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.
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Comments
Ownership requirements for a car no one has, brilliant GM.
Why do you keep writing about a car no one has and very few are likely to get? GM seems to be doing their best to allow dealers to spike prices on the Z06. Meanwhile, they brag about shipping them to various foreign countries, making Corvette SUVs and station wagons and various other inane things.
They should have left it at 12 months !!!!!!
Jonathan Lopez, Why did they change from 12 months to 6 ?
That’s what the article should have addressed, Thanks.
It is rediculous to tell people what they can do with a car they own.GM has cut production so low that everyone has to now get a 2024 which I’m sure will increase in msrp.On one hand they look concerned for people selling their Z06 for a profit yet they reduce the production output of it.Very disturbing!!
Gm also lets the dealerships make up whatever they want. How is that fair? Calling it a premium even when the customer orders it.
I am so fed up with GM. I on waiting list since November with #2 dealer and it’s crickets. Get so tired reading about a car (Z06) that’s really don’t exist. You’d think stingray doesn’t exist… Like and old girlfriend. Should worry about the “Irons in the Fire” and quit promoting something they can’t deliver. I now wish I had went with Plan B…. GT 500 or Hellcat
GM is too busy making making CUV’s and EV’s for Karens. Sorry about the Vette.
GM is the culprit in all this price gouging and mark ups by the dealers they should increase production at all cost and tell the public the truth about how many are expected to be
Produce that way you know more or less what your chances are and how much of a wait you have to endure
I bought a C8 I ordered it in June 2019 and they told me Dec to Mar 6 to 9 month
Well it took me all the way to the middle of Dec of 2020 I wasn’t happy but I understood all the shutdowns the making of breathing machines ect
I waited 1 and 1/2 year but I paid MSRP
I was offered 20K over sticker I turned down some friends did and get on that marry go around again I took my car and enjoyed especially when there weren’t many of them and people will gather around it and start arguing whether it is a Ferrari or Mcklaren and you tell them its a Corvette and watch their jaw drop
GM and the other manufacturer’s strategy and focus are on EVs period. Brandon is going to the Detroit Auto Show to discuss the importance of moving to EVs. This administration’s bills being passed or proposed provides incentives to the auto industry and other industries to go green. More taxpayer money to support what the elite and Joe’s “New Liberal World Order” is basically mandating. They are putting the cart before the horse. Their focus should be on building out the infrastructure grid first before they push the products that rely on that infrastructure. CA is the perfect example of poor planning. This country is in rapid decline because of the incompetent politicians on both sides of the aisle. The American people need to call their congressmen and senators, state their concerns, and vote in November. I am on the list for the Z06 but I doubt I will ever get to own one.
Thank you for your well thought comments Dr piz what a joke cut it from 12 months to 6 additionally noticed since the Corvette run C8 began this shortage has been going on for everything granted part of it is the pandemic however I have to agree the current administration’s delusional focus on electric vehicles is just that delusional Look at California don’t charge your EV how do you get around when you can’t charge it good luck America in the future as long as these woke people are running things Dr piz is correct the country is going to keep going downhill obviously and it is and guess what the environment’s going to suffer much more with all the mining and destruction of water involved in processing the metals used to make batteries and they’re all quite poisonous to the environment good luck for today’s Young Folks you’re going to need it oh and PS start learning Chinese
California wants to ban the sale of ICE vehicles in 2035. According to Google as of August 2022, California has 18% of it’s vehicles that are electric and hybrid. The grid is struggling to keep the power on. What happens when the state goes to 20%, 25%, etc? Most residential neighborhood transformers can only handle 10 or so houses per transformer. Expect more rolling blackouts if your neighbors add more EV’s.
There are currently daily warnings not to charge you EV or use any power from 4PM to 10 PM. With all the fires currently burning in CA, one of the first things that is done is to kill the electricity (PG&E cuts the power). Hope to God that you have your car fully charged when it comes time to evacuate.
EV’s may work for some and could have a better future, but the cart is way out in front of the horse on this one. There is such a great push to get the cars out there. No one seems to want to talk about where the power is going to come from, the cost of the replacement batteries 7-10 years down the road, the rare earth materials to manufacture the batteries and how are the batteries recycled?
GM and Ford are going all-in with the EV’s and I think they are going to be in trouble in the early 2030’s once all the initial euphoria settles down and folks aren’t rushing to buy EV’s. I still think that liquid hydrogen is the way to go but that will probably come after the politicians have milked the EV train for as long as they can.
Yet Biden owns a mid 60s Corvette.
These vehicles will be worth $300K to $500K after a couple of years when the mandatory electrics come out. And further increase in value each year thereafter.
When the electrics are exclusive, vintage and classic IC vehicles will increase in value $ big time.
Like Pontiac and Olds muscle cars when these nameplates were discontinued.
if i see another youtuber influencer or freaking driving school with 250 Z06 on hand . i am gonna lose it . i have six sold orders and no production dates . this has been the worst roll out of any vehicle ever almost two years before pricing and another two for a allocation . we might owe the customer interest .
Not serious, Not serious at all !
I’m kind of over the Z06, it has become something of a boutique car—very few will own one, but will be so proud of the high price they had to pay for it. Seriously, one could buy a nice used Ferrari to park in your garage to look at, or maybe consider a 911 if you live for a day at the track.
What I don’t understand is the car that mainly started this was the C8 Stingray because of Covid. I’m first in line at my local dealership for the ZO6. I put a none refundable deposit down in April of 2019. I have no interest in flipping the car. I want the car. I also have a 57 Chevy that my father bought new, 1971 Camaro RS/Z28 that my parents bought new for me for my 16th birthday that I still have, a 99 C5 Corvette that I bought new and still have and a 2012 ZL1 that I also still have. My point is I don’t buy cars to flip. Why can I buy a new C8 Stingray and sell it for a profit, the car that started this mess in the first place. Why no restrictions on them. Just curious.
Why no restriction on the C8. I believe with the constraints and the push to EV’s. Since the Z06 hasn’t gone into production, it’s easier for GM to change its strategy. I think the Z06 will end up like the Ford GT. The Z06 will become a limited production vehicle on which GM will place restrictions similar to Ford. All of the current Z06 marketing and videos focus on performance. There is no mention of the Z06 being a mass produce everyday driver. That said, all GM has to do is add the words like, “The high-performance Z06 will have a limit production run of X vehicles starting xx/xx/xxxx.” It is an easy and seamless way for GM to transition out of high-performance ICE vehicles to EVs. Hoping my prediction is wrong since I am on the waiting list.
How does reducing the ownership time from 12 months to 6 months slow down the flipping??? Doesn’t make sense!
I agree with a couple of articles just posted! If we don’t stop this administration they will destroy this country! The (2) biggest things that will bring this country down are Drugs and Liberals! You think your having trouble getting a 2023 Corvette let them continue pushing this EV crap! As mentioned in a prior article we don’t have a grid capable of supporting EV’s! Internal Combustion Engines will be here for years to come!
Amen brother !!!
I would like to voice my opinion and how discouraged I am with voiding the warranty to second owners on the C8 Z06. I have owned many Corvettes C3 through C8 and had to 25k over MSRP for my 2020 because my order was cancelled and I didn’t want to wait 16 months for delivery. Why would you penalize a second owner if it’s impossible to order one? If this stands I will not purchase another Chevrolet.
The 5k for not flipping the ZO6 comes in real handy. I was lucky enough to get a 23 ZO6/ZO7. I used the money to put towards a set of the stock ZO6 tires and wheels so I don’t have to run the CF wheels and Cup 2R tires all the time. Just track days and car shows.