Many drivers dream of owning a Corvette. But how much does it cost to own a Corvette?
According to our research, it costs $56,000 to $74,000 to own a Corvette for five years. This estimate includes depreciation, insurance premiums, maintenance, repairs, fuel costs, and other costs of ownership.
Keep reading to find out everything you need to know about the cost of owning a Corvette and how much you can expect to pay for a Corvette over multiple years of ownership.
It Costs $56,000 to $74,000 to Own a Corvette for Five Years
The average MSRP for a Corvette is around $50,000 to $80,000, depending on age, trim options, convertible or non-convertible, your location, and other factors.
The 2023 Corvette Stingray coupe with 1LT trim, for example, has an MSRP of $61,900, which is the cheapest new Corvette you can buy.
On the other end of the spectrum, however, the 670-horsepower 2023 Z06 starts at $105,000, while the Corvette Z06 Convertible with the 3LZ package has an MSRP of $125,850.
In other words, the cost of owning a Corvette depends largely on how much you initially paid for the Corvette.
However, considering the average MSRP and sale price for new and used Corvettes, our research indicates the average driver pays $56,000 to $74,000 to own a Corvette for five years.
Edmunds & Kelley Blue Book 5 Year Cost of Ownership
Our research includes all recent model years of Corvettes, including new and used Corvettes owned over a five year period.
If buying a new model year Corvette, you could have a higher cost of ownership because of your higher upfront purchase price and faster depreciation on newer vehicles. If buying an older model year Corvette, meanwhile, you could have higher maintenance and repair costs but lower depreciation.
According to Edmunds, for example, a 2021 Corvette (the most recent available in their rankings) has a total cost of ownership of $78,332.
Kelley Blue Book, meanwhile, ranks the 2022 Corvette second in its class for the lowest 5 year cost of ownership (just behind the Dodge Charger in the high performance car category). The total estimated cost of owning a 2022 Corvette over 5 years, according to KBB, is $56,374.
Corvette Ownership Cost Breakdown
Owning a Corvette may be cheaper than you think. Corvettes may retain their value better than average vehicles.
However, owning a Corvette can also be more expensive than many drivers realize. Corvettes tend to have higher insurance, maintenance, and repair costs, for example.
Here are some of the expenses you’ll pay to own a Corvette for five years, according to our research:
- Insurance ($1,800 Per Year): The average Corvette owner pays around $1,800 per year for full coverage car insurance, according to our research. Corvettes are more expensive than the average vehicle, which means you’ll pay higher car insurance premiums. In comparison, the average driver in the United States pays around $1,450 per year for full coverage car insurance.
- Maintenance ($4,350 Over 5 Years): During the first three years of owning a Corvette, you can expect to pay $200 to $600 per year for maintenance. By year four, however, your estimated maintenance costs rise to $2,900, according to Edmunds, with additional estimated maintenance costs of $1,100 in year five. If you follow the recommended Corvette maintenance schedule, you can expect to pay roughly $4,350 over a five year period.
- Repairs ($1,500 Over 5 Years): There are no estimated Corvette repair costs during the first two years of ownership. However, you can expect to pay repair costs of $200 to $700 per year in the subsequent three years, giving you a total estimated repair bill of around $1,500 over a five year period. If you buy a used Corvette, your estimated repair costs will be higher. New Corvettes also have certain warranty coverage that could cover repairs.
- Taxes & Fees ($2,000 to $3,000 Initial Fee): When you buy a Corvette, you can expect to pay initial taxes and fees of $2,000 to $3,000, depending on your location. You’ll pay additional taxes and fees (like registration fees and taxes) of $50 to $100 per year, depending on your state.
- Depreciation ($32,000 Over 5 Years): The biggest cost of owning a Corvette is the depreciation. When you buy a Corvette, it immediately begins to depreciate. After five years of owning a Corvette, your car has declined in value by around $32,000. Instead of selling your Corvette for $70,000, for example, you may be able to sell it for $38,000. This is the price you paid to own the Corvette for five years.
- Fuel ($3,000 to $4,500 Per Year): You can expect to pay $3,000 to $4,500 per year to fuel your Corvette, according to our research. This amount depends on your location, location fuel costs, and annual mileage, among other factors.
Other Factors Affecting Corvette Ownership Cost
You could pay $56,000 to $74,000 for a Corvette over five years, on average, according to our research. However, you could pay significantly more or less than that amount based on many factors.
Some of the factors that impact the cost of owning a Corvette include:
Insurance Coverage: Some Corvette drivers buy full coverage car insurance with extended protection for all parts of their Corvette. Others buy smaller insurance policies to reduce annual premiums. You could pay as little as $1,100 per year for basic liability coverage for your Corvette. Or, you could pay over $6,000 per year for high-end coverage on a new Corvette.
Down Payment: Your down payment impacts the cost of Corvette ownership. The down payment is a cost you pay today and is added to your full cost of Corvette ownership, but it can improve your financing or leasing options.
Financing Options & Interest Rates: The cost of Corvette ownership varies significantly based on your leasing or financing options, including your interest rate and other costs.
State Insurance Laws: Some states have strict insurance laws and high insurance premiums. Other states are no-fault states. Corvette drivers in Florida pay the highest average annual rates for car insurance, for example, while Corvette drivers in Maine and Idaho pay some of the lowest possible rates.
State Taxes, Fees, and Destination Charges: Some states have a sales tax, while others do not. You may also pay a destination charge. Upfront taxes and other fees impact your total cost of owning a Corvette.
Trim: The 2023 Corvette Stingray coupe in 1LT trim has an MSRP of $61,900, making it one of the most affordable options available. The Corvette Stingray Convertible with 3LT trim, meanwhile, has an MSRP of $80,850, while the Z06 high-performance Corvette convertible has an MSRP over $120,000.
Model Year: Our estimated cost of owning a Corvette includes all recent model years, including new and used Corvettes that may be on the market. However, your cost of owning a Corvette varies widely based on model year. Older Corvettes have higher estimated repair and maintenance costs, while newer Corvettes cost more upfront but have lower estimated repair and maintenance costs.
Final Word
According to Edmunds, the True Cost to Own a 2021 Corvette is $78,332, which includes depreciation, fuel insurance, repairs, maintenance, and other estimated costs.
According to our research, which includes new and used Corvettes from all recent model years, the average Corvette driver pays $56,000 to $74,000 for a Corvette over a five year period.
Consider insurance, repair costs, and other expenses when deciding whether or not to buy a Corvette.
