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GM Sets 2024 Corvette E-Ray Ownership Requirements

The 2024 Corvette E-Ray sets an important precedent for the iconic sports car nameplate, dropping in as the first-ever hybrid-powered, all-wheel-drive production Corvette ever made. Naturally, there are plenty of folks out there eager to get their hands on one of these machines, which could lead some owners to flip their new ride for a quick buck. In order to mitigate this practice, GM has announced new 2024 Corvette E-Ray ownership requirements.

A top-down view of the 2024 Corvette E-Ray on a winding two-lane road.

As it turns out, new 2024 Corvette E-Ray buyers will be required to sign a document which stipulates that if the vehicle is sold or ownership is otherwise transferred within six months of taking delivery, the customer will lose the privilege of placing vehicle reservations or sold orders with a dealer for future high-demand models. These high-demand models will be identified by GM, and may include both future Corvette variants and non-Corvette models.

In addition, owners who sell their 2024 Corvette E-Ray within six months of taking delivery will risk voiding the warranty on their vehicle. If a new 2024 Corvette E-Ray owner does sell within that six-month time period, they will be required to communicate the loss of warranty coverage to the transferee.

That all said, the warranty covering the 2024 Corvette E-Ray hybrid system battery would not be voided if the car is sold in six months. The hybrid system battery warranty will remain valid for eight years or 100,000 miles (whichever comes first) regardless if the car is resold in the six-month period outlined.

Last year, GM issued similar ownership requirements for the 2023 Corvette Z06, Cadillac Escalade-V, and GMC Hummer EV, all of which are considered to be high-demand GM vehicles that could be the target of speculators. Vehicles originally had an ownership requirement of 12 months, but the requirement was later lowered to six months. What’s more, GM offered 500,000 My Chevrolet Rewards points (a $5,000 value) to those 2023 Corvette Z06 owners who met the ownership requirements. Unfortunately, the rewards points are no longer available for meeting the ownership requirements for the 2024 Corvette E-Ray.

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Jonathan is an automotive journalist based out of Southern California. He loves anything and everything on four wheels.

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Comments

  1. No issues for me, I buy for keeps…

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  2. And your gonna want the warranty

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  3. Personally I think it should be a year to stop all this damn gouging totally ridiculous $30,000 up charge at the dealer totally turns me off to doing any business with them now and in the future

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    1. @Don J harden
      Totally agree.

      Reply
  4. Why not make new buyers sign a first right of refusal, if buyer wants to sell the car with in 12 months he has the give the dealer first chance to buy for MSRP .
    I believe Ferrari has been doing this for years.

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    1. Exactly!
      This is exactly what should have been done with the Z06 at launch, and what should be done with the eray and zr1. I would go a step further and say that (like Ferrari) current Corvette owners should have had some type of advantage in getting allocations.
      This bolsters the brand, and helps dealers while not alienating current customers….it works.
      GM has shown what amateurs they are in the supercar game.

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    2. Better to have “Right of first Acceptance”…

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  5. I ordered a brand new 2025 Corvette Zorro if they put that restriction on their car I will sue GM because that’s a Due process constitutional violation

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    1. They should also do this on the Zora. Not sure about the “Zorro”… maybe this is a special model for the fencing crowd? 😜 Z

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    2. Totally agree with you Bugs. Why should anyone be able to tell you what you can do with YOUR car. Unreal people are ok with this

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  6. The seller won’t care if the warranty is voided.

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  7. As I commented on this issue in two other articles, I don’t know how GM can get away with putting these types of restriction or penalties for selling a vehicle prior to 6 months ownership. When I buy a car, I typically keep it for many years. That said, there are many valid reasons a person may have to sell the vehicle, loss of income, serious health issues, divorce, the owner passed away. It will be interesting to see if there are any exceptions in the contract you have to sign. If there are no exceptions, I think they are opening themselves up to be sued.

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  8. In a follow up to DrPiz’s comment about having to sell before the end of six months; how long is a buyer kept in Corvette timeout before being able to purchase another specialty Covette?

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  9. I am loving all of the comments by the legal and constitutional scholars out there. Go to law school first and then come back to write your essay. So long as buyer and seller agree, GM could sell the vehicle without any warranty whatever. Due process rights: what a joke Mr. Zorro.

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  10. Agree on the level of Constitutional scholarship. In addition, no one has placed an order for a Zora. Maybe some dealer put you on some bogus and unenforceable list, but good luck going after GM over that.

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  11. Maybe GM should make dealerships sign a contract not to sell over MSRP! and if they do the dealership gets shutdown! Always making the customer sign some BULLSH*T

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    1. They tried to hold the dealers accountable for the overcharge of the C8 when it first arrived. GM went into a whole page of reasons why they should not do it, however the last line of the letter was great to paraphrase…”we know this is your dealership and you can charge what you want”

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  12. Now what is Chevrolet going to do about the ADM that dealers are screwing customers with? They need to change it from MSRP to MRP and that will help a whole heck of a lot.

