GM Sets 2024 Corvette Z06 Ownership Requirements
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The C8 Corvette Z06 is a hugely desirable vehicle, offering insane mid-engine performance and aggressive, attention-grabbing styling. Unsurprisingly, some folks have attempted to resell their C8 Corvette Z06 shortly after taking delivery for hugely inflated prices, a practice known as “flipping.” GM has taken steps to curb this practice, and now, The General has laid out related ownership requirements for the 2024 Corvette Z06.
New 2024 Corvette Z06 buyers will be required to sign a document that outlines the ownership requirements intended to stop folks from flipping their new sport car. The requirements state that if a new 2024 Corvette Z06 owner decides to sell or otherwise transfer ownership of their vehicle within six months of taking delivery, they will be ineligible to make a vehicle reservation or place a sold order with a dealer for future high-demand models, as identified by GM. That includes future Chevy Corvettes, as well as non-Corvette models. In addition, the 2024 Corvette Z06’s bumper-to-bumper, powertrain, sheet metal, tire, and accessory coverages under GM’s new vehicle limited warranty will be voided.
The agreement goes on to state that if a new 2024 Corvette Z06 owner does decide to sell their vehicle within six months of taking ownership, they will be required to communicate the loss of warranty coverage to the transferee. However, GM stipulates that the terms do not impact product recalls.
As GM Authority covered last year, GM laid out similar ownership requirements for the 2023 Corvette Z06, as well as the Cadillac Escalade-V and GMC Hummer EV, all vehicles which are considered to be highly sought after and potential targets for flipping. Originally, GM set the ownership requirement at 12 months, but later reduced the requirement to 6 months. In addition, GM offered 2023 Corvette Z06 owners who met the ownership requirements 500,000 My Chevrolet Rewards points, a $5,000 value. It seems as though the rewards points are no longer offered to those customers who meet the ownership requirements for the 2024 Corvette Z06.
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Woe to the buyer who prefers a used Corvette at a higher price and no warranty than waiting a little more for a new unit at a lesser price.
Screw GM, they need to do something
about the dealers who are asking $25-100K market adjustment. GM needs to pull there allocations and send the cars to the dealers who are doing right by there customers.
So the dealers can profit ie mark up 20-100gs and that’s OK I found several 23s but the mark ups were off the charts!
Also one of the local dealers here in California who always had 20 or 30 new Corvettes now only gets one or two. Is GM cracking down on dealers who price gouge? They had a Z06 they said sold for 50k over.
Criswell Chevy is seeling thousands because they are fair with price.
I think most buyers are willing to par a few thousand over but not 20-100%. It should come with some assxle grease.
As a lawyer, I’m waiting for someone to challenge this. I cannot believe it will hold up in court.
I was thinking the same thing. What about the dealers?
Yes, screw GM for what they’ve done and are doing. This can be managed better, but they choose not to do so…I suspect there was a not-insignificant number of dealers struggling to stay afloat from COVID (despite most dealers being quite wealthy), and allowing these mark-ups is a way to “throw them a bone”.
Whether by design or incompetence, this is today’s functional equivalent of usury in my mind.
While I continue to have interest in their products, and have historically bought many new cars, they have lost me as a customer…maybe not forever, but for a good while.
They do have a system in place. A year ago, they cut off all dealerships who were advertising over MSRP. The current scam is that dealerships are selling to freinds and family, sending in the paperwork, buying it back, and then flipping it as the dealership. GM hasn’t figured out a way to stop that yet. They’ve threatened, but have no silver bullet to stop that yet.
Well this new system just stopped that as it will void the warranty if not held for 6 months.
Not true. That is not what GM said. GM said that they would take actions against dealers that made promises, then changed the price after the car shows up. GM has zero control over dealers selling at higher than MSRP and apparently has no issues w/ it at all.
Not to mention GM has built in mark up, they waited to release the MSRP, They wanted to see how large the demand was and inflated the MSRP to 105. Built in 20k mark up under MSRP then the dealers are price gouging.
Thinking of sellin my stingray and going Model S Plaid with the Track Pack and a new solar system for my house, my neighbors house and my sons house and still cheaper than a new marked up Z06.
So dealers are taking advantage of current supply and demand.. Resellers are asking over MSRP so why not the dealer? How about this; If a dealer sells you a Z06 (or any hot model) for MSRP would you sign a contract stating if you sell the vehicle in the next, say 2 years, for more than the dealer sold it to you that you would pay that overage back to the dealer? If not why do you think you should be able reap the benefit of a hot market item when the dealer should not? The dealer is a crook if they sell for over MSRP but the buyer is ok reselling for whatever the market will bear? Supply and demand ALWAYS play a role in selling price, Think 4 years ago with over supply of most brands and models, lots overflowing, huge manufacturer rebates and dealet discounts. Did you offer to pay MSRP instead? Didn’t think so, supply and demand. Deal with it.
