The 2020 Chevrolet Corvette Stingray is actually cheaper to buy in Canada than it is in the US.
In America, the C8 mid-engine Corvette starts at $59,995. That’s a phenomenal price for a mid-engine sports car with all the trimmings, including dual-zone climate control, leather interior, eight-way power-adjustable driver’s seat, and rear parking sensors. Oh, and 490 horsepower from a 6.2-L LT2 V8 engine. Can’t forget that.
Pricing for the C8 was recently revealed in Canada, and our neighbors to the north can purchase a 2020 Stingray for the price of $69,998. Yes, that number seems a little higher, but taking into account the current currency conversion rates, Canadians are actually getting a discount.
As of the time of this writing, a single Canadian dollar is worth 75 cents American. That means Americans enjoy a purchasing power 1.33 times that of their Canadian counterparts when they vacation up north (not counting for currency conversion fees). So with this in mind, you’d think that the same car sold in two different places would have equivalent costs in their respective currencies, making the Canadian Corvette start at $79,995.
But no, that’s not how car pricing works. When car manufacturers price a car out, they have to consider what the local market pays for an automobile. If a similar car would cost $70,000 Canadian dollars in Canada, then an American carmaker like GM has to consider the fact that a C8 priced at $80,000 might not sell. Thus, they take a pay cut in relation to currency in order to keep selling cars.
This means that a Canadian C8 converted to American dollars would start at $52499, which is a pretty big discount.
In fact, that’s a big enough discount that some folks might even consider buying their C8 in Canada rather than the US. However, remember that Canadian sales tax is often fairly punishing (13% in Ontario), and when combined with the 2.5% import duties, the price of your Canadian Corvette suddenly jumps right back to around $60,000 USD.
And if you consider all the paperwork involved and the need to have the car’s undercarriage sprayed to prevent transmission of pests, the idea of purchasing a Canadian Corvette just seems like too much of a hassle.