GM Slaps The C8 Corvette ZR1 With A One Year Retention Policy
Read the full story on The Auto Wire
Flipping, or buying a new car only to turn around an immediately sell it to someone else with a big markup, is a problem GM is trying to combat with a new retention policy for the C8 Corvette ZR1. Just like when the C8 Z06 first came out, buyers will be required to keep the vehicle for at least a year before selling it or face the consequences. Not everyone is a fan of this policy.Popular Corvette YouTuber Rick Conti, who works for a Chevrolet dealership, posted a copy of the now-infamous C8 ZR1 Corvette retention letter in a recent video. Right off the bat, he notes the letter slaps a retention period not only on ZR1 owners but also E-Ray and Z06 buyers.
For the ZR1, the retention policy is one year, while it's just six months for the E-Ray and Z06. Violators might not be able to place future reservations for certain high-demand models from GM, including Corvettes.
If that's not enough to scare people from flipping their new Corvette, GM says it will void the bumper-to-bumper, powertrain, sheet metal, tire, accessory, and electric vehicle propulsion warranties for the sports car. Yikes!
That second one is incentive for someone to not buy a ZR1, Z06, or E-Ray C8 Corvette too soon after the first owner takes delivery or they could be facing big repairs not covered under warranty.
Conti says owners sign this retention letter when they take delivery of the car. Some might be caught unaware this is even a thing, so we wonder if they'll refuse to sign and take the 'Vette.
Not everyone believes this will stop flippers from doing what they do best, pumping up prices for the high-demand ZR1. They also point out it won't keep dealers from marking up way beyond MSRP for these certain Corvette models.
Interestingly, Conti points out a problem we didn't even think about but know it happens. Some buyers will purchase a vehicle under their name, then later for tax or legal purposes transfer title to their company. That move would count as violating the retention policy, voiding the warranty on a ZR1, Z06, or E-Ray even though the car in practice didn't actually change hands.
What do you think of GM's retention policy for the C8 Corvette ZR1? Does it go too far? Does it not do enough?
Image via Chevrolet
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