Study Shows 40% Of Corvette Buyers Paying With Cash

While most sports car buyers choose to finance their purchases in order to fulfill their dreams, a lot of Corvette fans are apparently going by a different philosophy.

Out of 32,000 new registrations, 40.3% of all Corvette buyers paid with cash, while only 56.9% of them used a loan, according to Experian.

“With the Viper and the Corvette being on the higher end of the muscle cars reviewed, it’s not that surprising that a higher percentage of customers paid for them in cash,” said Experian exec Melinda Zabritski. “Our findings show that those buyers had the highest credit scores, which could indicate that they have more disposable income.”

To put things in perspective, as much as 79.3% of Camaro buyers are paying for their car on a monthly base, with another 7.3% opting for a lease. This leaves just 13.4% cash purchases when it comes to the Camaro, as reported by CorvetteBlogger.

There could be several other reasons why Corvette buyers are purchasing their vehicles with cash in such high numbers. With the Vette being a more expensive car on average than the Camaro or the Mustang, some people may view it as a reward-buy that they plan to keep for the long run, instead of a more ordinary, daily driver purchase (especially for the entry-level versions) that will be replaced down the road with something newer and cooler.

PHOTO GALLERY

  • It’s the Corvette effect called “Shut Up and Take My Money”. 🙂

  • BGM

    When I financed my Murano my credit score was 819. Needless to say I don’t have $80K sitting around to buy a Corvette in cash. Let’s look for another explanation. Meth dealing?

  • TheBelltower

    Perhaps because the average age of the Corvette buyer is higher than other cars.

  • Astonman

    They’re older which means they’ve had more time to make and save money. No more kids to send to college, no more kids at home. Have more equity in their homes to pull money out instead of doing the conventional auto loan

    • Auf Wiedersehen

      Still seems a poor use of cash IMO.

      • Astonman

        Or you can stick in a CD and earn .75%. Or you can stick in the stock market and watch it possibly drop. Some people don’t want to make payments.

    • Paul Beatty

      This. Exactly. Older buyers have their homes paid off (or at least a lot of equity) so they are getting Equity lines of Credit to buy their cars which generally have more favorable interest rates and the loan interest can be written off their taxes. Car dealers think they are paying cash but they are actually still financing. . .it’s just a smarter way of doing it.

  • Auf Wiedersehen

    WOW! Unless you plan to keep it as a garage queen and never drive it for 20-30 years, that is a really poor use of cash. Even then the general population Corvettes will not see huge returns. Look at any televised car auction. It’s like burning 10-15% of that cash as soon as you drive it away. Never use cash for a losing investment and 90% of cars are losing investments INCLUDING Corvettes, Porsche, Mercedes BMW etc etc. It’s better to use someone else’s money and let that $70-80 cash work for you! Only the obscure, limited, elite cars are investments. Unless it will never be driven and pampered in a garage (which is sad) this is a losing battle. I think the study is skewed, the people are lying or are very dumb with cash. 40% seems HIGH!

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