High-demand items like the PlayStation 5 are infamous for getting flipped on the used market shortly after they go on sale: it was and still can be difficult to get hold of the console as people try to make money by selling them for a profit.
This is nothing new and in the car world, new cars get flipped on all the time, especially if they are prestigious, low-production-run types like the Ford GT. This also happens when there is a production issue like 2020’s chip shortage.
Ford actually tried to avoid the flipping phenomenon by having customers sign a contract to agree to not sell the car in the first two years, and Chevrolet’s Corvette Z06 is the newest victim to this craze.
YouTuber Speed Phenom fills us in on his observations and discoveries on the extent of Chevrolet’s Z06 flipping problem and how high prices are currently for the sports car.
The 2023 Chevrolet Corvette’s Current MSRP Is A Mystery
Actually, the MSRP of the 2023 Chevy Corvette Z06 is around $106,000 online on the corporate website, but as the YouTuber tells us, things are going very wrong indeed.
He starts by looking at various websites including AutoTrader to see how expensive the Z06 is and immediately stumbles upon a $275,000 Corvette Z06 in a Mecum auction, a car that does not even have the $9,000 Z07 performance package. This should thus be the low end of the Z06 price inflation and more in line with the price of a McLaren 720S supercar.
Our host goes through the motions checking for used Z06s and there are many, all way over sticker price. Many get sold only a week or month after the initial new purchase with a new $100,000-$200,000 premium: the very definition of a flip.
Why The 2023 Chevrolet Corvette Z06 Costs So Much
Some of this is unsurprising and the Z06 is not the only car to get flipped on for huge amounts, obviously. But the huge premium getting asked for is getting mirrored in the dealerships, leading to less affluent customers having to walk away from buying their dream Corvette Z06.
The biggest shock in the video is perhaps the revelation that dealerships are perpetuating the cycle by not only mimicking the price premiums but also scouting for used ‘Vettes and flipping them themselves – something the video covers.
On the official Chevrolet George Nahas website, the home page proudly proclaims “Never Charges Over MSRP. That Is Just Wrong!”. Perhaps the only thing the rest can do is either throw in more of their hard-earned savings or buy the C7 Chevy Corvette instead. While it's not illegal to flip a car for $300,000, it does make the Chevrolet Corvette Z06 unattainable for people who could afford it at MSRP.