The iconic 2023 Chevrolet Corvette Z06 could cost more than $200,000 when it arrives in Australia, if pricing in North America is a guide.
The price of the 2023 Chevrolet Corvette Z06 has been revealed in the US and Canada, giving Australian buyers an indication of how much they can expect to pay for the flagship C8.
Based on calculations by Drive – using North American Chevrolet pricing as a guide – the Corvette Z06 1LZ could be listed from $220,000 plus on-road costs when it arrives in local showrooms next year, pushing the 2LZ to $235,000, with the flagship 3LZ coming in close to $250,000.
General Motors Specialty Vehicles [GMSV] is yet to announce pricing or timing of the 2023 Corvette Z06 in Australia, or which variants will be sold locally. The final prices for the Corvette Z06 could indeed be more expensive than these estimates.
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In the US the regular Corvette C8 Stingray 2LT and 3LT grades cost approximately $US80,200 and $US85,300, which equates to $AU117,800 and $AU125,300.
Even accounting for exchange rates, there is a discrepancy of approximately $AU45,000 between Corvettes sold in Australia and those sold in the US.
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Based on this calculation – if GMSV applies the same price premium formula to Z06 variants – the high performance flagship could cost in excess of $250,000.
In the United States, the C8 Corvette Z06 starts from approximately $US117,000 [once an average 10 per cent state sales tax is applied].
This translates to approximately $AU172,000 for the Corvette Z06 in 1LZ trim, based on today’s currency exchange rates.
However this price does not include shipping costs to Australia or GMSV’s profit margin between the factory gate and local showrooms.
It is also unclear which model grade of the Corvette Z06 will be offered by GMSV in Australia.
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Using the current Corvette line-up as a guide, it is possible GMSV may elect to import only the more expensive, better equipped models.
The Corvette Z06 in 2LZ guise costs approximately $US127,150 [$AU187,000], while the flagship Corvette Z06 in 3LZ guise costs approximately $US132,300 [$AU194,300].
Each of these grades represents a price rise of roughly $AU47,000 [$AU69,000] more than the three “LT” variants of the Stingray in its home market.
For Canadian buyers, the Z06 is closer to $AU60,000 more than the base Corvette, although all grades work out cheaper compared to the US equivalents when converted to Australian dollars, ranging from $CA129,198 to $CA144,198 [$AU145,100-163,200] depending on levels of equipment.
A fully-loaded Z06 could set US buyers back close to $US165,000 [$AU242,000] when optional equipment such as the Z07 package [$US8995/$AU13,200], carbon aero package [$US8495 to $US10,495/$AU12,500 to $AU15,400] and carbon-fibre wheels [$US9995 to $US11,995/$AU14,700 to $US17,600] are added.
If the wide selection of options are available in Australia, a fully-equipped Corvette Z06 could nudge the $300,000 mark before drive-away costs are applied.
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The upcoming Corvette Z06 will be powered by a 5.5-litre, double overhead cam V8 for the first time in Corvette history, with its flat-plane crankshaft allowing for a redline of 8600rpm.
The recent $15,000 Australian Corvette price hike was criticised by local dealers who claimed General Motors is been price-gouging customers with the combination of higher RRPs and lower vehicle supply.
The 2023 Chevrolet Corvette has been hit by a massive price rise of $15,000 in Australia, as the US continues to restrict the number of cars heading our way.
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US car giant General Motors has been accused of price-gouging Australian customers after increasing the recommended retail price of the iconic Chevrolet Corvette sports-car by $15,000 across the range – as the company continues to severely restrict local supply.
The 2023 Chevrolet Corvette will be hit by a massive price rise of $15,000 in Australia from later this year, compared to recent price rises of $1000 to $1500 in the US.
The price hike from the General Motors factory in the US comes in the wake of sky-high dealer delivery fees in Australia of up to $25,000 on the first batch of vehicles.
While most Chevrolet Corvette dealers in Australia have charged between $5000 and $10,000 for dealer delivery to boost their bottom line on the limited number of sports-cars they are allocated, some dealers charged VIP customers their normal sub-$2000 delivery fee.
Industry insiders say higher RRPs – and excessive dealer delivery charges – would “evaporate overnight” if General Motors increased the number of Chevrolet Corvettes sent to Australia from the US.
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However, having today received their latest price list, some Chevrolet Corvette dealers in Australia have accused General Motors of making a grab for cash after seeing the final prices paid for the first batch of cars sold in Australia over the past year or so.
“GM have seen the invoice prices customers have been prepared to pay in Australia, and decided to help themselves to a greater portion of that,” said one dealer speaking on condition of anonymity.
General Motors Specialty Vehicles [GMSV] – the local division of US car giant General Motors – remains powerless to stop dealers from charging excessive delivery fees.
It appears GMSV has increased the RRP of the Chevrolet Corvette to carve out a greater slice of the profit from each vehicle.
However, GMSV has told dealers the price rises were caused by “supply-chain” restrictions and “economic price increases,” such as exchange rate fluctuations in the value of Australian and US dollars.
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Each of the 55 GMSV dealers in Australia has been allocated just four Chevrolet Corvettes over the past 18 months.
The latest allocation delivers just two Chevrolet Corvettes to each dealer from later this year and early next year.
Drive has been told some dealers are holding in excess of 50 customer orders for the Chevrolet Corvette in Australia, pushing local waiting times well beyond two years at current right-hand-drive production rates.
However, a GMSV spokesperson says the company expects Australian vehicle allocations to increase with subsequent batches.
Industry experts say there is little customers can do other than “shop around” if they’re unhappy with the drive-away price they have been quoted on a new car. But limited vehicle supply restricts the bargaining power of buyers.
For the 2023 Chevrolet Corvette, one popular option – the “engine appreciation package” which includes engine compartment lighting and carbon-fibre accents – will not be available to Australian customers.
Customers who have already ordered a car with that option will be given a $1500 gift card in lieu of the missing equipment. Extra-cost options such as the Z51 performance package and the front suspension lift remain available.
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GMSV promises more personal preference options on future vehicles while providing “smaller, more frequent, dealer allocations.”
“This will mean there is greater visibility on production timing along with the opportunity for customers to personalise elements of their vehicle,” said a GMSV statement.
GMSV says the 2023 Chevrolet Corvette editions will be available with three new wheel options, black exhaust tips – and the option of a new blackout interior trim or an ‘Adrenaline Red’ interior trim.
GMSV says customers will also have the ability to select exterior paint colour, decals, brake calliper colour, exhaust tip options, seat belt colour, as well as interior trim colour.
The first examples of the 2023 Chevrolet Corvette are due to ship to Australia in the last three months of this year.
GMSV has advised dealers there will be an update on Australian allocations for the Chevrolet Corvette Z06 high-performance model in the second half of this year.
ModelOld priceNew priceCorvette 2LT Coupe$144,990$160,000Corvette 2LT Convertible$159,990$175,000Corvette 3LT Coupe$160,500$175,000Corvette 3LT Convertible$175,500$190,000The above prices exclude registration, stamp duty and dealer delivery fees.