racebum

no one can offer a guaranteed 50% return on investment, certainly not charles schwab. for that most part that's a brokerage house that sells multiple products. if you get really luck and invest your whole wad in 2003 or 2008-2009 then yes, you can make those types of returns but today, the run up from the bottom is already over.

Legitimate

Nah I might just buy a C5Z, but I want to know what the expected depreciation value of the GS will be upon C7 release? Anyone have an estimate? When does the C7 even release?

2FastCorvette4U

The banks need money just like any other business and I don't mind giving it and helping people stay employed like loan officers etc in those banks... Taking an auto loan out and making payments on it and paying it off will also help him build more credit and a relationship with the bank he chooses which will help him out down the road. Building a relationship with a bank can become very important if you ever want to buy a home or start a business. Having good personal credit history with a bank who has bought services from them in the past instead of just being another guy off the street with a good credit score and some cash will be huge in the long run. I personally could guarantee that I could give you the name of my investor at Charles Schwab who will take your 19 grand and turn it into at the the very least 30 grand while you drive a Vette for a few years and waste only three grand in interest for something that puts a smile on your face while you get back up on your feet from your health issues.

The key thing here that you have to note is that the GS is never going to happen which forum member " All Motor C5LS6 " clearly pointed out even with that cash you're putting down your monthly payment plus insurance payment will still kill you due to your low monthly net. That is a no win situation but the C5Z is realistic. The 2010 GS's still go for above 40 grand which is not even close to full depreciation. When the C7 hits I expect the 2010's to start tap dancing in the high 30 grand range and every year after that slowly go down by about 4 grand per year. The C5Z is about at the bottom. Low mile ones will never dip below 19 to 20 grand and high mile ones 100K plus will never get below probably 12 to 14 grand.

All the members that have spoken here aren't giving bad or wrong advice. I am just pointing out an option for you that may fit your current financial situation that couldn't possibly destroy you in the event of an engine failure due to a modification you put on your GS that voids your warranty or some yahoo slamming into you. You need to remember if you are going to be a little reckless with your money you need to also be smart on the back end and always have your future financial goals also being worked on at the same time which the GS does not allow at all but the C5Z does.

Legitimate

Dang that sucks that the GS won't drop to like low 30's, but heck I guess a C5Z aint to bad. Maybe in the future i'll be able to upgrade or something, but yeah if I'm going to get one I need to find a mint condition one with VERY low miles! Once I get better I guess i'll go shopping for one thanks everyone.

Black 02

Why focus only on low mileage examples? Search for one with average miles and save yourself a lot of money and headaches.

racebum

this is the only way i shop for vettes

i expect 5-12k miles per year since new. you save money and typically have fewer issues as people replace parts as needed.

look at a 2002-2003 z06. best buys are 50-120k miles. you compete with rich old guys when you go after those mint 10k mile cars. they don't care about a few thousand dollars and pay up

2FastCorvette4U

He is correct legitimate...

You also seem quite fixed on having a GS which sounds like what you really want. You do realize if I remember correctly you are 22 years old and you are trying to buy a car that is almost 50 grand? You have so much life ahead of you and you have had a minor health issue. You have a lot of life to live and don't get caught in a rat race to keep up with the Jones's if you know what that means. A C5 Z06 is a hell of a car for a 22 year old. Remember most older men drive Vette's while most younger drive 03 Cobra's, EVO's etc. You are driving a tasteful car that like I said before if modded correctly can be very attractive even for its age.

Legitimate

Well, I realize at my age maybe the GS isn't the best option. I would want one more than a C5Z, but the Z is a nice car and maybe i'll just get some body mods for it to amp up the external features. I seen some nice light modifications on here by a few owners. I personally hate the lights on the C5's. My parents used to have a Dodge Stealth and I think it looks to much like an old car! Regardless it would still put a smile on my face and it is a good deal atm. Heck maybe if I save up enough throughout the rest of college I can be debt free by 22 and work towards a future C7 before I turn 27

cudamax

First Sorry to hear you have Health problems at such a young age and you really have to watch out for getting Depressed.
Dude get a C5 ZO6 and pay for it outright and dont get into payments See if you can put the car in one of ur parents name to save on Insurance.
Enjoy life and if ur in a position to get a Vette. Get a full race/track version for the street. A C5 ZO6 You'll love it. Its great for the soul to be able to get in it and go for a blast.

