New and used Camaros are pretty affordable these days. But, why are Camaros so cheap in 2022? Are they actually worth it or are they too good to be true?
Some of the reasons are purely due to economics and won’t actually impact you, but some issues are due to the car itself. After learning about all of these topics, you will be able to decide whether or not a Camaro is still worth the price.
We did some detailed research on all of the data and feedback from Camaro owners to figure out exactly why Camaros are so cheap and what you need to consider before buying a new or used one.
So, why are Camaros so cheap and ultimately, are Camaros worth it? Let’s take a deep dive into the research.
Why Are Camaros So Cheap? – Background
First, let’s talk about what the Chevrolet Camaro has to offer. Ever since its launch in 1967, the Camaro has always represented an affordable way for car enthusiasts to own a capable sports car.
The Camaro has always offered lots of horsepower, good handling, and a sleek design at a pretty low price.
Today, a new base Camaro can be bought for a starting price of $25,000. For that price, you get the standard 2.0 liter, 275 horsepower engine that will get you from 0-60 in just 5.4 seconds.
You could also upgrade to the Camaro ZL1 for $64,195 that comes with a potent 650 horsepower engine that will propel you from 0-60 in only 3.5 seconds. While that price tag may seem high, there is virtually no other car that offers that much power for a similar cost.
The new Camaro’s strong price to horsepower ratio along with its great looks make it an excellent bang for your buck.
Meanwhile, used Camaros are also trading on the market for a good price these days. For example, you can find a fifth generation Camaro from 2010 to 2015 for under $10,000 in 2022. That is a great price considering that the base engine from this generation produced over 300 horsepower and its overall styling still holds up today.
A sixth generation Camaro starting from the 2016 model year can also be had for about $15,000 to $20,000, which is also a strong value considering all of the power and equipment that you get.
But, why do Camaros depreciate so much and why are Camaros so cheap now, both for new and used ones?
4 Major Reasons Why Are Camaros So Cheap
1. Lower Costs vs. Competitors
One of the main reasons why Camaros are so cheap is because they don’t cost a lot to build. That is not to say that they are poorly built, but instead, it is a reflection of how efficient Chevrolet has been able to manufacture them.
General Motors builds a lot of cars every year, so they have figured out ways to keep their costs down and take advantage of economies of scale as they mass produce Camaros. They are able to share their R&D knowledge and their parts across all of their brands.
Additionally, Chevy Camaros are built right in the USA, so they don’t need to be imported (and need to pay extra fees) to be sent to America like BMWs or Hondas. Also, General Motors doesn’t have to worry about the exchange rate when they sell Camaros domestically, which is something every other foreign brand needs to factor in to their prices.
All of these reasons allow the Camaros’ base price to be quite low, especially compared to smaller competitors and well as foreign brands.
Since the price for a new Camaro is pretty low, then used Camaro prices will also be low since they are just based on a function of depreciation from the starting price.
Let’s face it – the Camaro does not make sense for a lot of owners. Families cannot really make use of a 2-door car while most conservative drivers would likely shy away from a 300+ horsepower machine.
The Camaro offers limited cargo space and cannot fit more than 2 people comfortably.
Its low-slung design with narrow windows also makes it a nightmare for people who want clear blindspots and easy visibility.
Therefore, there is a very limited market, both new and used, for the Camaro. Low demand equals lower prices in general.
3. Hidden Costs
Why are Camaros so cheap? It may also be due to the extra costs that you have to pay as an owner compared to other, more practical cars.
For instance, the Camaro’s high-powered V6s and V8s suck up a lot of gas, so they are not really suitable for someone who wants to save money on their full cost of ownership.
The most powerful Camaro ZL1’s V8 only gets 16 miles per gallon combined. That efficiency level is roughly half of an economical Honda Civic.
To put it another way, you would spend about $8,500 per year on gas alone if you drove 12,000 miles a year with gas prices at $3.00 per gallon.
Similarly, the cost to insure a new or used Camaro is still pretty high compared to a regular car.
Car and Driver found that the average Camaro owner pays about $2,300 per year on their car insurance premiums. That’s almost $200 per month just for insurance.
Those costs are even higher for younger drivers and well as people who do not have a great driving history.
When you add these extra costs up, the total cost of ownership for a Camaro may not seem so cheap anymore.
4. Shift of Demand to SUVs
This next issue really only applies to new Camaros. The issue starts with the fact that you will find SUVs everywhere you look these days. Chevrolet has realized this and has started to produce more SUVs to satisfy the market’s needs. It just so happens that they are able to make more money from SUVs and crossovers as well.
So, what can it do about the Camaro? More people want SUVs, but they are still making Camaros that they need to sell. Therefore, they started to lower the price of new Camaros with incentives and rebates to try to lure more people into buying the sports car.
There are numerous cash offers as well as financing deals with lower interest rates that are specifically for the Camaro to help it sell.
Again, the Camaro’s low price is a function of pure supply and demand. In this case, it is due to slower new car sales as more consumers shift to practical crossovers and SUVs.
Why Are Camaros So Cheap? Summary
Ultimately, Camaros are so cheap these days because of where and how efficiently they are made but also because of simple supply and demand. There is also the factor of the extra costs for gas and insurance.
A lot of people dream about the idea of owning a Camaro, but this type of sports car doesn’t really fit into the majority of people’s lifestyles.
That just leaves a small percentage of the population who can take advantage of buying a Camaro. With such low true demand, its prices have naturally fallen.
But, are Camaros worth it still? For the price and the performance you get, we surely think so.