Specter117

I know this might be a bit of a personal question, sorry if it offends anybody but I'm just really curious. A Corvette (preferably Z06) is pretty much my dream car and I was just wondering about the afford ability.

Generally what are the down payments and monthly payments like with these cars? What about the cost to maintain? Also, how much money do Vette owners make per year that allows them to comfortably own one of these cars without having to sacrifice a ton in other areas of life? Thanks, in advance.

TBonez

lol

vant

Me too.

chris12.8

i make 47k a year

i just bought an 09 coupe for 40k out the door with $500 down
4.95% for 72 months payments our $648 a month,

no maintenance cost yet i fill it up about once a week from a quarter of a tank with chevron 91 cost me about $42 a fill , i actually DD my car and put about 40miles a day on it. not looking forward to buying new tires, and will probably sell it when the warranty is out.

and insurance is cheaper then you think at least for me it was only $4 more a month then my 08 civic si was

tim414

Affordability depends on several things....like how your using it....street or track....track use will significantly raise ownership cost because of needing tires and brakes much more often and increased maintenece needs. Strictly street use....a Corvette is the BEST supercar VALUE of ALL SUPERCARS....downpayment amount depends on how much car you are buying, how much payment you can afford....and if your a young man, insurance cost.....fuel cost are just as good as any car/truck/SUV....My '10 Z06 gets 40% BETTER fuel economy than my Yukon does....

Sacrifice depends on you my brother.....how much car you buy, your income etc.....But as I said, a Corvette is the BEST supercar VALUE of all the supercars, especially Z06.....I've owned a new '09 Roadster and it's cost overall is less than full size SUV....(because of fuel)...anyway....

kevakasper

If you have to ask the price, you probably can't afford it! You are the only one who knows what position you are in to afford something. Pricing is easily available, maintaince is expensive if you can't do it yourself. Payments are the difference between purchase price less down payment divided by months financed plus intrest. Plug in numbers and do the math.

160KTS

My Z06 gets far better fuel economy than my DD, a Jeep Commander. I put 14k down in form of a trade on my Z06 and I financed 34k. My payments are $550 a month and I afford it pretty easily since I don't have kids and my boyfriend and I split all of the living expenses.. so we both have nice cars . The Z06's insurance is not bad because it's not my primary vehicle and it gets less than 15k on it a year.

What I did to see if I could comfortably afford that car was this.
1. think about purchase price and payment of car.
2. okay, you can afford the payment but can you afford insurance?
3. how about general maintenance costs? tires, brakes, oil?
4. how much are you willing to sacrifice to own one of these? perhaps eat out one less night per week?
5. will your quality of life be the same with the car, or will you be forced to sit at home at eat ramen every night?

pretty much what I did.

mpuzach

To the OP - from your post, I don't think your're quite ready to buy one of these cars yet. Just a hunch.

c54u

save up the cash and buy it outright...then you can afford it

Specter117

Thanks a lot for the info guys. And no I definitely cannot afford one of these cars right now, but maybe in a few years so I was just curious.

Is the resell good with Vettes?

Easy Rhino

Disagree with that old saw (first statement) that has been used for buying everything from dinner out, to jewelry, to large estates.

I always know that cost of something before I seriously consider buying it, and not just the 'out the door' price but the opportunity costs, long term costs (depreciation, maintenance and repairs), and most importantly, what the OP hinted at - what will the impact be to my budget.

Strongly agree with the second statement above - do the math. Note, although I could have afforded a C6 or equivalent many, many years ago, I got all my kids through school with no debt, paid off all of my big bills, and put aside a substantial nest egg for retirement before I bought mine. Then I bought a lightly used and very basic C6 ($32K - clearly not a Z06).

To the OP, the impact on my budget was none, and the gas and insurance are cheaper than my previous DD (Mustang GT). The tires are more expensive by far, but I'm on track to get 50K out of a set of them, and I have had only one repair in 50K miles, a $20 gas cap. So basically it was a wash for me.

In my case, I would not enjoy the car if it's costs caused me any second thoughts, like having to forego savings or travel, or to scrimp on anything else I needed or wanted, including accumulating an estate for my family.

Good luck with your decision, I think you'll make the right one.

gunterwalker

It's a lot cheaper than my 09 Silverado Z71 LTZ to drive and maintain (well not really maintian since my truck has 100k mile war). I know my vette is used but the Silverado was $50k. I think vettes are a great value. That being said I'm craving a Z06 now and only had new C6 a few weeks.

TRR

I have to agree.


TRR

EuroRod

Might want to talk to your banker.

Specter117

Guys, guys, I'm not actually about to make a financial decision right now lol, just looking for information from people with experience.
Wow holy how did you get a deal like that? I think that's cheaper than a 2010 Mustang GT.

mike100

My bought and paid for '08 1LT coupe is pretty affordable ($42k new with z51 and a couple of basic options).. insurance is good, gas mileage can be decent- only the tires cost a lot compared to regular cars.

I could get a Z06 right now, but I won't because cars that hurt me financially are hard to enjoy. I'm not interested in a Corvette payment.

I would say you should try to come with $25k down and make about $80k per year...or buy used.

speedaholic

Beyond the initial price I would say insurance would be a major factor. New is nice but there are plenty of low milage Vette's out there. After that, the cost of a set of tires may be a shocker to you. Go to Tire Rack for a price check. Finally fuel price/consumption. You would be using premium. 45 to 50 dollars to fill it up.

Don't buy one if you feel uncomfortable purchasing. Start a savings account and save some cash. Make it your Corvette Fund.

Corvettes are great to own. Started with a used 05, then a new 08 (made the mistake of test driving the LS3) and now own an 08 Z06 purchased used (test drive did it to me again). Every one of these cars made me smile if I had a crap day at work.

wolfdogs

If you have to ask if you can afford it.............. you can't.

old American saying...LOL

truth is, if you put your mind to it..you can afford it..

i used to work 3 jobs in the 60's to afford my SS 396 Chevelle because my passion was drag racing ... didnt do a lot for my first marriage though.. LOL

vettedoogie

Don't forget that depending on where you live the yearly registration/use fees can be pretty high..some states, not so much.

Easy Rhino

That was over two years ago (July 2008) for a 1LT 2006 with 16K miles on it. It was perfect, but $32K was not the lowest price folks have paid for equivalent C6s, a good deal but not a great deal - just the right deal for me.

Although they do hold thier value well enough, lots of guys buy them, then park and rarely drive them, then get tired of them. They eat the majority of the new car depreciation for 2-4 years and wind up selling low mileage, very clean garage queens at a discount. Not counting mine (similar circumstances), four of my buddies got thier very clean slightly used C6s this way with deals at least as good as mine. The deals are out there, you just have to look for them and be patient.

If you intend to keep it a long, long time; however, the new C6 prices are very competitive, as sales were way down and lots of dealers have had excess inventory. The internet dealers that post here are wildly competetive and have lots of positive feedback. This technique is not so good on the islands due to travel (I would not buy a car unseen) and shipping costs, but many here on the mainland have bought very nice new C6s at outstandingly low prices.

On a personal note, I did pay cash for mine and have reached a point where the cost for mine was << 2X my monthly income. Nothing wrong with waiting for the right time for you. Might be now, might be later.