How Do You Guys Afford These Cars?
08-22-2004, 11:28 PM
#1
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How Do You Guys Afford These Cars?
OK, yes - I am a newbie to the Corvette Forum, but not to cars, sports cars, and purchase, lease, issues. And, of course I realize different folks have different priorities in life, and different bank account balances too! For myself, my wife and I are putting our second child through college - - and that is of course a high priority right now. I've not really been that turned on by vettes until recently and I am VERY impressed with both the looks and what has been said about the C6. Maybe in 2 or 3 years, getting a "previously owned" C6 might be a goal... but my original question is how does one afford a $50 or $60K "toy" and still feel comfortable about one's financial situation. If I wanted to, I could buy one with cash right now - so I do have the resources. I would really appreciate hearing any "stories" about how any of you pushed yourself to endulge into that realm of intoxication. Thanks for any feedback. 
Doug
Doug
08-23-2004, 12:53 AM
#3
Team Owner
Originally Posted by MGB-for now
OK, yes - I am a newbie to the Corvette Forum, but not to cars, sports cars, and purchase, lease, issues. And, of course I realize different folks have different priorities in life, and different bank account balances too! For myself, my wife and I are putting our second child through college - - and that is of course a high priority right now. I've not really been that turned on by vettes until recently and I am VERY impressed with both the looks and what has been said about the C6. Maybe in 2 or 3 years, getting a "previously owned" C6 might be a goal... but my original question is how does one afford a $50 or $60K "toy" and still feel comfortable about one's financial situation. If I wanted to, I could buy one with cash right now - so I do have the resources. I would really appreciate hearing any "stories" about how any of you pushed yourself to endulge into that realm of intoxication. Thanks for any feedback.
Doug
Doug
Very simple in my case and same as you in buying one right now. I'm the kid of the house. I'm single and available and don't have kids, own one car and house and getting a new 2005 C-6. My cars are my kids and toys 
.
08-23-2004, 01:05 AM
#4
Team Owner
Besides the Corvette isn't such an expensive car when you consider the performance and capabilities and what you get back in return. if you go to another manufacture like Porsche, BMW you will pay. Also all of these SUV's running around costs more than a corvette. I see more Escalades, Sequoila and other high price Stupid Useless Vehicle (SUV)because people don't use them for what they were intended for but only to show off in the parking losts making it more difficult for you and me to find parking and our cars in parking since they are an eye sore that blocks views, and real estate space is precious here so they should pay more for everything cause they use more resources in materials to make parking to insurance and bridge tolls prices higher for them yeah they need to pay more since they use up more resources..and drive like nuts 
08-23-2004, 01:08 AM
#5
Race Director
This year I would have spent roughly 125,000.00 on 3 vehicles.
Will have paid cash for all three.
Major stock gain last year and early this year.
Plus I moved back home with no rent or mortage after my father past away.
Single, no significant other, no kids, so I will spend the money on myself.
Better to get your toys first before you get hitched anyway.
Will have paid cash for all three.
Major stock gain last year and early this year.
Plus I moved back home with no rent or mortage after my father past away.
Single, no significant other, no kids, so I will spend the money on myself.
Better to get your toys first before you get hitched anyway.
08-23-2004, 01:12 AM
#6
Team Owner
Originally Posted by jabez
This year I would have spent roughly 125,000.00 on 3 vehicles.
Will have paid cash for all three.
Major stock gain last year and early this year.
Plus I moved back home with no rent or mortage after my father past away.
Single, no significant other, no kids, so I will spend the money on myself.
Better to get your toys first before you get hitched anyway.
Will have paid cash for all three.
Major stock gain last year and early this year.
Plus I moved back home with no rent or mortage after my father past away.
Single, no significant other, no kids, so I will spend the money on myself.
Better to get your toys first before you get hitched anyway.
You took the words right out of my mouth 
08-23-2004, 08:19 AM
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I'm spending a year in the worst place on earth. Luckily, I'm a contractor so I actually get paid. As my gift to myself for living in this s***hole, I'll pay cash for my Vette.
BTW, I agree with the above posters. I have neither children nor a spose to contend with. What i make is mine and I can do with it what I please. After having been married, I can say that this IS the way for me to live.
