enthusiasts to take advantage of lower prices. The profit margins are much smaller, but at least they are selling, for us anyway. I guess the old saying holds true. "Good cars at a fair market price will always have a buyer".
Auction results from previous Mecum and Barrett- Jackson (Las Vegas) of late have also shown the Corvette market to be stronger and more steady than most other muscle cars. Time will tell if this is just a minor and temporary upswing.
The export market has been a big boost to sales as well. The weak US$ combined with the lower car prices has seen an increasing overseas demand for Corvettes. This is one reason the prices have stabilized. Another factor effecting price stability is the plain and simple fact that owners do not want to loose a lot of money on their cars when they know that the prices will go up again. This I know for a fact, as I am having trouble buying inventory at "recession prices". I am having to pay up for good cars.
My prediction for the future corvette market is this. Once we get out of our recession the demand will become greater again, as it always has. The supply will not be there because it is all overseas. I can see me importing Corvette back into the US in the not too distant future.
For now we can breath again. The auctions in January will be the next market indicator.
