In July 2024, General Motors (GM) sent sports car fans into a frenzy when it introduced perhaps the most hard-core version of its marquee sports car: the Chevrolet Corvette.
Adopting the ZR1 moniker reserved for its highest-performing vehicle, the newest iteration of the high-performance machine has the word ‘bonkers’ written all over it.
According to Chevrolet, the new ZR1 is the fastest Corvette ever made. Its 5.5-liter twin-turbocharged V8 engine produces a whopping 1,064 horsepower, making it capable of a 0-60 mph time of 2.3 seconds and a top speed of 215 miles per hour.
Naturally, a vehicle with this much hype behind it will be in high demand from curious speed freaks and those who can cough up the near-$175,000 asking price for one of them, as GM is exercising extra caution with those who get one.
2025 Chevrolet Corvette ZR1
Chevrolet
Keep your ZR1 to yourself, says GM
In a new video posted to his YouTube channel, Corvette dealer and enthusiast Rick Conti broke down a letter that GM’s Chevrolet brand is issuing new owners of “high-powered variants” of the Chevrolet Corvette, including the hybrid E-Ray, Z06, and the ZR1.
It states that Chevrolet is imploring owners to hang onto their cars in order to give its “exclusive” customers the chance to buy said cars with the “superior Chevrolet experience provided by their preferred dealer” and avoid “speculators who may try and resell these Corvette variants on the secondary market. ”
As per the letter, Corvette E-Ray and Z06 owners must adhere to a 6-month retention policy, while ZR1 owners will be barred from selling their four-digit horsepower monsters for a full year after purchase.
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Chevrolet states that these terms are not legally binding; however, they’ll face serious trust consequences with the automaker if they sell too soon.
According to the letter, E-Ray, Z06, and ZR1 Corvette owners who ignore Chevy’s wishes will be “ineligible to place vehicle reservations or place a sold order with a dealer for certain high-demand models, including but not limited to future Chevrolet Corvette models,”
In addition, the person who pays the inflated price for the flipped car will have to deal with some consequences. Chevy said in its letter that the second owner will have to deal with voided bumper-to-bumper, sheet metal, and powertrain warranties, meaning that they are on the hook if anything happens to their like-new cars.
Related: Tesla adds controversial clause to contract for Cybertruck buyers
Tesla and other manufacturers have similar policies
GM’s new policy on ‘Vette flipping evolved from one it introduced with the launch of the Corvette Z06 in 2022.
Then, they asked owners of the go-fast version of the car to hold onto their cars for a year before selling them. Otherwise, they would lose the privilege to order another “in-demand” vehicle, and the second owner would lose the factory warranty.
However, other manufacturers have laid worse consequences.
In 2017, Ford (F) baked in a two-year no-sell clause into the purchase agreement of its ultra-limited Ford GT supercar. Notoriously, the Blue Oval sued WWE Superstar John Cena for breaching said contract when he sold it a few months after delivery. The case was eventually settled out of court.
Related: The Tesla Cybertruck ‘blacklist’ is real, and has claimed a victim, owner says
At its November 2023 launch, Tesla (TSLA) Cybertruck owners also had to agree not to sell the vehicle within a year from its delivery date, which they threatened with legal action, even if they sensed that owners would sell.
“You agree that in the event you breach this provision, or Tesla has reasonable belief that you are about to breach this provision, Tesla may seek injunctive relief to prevent the transfer of title of the Vehicle or demand liquidated damages from you in the amount of $50,000 or the value received as consideration for the sale or transfer, whichever is greater,” the clause reads. “Tesla may also refuse to sell you any future vehicles.”
In March 2024, one Cybertruck owner fell victim to the clause when he listed his Cybertruck on several sites.
General Motors is traded on the New York Stock Exchange under the ticker GM
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