Another $2000 USD price increase on all C8s

[DenisC8]

Chevrolet is increasing MSRP of all 2024 C8s by $2000 USD in USA as of Oct 2nd

CHEVROLET is announcing revised prices effective for vehicles produced on or after October 02, 2023. This revision affects Base Model Prices, DFC, and specific options for 2024 MY CORVETTE. Dealer invoice amounts will increase accordingly. Dealer discounts remain unchanged.

Dealer price schedules will be available in GlobalConnect effective October 02, 2023.

Retail sold order price protection eligibility dates are dictated by the customer and dealer order dates as follows:

-Customer order date must be prior to the date of the price increase.

-GM systems order date (date dealer enters in GM system) must be no more than one workday after date of the price increase.”

These units will be invoiced at prices in effect at the date of production; however, the dealer open account will automatically be credited for the price increase once the unit has been delivered.”

 

[Murray20c8]

Chevrolet is increasing MSRP of all 2024 C8s by $2000 USD in USA as of Oct 2nd

CHEVROLET is announcing revised prices effective for vehicles produced on or after October 02, 2023. This revision affects Base Model Prices, DFC, and specific options for 2024 MY CORVETTE. Dealer invoice amounts will increase accordingly. Dealer discounts remain unchanged.

Dealer price schedules will be available in GlobalConnect effective October 02, 2023.

Retail sold order price protection eligibility dates are dictated by the customer and dealer order dates as follows:

-Customer order date must be prior to the date of the price increase.

-GM systems order date (date dealer enters in GM system) must be no more than one workday after date of the price increase.”

These units will be invoiced at prices in effect at the date of production; however, the dealer open account will automatically be credited for the price increase once the unit has been delivered.”

Once again it shows the reasons for all orders to be entered into Workbench.

 

[PapaSmurf]

Wow! I'm sure glad I got a 2023. The same car now would be $20,000 more with the increases and luxury tax.

 

[DenisC8]

 

[MKC8]

Once again it shows the reasons for all orders to be entered into Workbench.

I'm in. (Workbench)
I assume my dealer caught wind of this somehow, and that's why the "urgency" to get the 2024 order finalized and entered ASAP back in August.
Or. we just got lucky.

 

[DenisC8]

question is: if USA increase is $2000, will Canada's be $2500 or $3000 or maybe something crazy like $5000

 

[Murray20c8]

question is: if USA increase is $2000, will Canada's be $2500 or $3000 or maybe something crazy like $5000

Or (fingers crossed) no increase at this point?

 

[DenisC8]

Once again it shows the reasons for all orders to be entered into Workbench.

guys in USA are reporting that price protection is for status 2000 and up

 

[1500cc]

Or (fingers crossed) no increase at this point?

That would be my guess. We already got our huge increase, and the second US increase is helping even up the score.

 

[Murray20c8]

guys in USA are reporting that price protection is for status 2000 and up

Maybe so, but that's not how I read it. It just says orders must be in Workbench before yesterday. It doesn't say accepted by Chevrolet.

 

[harshadt]

Is GM getting ready to settle with the union? Price increase to pay for union demands?

 

[DenisC8]

Is GM getting ready to settle with the union? Price increase to pay for union demands?

Even if so, a $2000 increase will not cover 20%+ pay increases

 

[JCWP]

Chevrolet is increasing MSRP of all 2024 C8s by $2000 USD in USA as of Oct 2nd

CHEVROLET is announcing revised prices effective for vehicles produced on or after October 02, 2023. This revision affects Base Model Prices, DFC, and specific options for 2024 MY CORVETTE. Dealer invoice amounts will increase accordingly. Dealer discounts remain unchanged.

Dealer price schedules will be available in GlobalConnect effective October 02, 2023.

Retail sold order price protection eligibility dates are dictated by the customer and dealer order dates as follows:

-Customer order date must be prior to the date of the price increase.

-GM systems order date (date dealer enters in GM system) must be no more than one workday after date of the price increase.”

These units will be invoiced at prices in effect at the date of production; however, the dealer open account will automatically be credited for the price increase once the unit has been delivered.”

View attachment 114720

Not surprised with price increases. Awesome car for the money. Thanks for the info.

