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.