"The Corvette Song", also known as "The Red Corvette" is based on an urban legend that has shown up in various versions in England, Australia and the US since 1948. The type of car and price vary and sometimes the genders of the seller and the owner are reversed. Ann Landers printed versions of the story at least twice. Snopes.com rates this story as a legend. John McCutcheon’s 1989 song “The Red Corvette” is a telling of this legend and is my source. Additional credits list Kate Clinton & Betsy Rose as co-authors.