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I just got a set of chrome lug nuts for my 2002. Told my buddy I was going to put them on one by one without jacking the car up i.e. take one off put the new one on. He said it will create problems and I cannot imagine how it can. Comments solicited and appreciated.
My brother used to work at America's Tire Co for 4 years. I've had them put on 4 or 5 sets of wheels/tires for me. I get to watch since my brother worked there. And they always torque the lugs before the car is fully on the ground. So the car is still on the lift suspended, but with the tires hitting the ground. Never asked why. But that's how they always do it. I wouldn't think it would make a difference.
The only reason I would not do it that way is because I like to tighten the lug nuts down evenly, and you cannot do that with one of the lugs off.
At the very least, after I had gotten all the lug nuts changed out your way, I would back off of all the nuts, and retorque them in sequence.
You buddy's comment might be correct if the car depended upon equal wheel-to lugnut-seat force for centering the wheel (i.e., stud-centric). However, all modern Corvettes use hub-centric wheels, so the lug/stud play no role in centering the wheel. On hub-centric assemblies, the weight is supported by the hub and center hole on the wheel. The lugnuts are only there to hold everything snug. The wheel is certainly not going to slip off the hub of a stationary vehicle when held on by 4 of 5 properly torqued nuts.