2024 Z06 and E-Ray Will Have a 6-Month No-Flip Policy, but GM is Dropping its 500K Loyalty Points Reward

By
Keith Cornett
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10
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2024 Z06 and E-Ray Will Have a 6-Month No-Flip Policy, but GM is Dropping its 500K Loyalty Points Reward


With ordering for the 2024 Corvette model year expected to start this Thursday, we reached out to Chevrolet in regards to find out if the 2023 Corvette Z06’s vehicle retention policy would be carried over to the new model year.

The short answer is yes, there is a vehicle retention policy in place for both the 2024 Corvette Z06 and the all-new E-Ray, but GM has made one important change that buyers won’t be happy about.

As most Z06 enthusiasts know, GM tried to limit the immediate flipping of new 2023 Corvette Z06s by offering a Carrott/Stick approach: Buyers who keep their cars for longer than 6 months would receive 500,000 My Chevy Rewards points valued at $5,000. However, if the car was flipped within that time period, the owner loses the points, and the Z06’s warranty is no longer transferrable to the new owner.

2024 Z06 and E-Ray Will Have a 6-Month No-Flip Policy, but GM is Dropping its 500K Loyalty Points Reward


Those rewards points were a big deal to those who were already keeping the car, and we saw the freakout when some owners thought they were not going to get them due to a technicality.

Our feelings on the Z06 vehicle retention policy have been mixed, and in the grand scheme of things, we think it did little to discourage those owners from selling their cars because they were going to make a lot more from the sale. We’re thinking GM may have come to that conclusion as well, because they are making this important change from the 2023 policy.

Moving forward for 2024, there is no carrot. Corvette Z06 and E-Ray buyers will only receive My Chevy Rewards points based on the purchase price of the car, which is what Chevy offers with any new vehicle purchase. Owners of the Z06 and E-Ray who keep the cars longer than 6-months will not pass GO, and will not receive $5,000 worth of rewards points to spend on parts, service visits, and even vehicle financing.

Here is what the Chevy Representative said to us in an e-mail:

Chevrolet will not offer special My Chevrolet Rewards award points for MY24 Corvette Z06 purchases. Z06 is still eligible for My Chevrolet Rewards points based on purchase price, in the same way that any other Chevrolet vehicle purchase is eligible for points. In continued efforts to disincentivize flippers, if ownership of a 2024 Corvette Z06 or transferred from the original owner within the first six months of delivery, certain warranties will be voided.

[THE] 2024 Corvette E-Ray will be handled similarly to 2024 Z06 – owners can receive My Chevrolet Rewards points based on purchase price, and if ownership is transferred within 6 months of ownership, certain warranty elements will be voided.

When the policy was announced last summer, Chevrolet first said that buyers would have to go 12 months before receiving the rewards points, but that was backed down to six months just before the new Z06s started production last fall.

GM changed the policy once again following an issue regarding Speed Phenom not receiving his points due to a registration issue. The new change allows 2023 Corvette Z06 buyers to register by December 1st receive the My Chevy Rewards Points as long as they have owned the car for six months.

Will this policy affect your purchase of a 2024 Corvette Z06 or E-Ray? Let us know in the comments below!


Source:
Chevrolet

Related:
Let’s Face It Chevy, the Z06’s Anti-Flipping Program Isn’t Working as Intended
[VIDEO] Chevrolet is Adjusting its 500K Reward Points Program for Z06 Buyers
Chevy Backtracks on 12-Month Ownership Rule for Z06 Buyers, Changed to Six Months

 



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10 COMMENTS

  1. Ridiculous to keep the warranty requirement without the compensation for doing so. Meanwhile they have done NOTHING to punish dealers engaging in rent-seeking/unethical/anti-consumer/flipper behavior.

  2. I had four spots I have released because of this counterproductive, free-market reducing policy. All it has done is redirected large profit margins back to dealers. Dealers are probably less likely to budge on their exorbitant prices than a private party would be if they just let it run it’s course like they did with the base model.

  3. Chevrolet really thought this out. More generation x management who can’t think beyond their noses. No wonder our country is going to shit.

  4. Hermb should shut up about our country, which we can credit for giving us our Vettes.

  5. This whole situation sucks!
    Not only did loyal owners/customers not get cars they waited years for, they also lost $5000 that went to people who obviously in most cases didn’t need it.
    A class action lawsuit against the dealers who have overcharged and GM would be in order, but would probably not fly

  6. I am totally bummed out by this Chevrolet “retention” policy as I am #1 at my local dealer to get a 24 Eray. This whole policy of allowing the dealers to set any ADM they want while taking away our “loyalty “reward is totaly counterproductive in my view. I am really having 2nd thoughts about this purchase which I have been waiting for for over 18 months.I even sold my Mclaren to be ready for cash payment. I can’t seem to get a commitment on the amount of the ADM they plan to add. I thought at least I would get back something after 6 months but now. Heck, I think I will just forget this Chevrolet double whammy fiasco and step up and buy (I know-awful word) a used Ferrari 458 for 100K more. Ferrari dealers used to be quite aloof but now I see the Z06-Eray cars as Chevrolet’s attempt to equal their unfriendly treatment of retail buyers.

  7. I have an Eray reservation, but may not use it for two reasons. One, I don’t want the carbon ceramic brakes. Two, the front differential is said to be an open one, not limited slip. With less weight on the front wheels I expect tire spin or reduced power from the traction control system.

  8. Chevrolet should do a 1 or 2 year first right of refusal contract with the purchase of Z06’s. So basically if an owner wants to sell his Z06 the dealer should have the first right to buy the car back at MSRP.
    Also cars sold at MSRP or no more Z06’s for that dealer.
    Ferrari has been doing this for years.

  9. I blame the C8 buyers for just buying to flip them for all these problems. The dealers have a big nut to crack every month, paying the employees, taxes, all the overhead of huge buildings Etc. If you were a dealer, you would not be happy seeing people making extra money flipping, so why not make the money themselves. Flippers are the cause of all this. If you don’t agree, then you are not living in reality.

  10. The dealerships make $100k by lying, cheating, stealing, robbing and knifing! GM with their stupid unions will be running, crying and begging to the government to bail them out again when they go bankrupt again!

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