However when you order a Z06, thinking you are going to pay sticker, but when car comes in, the dealer adds dealer adjustment of 100k, that is wrong. Happened to a friend of mine. He refused the car, then it went into dealer inventory and sold next day at 100k over. Bob, you know that is wrong.
There’s no barrier to stop dealers
*their
I agree! My dealership, where I purchased my 2020 Stingray, called me with a Z06 allocation. It was my turn to order, however they demanded a “market increase”. I demanded to purchase at MSRP, as I did with my Stingray. They refused to sell me a Z06 at MSRP, so I refused to order and purchase a Z06 with their arbitrary gouging price increase.
The price on regular C8 has not changed in 2 plus years, why would Z06 change ?
Total BS! If you pay for the vehicle it’s your choice to sell it for whatever price you want.
bingo… and the dealers paid for that car.
Daaaang, chevy hating on the little guy trying to make a $.
Have you all forgotten? CHINA owns GM.
So, a person who can afford and is willing to buy a “flipped” Z06 at the inflated price is going to be concerned about it not having a warranty? I think not.
Their policy for buyers is okay but they make no mention of policies for their dealers. This may stop some of the flipping by consumers but does nothing to the dealer marking up the price by 50k! This policy of the Generals really helps the the dealers ability to screw the consumer even more!! So instead of the flipper making that huge profit, the Car Dealer does! Not very well thought through!😔
My thought exactly. Two standards operating here.
Clearly GM is more concerned about what the buyer does once they purchase a Z06 with the latest buyer rules.
GM doesn’t really care what the dealer does or how much money they markup a new Z06. Remember the dealer is still getting their vehicles from GM at an average of 7% below MSRP then adds their price gouging loader on top of that.
As long as someone is willing to pay the dealer markups the markups will continue.
Clearly GM is more concerned about what the buyer/ owner does once they purchase a Z06 with the latest rules of ownership.
Also clear that GM wants the dealers to make profits not the owners. How much money the dealers markup a new Z06 above the MSRP (Manufacturers “Suggested” Retail Price) is of no real concern.
Dealers are still getting their vehicles from GM at an average of 7% below MSRP then the $50k-$100k
price gouging loader is added on. All those dealership owner purchased Z06’s sitting in showrooms? Pretty sure their purchase price was below MSRP.
If the cars were not selling situation would be different.
As long as someone is willing to pay the dealer markups over MSRP whatever the amount, the markups will continue.
So…GM is punishing Consumers but makes no mention of Dealers requiring customers to pay thousands in Additional Dealer Profit (ADP) and useless overpriced dealer add ons that the customer doesn’t want or need.
Ddawg75 – Exactly! Especially since it was the taxpayers/customers who bailed them out. Barra needs to go. This diversity hire experiment needs to end.
Exactly my point.👍
Rich people that buys these cars don’t give a crap about restrictions, they will always get their way.
Why does GM allow its dealers to buy and flip the corvettes for huge markups. I can’t buy any model corvette if I don’t agree to pay over MSRP. This is from a local corvette dealer that I purchased several corvette’s from. GM needs to practice what it preaches. Contact me and I will name the dealer.
Gm cannot tell dealerships what to charge. How many times does this need to said?
People don’t get it.
As a 2023 HTC owner who bought this great car at MSRP I am truly disappointed in GM for not reining in their dealers. My dealer who played by the rules is penalized in favor of the cheaters. GM should be ashamed of themselves. They have taken what should be a triumphant moment in their history into a shameful event.
Capitalism at it’s finest.🤪
Capitalism works extremely well, honestly. If consumers wish to be stupid over bling & status, there’s not much that will stop it.
There will always be abuses in any scenario concerning buying & selling.
Or perhaps colluding with the government on DEI, ESG, or EVs?
And to your point, again, there will always be abuses in capitalism. You can’t fix basic human nature.
How exactly is GM artificially restricting supply? GM actually increased Z-06 production as a percentage of total Corvette production. The Bowling Green assembly plant can only make so many cars each year, not to mention supply chain issues that stop production periodically.
The dealers will fix the issue by adding a “market adjustment charge” to the windshield and prices of cars in the showroom. They did that for the 2005 Thunderbird — and the car was canceled by Ford the next year.