BTW, I agree with the above posters. I have neither children nor a spose to contend with. What i make is mine and I can do with it what I please. After having been married, I can say that this IS the way for me to live.
Last edited by ServiceRifle; 08-23-2004 at 08:40 AM. Reason: additional info
08-23-2004, 10:27 AM
#9
Drifting
To the original poster,
I am similar to yourself, married for 26 years now with a son attending a university, and another in high school. I also have had the money to purchase outright, but struggled with the thought of investing that kind of "Hard Earned" money into a personal toy. As interest rates for savings accounts have been so terrible, I bought and sold two used C5 Corvette convertibles for profit. I enjoyed the on-line shopping and negotiating experience as well. This gave me much education on the C5 and it's available features. I also got to drive and enjoy them while I had them. After I sold the 2nd one, my wife and I jointly agreed the 3rd one would be the last one.
Like yourself, I found it difficult to invest $50,000 or more into a new Corvette. An excellent compromise for me was purchasing a 3 year old (a 2001 convertible) with 5400 miles with every option at $33,000.
The C6 is the "Corvette For The Day". But for me personally, I am hooked on the C5. For all the car the C5 is, it really is a great value right now.
I'm not talking down the C6 here. Just emphasising the C5 "Used Car Value" at this point in time.
My advise to you is to consider a used C5 now. In 3 to 6 years, sell it and buy a used C6.....if you still want one then. If you take good care of your used C5, it won't depreciate nearly as much as the family car.
I am similar to yourself, married for 26 years now with a son attending a university, and another in high school. I also have had the money to purchase outright, but struggled with the thought of investing that kind of "Hard Earned" money into a personal toy. As interest rates for savings accounts have been so terrible, I bought and sold two used C5 Corvette convertibles for profit. I enjoyed the on-line shopping and negotiating experience as well. This gave me much education on the C5 and it's available features. I also got to drive and enjoy them while I had them. After I sold the 2nd one, my wife and I jointly agreed the 3rd one would be the last one.
Like yourself, I found it difficult to invest $50,000 or more into a new Corvette. An excellent compromise for me was purchasing a 3 year old (a 2001 convertible) with 5400 miles with every option at $33,000.
The C6 is the "Corvette For The Day". But for me personally, I am hooked on the C5. For all the car the C5 is, it really is a great value right now.
I'm not talking down the C6 here. Just emphasising the C5 "Used Car Value" at this point in time.
My advise to you is to consider a used C5 now. In 3 to 6 years, sell it and buy a used C6.....if you still want one then. If you take good care of your used C5, it won't depreciate nearly as much as the family car.
Last edited by Ron Dittmer; 08-23-2004 at 10:30 AM.
08-23-2004, 10:48 AM
#10
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It's called instant gratification. I'm still young and yes I do have a wife and 7 month old child. But, the wife and I have decided that after this purchase there will be no more toys for a while.
Heck, we bought the Navigator almost 2 years ago, the Harley F-150 was purchased a little over a year ago, and now the new Vette is awaiting. The only cars paid for are the 87 Vette and the 2001 Neon that we just sold (the Neon, not the Vette).
Yes, I probably could have invested the money a little more wisely but what the heck, you only live once. In a few more years, every dollar I save will be towards our future and my children. I'll still have my toys that I have now, they'll just be a little older then!
Heck, we bought the Navigator almost 2 years ago, the Harley F-150 was purchased a little over a year ago, and now the new Vette is awaiting. The only cars paid for are the 87 Vette and the 2001 Neon that we just sold (the Neon, not the Vette).
Yes, I probably could have invested the money a little more wisely but what the heck, you only live once. In a few more years, every dollar I save will be towards our future and my children. I'll still have my toys that I have now, they'll just be a little older then!
08-23-2004, 12:53 PM
#11
Team Owner
Originally Posted by ServiceRifle
I'm spending a year in the worst place on earth. Luckily, I'm a contractor so I actually get paid. As my gift to myself for living in this s***hole, I'll pay cash for my Vette.
BTW, I agree with the above posters. I have neither children nor a spose to contend with. What i make is mine and I can do with it what I please. After having been married, I can say that this IS the way for me to live.
