Performance fans are eager to get their hands on the new 2023 Corvette Z06, which may prompt some new owners to quickly resell the sports car for hugely inflated prices, a practice commonly known as “flipping.” To discourage flipping the new C8 Corvette Z06 for profit, GM has implemented an ownership period requirement for the transfer of some warranties. Now, however, GM Authority has learned that this ownership requirement has been reduced from 12 months to 6 months.
For those readers who may have missed it, GM Authority reported this past July that GM would limit the transfer of certain warranties for high-demand models like the 2023 Corvette Z06, GMC Hummer EV, and Cadillac Escalade-V until after 12 months of ownership, a move intended to discourage owners from flipping their vehicle for profit. In addition to limiting warranty transfers, owners that flipped their vehicle prior to the end of the required ownership period would also be prevented from placing future sold order or reservations for other high-demand models.
Now, GM Authority has learned that the required ownership period has been reduced from 12 months to 6 months. This reduced period applies to all three high-demand vehicles mentioned above, including the 2023 Corvette Z06, GMC Hummer EV, and Cadillac Escalade-V.
What’s more, 2023 Corvette Z06 owners are offered 500,000 My Chevrolet Rewards points, a $5,000 value, for retaining ownership of their new vehicle for the required ownership period, which was again reduced from 12 months to 6 months. The points are redeemable for things like GM Financial Payments, Chevrolet accessories, and more.
Of course, getting a new 2023 Corvette Z06 from the factory may be difficult considering production will be heavily constrained for the foreseeable future. Per previous GM Authority coverage, GM is no longer taking 2023 Corvette Z06 orders.
As a reminder, the 2023 Corvette Z06 features the naturally aspirated 5.5L V8 LT6 gasoline engine, while under the skin, the sports car rides on the GM Y2 platform. Production takes place at the GM Bowling Green plant in Kentucky.