Chevrolet is giving Corvette Z06 buyers $5,000, but there's a catch
High performance sports car is in-demand
It's a tip not to flip.
Chevrolet is offering an interesting incentive to buyers of its upcoming Corvette Z06 sports car.
The Corvette Z06 is one of the most-anticipated new cars coming out this year.
The new top of the line Corvette starts at $106,395, while the convertible is listed at $113,895, and that's just the start.
A fully-loaded example will run close to $160,000.
That's more than twice what an entry level Corvette Stingray goes for, and with good reason.
The Z06 swaps the Stingray's 495-horsepower pushrod 6.2-liter V8 for a 670-horsepower 5.5-liter V8 with overhead cams and an exotic flat-plane crankshaft design that's related to the one used in the Corvette endurance racing cars.
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It also gets a laundry list of suspension, brake and aerodynamic improvements to go with it, and promises exotic-car rivaling performance.
Despite its high price, its also in high demand and dealers have already been listing them with markups as high as $100,000.
Chevrolet isn't thrilled with that look and would also prefer speculators don't try to flip their cars for ridiculous prices immediately after purchasing them.
There isn't much it can do about that, as GM has learned with the $112,595 GMC Hummer EV pickup, several of which have been resold for over $250,000, but it appears to have come up with a new idea that might make a small difference.
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The Corvette Blogger website has posted a letter sent to Z06 reservation holders that details a promotion they are eligible for.
Customers who sign up for the My Chevrolet Rewards program will get 500,000 free points, but only if they keep their cars for 12 months.
The points can be used to pay for things like accessories and service, and 500,000 is the equivalent of around $5,000.
Chevrolet has confirmed the existence of the program to FOX Business.
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However, $5,000 may be a drop in the bucket compared to the profit that a quick resale could net. The first Z06 has already been sold at a charity auction for $3.6 million to raise money for Operation Homefront supporting military families.
This story has been updated with response from GM