Not one, but two 2023 Corvette Z06 examples failed to meet their reserve price at auction this month.
The 2023 Corvette Z06 is a special machine by anyone’s standards, a vehicle that could ultimately represent the pinnacle of naturally-aspirated, internal combustion-powered V8 sports cars, depending on what the future holds. Throw in the fact that supply chain constraints continue to hamper automotive production, ensuring that few Z06s will be built – at least in its first model year – and that’s prompted more than a few folks to capitalize on this situation and sell their cars for huge profits. However, in recent days, not just one – but two 2023 Corvette Z06 flip attempts failed, which could signal that the collector car market, as a whole, is finally starting to cool off a bit.
Though GM has stated that 2023 Corvette Z06 flippers stand to lose their ability to transfer the car’s warranty over to the new owner and have done other things to try and discourage this type of behavior, dealers have essentially discovered a loophole in that they can auction their cars off with no repercussions, it seems. That’s the case with this 70th Anniversary Edition that recently hit the block at Bring a Trailer, which was listed by Loehmann Blasius Chevrolet in Waterbury, Connecticut.
When the hammer fell on this particular auction, it failed to meet its reserve price, though eager bidders did go all the way up to $222,000 – a princely sum for a car with an MSRP of $146,340. In all fairness, the dealer could have easily sold this car with no reserve or a lower reserve price and still seemingly made a killing, but they seemingly thought that they could haul in a much large load of cash for their efforts. Sadly for them, the market didn’t agree.
However, this wasn’t the only failed 2023 Corvette Z06 flip that happened in the past week or so, as this black non-Z07 car with an original MSRP of $131,255 received a mere 11 bids that reached $178,569 on Cars & Bids, once again failing to meet its reserve price. Again, the seller could have still made a hefty profit here, but it’s notable that they didn’t. This example is also being sold by a dealer, but on the behalf of the original owner – meaning that it likely won’t come with a factory warranty, either.
While both of these cars were bid up far beyond their original sticker prices, it is notable that buyers refused to pay the asking price for either, as we’ve seen a handful of folks dish out eye-opening money for a new Z06 in recent weeks. Of course, not everyone has the means nor the desire to do so, and perhaps that particular market has already dried up. Whether or not this means C8 Z06 prices will come down to a more reasonable level remains to be seen, but for now, these two auction results are good news for those looking to buy one.
Photos: Bring a Trailer, Cars & Bids
Keyword: Could These Failed 2023 Corvette Z06 Flips Be a Sign the Market Is Cooling Off?