Cartercascio

Hi, I just became a member of the forums. I'm really into mustangs and corvettes. I have a 2000 mustang v6, that is paid off. My dad drives a 2013 mustang and it's not a whole lot to handle. I make, being very conservative, $22,000-$24,000 a year. My parents own a restaurant and I work for them. I was looking into buying a corvette c5 6 speed. I was also thinking of an 05 mustang gt, but I want to own a variety of different sports cars, (especially 2 seaters) before I get into life changing situations. My main question is, with the insurance in my parents name, should I be able to afford to purchase one? I plan on maybe getting one in January or February, after my credit goes up a bit more. (Hopefully 720+)

WICKEDFRC

Welcome to the forum.

#1. Only you know if you can afford another vehicle, regardless of year, make, or model.

#2. Check with your insurance company first to see how the year, make, model will affect insurance rates.

#3. If you want to own a variety of sports cars before you reach a life changing event, suggest you ask for a raise.

#4. If your credit score is 720+ making $22,000-$24,000, that's damn good. Just imagine if you got that raise.

#5. My forged 2000 Fixed Roof Coupe is up for sale.

703

Leo23

Can you afford to purchase one....maybe. Can you afford to actually own and maintain one...maybe not.

Vetteman Jack

I agree with checking the insurance costs first - even on your parents policy. C5s are not expensive to insure, but I didn't own one at age 19 so I don't know what they would charge at that age. Parts can get expensive depending on what breaks, so best to have a cash reserve just in case. And you're the only one that knows what you can afford as we have no clue what other expenses you have.

s'noJob

I agree - check with insurance first. When I was nineteen I got a reckless driving ticket and I was dropped from my parents' insurance. Had to get my own, and it was three to four times what I was paying on their policy.

So if you get a C5 - drive nice if you want to stay on their policy. Might not hurt to price it going on your own - just in case. You don't want to have to sell the car because of a foolish mistake shortly after buying one. 'Vettes ain't no Mustang.

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RC000E

Use Corvette museum insurance with mileage limitations and insurance will be cheap. My z06 is 268/yr with agreed value policy and I speed...

The hell with the mustangs man...corvette is twice the car.

Cartercascio

Haha glad to see some replies on the thread! I don't have all too much in expenses. I'm already paying $227 a month on my mustang. INSANE FOR A V6! I had a quote and the guy said it would be $319 a month if it was in my name. Not too much more. And my raise got me to $22-$24,000 a year. Definitely awesome for me. Single, no kids, etc. actually, my dream is to become a race car driver. Road course racing. Damn you fast and furious for changing my childhood! Lol anyways, I don't want much, all of the sport packages, suped up mods, Etc. I just want a base c5 with decent mileage. (125k) or so. Maybe when I'm older and a PTA I could afford some extra performance in a vehicle? Anyways, thanks for the replies.

Billz7123

I bought my Corvette a few months after I turned 19. Paid for it by myself and continue to own and maintain it by myself. I am 20 now. It is definitely doable, but as said above, only you know what you can afford. Good luck

Cartercascio

Also forgot to mention. I work on salary. $3-350 weekly checks that I live off of. My bonus is 1% total sales per night. Say we have$2000 in sales( rarely happens) 88 years in the restaurant business. I would get $20 extra, on top of my tips. I generally make $25-$80 in tips while bartending a night. Plus the 1% and my salary. All my tips and bonuses I am not spending except for credit building and the corvette. I probably should have mentioned that in the first post.

flaagan

The one thing for new (younger) owners to keep in mind is tires. They're on average about a grand to replace the full set. Outside of that, most other things (insurance for example) are there to determine the affordability. Expect the"Corvette tax" on goodies, but most common replacement parts aren't any more expensive than other cars.

oldschoolvette

look at the price difference on potential cars and remember if the car needs tires your wallet will cry..

take someone with you who knows these cars as a young guy can fall victim to some real jackals out there.

I had my azz set on fire one time when I purchased a Vette and had no idea what I was looking at.

EscapePod

I bought a brand new 1966 Corvette Coupe when I was 18 (worked 3 jobs + attended University of Wisconsin). With a clean driving record, my insurance at the time was $450 per year. Calculating inflation, that would mean in today's dollars, I would be paying $3256. Hopefully, insurance hasn't gone up at the same rate.

Trefin

Paid cash for mine at 17, don't see why you couldn't get one at 19 if you wanted it bad enough. I had an 07 v6 mustang and an 07 gt/California special before my 6 speed 99' vette and I have to tell you that the corvette will make you forget the mustang idea quick. Best of luck to you in finding the right one!

amlarson2001

My insurance went from 280 something a month with my 02 Mustang Gt to 170 something for my 97 vette (first vette). Thats when I was 25. Then when i bought my 02 Z it went to 400 a year because it is a collectible car. American Modern Insurance there. Check your insurance would be the best for you know if you can afford it.

Side note: when i was 18 and bought my 02 GT new my insurance was 375 a month. Car payment was 352. Dumbest thing I ever did. Should have been saving my money to buy a house. Would have put me in a way better position earlier in life. My dad tried to tell me.

magneticred99

I bought my first Vette a few months ago at 23 and never dreamed I would have one that soon. Had a 2000 Mustang when I was 19. Insurance isn't terrible under my own name...but I have a clean driving record. But I agree with an earlier post about mx and repairs. For the short time I've owned it, I've come to find that as fun as they are, Vettes are very expensive to drive...especially compared to my Mustang.

bj1k

The only thing that I would say because of your young age is be aware that these cars are very powerful and very light and it is very easy to lose control especially when you are used to driving a Mustang. Be very careful until you really know the car.

Cartercascio

On the expensive part, my 2000 mustang v6 has 206k miles. So constantly paying for repairs. Isn't cheap. And I know they are very powerful. That's why I like them. I like power and respect it. I've been driving for 3 years with no tickets and no wrecks. Not a long driving time, but not many teens can say that lol.

calvins

If you can afford it, why the h*77 not. Heed the warnings about the cost of shoes though. I know a young guy who bought a really nice Z, I think it was a '10. He had gears put in it (410s I think), had it cammed, bored and printed and liked to show off and smoke 'em until he had to replace them. He sold the car not too long after that.

DDaaryl

My first (of eight) Corvettes I got at 20 years old right after I had my first home built. Things seemed a bit easier back in the 1970's. GO 4 IT!