The Chevrolet Corvette Z06 may be one of the most desirable and hardest-to-get cars of 2023, but some are finding their way onto the second-hand market. A gorgeous black example with an Adrenaline Red interior recently popped up on Cars and Bids, but the seller and potential winning bidder may be in for a rough ride regarding the warranty. In an effort to curb flipping and scalpers, General Motors asked buyers to sign an agreement voiding the car’s warranty and giving up their right to future orders and reservations.
This auction listing came from a dealer who said they were selling the car on behalf of its original owner. Unfortunately for the buyer, it doesn’t matter who’s selling the car because General Motors’ warning letter was clear:
“If a customer does not keep their Corvette Z06 for 12 months:
- They will be ineligible to place vehicle reservations or place a sold order with a dealer for certain high demand models (as identified by GM) including but not limited to future Corvette Z06.
- The Bumper-to-Bumper, Powertrain, Sheet Metal, Tire and Accessory coverages under GM’s New Vehicle Limited Warranty will be voided.
- They will not be eligible to receive the exclusive Z06 award of 500,000 My Chevrolet Rewards Points (a $5,000 value).
Dealers will need to have all 2023 Corvette Z06 customers sign the attached acknowledgment form at the time of delivery and make sure they understand what will happen if they do not retain the vehicle for the required 12 months. This document should be kept in the deal jacket and made available to GM upon request.
We’re hopeful that these changes will benefit the customer experience and keep our brand strong.”
The eventual winner of the Z06 may not care about the warranty. After all, there are a whopping six days left in the auction, and the car already sits at $38,000 more than its sticker price. Still, it’s a performance car, and even the mighty Corvette is susceptible to mechanical failures and issues.
There have already been a few reports of Z06s blowing engines at insanely low mileage numbers, such as one that blew with just 52 miles on the odometer. Chevy replaced another engine that blew at 600 miles, and that one was thoroughly documented by other publications and on YouTube. Replacing the V8 in previous Z06 models was already expensive – around $15,000 just for the engine and no labor – but the flat-plane crank V8 is new for GM and will likely be ridiculously expensive as a result.
Beyond repair costs, the buyer of a no-warranty Z06 may also find that their resale value has tanked. An enthusiastic early buyer may not care about the coverage, but a third owner after the car has been out a while won’t be so careless. Having said all of that, GM’s warranty warnings haven’t been tested in court, and as far as we know, no one has had a warranty claim denied due to the warnings.
You might ask why the next buyer couldn’t get an extended warranty for their car after the fact, but it’s not so simple. We called around, and several of the top extended warranty companies don’t yet offer coverage for the new Z06. Some don’t even have the car listed in their systems. That will probably change in the future, but there’s no guarantee that nothing will go wrong with the vehicle in the meantime.
Finally, it’s worth noting that there was a Mecum auction for the car earlier this year. It’s unclear if that car was sold directly from dealer to buyer or if it would be considered a flip under GM’s rules. YouTuber Stradman also sold one on Cars and Bids in February, but there’s no word on its warranty status.