Hey Tom, if you’re implying that like the Thunderbird, the Corvette will be cancelled by GM…..That will Never happen.
You’re right — the intent was to indicate that the dealers will grab the uptick in the price.
No GM never will cancel the Vette. (Wish I still had my ’67 427 435HP with those loud side pipes!)
A real shame about the Thunderbird although I preferred the 1957 styling over the 1955 style that they tried to go with in the re-introduction.
My local dealer who I purchased 10 autos from will not sell me a corvette unless I pay a large premium. GM condones this practice. Why does GM allow the Dealer to give the warranty to a buyer who pays a premium. GM clean up your home ( Dealers ) first.
GM cannot control what dealers charge. How many times does this have to bve said.
They can, however, choose not to give dealers caught doing it any further allocations. If they did this a few times, the problem would stop.
this will make the problem worse, less allotment, higher mark up by said dealer. before you say, “give the cars to dealers that sell at MSRP”, you are naive to think prices will come down when they control the whole supply.
Hey GM – what happened to Free Enterprise??
Maybe GM should go after their own dealers who charge rediculess market ups. If the dealer can charge over MSRP, it’s none of GM’ s business what a private owner does with their car after purchase.
The solution to the “mark ups” is on us if you refuse to pay any extra charges it’s game over for the the dealers doing the mark ups
I waited a year plus to buy my 2020 C8 but I paid MSRP
I recognize that the game is different today before we had to wait because there were no cars now the dealers are holding on to the cars however there are a few dealers in the north east selling for MSRP it will take a few clicks on the computer and that’s the end of all that nonsense
As a dealer I will sell a hot, demand exceeding supply product to a local buyer for MSRP, but anybody outside my area is going to pay over, the market price. I’m looking to build long term sales and service relationships, not just a quick huge profit. The only reason that a buyer is coming from outside my area is because their local dealer is going to sell for over MSRP, in other words the full value of what the market will bear. Theses buyers are highly unlikely to come back and buy something more from me, including service, or any other product, or refer future business to me so that’s not potential for a long term customer relationship and they lay market price.
Maybe mimic the Academy of Motion Pictures Sciences and have a SIGNED contract stating the Oscar/C8 is NEVER allowed to be sold and remains the property of the Academy or recipient / recipient’s estate for EVER?
At least it would put dent in the sale of caskets!
I will not sell my Z06 in 6 months or even 2 years. Please just build it in the next 5 months. My dealer says it will be.
Why not just make the Vett lease only for the first 1-2 years in which your only option is to return it dealership to sell it at what you paid or less.
Yall do realize GM doesnt own the Dealerships and MSRP is general long as the MSRP wording is there its Dealers go to PERIOD
This is GM allowing dealers to overcharge, but not “flippers”. If GM made more, the overcharging and flipping would subside considerably. It’s ridiculous.
I do realize that GM does not own the dealerships and that it is a Manufacturer’s SUGGESTED Retail Price. With that being said, if the market will bare a $50k premium, maybe GM should raise the price of the Vette and the MSRP by $50k and keep the profit themselves instead of the dealers or flippers. Don’t like that option? How about they follow the Tesla model and get rid of dealerships all together? If certain states don’t allow that, GM can lobby the government and get these ridiculous laws changed so the end consumer can quit getting screwed by either greedy dealers or greedy flippers.
I agree GM should follow the Tesla model. Go online or to the store front. Configure your vehicle, place your deposit, order the vehicle, when delivered pay the balance. Simple and easy. Don’t have to deal with dealerships or markups.
Long ago, GM was known for being the ‘Mark of Excellence”. With this new mindset of GM permitting the dealers to be outright thieves and then penalize current owner and non-dealer buyers brings GM more inline with “GM mark of Exlax”.
I recently purchased a loaded 2023 Z51/3LT/70th anniversary Corvette. I bought this like new Corvette used with only 850 miles on it. The dealer I purchased the Corvette originally had a put a $20k premium on this used car. So of course I declined to even considering buying this used, previously registered car. Two weeks later the the salesman who I originally worked with on this car called me to announce the $20k premium was removed and to come back and make a deal. I decided to look into buying this Vette anyway. I still had to pay sticker price of $98k plus a mark up of $6k. because they claimed this car had gone up in value to between $104k to $107k. Needless to say I stepped up and bought the car anyway.
If there is a big demand why not build more cars?
>>If there is a big demand why not build more cars?
Perhaps because a new factory and trained labor force costs billions of dollars and GM makes no more than 10 thousand per car – and there is not a market for additional 100s of thousands of Corvettes?