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Old 01-30-2013, 08:46 AM   #1
vexC7
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Default Can Someone making 60k a yr afford the base c7?

Here's my situation ...my mortgage payment is $755 and my fiancÚ pays for all other expenses like electricity water Internet cable and groceries...I have 1 cc in which will be paid off once I decide to get a vette...I know people say only spend 20-30% of your yearly income..but if I take out a 6 yr loan at 2.9% with 7000 down payment will be around 500-550 a month...and looking to get a used c7 not a new one...thoughts?
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Old 01-30-2013, 08:49 AM   #2
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I'm wondering the same thing...but i think your math is wrong:

$53,000 at 6 years for 2.9% is over $800/month

Edit: I misread your salary as your projected car cost...$43k at 2.9% for 6 years is still $650 though...i'm wondering if i can afford that as well...luckily i do the finances, not the wife! haha
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Old 01-30-2013, 08:52 AM   #3
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Way too much to decipher here, lay it all out on paper and review the numbers carefully! You are also looking far down the road, a used C7 in accordance with your expected payments would easily be 2+ years away! Buy a C6 now and enjoy, trade it when the numbers work for you!!!
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Old 01-30-2013, 08:53 AM   #4
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He said used Varcix, he is far away from those figuires working!!!
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Old 01-30-2013, 08:54 AM   #5
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If you have dual incomes, it is possible but you are cutting it very close. On the other hand, you only live once. Are you ready to give up a lot of other things (dinners, movies, big electronic purchases, casual entertainment spending?) You will live for your car payment.

My advice...BE PATIENT, wait the market out until you can find one used in a year or two. You will save a TON of money and have a practically brand new car.

Have you ever thought about a used C6Z06. Performance will be better and you can get them in mid to high $30k. Just saying? I personally would buy a nice used C6Z06 drive that for a couple years, then see if you want a C7. Also, I NEVER EVER NEVER buy the first year of a new model. There are ALWAYS issues that they fix an improve upon in the 2nd and 3rd year.
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Old 01-30-2013, 08:55 AM   #6
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If everyone went by the 20-30% of their annual salary rule most of those on this board would not own a Corvette (at least not from new) since you'd need to earn 200k a year to buy a 60k Vette.

I say go for it if you think the payment/down payment are manageable - you can always sell it if things get out of hand.
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Old 01-30-2013, 08:58 AM   #7
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Well I'm not going to get one till I find one for around 42-45k ...I would finance 36-37k so that'll make the payment be at around 550...I mean right now I have over 10k saved up..and I usually save between 800-1200 a month..so if I want to get a vette next spring (which is 15 months away) ill have an extra 12-15k saved up...
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Old 01-30-2013, 09:01 AM   #8
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Good luck on getting the car of your dreams. From my point of view, it's scary to think about financing a car for six years. Even with a lightly used car, you have potential of being upside-down for quite a while.
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Old 01-30-2013, 09:01 AM   #9
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And actually I owned a 2010 camaro ss for like 2 yrs paying $400 a month..which didn't hurt me at all....I still had a lot of money to spend..so that's why I'm thinking $150 more a month isn't a big deal right now...
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Old 01-30-2013, 09:01 AM   #10
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How many used C7's will be around next spring and what makes you think a 2014 car being released in September will drop to 42-45k in six months? Jusy curious where you are getting your expectations from!
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Old 01-30-2013, 09:05 AM   #11
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Quote:
Originally Posted by vexC7 View Post
Well I'm not going to get one till I find one for around 42-45k ...I would finance 36-37k so that'll make the payment be at around 550...I mean right now I have over 10k saved up..and I usually save between 800-1200 a month..so if I want to get a vette next spring (which is 15 months away) ill have an extra 12-15k saved up...
At that price, unless you find one with high mileage in 15 months, I'd say you're looking at about a 2 year old C7.

