The current Corvette market is absolutely insane. Dealers are trying to gouge buyers, and flippers are out in full force. However, I don’t blame them entirely. Capitalism is alive and well, after all. Unfortunately, stupidity in the buyer pool often fuels these wild prices. I am here to ensure you avoid getting screwed when looking at a new ZR1 or ZR1X. Specifically, paying over $300,000 for a Chevrolet is a dangerous financial move right now.
Furthermore, major news broke regarding General Motors and their retention policies. GM quietly made a policy change this week that will likely shake up the market. Specifically, this change affects the Z06 and E-Ray. As a result, we will likely see a flood of inventory hitting the used market soon. Consequently, prices for those models will drop further.
The Quiet Z06 and E-Ray Policy Change
Previously, GM enforced a strict retention policy on high-demand Corvettes. If you sold the car too soon, you faced penalties. However, GM has quietly changed this stance for everything except the ZR1 and ZR1X. For example, GM effectively relaxed the previous six-month retention period for Z06 and E-Ray owners.
Now, if you have owned the car for just three months, you can sell it. This restriction lift means owners who were sitting on these cars can now offload them. Therefore, more of these high-performance models will arrive in the marketplace immediately. As a result, when supply goes up, prices inevitably come down. We are already seeing this trend happen in real-time.
Currently, some sellers are still asking $160,000 for well-optioned Z06s. However, MSRPs are often closer to $120,000 or $130,000. Consequently, if you paid a markup over $200,000, you now face a steep loss. Those values are rapidly falling. Ultimately, this new policy allows recent buyers to sell early, which accelerates depreciation.
The ZR1 Warranty Trap
While the Z06 market opens up, the situation for the 2025 and 2026 ZR1 is different. GM has extended the retention policy for the ZR1 and ZR1X to one full year. Because demand is high, they want to discourage flippers. Instead, their goal is to get these cars into the hands of actual enthusiasts.
If an owner sells a ZR1 within that first 12 months, the consequences are severe. First, the seller becomes ineligible to place future reservations on high-demand vehicles. More importantly, GM voids the bumper-to-bumper warranty on that specific car. The only exception is the battery warranty on the ZR1X. Otherwise, the second owner gets zero protection.
This is a critical detail for anyone looking at the secondary market. For example, if you buy a ZR1 from a flipper, you are likely buying a car with no warranty. On a 1,064-horsepower machine, that is a massive risk. These are high-performance race cars. Consequently, things can break. Without a warranty, you are on the hook for repairs that could cost tens of thousands of dollars.
Dealers and Market Manipulation
Despite these restrictions, dealers are still manipulating the market. Market manipulation occurs when sellers hold back product to drive up prices artificially. Currently, we see listings for ZR1s with offensive markups. For instance, I found a blue ZR1 with a sticker price of around $221,000. However, the dealer listing online asks for a staggering $341,000.
It is okay to be a fanboy of Chevy and Corvettes. For example, I love that an American manufacturer is delivering a 1,000-plus horsepower monster. It makes me proud of our nation’s automotive capability. But it is not wise to pay $341,000 for a Corvette. Therefore, you need to explore other options before dropping that kind of cash.
Cars Are Not Investments
We need to stop viewing these modern performance cars as retirement funds. For instance, I saw a comment recently claiming cars are a waste of money. In many ways, they are, but that is the point. Instead, think of it like a bottle of high-end Kentucky bourbon. I bought a great bottle recently, and over seven months, I drank it all. Literally, I peed it away. As a result, I got zero financial return on that investment.
However, I enjoyed it tremendously. The value was in the experience. Similarly, the same applies to Cuban cigars. I will smoke them with friends, create memories, and have nothing left but ash. Therefore, you should approach buying a ZR1 or any supercar with the same mindset. You pay for the joy, the excitement, and the memories.
If you buy a car just to park it in a garage hoping it appreciates, you are missing the point. We learned this with the Dodge Demon 170. Thousands bought them as investments, expecting them to be worth half a million dollars. Instead, prices are falling. The ZR1 will likely follow the same path. Consequently, it will not be your retirement fund.
Better Alternatives for $350,000
If dealers want $350,000 for a ZR1, you must look at what else that money buys. The options in that price range are insane. In fact, for that money, you can enter the world of true exotics.
Lamborghini Huracán STO
You can find a 2021 Lamborghini Huracán STO with low miles for roughly the same price. This car was half a million dollars when new. It is a legitimate race car for the road. Furthermore, the V10 platform is one of the most reliable supercars on the market today. It will hold its value far better than a mass-produced Chevy over the long term.
McLaren 750S Spider
Consider a 2024 McLaren 750S Spider. I found listings for around $349,900. For the same price as a marked-up ZR1, you get a newer McLaren. High-end dealers usually include a warranty with these cars. Even if the warranty expires, McLaren offers direct manufacturer extended warranties for a reasonable price. You get elite performance with peace of mind.
Ferrari 296 GTB
If you prefer Italian heritage, look at the Ferrari 296 GTB. This V6 hybrid produces over 800 horsepower. While the hybrid engine isn’t everyone’s favorite, it is still a modern Ferrari. You can find a 2024 model with low miles for around $319,000. Historically, Ferraris hold their value incredibly well. You could drive this car, enjoy it, and lose very little money compared to a plummeting ZR1.
The Bottom Line
Buying a ZR1 right now for over MSRP is a mistake. Specifically, buying one on the secondary market without a warranty is financial suicide. On a high-performance exotic, repairs are astronomically expensive. For example, if you think a repair will cost $2,500, it will likely cost $10,000. My Lamborghini repairs are never cheap. Consequently, a major failure without a warranty could cost you $50,000.
My advice is simple. Be strong and wait. Instead, give it a year or 18 months. By then, GM will lift restrictions. Also, more cars will flood the market. Eventually, you will be able to steal a ZR1 for closer to $175,000. Then, you can drive it, enjoy it, and build memories without worrying about massive depreciation.
