Lack of supply has led to vehicles being sold above MSRP. The Corvette leads the pack, but Hummer EV buyers are now experiencing the same.
The C8 Corvette is a fantastic sports car. However, it has had more than its fair share of bad luck since launch making them quite difficult to find. And when supply is tight and demand is high, the price has nowhere to go but up. And we are not just talking about the typical MSRP price increases that come with a new model year. We are talking about the dreaded dealer markup above MSRP. We have seen examples of these markups ever since the C8 launch. But they continue today. And a recent study shows that the Corvette is marked up higher than any other vehicle on sale today.
The team over at iSeeCars recently analyzed 1.2 million new car listings. And what they found was that the average new car was marked up 9.9 percent above MSRP. In dollar terms, the average amount tacked on top of the sticker price was $3,753. That is bad news for the average new car buyer. But the news is far worse for the new Corvette buyer. In fact, the news is over four times worse. The C8 Corvette is marked up 19.3 percent above MSRP. That makes it the 11th highest marked-up vehicle in terms of percentage. However, in terms of dollars, it ranks as the highest. It was found that the C8 on average is listed for $15,218 above MSRP. That is a higher mark up than even Porsche Macan buyers deal with. And the Z06 isn’t even here yet.
The Full Study
| New Cars Priced the Highest Over MSRP – iSeeCars | |||
| Rank | Vehicle | % Above MSRP | $ Above MSRP |
| 1 | Jeep Wrangler | 26.7% | $8,925 |
| 2 | Ford Maverick (Hybrid) | 25.0% | $5,601 |
| 3 | Porsche Macan | 23.3% | $13,254 |
| 4 | Jeep Wrangler Unlimited | 22.9% | $9,534 |
| 5 | Jeep Gladiator | 22.5% | $9,824 |
| 6 | Ford Maverick | 22.2% | $5,368 |
| 7 | Lexus RX 450h | 21.0% | $10,365 |
| 8 | Ford Bronco | 20.6% | $7,783 |
| 9 | Genesis GV70 | 20.0% | $8,611 |
| 10 | Mercedes-Benz GLB | 19.8% | $7,992 |
| 11 | Chevrolet Corvette | 19.3% | $15,218 |
| 12 | Ford Mustang | 19.1% | $6,941 |
| 13 | MINI Countryman | 18.9% | $6,325 |
| 14 | Lexus RX 350L | 18.6% | $9,242 |
| 15 | Mercedes-Benz GLA | 18.6% | $7,142 |
| Overall Average | 9.9% | $3,753 | |
In the above chart you will see the full list of the top fifteen vehicles ranked by percentage above MSRP that they are listed for. Not a good time to be a Jeep or Ford fan as their models dominate the list. But from the standpoint of dollars, only three vehicles have 5-figure markups. The Lexus RX 450h, Porsche Macan, and beating Porsche in yet another comparison, is the Chevy Corvette. Now we are sure some rare, much more expensive exotic cars have higher markups. A Ferrari F8 Tributo probably goes for more than $15K above sticker nowadays. But that is not a mainstream car. The Corvette is mainstream. That is what the C8 is all about. It performs like the Ferrari F8, but at a fraction of the price. So, even with these markups we still consider the C8 a good deal.
Et Tu, Hummer EV?
A vehicle that is too new to be included in this study is the new Hummer EV. Another GM brand that seems to want to get in on the act of charging above MSRP. A recent article by the folks at Jalopnik explains that GMC Hummer EV reservation holders are getting hit with markups once their truck arrives at the dealer. In our opinion, that is an especially dirty trick. You think you have a deal worked out and then, bam, you are now required to pay extra. One example they illustrate is from a man in California who reserved an Edition 1 Hummer a year ago.
The truck came in, he test drove it, and sat down to sign the paperwork. He was then hit was a $50,000 ‘Market Constrant’ fee. Constrant is not even a word, but we guess the dealer was so excited to extract an extra fifty grand from the buyer, they couldn’t even type. The buyer was then told to pay the markup, or it would go to the next person in line. That is a pretty crummy way to do business.
What Can We Do?
The good news for Corvette buyers is that there are some dealers out there that will sell for MSRP. Seek those out even if they are out of state. CorvetteForum is a great place to find these dealers. If you can wait things out, until supply catches up with demand, it could be wise to do so. Prices should hopefully stabilize at that point. And now the hot new thing is of course the Z06, so if you are looking for a regular Stingray you may have an easier time scoring one of those at sticker price now. And finally, refuse to pay the markup. It sounds obvious but if no one pays above MSRP the dealers will stop asking for it. No matter what method you follow, good luck shopping. The new Corvette will not disappoint you.
Images: GM
Keyword: Sticker Shock! C8 Corvette Buyers Are Charged More Money Above MSRP Than Buyers of Any Other Vehicle