BTW, I agree with the above posters. I have neither children nor a spose to contend with. What i make is mine and I can do with it what I please. After having been married, I can say that this IS the way for me to live.
After a 10 year marriage and a divorce that took 3 years of nonsense I live in my own house 
08-23-2004, 03:20 PM
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Originally Posted by MGB-for now
OK, yes - I am a newbie to the Corvette Forum, but not to cars, sports cars, and purchase, lease, issues. And, of course I realize different folks have different priorities in life, and different bank account balances too! For myself, my wife and I are putting our second child through college - - and that is of course a high priority right now. I've not really been that turned on by vettes until recently and I am VERY impressed with both the looks and what has been said about the C6. Maybe in 2 or 3 years, getting a "previously owned" C6 might be a goal... but my original question is how does one afford a $50 or $60K "toy" and still feel comfortable about one's financial situation. If I wanted to, I could buy one with cash right now - so I do have the resources. I would really appreciate hearing any "stories" about how any of you pushed yourself to endulge into that realm of intoxication. Thanks for any feedback.
Doug
Doug
Proper planning...... Hard work helps too
08-23-2004, 03:39 PM
#13
Le Mans Master
I had no kids when I purchased my vette, but for me it was a combo of things that came together.
1) I am fortunate to have a good job.
2) I bought my 1 year old z used with 10k miles on it for only $39k.
3) I am an "old fashioned" saver and had a nice down payment.
4) I had no kids at the time.
5) I traded in a vehicle that was paid off.
5) I obtained a great interest rate and spread the payments over 72 months.
Your right, these cars are really expensive and I had to put a lot of creative thinking into buying one. For me before I started having kids and while I was young I wanted to enjoy the car. Now that I have a new baby, things have changed, but I still have my vette. I probably couldn't buy one now, but since I have it, I'll be able to keep it.
The interest rate, big downpayment, and spreading the payments out as far as possible helped.
Hey you could always do home equity???
1) I am fortunate to have a good job.
2) I bought my 1 year old z used with 10k miles on it for only $39k.
3) I am an "old fashioned" saver and had a nice down payment.
4) I had no kids at the time.
5) I traded in a vehicle that was paid off.
5) I obtained a great interest rate and spread the payments over 72 months.
Your right, these cars are really expensive and I had to put a lot of creative thinking into buying one. For me before I started having kids and while I was young I wanted to enjoy the car. Now that I have a new baby, things have changed, but I still have my vette. I probably couldn't buy one now, but since I have it, I'll be able to keep it.
The interest rate, big downpayment, and spreading the payments out as far as possible helped.
Hey you could always do home equity???
08-23-2004, 04:23 PM
#14
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Our gross income was $198K last year. Being in silicon valley that isn't really very much. You know the saying:
"You know you live in Silicon Valley when you make $100K/year but can only afford to drive a Honda Civic."
For me the trick is getting killer deals on anything I buy. It doesn't matter if I could pay for it outright or afford it or whatever. The point is to get the best deals on anything we buy because the money we save adds up and compounds over time. I bought my C5 for $3500 under MSRP back in 2000 when dealers here were still charging $5K to $10K over MSRP. We bought a new FX45 for $45K in February but decided it was too small and we sold it used with 12K miles for $44K. How did we do that? We found a leftover '03 and flew 500 miles to get it. We got $8K off MSRP. We kept it in perfect condition and were patient after placing an add. The buyer actually got a good deal as the best they could do on an '04 in the bay area was just slightly under MSRP. We replaced it with an '04 Durango Limited 4x4 Hemi and got almost $10K off MSRP. Of course the goal is to keep it for a long time, but if we had to sell it in the next year, we wouldn't lose much. If we do sell it, we'll wait until a brief moment when Chrysler isn't offering big incentives. It's all timing.
Bargain on everything. When you buy tires, go to a place that price matches like sears and have them price match the tirerack.
Buy the cheap gas(I mean cheap brand, not octane).
We mail order a lot of stuff and save thousands every year doing that.
Could we spend less? Sure, but the trick is to not spend lot but live like you do. That way you're not saving your entire life until your old only to be too old to enjoy life. It's really a trade off.
