Chevrolet Corvette Z06 customers are being threatened with a voided warranty if their car is sold within 12 months from new, while General Motors is offering financial incentives to those who hold on to their purchase for more than a year.
US car giant General Motors (GM) says it will void the warranty on Chevrolet Corvette Z06 supercars sold within 12 months from new, while also announcing incentives worth up to $US5000 ($AU7200) for customers who keep the vehicle for more than a year.
While it is unclear if General Motors – or any car company – can enforce or introduce such restrictions under US law, General Motors says it plans to “limit the transferability of certain warranties” in North America.
General Motors is yet to announce similar measures on Corvette sports cars or Silverado pick-ups sold in Australia, though the company says it is legally powerless to stop dealers charging exorbitant dealer-delivery fees.
Under Australian Consumer Law it may also not be possible for General Motors to restrict the transfer of warranty on new vehicles sold locally.
The drastic measures being adopted in the US are aimed at limiting the number of resellers for its in-demand 2023 Corvette Z06, GMC Hummer electric vehicle and high-performance Cadillac Escalade-V SUV.
According to Jalopnik – which published excerpts of a leaked US dealer bulletin, later confirmed by General Motors as being accurate – Chevrolet will void the Corvette Z06’s bumper-to-bumper, powertrain, sheet metal, tyre and accessory warranties on cars resold less than 12 months after the original purchase date.
Resellers will also be banned from ordering GM’s future high demand models, though it is unclear how the car giant will keep track of those customers.
In the leaked bulletin, General Motors vice president Steve Carlisle advised dealers the company’s brand image could be damaged by resellers.
“When vehicles are quickly resold, particularly by unauthorised dealers or other resellers that do not adhere to GM’s standards, the customer experience suffers and GM’s brands are damaged,” said Mr Carlisle wrote.
“As a result, on certain high demand enthusiast products, we are limiting the transferability of certain warranties and barring the seller from placing future sold orders or reservations for certain high demand models (as identified by GM) if the vehicle is resold within the first 12 months of ownership.
“These changes are being implemented to ensure an exemplary customer experience, to ensure our brands remain strong, and to help prioritise ownership by brand enthusiasts and loyal customers.”
General Motors also promised financial incentives for new Corvette Z06 owners who hold on to their cars for more than a year.
Corvette Blogger reports owners of the Corvette Z06 will be given up to 500,000 points to use within the company’s My Chevrolet Rewards program if they meet the criteria.
Representing roughly $US5000 ($AU7200) in value, the points can be used to pay for accessories and services – or towards paying off loans with General Motors finance.
However, high demand for the Corvette Z06 might result in owners being able to sell their cars for more than the $US5000 incentive, triggering the non-transferable warranty notice.
On US car classified website Autotrader, used examples of 2020 Corvettes are advertised for about the same price as – or even higher than – 2022 models due to long wait times for new showroom stock.
Demand for the high-performance Corvette Z06 is also expected to be off the charts.
In Australia, the 2022 Corvette is for now only available in two variants, the 2LT and 3LT, starting at $160,000 and $175,000 plus on-road costs respectively – but the Corvette Z06 is due here next year.
While pricing for the C8 Corvette Z06 has been announced for the US and Canada, General Motors Specialty Vehicles (GMSV) is yet to confirm how much Australian buyers can expect to pay for the flagship Corvette.
Based on calculations by Drive, the cheapest the Corvette Z06 1LZ variant in Australia could have an RRP of $220,000 plus on-road costs when it arrives next year.
If GMSV decides to bring the more expensive and better equipped 2LZ and 3LZ variants to Australia, Corvette Z06 prices could eclipse $235,000 or $250,000 plus on-road costs.