Last month, Nissan announced the new 2023 Nissan Z. For many of us, it would have been called the Nissan 400Z following the current Nissan 370Z. It’s been 12 years since the current Nissan 370Z has been in the Australian market. It’s been a car that many enthusiasts would consider on the affordable end when it comes to price.
Now the key question is: How have the current Nissan 370Z prices been doing in recent years and how have they been impacted by Covid-19? Nissan needs a good sports car in the Australian market as it’s other rival brands release newer sports cars to compete in an already competitive market.
The Nissan 370Z average price is at an all time low and given the 2023 Nissan Z is at least 12 months away, dealer stock will need to be run out.
So what does carloop’s real price & insights data say about the current Nissan 370Z before the arrival of it’s all new successor, the 2023 Nissan Z. Here are some of our most important Nissan 370Z insights.
1. Prices & demand are all time low despite Covid-19 pandemic
Carloop’s real price data shows that the current Nissan 370Z being sold by dealers is at an all time low. Prices being paid by new owners since 2018 have seen a considerable drop, down by 14% in 2021. As this car is now into its 13th year of sale, the prices have really started to come down over the last couple of years with no surge in paid prices seen during Covid-19 pandemic as seen with so many other cars in the market.
2. Covid-19 Used 370Z on the rise
Prices of the used Nissan 370Z on the other hand have gone up during the Covid-19 pandemic. We analysed two comparable 2018 Nissan 370Z models from the Victorian data and it showed the impact of Covid-19 on used sports car prices which went up as much as 22% between the years of 2019 (second sale for both cars) & 2021. This was also consistent with various other cars in the sports car market too. Cars such as the Toyota Yaris GR Sport and the Toyota 86/Subaru BRZ.
One of the reasons behind it has been the lack of international tourism and with on-going Covid-19 lockdowns across Victoria and New South Wales in particular. More people are staying in Australia and are spending more on used cars than ever before.
Given there are not too many other new sports cars that are available and combined with the lower international tourism, it has increased the demand of used Nissan 370Zs to levels unheard of in the past along with their prices.
Some car enthusiasts have jokingly called this hike in demand and paid prices for used sports cars as the “Covid-Tax”.
3. Red 370Z were very unpopular during the Covid-19 pandemic
Interestingly during the Covid-19 pandemic, Red was the most unpopular colour with less than 2% of the Nissan 370Z cars we analysed. Before the pandemic in 2019, three times the number of new Nissan 370Z buyers were opting in for a Red car in their garages.
On the other hand, over 35% of the owners in 2020 during the lockdowns were still picking their new 2020 Nissan 370Zs in the white colour. This dominated the purchases in the data that was analysed over the last 4 years as well.
4. Nissan 400Z Price Predictions: 40% higher
Given the strength of the new and used car market during the last 2 years, Nissan couldn’t have come up with a better timing to launch their update to the Nissan 370Z after 12 years. The 2023 Nissan Z (also called 400Z by some) is a highly anticipated sports car as seen by Google trends search data from Australia. There was a rise of 70% in August 2021 for Nissan 400Z when the 2023 Nissan Z was launched in New York.
Based on this interest, we predict the prices for the 2023 Nissan Z would be starting around MSRP $70,000 (before on-road costs) in the Australian market. This is an increase of over 40% over the outgoing 2021 Nissan 370Z manual model.
Even at this price point, it would still win some market share over the current Toyota Supra which was launched in the Australian market in 2019 due to its higher power output of 298kW.
We also predict that the demand for the outgoing more affordable 2021 Nissan 370Z would be high as that car enters the used car market. This combined with the lack of supply will most certainly keep the used car prices high. An example of this was seen with the current generation Honda NSX Data we observed when that car was launched.
Nissan 370Z Prices: Wrapping Up
Prices of the new Nissan 370Z have come down since it was first launched over 12 years ago. This was mainly due to its age but that trend changed quickly in the used car market during the Covid-19 pandemic where there were more lockdowns and more potential buyers stayed in Australia. Prices of used Nissan 370Z rose quickly in 2020 and the trend continues in 2021. This is in contrast to the prices of the new Nissan 370Z, although there is less stock of these as the dealers run-out the last of it in Australia. With the official global launch of the new 2023 Nissan Z (400Z), carloop’s real price predictions and data indicate that the prices for used cars will continue towards an upwards trend even prior to official Nissan Australia pricing for the new car that many sports car enthusiasts have been looking for.