All_Motor_C5LS6

The GS isnt going to happen unless he brings more money down or increases his net monthly income. Hopefully you arent a first time buyer, but Aside from that, its pointless to even consider a GS.

rjwz28

I understand the basis of the recommendation for a loan vs spending the whole savings account on the car; what I do not understand is why 2FastCorvette4U insists that the OP would be better off taking out an 84-month loan than a 60-month loan. Every single time I have ever financed or investigated financing for anything, the 84-month had higher interest than the 60-month financing, and the difference was enough to bring the advantage in the monthly payment down to a mere 50 or 75 dollars, at best (on a $20k car, it could be the difference between a $275 payment and a $350 payment with good interest rates on both, 4% on the 84 and 2% on the 60). I just don't see it as being worth it. You want to pay as little interest as possible on any loan; even if you will be selling before the loan is paid, it's better to pay less interest over the few years you own the car, isn't it?

Legitimate

Well........I'm a first time buyer lol I'm only 20 and got my license at 17, so haven't had much time to buy anything and I didn't start working till 19.

DARRYLZO6

Wisest thing would be to stick with a C5Z if for no other reason affordability,cheap mods, and having a unique Corvette among other things. Paying a hefty car note so early in life isn't smart unless you can really afford to. I'm wondering if you've gotten any quotes as far as car insurance? I'm sure the insurance for a 20 yo owning any vette is going to be high especially for a newer Corvette.

TXGS507

This has to be one of the most lame threads I have read. if he wasn't sick it would be laughable... Keep your money, pay off your college loans, wean yourself off of mom and dad... $875 per month in the "real" world is nothing. Compound that by your 28% interest rate on your 84mo note ( no credit)... I'm with the other guy... the Bank will LOVE that deal... Hey, keep us posted though. hope you get well soon.

2FastCorvette4U

28% interest rate? You are laughable sir... Dealerships love people like you

http://www.firstnewyork.org/home/rates/autoloans

rjwz28

Funny that you'd say that, when the website you linked to CLEARLY states that the 84-month loan is ONLY available for cars newer than 2009, and for anything older than 2007 you are left with a maximum of 48 months to pay off the loan at a rate of 3.24%. For a much as you purport to be a financial guru, you sure don't act like one.

2FastCorvette4U

Funny thing is that this was an example only to show that 28% interest rate auto loans don't exist. who said I was a financial guru? Don't be so butt hurt over the advice I am giving.

Black 02

Most banks don't want to touch anything that is more than 6-7 years old. Credit unions will typically finance older vehicles but the rates are much less attractive.

Think about it. Would you want to loan on a 10 year old car? What if the motor fails or something else happens to render the car unusable? Many people, sadly, have the attitude of "I'm not going to pay for it if it doesn't work". Even the OP mentions he would only be screwed by paying cash if the motor went out. Even if it does, he is still obligated to pay for every last penny of the loan, no matter what. So what's the difference? The attitude most people have is exactly why most banks don't want overly extended terms on worthless collateral, which is the definition of a car. It's bad enough to repo a newer car and have to auction it and take the loss, on an old corvette they'd get nothing for it through their normal channels. So to them, it's basically an unsecured loan and that's why they don't do it.

rjwz28

Why would I be butthurt? I just think your sunshine and rainbows portrayal of a magical 84-month loan on a 2001 car that doesn't cost more than it's worth (assuming you can find a financial institution willing to do a $20k 84-month auto loan to a teenager to purchase a 2001 Corvette to begin with) is badly misleading to somebody without a whole lot of life experience. Yes, I came across as a jerk and apologize for the harshness, but that link did little to make your point, especially given that those rates were optimal rates given good credit, not the rates for first time applicants.

TXGS507

Hey, internet warrior... NO 20 y/o kid is going to get a 7% interest rate on an 84 mo note... Perhaps I embellished the 28%... but I was making a valid point regarding a 20 y/o KID with college tuition payments, and possibly medical expenses

The only one A** hurt seems to be you... We are offering "opinions" to the OP... Not trying to go back and forth with you Nancy...