DETROIT, MI – In what is essentially a public relations program driven by skyrocketing prices on the used car market, Chevrolet – a division of automobile manufacturer General Motors – 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 instead of immediately flipping them on the open market for a tidy profit.
In a “broken” automotive marketplace currently defined by scarcity driven by COVID-19-related supply chain issues – including a shortage of computer chips – 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 – especially popular models – to turn around and flip them for even more than they paid at the dealership.
This has caused great worry to Chevrolet, who – in an attempt to avoid being misconstrued as price-gouging in a difficult market – 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.
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 “pleading” with their customers not to sell their Corvettes.
The reward points, while not the same thing as cash, can still be applied towards either whittling down an owner’s current car loan, or utilizing it towards the purchase of a different Chevrolet vehicle.
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’s 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.
With their new cars being immediately resold – along with select dealers rising their own prices in accordance with consumer demand – the reputation of manufacturers has taken a hit, and General Motors’ new program is reportedly an attempt to rehabilitate their image in the public eye until the market gets back under control once again.
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.
Christopher Boyle is an investigative journalist, videographer, reporter and writer for SEARCHEN NETWORKS® as well as other independent news and media organizations in the United States. Christopher works on a wide variety of topics and fields, has been featured in print and online in a variety of publications, from local to national, and helps keep a keen-eye on what’s happening in the automotive world for Auto Buyers Market.