Chevrolet Dealer Charging $100,000 Markup for Corvette Z06

Industry News / 24 Comments

They're asking $5,000 just to place the reservation.

New car price gouging is unfortunately nothing new, and the practice has become so common that it's almost not even news anymore. Occasionally, though, a dealer will come out with a price so absurd that it's impossible to ignore. A Reddit user found themselves in this situation earlier this week while shopping for a Corvette Z06. Their post shows an email response from Dimmitt Chevrolet in Clearwater, Florida, in which the salesman states that ordering and buying a Z06 would cost $100,000 over MSRP. Of this, $5,000 would have to be paid just to place a reservation. At least it's not priced like the Z06 we saw at auction earlier this year.

The salesperson admits that his dealership has two Z06 allocations left before diving into the ridiculous pricing breakdown. Dimmitt requires a $5,000 deposit to hold the buyer's spot in line. On top of that, another $20,000 is needed at the time of the order, and at delivery, the buyer has to shell out another $75,000 in addition to MSRP. Before any of that can happen, the buyer must sign a contract stating that they're ok being gouged on a new Corvette.

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u/idontcare717 via Reddit

Chevy hasn't announced pricing for the Z06 yet, but company officials have hinted that it could sneak in under $100,000 before markups. After the GMC Hummer EV reveal, General Motors joined its cross-town rival, Ford, warning its dealers against marking up vehicles. That said, Dimmitt's got no problem with markups, as it currently has four other Corvette Stingrays that range in (marked up) price from $90,899 to $109,664. We don't know if GM will take action against the dealer, but it has various tools at its disposal, ranging from withholding new vehicle allocations to issuing fines.

As egregious as this markup is, it's far from the exception in today's car market. The pandemic and supply chain issues have led to vehicle shortages and dealer price gouging on even the most pedestrian models. That said, most markups don't reach this level of greed. Crowdsourced tracking site markups.org's list of Corvette prices shows that Dimmitt's $100,000 add-on is the largest, with three others charging $50,000 over MSRP.

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The situation only gets crazier when we look at all makes and models. A dealer in Oklahoma is asking $200,000 over MSRP for a GMC Hummer EV, and there's a 2022 Porsche 911 GT3 Touring Package on a lot in South Orlando, Florida, with a $184,455 markup. The Hummer in particular has been a target for markups.

Comments on the post are almost universally negative. Some point out that the original poster could contact GM to push for an intervention. Others note that the whole point of a Corvette is relatively affordable performance, so charging Ferrari money for one should be considered criminal.

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