The question of importing Corvettes has come up recently due to speculative reporting that the new 2020 C8 Corvette, which costs under US$60,000 for an entry level model in the US (which converts to approx. AU$87,000), may cost Corvette buyers in Australia up to AU$170,000 when it reaches our Holden Dealers’ showrooms.
So, the price in the US is around half of what Wheels Magazine predicts our price to be. This seems like outrageous price gouging to most of us, and I certainly hope the Australian motoring press, like their US counterparts before them, have got it very wrong. Will Holden be the heroes?
The reporting of this high price has had people grasping at the possibility of buying a C8 overseas and shipping it home to Australia. Nice thought guys, but it’s not going to happen I’m afraid!
C5 Corvette
So what about importing a C7 or a C6 Corvette? You can certainly do this under the SEV (Specialty & Performance Vehicles) eligibility criteria. These Corvettes all qualify under either the “Performance” or “LHD” criteria. The performance criteria is based on the power/weight ratio being high enough to classify the car as a performance vehicle. The LHD criteria covers cars that are not available in RHD form, so obviously not imported by the local car companies. These cars must be converted to RHD to comply. This eligibility rule hasn’t really changed.
The economics of importing one of these cars in LHD and converting it to RHD becomes very shaky. The conversion will add something like AU$60,000 to the cost of the car in Australia, giving Holden a nice buffer to up the price of the C8 if they wanted to, while still making it better value than a converted C7 or even a C6. These days, you would find it very hard to get someone to convert a C6 anyway.
A C5 Corvette is a different kettle of fish (is a stingray a fish? Wikipedia says it is). If a decent 1997 Corvette C5 is available for only AU$20,000 in the US, it would be rather foolish to bring it to Australia and spend AU$50,000 to convert it to RHD.
There is hope on the horizon here though. The new import laws include the “25 Year” rule, which allows you to bring in cars that are 25, or more, years old, and leave them in LHD configuration. The first C5s, built in 1997, become available under this law in less than 2 years. They’ll also be eligible for Club Permits, which makes C5s a very attractive proposition in 2022. But be aware, the 25 year rule is taken to the month of manufacture, so add another 6 months or so, if you want a good choice of cars.
Interestingly though, at one stage it was going to happen. Back in 2016, with local car manufacturing ending, several independent reports commissioned by the government, recommended opening up parallel imports. The federal government agreed and said parallel imports would be allowed by the new legislation. Parallel importing would allow anyone to import a car, even though that car was being imported by the manufacturer. For example, you could bring in a new, RHD Mustang, even though Ford, as the manufacturer, was selling them here.
The Federal Government said Parallel Imports would be Allowed - but they Backflipped Totally
As of December 10th, 2019, when the new rules for eligibility apply, you can bring in any C4 built in 1994. Next year you can start bringing in 1995 C4s on a month-by-month basis. C4s are generally the cheapest of all Corvettes, and present great value for money.
They are all-electronic, handle really well, and are really economical on fuel. Late C4s are a great import prospect, even with the current poor exchange rate . The main reason they are cheap is they sold in greater numbers than any other Corvette generation. A lot of people liked them back then!
The benefit to the public was the manufacturers would be “kept honest” by the ensuring competition. However, the manufacturers mounted a case, based on the good old “safety” chestnut – always a great fallback in a losing argument. They quoted things like factory recalls and manufacturer warranty. I must admit there is a certain amount of truth here. Anyone with a converted late model Corvette could tell you they have never been alerted to a factory recall or had any factory warranties honoured by their RHD converter.
This is bad behaviour by the conversion companies, as under current rules, the convertor actually becomes the de-facto manufacturer when they do a conversion and should handle all the above. Seems to me the problem is more bad policing than bad policy!
But the government (with the full support of the opposition) did a total backflip after heavy lobbying from the big multinationals in the car industry. This leaves them free to charge whatever they can get for in-demand cars, regardless of how cheap they are in other countries.
There is one way you can import a C8 Corvette, although it will only work for some people. You can use the “Personal Import” option that has been around for many years. But you’ll need to buy the car overseas, and remain there with the car, driving it on a regular basis for at least one year. This appears to be the only way of bringing in your own C8.
Anyone got an overseas posting for a year?
C4-ZR1 Twin-Cam Engine
You may even be a lover of the C4 ZR1, which was an incredible car in its day. This car, which held all the speed records at the time, is certain to greatly increase its value over time – in fact that’s already started. You won’t lose money by buying one, especially now you can get a late model one and keep it in original LHD condition.
It should go without saying, all generations of Corvette prior to C4 can be imported under the 25 year rule, and, of course, they can remain LHD and be driven under the Club Permit deal. Cheap insurance too. Any good C3 will continue to rise in value. The best investments are chrome-bumper, big-block equipped convertibles. You take your pick and you pay your money accordingly.
As for C1s and C2s – big money, great investment – what can you afford?
But the new 2020 C8 Corvette is the big question. What does Holden have in store for us?
Will they be heroes, or villains?
(For more information, also watch my video on the same subject)