P.T. Barnum, the well known American showman from the mid-19th century once said:
“There’s a sucker born every minute…”
…and that has never been more true than right now in the Corvette marketplace.
From all the numerous awards and accolades the new 2020 Corvette has garnered from the automotive media, to all of the production delays the car has experienced due to a UAW strike and the COVID-19 epidemic, the most perfect storm has been created.
A perfect storm, where car dealers can ask exorbitant amounts of money above and beyond the original MSRP for a new OR used 2020 Corvette.
One such example is this CarFax certified, pre-owned 2020 Corvette with 3,500 miles on the odometer and currently for sale for just….wait for it…. $169,999!
Bridgewater Chevrolet in New Jersey recently landed this gem and is offering it to the first person that lives up to P.T. Barnum’s famous quote.
According to their website:
“CHECK OUT THIS CUSTOM CORVETTE!!!! THIS CORVETTE IS A DEALER DEMO!!! WE ARE NOT LOOKING TO SELL IT BUT WE DO WANT YOU TO SEE IT!!!! THIS CORVETTE IS EQUIPPED WITH A PROFESSIONAL 3M WRAP PACKAGE-A CUSTOM HENNESSEY EXHAUST-CARBON FIBER GROUND EFFECTS-HIGH MOUNTED WING-CLEAR BRA AND IS AVAILABLE FOR EXPORT!!!!!!!
THIS A ONE OF A KIND CORVETTE AND MUST BE SEEN TO BE FULLY APPRECIATED!!!!!!!!
PRICE IS FIRM SO NEED TO NEGOTIATE!!!!!!!!!!!!
CUSTOMIZATION IS IN PROCESS FINAL PICTURS ARE COMING!!!!!!!”
Originally sold by MacMulkin Chevrolet in Nashua, NH, this particular example comes dressed in Arctic White with Adrenaline Red interior. Option highlights include the top of the line 3LT trim package, Z51 performance package, engine appearance package, Magnetic Selective ride control and much more.
Total MSRP you ask? $83,645, and we can be certain, the original owner didn’t pay over sticker for the car.
One of the reasons why MacMulkin Chevrolet has been one of the top two Corvette dealers in the world is because it’s well known that they will not charge over MSRP for a new Corvette.
That obviously doesn’t stop other dealers like Bridgewater Chevrolet from trying to cash in on this classic example of supply and demand.
What would I really pay for it if I bought it?
So…let’s do some math. If you were to pay just the asking price: $169,999 – $83,645 MSRP = $86,354. You would be paying basically double the original MSRP.
Of course, we don’t know what Bridgewater paid the previous owner for the Corvette, but let’s just assume for our ledger, they were willing to pay the owner what he paid for it.
But wait! There’s more! You not only have to pay $86,354 over sticker for a used 2020 Corvette, you also have to pay the dealership’s Documentation and Service (D & S) fee of $599, AND the New Jersey sales tax at 6.625%.
Let’s tally all of that up: $169,999 + $599 D&S Fee + $11,262 Sales Tax = $181,860.
You would be paying almost $100,000 OVER the original MSRP for a used Corvette with 3,500 miles on the odometer.
We reached out to Bridgewater Chevrolet for comment, but as of this writing, there’s been no response.
This is really nothing new though
A lot of automotive dealerships are well known for charging “Market Adjustment” fees given the classic model of “supply and demand” for a limited product.
Recently Chevrolet dealerships in California and parts of Florida have been coming under fire for charging “sticker shock” over MSRP for the 2020 Corvette. This kind of price gouging hasn’t gone unnoticed by potential customers who have read in many social media groups to stay away from these dealerships.
We’ve read some online reports of customers complaining that they put down a deposit with a verbal agreement to buy a 2020 Corvette, but they were slapped by reality when the dealership either sold the car out from underneath them, or the cost of the car suddenly jumped another $10,000+ over the agreed upon purchase price.
In a 1978, an issue of the Palm Beach Post – Times in West Palm Beach, Florida described a court ruling over litigation involving a law suit that an individual brought against a Chevrolet dealership regarding the price of the 1978 Corvette Pace Car.
The Corvette mentioned in the article cost the customer approximately $1,500 in legal fees to prove that he was entitled to purchase the car based upon the verbal agreement he had with the selling dealership.
A similar example occurred in Canada which was published in the May 24, 1978 edition of the Toronto Star newspaper.
Lesson here: GET IT IN WRITING!
I once heard the saying: “there’s an ass for every car seat, and a car seat for every ass”. How ironically true…
If you’re in the market for a new or pre-owned Corvette from an honest dealership that provides a no BS price and an exemplary Corvette buying experience, look no further: