Corvette Stingray: Affordable For the Average Sports Car Enthusiast?

14corvette-gallery-full-16Since General Motors (NYSE:GM) was bailed out by the United States government in 2009 — which chose to keep the automaker alive under the banner of job and economic preservation — everyone has questioned whether or not the company can repair its business enough to make a significant comeback. But with North American sales increasing 8 percent in the first quarter of this year and the U.S. Treasury preparing to sell its remaining stake in the company, the Detroit-based automaker is once again on stable footing. Symbolic evidence of this revival can be seen in the redesigned 2014 Corvette Stingray, one of America’s quintessential sports cars.

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“The 2014 Corvette Stingray perfectly embodies Chevrolet’s mission to deliver more than expected for our customers,” Chris Perry, vice president of Chevrolet marketing, said in a recent statement. “The Corvette Stingray delivers a combination of performance, design and technology that very few manufacturers can match, and none can even come close for $52,000.”

With the next-generation Corvette, GM is clearly giving a nod to its past; the Stingray moniker is a name that has not been seen since 1976. The automaker also wants to keep the vehicle more exclusive than Corvettes of the past — fewer than 1 in 3 Chevy dealerships were given the right to sell the new car, at least initially. Contributing to that exclusivity is the Stingray’s price tag; its base price of $52,000 puts a premium of $1,400 on the 2013 model that it will replace.

GM’s Stingray — unveiled at the 2013 Detroit Auto Show — has already been deemed the best model-over-model change in decades. MotorTrend titled its March 2013 review of the 450 horsepower vehicle “Seventh Heaven: Chevy’s New ‘Vetter Has It Where It Counts.”

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Using an estimated price of $54,000, Edmunds.com calculated just how feasible purchasing the Stingray would be. For a buyer with good credit, auto loans can be as low as 1.75 percent APR. If a down payment of 20 percent is provided, the buyer is left financing $43,000. The average monthly payment would come  in at $752.48 if the loan was financed for a period of five years, while it would cost about $632.48 per month over a period of six years. For the financially well-endowed sports car enthusiast, this price could be considered affordable, but for comparison, the 2013 Chevrolet Malibu has a sticker price of just $21,995.

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