Last week we brought you the news of two sellers whose auctions for the 2023 Corvette Z06 closed without a deal.
One of those for sale was a 70th Anniversary Z06 offered by a dealer with a warranty on Bring a Trailer which reached a high bid of $222K which was $75,660 over MSRP. The other Z06 was offered by the original buyer at the Cars and Bids auction site and was being sold without a warranty. That car reached a high bid of $178,569 which was $47,314 over MSRP.
Some were quick to jump on bandwagon proclaiming that the resale market had popped when in fact it’s just getting started.
On Thursday at Bring a Trailer, another Black Z06 auction was closing, this time a Convertible 2LZ model with an MSRP of $128,180. The Z06 Convertible was only optioned with GT2 seats with two-tone Natural/Black leather and Bright Red Brake Calipers. As this was a flip, the car is subject to having its warranty canceled by GM.
Bidding on the car was strong with many waiting until the final minutes to place their offers. That’s when the bids really started moving higher, going from $190K at 3:19 PM and closing at $227K at 3:34 PM. With the final bid, the Z06 Corvette sold for $98,820 more than its MSRP.
There are now more than 1,000 Corvette Z06s in customers hands and more are being made each day, so it’s a little too soon to say the market has popped when it’s really just getting starting. Beginning later this month, the first Corvettes manufactured will have reached their 6-month ownership term in which case GM’s anti-flipping policy will no longer be a factor.
For those who are interested, we are currently watching a Torch Red Z06 offered new at Rydell Chevrolet with a bid of $196K. That auction will close on Friday afternoon.
Source:
Bring a Trailer
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Well… that was well sold.
It will be interesting to see if those covered under a warranty get a premium in the secondary market.
One of the disadvantages of some online auctions is that they do not tell you when the reserve has been met. It is difficult to tell if someone would have offered another $25,000 to get the warrantied one over the finish line.
Robert, you’re right, but out of pure curiosity I was following this auction and at $189K, Kenraabe1 (The Seller) posted “Well, it’s for sure going home with someone,” indicating the reserve had been met. 👍🏼🏁
There are a lot of people with too much money!
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