This Pennsylvania Dealer Is Selling A 2023 Corvette Z06 With A Huge Markup
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Back in early 2022, General Motors sent out a letter to dealerships warning of possible repercussions if the dealer charged customers over MSRP on vehicles like the Chevy Silverado EV and 2023 Corvette Z06. Despite this message, some dealers are still tacking on markups to C8 Z06 units, and now, GM Authority reader Terry spotted this Pennsylvania dealer posting a 2023 Corvette Z06 for sale with a $60,000 markup.
Listed for sale by Bob Fisher Chevrolet – and featuring a large “dealer market adjustment” fee – this particular C8 Z06 is finished in the 3LZ trim level, and is painted in the eye-popping Accelerate Yellow Metallic (color code GD0) paint color. On the inside, we see the Sky Cool Grey colorway, along with Nappa leather seats.
It’s worth noting that this 2023 Z06 does not feature the high performance Z07 package.
Unfortunately, this isn’t the first example of dealers and private owners price-gouging the C8 Corvette Z06, and likely won’t be the last. GM Authority has reported on several instances, including a 25-mile C8 Z06 Convertible posted for $375,000, a 15-mile C8 Z06 selling for $275,000 at an auction, and one dealer asking for a $100,000 markup.
Despite GM’s warnings, it certainly doesn’t seem like dealer markups are going away anytime soon. With this in mind, we recently asked you, our dear reader, what your opinion on the matter was. Looking over the poll results, almost 80 percent of our readers believe that GM has not fixed dealer surcharges.
As a reminder, the 2023 Corvette Z06 is highlighted by the naturally-aspirated 5.5L V8 LT6 gasoline engine, which is rated at 670 horsepower and 460 pound-feet of torque. Output is routed to the rear wheels via the GM eight-speed dual-clutch automatic transmission.
Under the aggressive body panels, the C8 Z06, along with every C8 Vette variant, rides on the GM Y2 platform. Production takes place exclusively at the GM Bowling Green plant in Kentucky.
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What a terrible color and stripe combination.
This isn’t news anymore. MSRP has become irrelevant on certain vehicles. The market dictates the prices. As a retailer, they should be the ones capturing the profit. Someone in the transaction is going to benefit from market pricing. If the dealer sells it at MSRP, the buyer can flip it and make a profit. If the dealer sells it at market value then they getthe additional profit. As a business owner, I would capture the profit. The business owner invests in the product, facility, and personnel. Why would they give the profit away?
The should have made buyers sign a retention agreement…like exotic makes do…then there’s no flippers within the designated time period…and nothing is given away. That would have greatly remedied a lot of the current issues and better promoted the Corvette/Chevy/GM brand.
It’s not just customer frustrated by the market. I spoke with a dealer that was also upset with the launch…he had a marked up Z06, but wasn’t happy…they aren’t getting the allocations they’ve earned…so GM screwed up in 3 distinct ways (at least)…the screwed buyers of used cars getting no warranty (not setting a good ethical/brand-promoting example); they screwed dealers not getting earned inventory in favor of preferred allocations (e.g., the Youtubers got allocations that were not earned); and they screwed much of their existing customer base by rubbing it all in their faces while these loyalists sit on a 3 year waitlist.
It’s a free market. Let them charge whatever the market will bear. Eventually production will catch up with demand and these cars will again become just a commodity except for rare collector models. When a 2025 model sells for MSRP, that used 2023, that someone paid $60,000 over MSRP for, is going to plummet in value. The crazed buyer of today will end up being the big loser. No one anywhere is going to care that they paid an ADM of $60,000. I would be embarrassed to even admit that. Dealerships will be the winners. A fool and his money are soon parted.
So a retail customer can get on a list at multiple dealerships and try to buy a Z06, buy a few and flip all of them and that is okay but a dealership marking them up one time is price gouging? Stop whining about it, if you don’t want to pay the mark up find a car for MSRP, GOOD LUCK WITH THAT!!@
The easiest fix is for Chevrolet to fulfill production to meet demand. Corvette is a mass production car and the market will be full of them in the very near future. The Z06 in 2023 will have competition from the Zora in 24 as well as the ERay which will be faster and 4 wheel drive. These people paying even $30k above MSRP will never get their money out of the Z06 and the people paying over for the C8 when they could buy a M8 of a SL63 for same of less are wasting money and their experience as the C8 is a underperforming 495hp gas guzzler
Agreed on overpaying being a bad idea but:
1. Corvette is not a mass-produced car. It’s not a Ferrari but it’s def not your typical car; not even close. So the market being flooded by them is inaccurate. You make it sound like it’s the Honda CR-V…
2. It’s def not underperforming. Numerous studies have shown that the 495 HP quoted by GM is actually quite conservative and the real HP of the car is well in the 500s; possibly higher
3. For the muscle car that it is, its gas consumption is probably the best compared to any gas-engine sports car out there. So unless you want to wait 3-4 years for the eRay, the C8 will be the way to go for years to come – as long as it’s purchased at MSRP…
Not a mass produced car, true. But neither is it a $250,000 hand built Ferrari or Aston Martin but you will pay the same. Nor will it have the residual value of any equivalent car. That ADM goes up in smoke the second you drive off the lot.
There are several examples of $100k markups across the country. I encountered 1 that had a $100k market adjustment + an additional Z07 package market adjustment…which was (if I recall correctly) another $30k.
In my own personal quest for a ‘23 Z06 (which I have since abandoned), I interacted with well over 50 dealers…from my experience, 4 of them are fantastic experiences, and the other over-90% are absolutely awful (and awful is not nearly a strong enough word for many). That said, for the argument of the Z06 being serviceable by local Chevy dealers, I would suspect there’s a vast difference in potential customer experience…if you’re by one of the good ones, that’s great, but otherwise I think it is a major negative for this car.
IF you really want a Z06, try Mike Furman at Creswell Chevy in Gathersburg, MD.
@Joe – appreciate that. I have been on a few lists (for a long time at another top-10 dealer), and would have been in decent shape if production would have a little better. That said, as far as getting a ‘23 at this point…that ship has likely sailed…unless I get lucky. If not, I’ll get one eventually, just most likely (almost certainly) not a ‘23…was hoping to add a 70th to my 60th…
Same here. I was hoping to get a 70th anniversary on my 70th birthday this year. My local dealers both said sure, no problem. Just put up the $60,000 added dealer mark up and we’ll put you on the list. I guess I will keep my 2010 Grand Sport convertible 6 speed and instead spend $60,000 on a trip around the world for my birthday. Money far better spent than enriching some overly greedy dealership.
Funny how when Porsche does this with their cars, no one raises an eyebrow but when Corvette does it, it’s all of a sudden chaos and everyone loses their minds… The Corvette community needs to stop being cheap if they wanna be Porsche-like…
Be like Porsche are you kidding me. Who wants to a BE NAZI