{"id":84,"date":"2022-08-03T18:40:28","date_gmt":"2022-08-03T18:40:28","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=84"},"modified":"2025-05-05T10:24:31","modified_gmt":"2025-05-05T10:24:31","slug":"report-used-car-market-in-such-turmoil-chevrolet-to-pay-new-corvette-owners-5k-not-to-sell","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2022\/08\/03\/report-used-car-market-in-such-turmoil-chevrolet-to-pay-new-corvette-owners-5k-not-to-sell\/","title":{"rendered":"Used Car Market in Such Turmoil Chevy to Pay New Corvette Owners $5K Not to Sell"},"content":{"rendered":"\n
\"2023
2023 Chevy Corvette Z06 on display at the L.A. Auto Show, November 27, 2021. File photo: Elliott Cowand Jr, Shutter Stock, licensed.<\/figcaption><\/figure>\n\n\n\n

DETROIT, MI – In what is essentially a public relations program driven by skyrocketing prices on the used car market, Chevrolet \u2013 a division of automobile manufacturer General Motors \u2013 is currently offering owners of the newest model of its iconic Corvette sports car a cool $5,000 as an incentive to hang onto their rides an extra year<\/a> instead of immediately flipping them on the open market for a tidy profit.<\/p>\n\n\n\n

In a “broken” <\/em>automotive marketplace currently defined by scarcity driven by COVID-19-related supply chain issues \u2013 including a shortage of computer chips \u2013 the greatly-reduced inventory of brand-new cars has caused the used market to explode, in terms of both demand and price. This unique situation has caused buyers who actually can get their hands on a new car \u2013 especially popular models \u2013 to turn around and flip them for even more than they paid at the dealership.<\/p>\n\n\n\n

This has caused great worry to Chevrolet, who \u2013 in an attempt to avoid being misconstrued as price-gouging in a difficult market \u2013 is attempting to ply owners of their 2023 Corvette Z06 to agree not to sell their new car for at least one year by offering them an impressive financial incentive.<\/p>\n\n\n\n

Chevy announced the offer via emails sent out to new Corvette owners, wherein they stated that buyers who still owned their car one year after purchasing it would receive 500,000 reward points, which carries the equivalent value of approximately $5,000. The tone of the email was reportedly described as Chevy \u201cpleading\u201d<\/em> with their customers not to sell their Corvettes.<\/p>\n\n\n\n

The reward points, while not the same thing as cash, can still be applied towards either whittling down an owner\u2019s current car loan, or utilizing it towards the purchase of a different Chevrolet vehicle.<\/p>\n\n\n\n

With the drought of new cars on the market due to the supply chain issues, used car sales have gone through the roof since 2021. in January 2022, prices were up an astounding 45 percent year-over-year, and with ongoing inflation also playing a role, popular vehicles such as Chevrolet\u2019s Corvette to greatly appreciate in price, making the prospect of those actually capable of buying one new and then selling it for a profit extremely tempting.<\/p>\n\n\n\n

With their new cars being immediately resold \u2013 along with select dealers rising their own prices in accordance with consumer demand \u2013 the reputation of manufacturers has taken a hit, and General Motors\u2019 new program is reportedly an attempt to rehabilitate their image in the public eye until the market gets back under control once again.<\/p>\n\n\n\n

Only time will tell if $5,000 in reward points is sufficient to tempt new Corvette buyers, most of whom had to endure a long waiting list, from seeking to unload their new found rides on the profitable used marketplace for a profit.<\/p>\n","protected":false},"excerpt":{"rendered":"

DETROIT, MI – In what is essentially a public relations program driven by skyrocketing prices on the used car market, Chevrolet \u2013 a division of automobile manufacturer General Motors \u2013 is currently offering owners of the newest model of its iconic Corvette sports car a cool $5,000 as an incentive to hang onto their rides an […]<\/p>\n","protected":false},"author":4,"featured_media":85,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-84","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n