Vehicular ad hoc Networks (VANETs) are emerged mainly to improve road safety, traffic efficiency, and passenger comfort. The performance of most VANET applications and services relies on the availability of accurate and recent mobility-information, so-called Cooperative Awareness Messages (CAM), shared by neighboring vehicles. However, misbehaving in terms of sharing false mobility information can disrupt any potential VANET application. Because cryptographic solutions in VANET are expensive, complicated, and vulnerable to internal misbehavior, security lapses are inevitable. Therefore, misbehavior detection is an important security component. Unfortunately, existing misbehavior detection solutions lack considering the high dynamicity of vehicular context which leads to low detection accuracy and high false alarms. The use of predefined and static security thresholds are the main drawbacks of the existing solutions. In this paper, a context-aware misbehavior detection scheme (CAMDS) is proposed using sequential analysis of temporal and spatial correlation of neighboring vehicles' mobility information. A dynamic context reference is constructed online and timely updated using statistical techniques. Firstly, the Kalman filter algorithm is used to track the mobility information received from neighboring vehicles. Then, the innovation errors of the Kalman filter are utilized to construct a temporal consistency assessment model for each neighboring vehicle using Box-plot. Then, the Hampel filter is used to construct a spatial consistency assessment model that represents the current context reference model. Similarly, plausibility assessment reference models are built online and timely updated using the Hampel filter and by utilizing the consistency assessment reference model of neighboring information. Finally, a message is classified as suspicious if its consistency and plausibility scores deviate much from the context reference model. The proposed context-aware scheme achieved a 73% reduction in false Alarm rate while it achieves a 37% improvement in the detection rate. This proves the effectiveness of the proposed scheme compared with the existing static solutions.