At what net worth or what income level to consider a 70k vette
#42
The C7 is a beauty and what you feel comfortable spending is up to you. It definitely isn't a "The Single Best Investment" but if you can pay your Vette's monthly payment from divs than you are in a decent place IMHO. Best of luck.
#43
#44
Race Director
Thread Starter
I am of the opinion that threads like these are generally started by people who desperately want a Corvette and know in their hearts they can't afford it, but are looking for some sort of approval or voice saying "Yeah, you only live once...Do it!"
What ever happened to the old practice of sitting down with a yellow legal pad, adding up your current monthly bills...including provision for retiring someday...subtracting that from your net monthly income and making a determination, keeping in mind things like roof leaks, frozen exploding water pipes, braces, etc. On top of that, most experts would tell you that you should have at least 3-4 months of monthly income in a liquid account, readily accessible in a "rainy day" fund for illness, temporary disability, etc.
Seriously...grow up!
What ever happened to the old practice of sitting down with a yellow legal pad, adding up your current monthly bills...including provision for retiring someday...subtracting that from your net monthly income and making a determination, keeping in mind things like roof leaks, frozen exploding water pipes, braces, etc. On top of that, most experts would tell you that you should have at least 3-4 months of monthly income in a liquid account, readily accessible in a "rainy day" fund for illness, temporary disability, etc.
Seriously...grow up!
#45
Le Mans Master
If you can move two kilos, or 3 if you were fronted the kilos, in a 24 hour period in Alaska without getting caught you can afford a C7
I'm Rex, founder of the Rex Kwan Do self-defense system! After one week with me in my dojo, you'll be prepared to defend yourself with the STRENGTH of a grizzly, the reflexes of a PUMA, and the wisdom of a man.
I'm Rex, founder of the Rex Kwan Do self-defense system! After one week with me in my dojo, you'll be prepared to defend yourself with the STRENGTH of a grizzly, the reflexes of a PUMA, and the wisdom of a man.
#46
A friend of mine ordered a fully optioned C7 for $82k in Canada (including taxes) and his annual base salary is $67k lol. He owns a condo which he rents out, and lives with his parents for free.
#48
Burning Brakes
#49
Le Mans Master
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If you can move two kilos, or 3 if you were fronted the kilos, in a 24 hour period in Alaska without getting caught you can afford a C7
I'm Rex, founder of the Rex Kwan Do self-defense system! After one week with me in my dojo, you'll be prepared to defend yourself with the STRENGTH of a grizzly, the reflexes of a PUMA, and the wisdom of a man.
I'm Rex, founder of the Rex Kwan Do self-defense system! After one week with me in my dojo, you'll be prepared to defend yourself with the STRENGTH of a grizzly, the reflexes of a PUMA, and the wisdom of a man.
^ I took that Rex Kwan Do class twice - could never get the hang of it. I ended up with the ODOR of a Grizzly, the FINGERNAILS of a Puma and the WISDOM of the KARDASHIAN SISTERS.
#50
Le Mans Master
#51
Moderator
My Income divided by zero (does not compute, but as denominator approaches 0, result approaches infinity). So, the final number is different from the original number so maybe I should buy several C7s.
#53
Burning Brakes
Personally i always look at these type of things on a cost to net worth basis--nothing to do with income. how much are you worth, after all liabilities are deducted. then, i set a totally arbitrary ratio, say, 10% of my net worth as a threshold for the cost of the item. in such a case, if i had 700,000 in the bank, net, i would think that 70K for the vette would be reasonable. alternatively, an excellent rule of thumb is this: if you have to ask, you cant afford it! (of course, the best rule is:what does the wifey-poo say?)
I think income is a good rule, as others have said it has more to do with your individual situation than anything. If you have a big family your situation is much different than if your single living in a Condo or something.
#54
hold on buddy. I can afford 10 years of not working so I believe I can afford this car. I just have always been tight because I was raised that way. My kids are gone and married and I deciding to reward me and my wife with some nice rides.(she is getting my srt8 challenger when my vette is delivered) . But then again I am only 49 and with the way the dollar is going to the toilet I was wondering for retirement reason if it is a good idea or not t o throw 77k at a car that only carries two people.
Moreover, if you're seeking sound financial counseling on a Corvette forum, you're already screwed.
#55
Burning Brakes
That IMO is ridiculously irresponsible, I blame the parents more than your friend.
#57
Burning Brakes
Well said it drives me nuts, almost every time I go in a Gas station someone in line is buying $30 worth of Scratch Off tickets and a pack of Cigarettes, they almost always drive off in a beater and are dressed like a bum. Use that money to clean yourself up for crying out loud.
#58
Race Director
Thread Starter
I didn't mean to offend. It's just that these decisions are highly personal and each case is different. There are so many variables, it's impossible to give any meaningful advice in a forum like this.
Moreover, if you're seeking sound financial counseling on a Corvette forum, you're already screwed.
Moreover, if you're seeking sound financial counseling on a Corvette forum, you're already screwed.
I really don't thing a dirty diaper could be that bad anyway right?
#59
Ok lol. I guess I just thought it would be interesting or what motivates people(me) to drop a bunch of money on a depreciable asset. I finally just said like Buger did to Tom Cruise in "Risky Business"..."sometimes you just got to say what the f..." and go for it.
I really don't thing a dirty diaper could be that bad anyway right?
I really don't thing a dirty diaper could be that bad anyway right?
I have made many financially poor and emotionally rich car decisions in my life. The C7 isn't one of them but I would probably choose to buy one even if it was
#60