A GM Employee Bought A New Corvette, Then Tried Selling It After 2,400 Miles

Some cars we buy out of necessity. Something pragmatic like a Toyota Camry or Honda Odyssey does the job for morning commutes or family days out. However, a Chevrolet Corvette is something one might long for and save for, and then buy when the planets finally align. It’s not overly practical, rarely could it be classed as a sensible decision, and yet it’s the one we gearheads get most excited about.

As a result, when someone does finally get their hands on such a prize, they will do everything they can to keep it, and to keep it in top order, too. You might assume, for Matt — a General Motors technician of 19 years — getting behind the wheel of a brand-new Z06 was a dream come true. However, in this instance, Matt put just 2,400 miles on the odometer, in addition to installing a few key upgrades, before deciding it was time to move it on.

While the Z06 currently carries a sticker price of around $120,000, Matt had to part with $133,935 when buying this particular example. After just three bids, although plenty of comments from admirers of both the car and the brand in general, the bidding stalled at $102,500. That wasn’t enough for the highest bidder to take the car home, although Cars & Bids, the platform that listed it, does allow negotiations to continue between the highest bidder and seller if a reserve isn’t met.

The first Corvette Z06 arrived in 1963, as an optional pack available on the C2. The nameplate then wouldn’t appear again until 2001, when the C5 generation revived it as its own model, rather than having it available as an optional performance pack. Since then, every iteration of the Corvette has been available as a Z06, and just like those before it, the C8 model, which Matt purchased and sold on so quickly, is a track-focused driver’s dream.

The C8 Z06 debuted as a 2023 model year, and breaks tradition by being the first ever mid-engine Z06. In every other sense, though, it’s very much a ‘Vette, sporting a 5.5-liter flat-plane crank V8 engine, which screams all the way to 8,600 rpm, and kicks out 670 horsepower alongside 460 lb-ft of torque. The all-important 0 to 60 mph dash is completed within just 2.6 seconds, and various trick pieces of aero disrupting the Corvette’s typically smooth silhouette ensure it’s just as quick through the corners, too.

To prove that point, Chevy took its latest Z06 to the Nurburgring and set a staggering time of just 7 minutes 11 seconds. To put that into perspective, the Z06 got around the “Green Hell” seven seconds quicker than a BMW M4 CSL of the same vintage — and that costs around $20,000 more, too. So, if performance is what you’re after, the Z06 is just about the best thing you can go out and spend your money on, unless you’re willing to increase the budget somewhat. Despite that, Matt still felt the Z06 had to be moved on after just a few short months.

It’s a well-known fact that, typically, cars lose an awful lot of their value once they find that first owner. However, exclusive and performance-oriented models can sometimes prove to be exceptions to this rule – some Porsches are especially good at side-stepping depreciation — but sadly, Matt’s Z06 isn’t part of the depreciation-busting club.

Having paid $133,935 in the first place, and then achieving a high-bid of just $102,500, represents a potential loss of $31,435 for Matt. Although again it’s worth pointing out that it didn’t necessarily sell for this price, as it appears Matt had a reserve in place, and also had the opportunity to discuss matters with the highest bidder.

Some commenters on the auction site noted that the modifications carried out, including a lowering kit, rear wheel spacers, and front grille guards, won’t have helped. The Z06 is something of a collector’s item in many folk’s eyes, and collectors like cars to be as they left the factory. Secondly, while the Z06 isn’t exactly common, there are plenty available on the used market, and so buyers aren’t exactly tripping over one another to get hold of an example. All of this points to it being a buyer’s market, and as such, Matt’s nearly new Z06 took an awful hit, even though it was presented in fabulous condition with only a few miles on the clock.