And turn that fiance into a wife so you lock in that extra cash
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Old 01-30-2013, 09:06 AM   #12
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Quote:
Originally Posted by vexC7 View Post
Well I'm not going to get one till I find one for around 42-45k ...I would finance 36-37k so that'll make the payment be at around 550...I mean right now I have over 10k saved up..and I usually save between 800-1200 a month..so if I want to get a vette next spring (which is 15 months away) ill have an extra 12-15k saved up...
You'll most likely be looking at Winter/Spring of 2015 to find a C7 in that price range.
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Old 01-30-2013, 09:07 AM   #13
vexC7
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Quote:
Originally Posted by Big Dan 427 View Post
How many used C7's will be around next spring and what makes you think a 2014 car being released in September will drop to 42-45k in six months? Jusy curious where you are getting your expectations from!
I'm going by past experience...I bought my camaro being only 8 months old and got it for 7k less then what they were brand new..had to travel 800 miles but well worth it
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Old 01-30-2013, 09:08 AM   #14
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Yes, go for it if you have a secured job.
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Old 01-30-2013, 09:08 AM   #15
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I wouldn't stretch myself so thin but you do only live once... god that saying is lame yet true.
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Old 01-30-2013, 09:10 AM   #16
vexC7
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Yes, go for it if you have a secured job.
Yes been with my job for over 6 yrs now
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Old 01-30-2013, 09:16 AM   #17
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Long story short, sure, it's possible... you're going to get a thousand different answers here.

- A financial advisor will say you're nuts.
- A gear head will tell you to put a down payment on one TODAY
- A level headed person will tell you to think about your future, retirement and unexpected expenses
- A cheap *** will tell you a used pinto will get you from point A to point B just as well as a C7

Edit: I'm a financially well off level headed cheap ***, but a specific event lead me to buy my C6 based on the "you only live once" motto.

Last edited by pittperson; 01-30-2013 at 09:20 AM.
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Old 01-30-2013, 09:24 AM   #18
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OP, you are asking a financial question in the wrong forum. Most of us Corvette owners will say "Go for it, you only live once".

Go to a forum where they talk finances and you will get a "Hell no! are you crazy?"

Besides, by the time used C7s start showing up, your financial situation will not be the same as it is now.
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Old 01-30-2013, 09:40 AM   #19
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Quote:
Originally Posted by vexC7 View Post
Here's my situation ...my mortgage payment is ...I know people say only spend 20-30% of your yearly income..but if I take out a 6 yr loan at 2.9% with 7000 down payment will be around 500-550 a month...and looking to get a used c7 not a new one...thoughts?
you're exactly where I've been all my life - when it comes to buying Corvettes. I have never been in the customary financial bracket to have owned any of the seven Corvettes I & the wife have/had

There is a simple solution; sooo simple you may not like hearing it; but remedy is... saving up for a much larger down payment. On Jan 17, I started my C7 downpayment fund; and already have put $1400 in it. I project putting 500-800/ each & every month in the C7 fund (and it will probably be a 2015 model I purchase).

If I add the monies from the recent sale of my 2002 Corvette... I have almost $20k in my C7 fund. But that's not enough for my situation. I will need a down payment of about $25k... in order to afford a new C7.

The earliest I can order a 2015 will be April/May 2014. By then I think I will reach my downpayment goal.

Oh; I wish I had the funds to be one of the first 2014 C7 owners; but right now that isn't po$$ible.
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Old 01-30-2013, 09:43 AM   #20
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In another thread of C7, here is what JerriVette wrote (and I agree with it). You will find your answer in it.:

"The average msrp of a vehicle sold in the USA is 32 grand. The average price paid is 28 grand. The average cost of a vehicle purchased is 26 weeks of income.

The 1lt stingray will cost 53 grand give or take a grand..the z51 with grand sport like equipment will start about 6 grand more...give or take a grand...

I wouldn't sweat the price increase. It will be the various new options that will quickly raise the price.

I would suggest a 1lt z51 will range to 59 grand....the MRC option will another 1500 and the competition seats will range 1500 to 3000.

That's all anybody needs...all the other fabulous options will add up rather quickly.

That how Porsche does it.....

GM will make the average c7 and sell it for half the average tranaction price of a 911 S which ranges pretty much right now over 110 grand...
The beauty is the c7 will crush a 911 and if you want the beautiful interior....you ll still be 50 grand under the German wunder car.....

The Audi r8 doesn't stand a chance performance wise either....IMO

The discounted pricing of the recent 3 years for c6 s is gone. As the demand hopefully on the c7 will deliver MSRP transaction pricing.....

Otherwise the vettes in big trouble....."

In 3 years we might manage a few grand off msrp but usually it's a shell game..GM raises the price and just discounts back down to the release pricing of the new generation.

LT4 higher performance models will demand better pricing as z51 capacity exceeds demand slightly and higher performance versions begin the cycle all over again...

Along with all the excellent media coverage that GM loves
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