Top it off with general lifestyle habits that are easy on funds. We don't eat out all the time. Rarely in fact. When we do, it's the cheap but good restauarants that we're hunted down. When we go to movies, we see matinees. It's been probably 5 years since I paid full price for a movie ticket.
OK, now this is turning into a financial advice thread. I could go on and on, but I don't know what the point would be.
As far as getting good deals...it's an obession for me. I'd still do it even if I had millions. I would probably cease if I had 10s of millions because at that point the savings is no longer worth the time spent to get there.
"You know you live in Silicon Valley when you make $100K/year but can only afford to drive a Honda Civic."
For me the trick is getting killer deals on anything I buy. It doesn't matter if I could pay for it outright or afford it or whatever. The point is to get the best deals on anything we buy because the money we save adds up and compounds over time. I bought my C5 for $3500 under MSRP back in 2000 when dealers here were still charging $5K to $10K over MSRP. We bought a new FX45 for $45K in February but decided it was too small and we sold it used with 12K miles for $44K. How did we do that? We found a leftover '03 and flew 500 miles to get it. We got $8K off MSRP. We kept it in perfect condition and were patient after placing an add. The buyer actually got a good deal as the best they could do on an '04 in the bay area was just slightly under MSRP. We replaced it with an '04 Durango Limited 4x4 Hemi and got almost $10K off MSRP. Of course the goal is to keep it for a long time, but if we had to sell it in the next year, we wouldn't lose much. If we do sell it, we'll wait until a brief moment when Chrysler isn't offering big incentives. It's all timing.
Bargain on everything. When you buy tires, go to a place that price matches like sears and have them price match the tirerack.
Buy the cheap gas(I mean cheap brand, not octane).
We mail order a lot of stuff and save thousands every year doing that.
Could we spend less? Sure, but the trick is to not spend lot but live like you do. That way you're not saving your entire life until your old only to be too old to enjoy life. It's really a trade off.
Top it off with general lifestyle habits that are easy on funds. We don't eat out all the time. Rarely in fact. When we do, it's the cheap but good restauarants that we're hunted down. When we go to movies, we see matinees. It's been probably 5 years since I paid full price for a movie ticket.
OK, now this is turning into a financial advice thread. I could go on and on, but I don't know what the point would be.
As far as getting good deals...it's an obession for me. I'd still do it even if I had millions. I would probably cease if I had 10s of millions because at that point the savings is no longer worth the time spent to get there.
08-23-2004, 04:30 PM
#15
Melting Slicks
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Double Income No Kids (DINK's), both have good paying jobs.
Modest fixer-upper house = Modest house payment.
Few bills. Except for the house, all my bills will be paid off in 3 years.
Bought a low mileage C5 for $27K. Everyone thinks we paid $50k. Only my dearest friends know the truth. Fact is, must of them paid more for their SUV's and Trucks.
I think a Vette is one of those cars that is good to buy used. Most Vette owners are older mature adults who take very good care of the Vette.
A low mileage C6 is in my future.
Modest fixer-upper house = Modest house payment.
Few bills. Except for the house, all my bills will be paid off in 3 years.
Bought a low mileage C5 for $27K. Everyone thinks we paid $50k. Only my dearest friends know the truth. Fact is, must of them paid more for their SUV's and Trucks.
I think a Vette is one of those cars that is good to buy used. Most Vette owners are older mature adults who take very good care of the Vette.
A low mileage C6 is in my future.
08-23-2004, 05:25 PM
#16
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Just wanted to check in and say thanks for the responses so far. I just saw a tv ad for Harley Davidson where a grandpa is telling his grandkids about the wonderful HD bikes he loved when he was younger and how fun they were to ride. When the kids asked if they could see the bike, the grandpa said with a disappointed and grim face, "I never bought one - I spent the money on vinyl siding for the house". 
Lots of widsom in them thar words, methinks.
I guess that brings up another angle on this. The current articles about the C6 in Road and Tack & Car and Driver essentially drool with approval and seem to describe the car as "fixing" everything that needed it on the C5. So... while thinking about maybe getting a recent used C5 instead, do you guys think I would be less happy with it than I would getting a C6 (whether soon, or in a few years)? Obviously I could spend less money on a used car (whether it was a 5 or a 6 down the road... am very interested in your collective ideas. Thanks again!
