Corgidog1

Cash vs. financing depends on how much your cash is generating vs. how much interest you have to pay on the loan. If your money is earning 4% and you can get a 1.9% loan, I would not pay cash for the car. BTW don't forget to take the taxes into consideration in this little equation.

mefly2

Buy a used (or new) C6 that best fits your financial needs ... and, start enjoying it now.

WaxWeekly

How old are you and how much do you have in retirement savings are always good questions, but it really comes down to this:

Has your hair started thinning and/or do you fit into the standard Corvette age demographic?

The 'demographic' has been established by the average financial life-cycle. By the time most people hit their 40s, they have a little more income to work with. Parking 20% of your income in your driveway too early will absolutely affect your retirement standard of living.

Suns_PSD

When I was a kid, the price of the cars I drove would equal maybe 50-60% of my annual income.

Now as an adult, vehicles are closer to 10% of my families annual income which means I definitely can NOT afford a new C7.

When you are a kid your priorities are different I guess.

One thing I have learned to do is pay cash for my cars and I'll buy a cheaper car so that I can do that. People mostly ignore monthly payments, which is a shame. Let me tell you, my hand shakes when I write a $30K check to pay for a Hyundai like I did in 2010. BTW, I traded in that Hyundai on Monday for a new car for my wife and I just wrote a check for the balance on the new car which was only $3.2K. It's not the Beemer she wanted, but it is a 2014 that we own free and clear and that counts for a lot.

GL!

Wallacefl

myfunz

HellPhish89

if you have to ask if you can afford it, dont. save your money.

Aviator

Interest rates are going up. You need a darn good credit score to get the best rates, and if you borrow $40k+ on a salary of $60k per year, it's unlikely your gonna get the best rates.

lottavettes

If money is tight you shouldn't even think about buying a C7 even a used one........get a c6 in good condition for half that price.

Possibly a new c6 for at least 15K less

My c6 with 54K miles I'll sell ya for 26k

Vetteman Jack

If you can get your monthly payment down to $500-550/month, you should be able to afford a used C7 if the price comes gown to where you think it will. Obviously it will also depend on what other expenses you haveat the time.

DREAMERAK

Be careful when seeking advice from a financial adviser/planner, many of them will steer you towards investments that THEY will make a profit from. make sure you read ALL the fine print/disclosures.

Aozora

Very true. You probably won't get a prime rate due to the amount of the loan/income even with perfect credit.
If you were to put down 10% or more you would probably be good for a decent rate.

I make a little more than that, but Im the sole provider for my family of 5.
After a fairly hefty mortgage payment, prepaid tuition for the kids, health insurance, 401k contributions, SUV payment, constant renovations, and all other living expenses I can honestly say I can't afford a new C7 however much I wish I could.
I could get one but I'd have to cut other things to squeeze it in. But that wouldn't be a responsible decision much less a fair choice for my family.

As far as the topic goes, is that Gross or Net?
If I were single with no house or kids, making 60k I could see myself easily affording the payment if I saved 20% down and enjoying every mile of it.

Personally I'm waiting until I finish schooling/training and secure a better position in the company to nab a new 2015 or leftover '14.
Unless I'm on a Government gig, they will take my clearance for that type of purchase.

Gary '09 C6

IMO, not a wise move...spend 1X your annual income on a car ?

Gmumd48

Your Fiance has a lot to say about it


Don't give up a dream, but for the sake of a relationship
Keep your focus on that

A Corvette is a great car, In Wisconsin you might want to see if its a good idea as a winter driver

I would say if you need our opinion you might be stretching it

I was involved in a deal where guy built a 450K Euro Townhouse
in Spain with Med views 6 yrs ago 90 percent financing he was driving a Lambo and peddling mortgages. I bought the property from the bank for 90K with a 75 percent mortgage at a really cheap rate. The poor guy can't get rid of the debt with the bankruptcy laws of Spain.
His families on the hook.

You never know what life will bring you, so live when you can
and know you will need a future

No easy decisions but if you love to drive, have fun do what
you have to

I got lucky and I love to drive I just had to drive a Prius 300 miles down coast roads in Oregon, It was painful, when I got back in my sports car I dropped the top and spent 2 hours with a grin on my face

Life is short




You only live once

BlueOx

Impatience will cost you. Wait a year or three for a used one.

B747VET

As a wise man said to a father with a six year old son at a big car show, "You realize that if you get him hooked on cool cars he'll probably be car payment poor his whole life?"

Fathers response, "Yeah, but there are worse addictions."

Best advice in this string so far, "Pay cash for your cars." That's the only way you won't risk being car poor.

Worst case, if you just absolutely have to have it, finance it only if you have at least 30% down and can pay off the balance in 12 months. Otherwise, no, you can't afford it.

Trust me.

69L79

In 1969 I bought my first Vette. It was a 427 Coupe. I was just out of College. My salary was $6,684 a year. The Vette was $4,600. I was still living home, that helped a lot. But, no matter what I would have bought that Car. So, my advice to you: as long as you can pay the rent and eat (reasonably well i.e., no Ramen noodles). Go for it!

rijowysock

i would say only buy a sports car if you can afford it outright..

not sure what happened w/ america and people watching their money.. but "toys" are just that... "toys"... we shouldn't finance things we can't afford (the reason for the market crash)...

what ever happened to saving.... i would rather drive a 5k car for 3-4 years while saving and negotiating on things.. and pay for the c7 outright than be in debt to a bank and counint on not guaranteed income for the next 5 years.

what happens when you get laid off from your 60k/year job that allows you to barely pay for your corvette? you just take it back to the bank and say "sorry" and eat all the losses?


i guess i'm alone in this thought...

SCM_Crash

The way I budget cars is that my car payment shouldn't be more than 20% of my monthly income. So, for example, if I cleared $5K/mo after taxes, I wouldn't spend more than $1,000/mo on the car.

If your taxes are paid with 1 dependent (yourself), you're going to pay about 29% in taxes. So $60K/yr comes out to roughly 3.6K/mo cleared. If you can keep your payment around $700/mo, I'd say go for it.

JeffInDFW

In 1986, I was 19. My paychecks were exactly $300 every 2 weeks. GMAC approved me for a loan with no cosigner on a brand new Trans Am for $298.80 per month. I lived on my own, in a total absolute hell hole of a garage apartment, slept on a mattress I found in the alley (no, I'm not kidding), ate Ramen noodles with weiners cut up in them for nearly every meal, and made every single payment on time for 5 years until she was paid off.

My point? I wanted that damn car, and was going to do whatever it took to get it. Financial guys freak over guys like me, but I don't care. It all depends on your priorities, and mine have always been to enjoy every day and have kick *** cars.