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  13. Exactly, they are focusing on punishing customers. Dealer demands last-moment ransom when customers are already at showroom to take the vehicle they preordered? Oh, we can’t do anything, but it’s not our fault, we value our customers.
    An owner, who got his vehicle even having agreed to pay ransom in additional to the originally agreed price, now wants to sell the vehicle? Screw them, cancel their warranty!

    I’m wondering will they also qualify selling higher than MSRP, but less than MSRP+markup, a violation by the customer? After all, “it’s not GM” who charges those markups, for them they “don’t exist”…

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  14. Alright everyone. I know its fun to criticize GM, especially if you are waiting for a vehicle. Let’s be honest, legal, and clear the air. GM does not sell you the car. GM sells it to the dealer and GM can set the price it charges the dealer. At that point the dealer owns the car and GM cannot dictate the deal you make with the dealer. In fact, if they took action to stop dealer markups, GM would be in big legal trouble. The best they can do to try to suppress the dealers from overcharging customers is to berate the dealers and take action on the warranties, which are still owned by GM and is a direct relationship with the owners.
    A few automakers have tried over the years to be allowed to sell autos directly to the customers and cut the dealer out of the sales process. In the current situation that would help both GM and the end customer, but would make the dealer the big loser. So why hasn’t that happened? For decades the lobbyists who represent dealer associations have fought this state legislature by state legislature. An automaker is prevented by the law in most states (maybe all) from selling you a car at MSRP or any other price. The dealers have prevented it. Porsche didn’t need dealers in the ’80s and ’90s and spent a lot of money thinking they could have happier customers if they provided cars directly. Porsche was cut off at the knees by the state legislatures. When Tesla came along it had no dealers so it tried to sell directly to customers. That was stopped by a number of state legislatures also. If you really want to buy a car directly from GM (or another manufacturer, don’t complain on websites about the situation. Write to your state representative and state senator and tell them. Maybe it will work.

    In the meantime, while you are really mad at the dealers (and probably rightly so), they may deserve your pity as well. As electric cars take over a bigger share of the market, it will mean the dealers lose a major part of their profit machine. Electric cars need very little maintenance or repair (not none, but dramatically less). Except for weird years like 2022 and 2023, dealers usually make very little profit on new cars. Their repair department and their used car department are their major profit centers. One of those two is going to be dinged big time (over the next few years) by the rise of electric cars. In the long run, manufacturer profit is likely to rise and dealer profit likely to fall as electric cars are adopted by a greater number of customers. Of course all of this is conjecture at this point, but that is the most likely results.
    Just remember GM designs and builds a popular car like the Corvette or the CT Blackwing pair and they don’t get one extra cent of the ‘hostage money’ the dealers are collecting.

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    1. I won’t ever feel sorry for unethical, greedy, dealers…or any business for that matter (I could dig into real estate agents too, but I won’t since this is a car site)…sadly, these bad apples are the majority. Plus most sales personnel don’t even bother to learn the specs and details of the products that they sell…they literally add zero value while collecting commissions.
      GM and the other makes didn’t try hard enough to make changes…Tesla is a good example of one that fought the system, selling cars direct (and I say this as a person that does not like Tesla).
      GM can control the unethical dealers by actually diverting allocations…as opposed to just threatening to do so in their flaccid dealer memos…step 1 would be actually giving a sh!t, a step which they have not yet reached.
      The only good argument is that without dealerships, there would be many thousands more un-corralled & unskilled morons in this country without a job…which would probably hurt the economy.

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  15. OK Karen. Like anyone really wants an electric vette–or a C8 with extra fake electric gizmos.

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  16. It is difficult to understand how any large volumne big ticket manufacturer could accept putting the end user and purchasers at the end of the line when it comes to satisfying customers. I guess it says a lot about how good the C8 is that we are willing to buy them anyway.
    At some point GM will pay a price for the tremendous loss of goodwill from customers. My dealer is a MSRP seller, no mark up on anything. I bought C8 HTC from them and have a deposit on the Eray and one on the Z06. There nothing I can do hurt dealers who abuse customers but I sure can reward the ones that don’t. If every dealer was like George More Chevy in Jax Fla GENERAL MTRS would have few haters.
    Given an option I’d deal with any car company other then GM if the product was equal.

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  17. I happily paid 5000 over MSRP for my new Eray. The dealer called it “market correction.” With the way purchasing is set up now, and not being able to buy directly from Bowling Green, it’s the price you pay to get in on the ground floor. For me, that was an acceptable trade. I’m hearing that the first year ZR1s are being sold with a 100,00 markup which is crazy but I’m sure some buyers will pay it to get in on the first year models. I am happy that I paid what I did for my Eray, 140,000 all in, as the car is fantastic. I got carbon fiber everything and it is better than I had hoped. I would highly encourage this over the base Stingray. I did not drive a Z06 but if I wanted a Ferrari, I would have bought a Ferrari. I like the sound of the good old pushrod I guess.

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