 

[1500cc]

Even if so, a $2000 increase will not cover 20%+ pay increases

I think it would. First, the 20% increase is offered over the life of the four-year contract; I think it might be something like 10% the first year. So GM can keep increasing the MSRP in future years to cover future raises.
Second, (using some guesstimates here) US hourly compensation is around $70/hr including wages and benefits. Assuming the increase applies to both, that's $7/hr for the first year of the contract. I don't know how many hours it takes to assemble a Corvette, but is 50 hours reasonable? If so, 50 hrs * $7/hr increase = $350 added to the cost of a Vette in 2024.

 

[JCWP]

I think it would. First, the 20% increase is offered over the life of the four-year contract; I think it might be something like 10% the first year. So GM can keep increasing the MSRP in future years to cover future raises.
Second, (using some guesstimates here) US hourly compensation is around $70/hr including wages and benefits. Assuming the increase applies to both, that's $7/hr for the first year of the contract. I don't know how many hours it takes to assemble a Corvette, but is 50 hours reasonable? If so, 50 hrs * $7/hr increase = $350 added to the cost of a Vette in 2024.

Yikes. Cost Accounting 202? Bottom Line: ROC, ROI - whatever metric you choose - BG has to pay it's way as a separate profit Center. I like it though the mathematical wizardry - LOL.

 

[DW Ruby]

I think it would. First, the 20% increase is offered over the life of the four-year contract; I think it might be something like 10% the first year. So GM can keep increasing the MSRP in future years to cover future raises.
Second, (using some guesstimates here) US hourly compensation is around $70/hr including wages and benefits. Assuming the increase applies to both, that's $7/hr for the first year of the contract. I don't know how many hours it takes to assemble a Corvette, but is 50 hours reasonable? If so, 50 hrs * $7/hr increase = $350 added to the cost of a Vette in 2024.

Expanding on this 'analysis', it would imply that the labour cost to build a C8 is 50 hours at $77.00/hr = $3,850.00/vehicle.
Sorry, but I think you're off.

 

[1st Vette]

Even if so, a $2000 increase will not cover 20%+ pay increases

I just finished configuring my build this morning to resubmit after the wrong one was submitted and built . The base price as of this morning is the same as it has been . I hope that really is the case . I also removed everything that can be added after the fact to avoid the Luxury Tax an giving the Government any more money to waste on their vanity projects .

 

[1500cc]

Expanding on this 'analysis', it would imply that the labour cost to build a C8 is 50 hours at $77.00/hr = $3,850.00/vehicle.
Sorry, but I think you're off.

Hourly labour is a surprisingly small component of a vehicle's cost, despite all of the attention it receives. However I welcome any alternative numbers you would like to propose

So going a bit deeper, it looks like there's 1300 hourly workers at BG, but not all of those are assembly personnel (there's also maintenance, skilled trades, etc.). I saw a website that said 800, but that seems low. Let's say 1000 hourly workers, and you can adjust up or down to suit your own perceptions. That's 8000 hours of labour per day. They make around 175 Corvettes per day, so 8000/175 = 46 hours per car. Multiply by $77, and you're at $3,542 of labour per Corvette.

Even if you wanted to include all 1300 hourly workers (which isn't the way the automakers calculate it; maintenance and capital expenditures are overhead not variable cost), then you're at 1300*8/175 = 60 hours per car, or $4,576.

 

[MKC8]

I just finished configuring my build this morning to resubmit after the wrong one was submitted and built . The base price as of this morning is the same as it has been . I hope that really is the case . I also removed everything that can be added after the fact to avoid the Luxury Tax an giving the Government any more money to waste on their vanity projects .View attachment 114726

Where's JCWP?
This is another blatant "LUXURY TAX REDUCTION ALERT" for him/her to ridicule.

 

[Neils]

What will this do for the value of our cars ? Will that continue to drive up the prices in the used car market ? It’s just insane to think about how much the price of this car goes up each year but especially this year. And then add in the luxury tax, sorry but this is not your poor man’s car anymore.

I remember when the car came out and the hype (in Canada) that you could purchase a super car for a starting price of $70k ($69,xxx to make it look even better). Many people ran to put deposits based on that starting price point.

Today, I am guessing a decently equipped 2LT with a few options will set you back $140k after lux tax, and if you don’t have some cash saved up for a decent deposit, looking at $2000-$2500 car payments.

Like I said, not your poor man’s Vette anymore, gone are those days with these constant price increases & high lux tax