Doug
btw... I really do own an MGB... fully restored like new 1974... sentimental attachment, and it is an experience driving it!
Lots of widsom in them thar words, methinks.
I guess that brings up another angle on this. The current articles about the C6 in Road and Tack & Car and Driver essentially drool with approval and seem to describe the car as "fixing" everything that needed it on the C5. So... while thinking about maybe getting a recent used C5 instead, do you guys think I would be less happy with it than I would getting a C6 (whether soon, or in a few years)? Obviously I could spend less money on a used car (whether it was a 5 or a 6 down the road... am very interested in your collective ideas. Thanks again!
Doug
btw... I really do own an MGB... fully restored like new 1974... sentimental attachment, and it is an experience driving it!
08-23-2004, 06:14 PM
#17
My advise to you is to consider a used C5 now. In 3 to 6 years, sell it and buy a used C6.....if you still want one then. If you take good care of your used C5, it won't depreciate nearly as much as the family car.
[/QUOTE]
I agree with the above. I lost my previous vehicle to a hit and run driver. I was driving a vehicle that some would consider more practical, a 2 year old pick-up. I used the bed of that truck probably 3 times in 2 years. I wanted a sportscar but thought a vette was out of my price range. I found one, a 99 coupe, with 13k and couldn't talk myself out of it. I looked at the sale price of low mileage, good condition models that were 3 - 5 years older than the one I bought. I realized that I could drive the car for 3 - 5 years and still not see the depreciation I would out of a new Honda Accord or similar vehicle. After 3-5 years I could then garage the car and still have a low mileage vette. Cars are a losing endeavor no matter how you look at them. For me it was a little math and a lot of "I'm going to have a car I want for once".
And to your most recent post MGB... I don't know what I'm missing yet since I have not driven a C6. If you have not driven a Corvette you are in for a treat. Reviewing this forum, I have not seen enough serious issues to scare me away from a C5 based on possible "fixes".
[/QUOTE]I agree with the above. I lost my previous vehicle to a hit and run driver. I was driving a vehicle that some would consider more practical, a 2 year old pick-up. I used the bed of that truck probably 3 times in 2 years. I wanted a sportscar but thought a vette was out of my price range. I found one, a 99 coupe, with 13k and couldn't talk myself out of it. I looked at the sale price of low mileage, good condition models that were 3 - 5 years older than the one I bought. I realized that I could drive the car for 3 - 5 years and still not see the depreciation I would out of a new Honda Accord or similar vehicle. After 3-5 years I could then garage the car and still have a low mileage vette. Cars are a losing endeavor no matter how you look at them. For me it was a little math and a lot of "I'm going to have a car I want for once".
And to your most recent post MGB... I don't know what I'm missing yet since I have not driven a C6. If you have not driven a Corvette you are in for a treat. Reviewing this forum, I have not seen enough serious issues to scare me away from a C5 based on possible "fixes".
Last edited by ronman99vette; 08-23-2004 at 06:22 PM.
08-23-2004, 07:03 PM
#18
Drifting
its is very simple for me, i have watched all my loved ones pass away with out getting to enjoy the fruits of their many years of hard work....life is so short and can END at any moment for anyone!...one must balance the scales best as possible.....to save for a rainy day is good but you better make sure you have fun and induldge yourself along the way now and then or else you find it over to soon and you never did,or got the things you wanted.... 
08-23-2004, 07:33 PM
#19
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St. Jude Donor '06-'07-'08 & '12-'13
You Only LIVE ONCE!!!
Where else can you buy an ALL AMERICIAN seat of the pants
A$$ kicking Sports car for under $60 K.
Work hard and you can afford anything you want!
Where else can you buy an ALL AMERICIAN seat of the pants
A$$ kicking Sports car for under $60 K.
Work hard and you can afford anything you want!
08-23-2004, 10:13 PM
#20
Drifting
Originally Posted by vettemaster1
its is very simple for me, i have watched all my loved ones pass away with out getting to enjoy the fruits of their many years of hard work....life is so short and can END at any moment for anyone!...one must balance the scales best as possible.....to save for a rainy day is good but you better make sure you have fun and induldge yourself along the way now and then or else you find it over to soon and you never did,or got the things you wanted....
my $0.02