Finally picked up my C8 HTC brand new at MSRP

[Neils]

So a lot of interesting replies here, and to be honest with you, if I was not one of those guys, I would have never believed it. List are hundreds long at each dealer, and besides the few rare cases of small, remote, mom and pop dealers coming thru for a select few on here under 16 months, I think for the majority of us, it is an 18-36 month wait, average 24 (yes we have some on here who waited close to 3 years). Here is what I think is happening right now, confirmed at least in my situation.

When people had put deposits on these cars, this was back in 2020 when the price was at the lowest, or in 2021, when people were riding the energy from the 2020 launch, and said I am dropping a deposit on this $70-$80k sports car, and will find a way to make it work financially.

Fast forward past a pandemic, a success story of supply & demand (in part due to part shortages and plant shutdowns), climbing C8 prices (annually) plus climbing interest rates and job layoffs, and market uncertainty, and the tides have turned. It's no longer a $70k-$80k car, it is more like a $100k-$120k car. Factor in financing interest rates of almost 9%, and monthly payments can reach $2500/month (with zero down on an almost fully loaded 3LT HTC).

The big 3 have been getting less allocations, and to the point someone made above, I do believe that the dealers are hand picking those they believe can now afford the car and not give them too much grief, especially with last minute cancellations or allocations they cannot fill (due to people passing on their turn).

I was #19 with Finch (roughly), and probably #16 at one of the big 3. It was a very exciting and nerve racking experience to have gotten a surprise call many months early (Finch) asking me if I wanted a corvette, felt like I had won the lottery but did not understand how. Many of those before me simply did not want to drive up the total cost of their car with a $7495 Z51 pkg (non Z51 on constraint), and for the few who wanted it, had a constraint on some of the forged rims.

Some who were called said they were not ready to make that financial commitment just yet (still saving $$ I guess for the deposit), and others wanted to wait for a non-Z51. So I got the call months early, saying if I was willing to take a Z51, all mine, 3 days prior to the allocation going in, and we built the thing quickly over the phone (I am in Montreal). In my case it was an unaccounted for allocation that the dealer simply could not fill. And part of me does think that they did not walk down the entire list one by one, they simply wanted to find someone quickly they could get count on to buy the car, and Lord knows how much Morgan knew how hungry I was for this car by this June.

But someone brought up a good point above, a filled allocation that is then cancelled, the car does belong to the dealer, and based on the current situation, the dealer can still turn around and sell it for profits. So perhaps they did keep the original deposit, but that is not a lot of money (maybe $1000-$2500). So I guess the dealer figured they did not want to be stuck with a car they may not be able to flip during uncertain times, so simply offered it to the next guy on the list.

Long story short, I think we will see more and more of these opportunities for guys who are still on a wait list from 2021 (or sooner).

 

[Murray20c8]

If people on the list are interested in cars that are not their spec, they should specifically tell their dealer as it’s unreasonable to expect that a dealer will call and offer 200+ people on the list who specifically wanted to order a custom spec car.

Ya and those are likely already on the hook with a deposit. Why would a dealer want to lose a sale. Giving the car to a another just adds a sale to their totals for the next years allocations.

 

[Murray20c8]

So perhaps they did keep the original deposit, but that is not a lot of money (maybe $1000-$2500). So I guess the dealer figured they did not want to be stuck with a car they may not be able to flip during uncertain times, so simply offered it to the next guy on the list.

We've heard as much as $5,000.00 deposits.
The difference between MSRP and dealer cost on a base car in 2020 was about 7500. So 2500 extra $ goes into the dealers profits. Every little bit helps.

 

[DW Ruby]

I can understand that these Dealers rep's are busy, and no, I would not expect them to call 200+ people each time someone cancels.
That said, should there not be some effort on the Seller's part, namely GM, to place the order with someone that has been waiting a very long time?
Surely, based on the information we have on this particular car, there were Customers ahead, waiting on a Red 2LT Z51, No?

I'm a 'solutions focussed' kind of guy in that you don't present a problem without offering a viable solution (somewhat).
I also enjoy playing the devil's advocate, and can spot a 'hot topic' when it presents itself.

A few thoughts:
A) Adopt a more stringent, and serious 'waiting list'.
i) Pre-qualify the Purchaser more, allowing for a realistic increase based on inflation and market conditions.
ii) Standardize, and raise, the deposit to 5%, or even 10%, of the present MSRP. It should represent a very strong commitment.
iii) Deposits become non-refundable. If you'd like to be on several lists, it's going to cost you, dearly.
B) Scrap 'allocations' altogether. Ship the cars to whoever has sold them, by order of date of sale. (Shopping locally supports you community.)
C) Allow Corporate GM to handle these 'waiting lists', rather than the local Dealer. (The huge database would create efficiency for their planning process, and also
answers the question of the 200 phone calls by the Dealers in that a simple 'search', followed by a text/email offers those on the 'list' a fair right of refusal.)

Just throwing 'stuff' out there.
I can already imagine some of the responses.

(p.s. To 'mightymohito': I'm just sparking conversation here. If I would have gotten the same call, I would have jumped at the chance. Enjoy.)

 

[DenisC8]

I can understand that these Dealers rep's are busy, and no, I would not expect them to call 200+ people each time someone cancels.
That said, should there not be some effort on the Seller's part, namely GM, to place the order with someone that has been waiting a very long time?
Surely, based on the information we have on this particular car, there were Customers ahead, waiting on a Red 2LT Z51, No?

I'm a 'solutions focussed' kind of guy in that you don't present a problem without offering a viable solution (somewhat).
I also enjoy playing the devil's advocate, and can spot a 'hot topic' when it presents itself.

A few thoughts:
A) Adopt a more stringent, and serious 'waiting list'.
i) Pre-qualify the Purchaser more, allowing for a realistic increase based on inflation and market conditions.
ii) Standardize, and raise, the deposit to 5%, or even 10%, of the present MSRP. It should represent a very strong commitment.
iii) Deposits become non-refundable. If you'd like to be on several lists, it's going to cost you, dearly.
B) Scrap 'allocations' altogether. Ship the cars to whoever has sold them, by order of date of sale. (Shopping locally supports you community.)
C) Allow Corporate GM to handle these 'waiting lists', rather than the local Dealer. (The huge database would create efficiency for their planning process, and also
answers the question of the 200 phone calls by the Dealers in that a simple 'search', followed by a text/email offers those on the 'list' a fair right of refusal.)

Just throwing 'stuff' out there.
I can already imagine some of the responses.

(p.s. To 'mightymohito': I'm just sparking conversation here. If I would have gotten the same call, I would have jumped at the chance. Enjoy.)

Most people change what spec they want multiple times before their order and allocation comes up. Most dealers don’t ask for your build spec until you are in the top 20 on the list and 5 allocations are expected

 

[Murray20c8]

And @DW Ruby I repeat. Dealers own the cars and are selling them to you. You have 0 rights until you sign the purchase agreement. And that purchase agreement is specific for one optioned car. It also has not received an allocation. Why should a dealer give up a free allocation, plus a deposit (if he doesn't return it)?
In case you are unaware, allocations are awarded by previous Corvette sales. Adding a Corvette sale increases their future allocations. The more Corvettes they sell the more they get and the more money they make. It makes no sense for them to give away an allocation.