[1]The big business surrounding Corvettes both new and old is booming to the tune of over a billion dollars each year according to Edmunds.
How much money do you think Corvettes pump into the world’s economy annually? Just for starters, take a look at the yearly sales of new Corvettes, which totals around $750,000,000. That’s a huge number, but the truly amazing thing is that it’s only a very small slice of the proverbial Corvette pie.
A recent report on Edmunds website [2] takes a look at many of the parts of the Corvette Economy, including how much money official Corvette product licensing, restoration services, manufacturing of components, and used Corvette sales generate each year. Get this – the report estimates that the Corvette nameplate actually puts around $2.5 billion into the world’s economy every year. Absolutely incredible – especially when you consider that there are many developing countries whose annual GDP doesn’t come anywhere near that number.
[3] Now, Edmunds is the first to admit that there is a great deal of guesstimation in their numbers, and it would be next to impossible to nail down exact amounts on all of the economic activity that surrounds the Corvette. The report also doesn’t include the millions that change hands each year with the sale of classic Corvettes.
Our friend Mike Yager from Mid-America Motorworks [4] offers more perspective on the classic Corvettes by telling Edmunds, “How many Corvettes are out there in garages being restored? Ten thousand? 20,000? 30,000? We’ve barely even touched that market.”
Check out Edmunds’ full report on the Corvette Economy here [2], and let us know what you think in the comments below.
[5]As the Edmunds report points out, now that the C6 is riding off into the sunset and the C7 is about to hit the streets, the Corvette Economy is just going to continue to grow for the foreseeable future.