The price tag of a 2021 Corvette is a little higher starting this week. Chevrolet has confirmed a $1,000 increase on all trim levels. The change also means the Corvette can no longer say it starts under $60,000.
March 1st is serving as the effective date for the new pricing. Post-increase, the 2021 Corvette 1LT Coupe will start at $60,995. According to Corvette Action Center the increase is taking place on every trim level of both the coupe and convertible models. Fortunately the $1,000 hike is the only known increase, all options remain unchanged.
News of a price increase isn’t that big of a surprise. GM has struggled to keep Corvette production up and running due to the ongoing pandemic and a litany of parts shortages. The lumpy supply paired with continued high demand for the first-ever mid-engine Corvette makes this a recipe for price increases.
Corvette Action Center also reports they’re hearing GM is prioritizing Corvette production while the company grapples with a global semiconductor shortage. If true, this could also be a driver for the price increase to avoid too much impact to GM’s quarterly results. The company is also prioritizing production of its full-size SUV’s and pickups, both of which are big profit centers.
For those with open Corvette owners, GM has confirmed anyone with an order that has event code 1100 as of March 2nd will not be impacted by the increase. Everyone else, you’ll be on the hook for an extra $1,000. Even with the modest increase, the Corvette is still a bargain.