At what net worth or what income level to consider a 70k vette
#1
Race Director
Thread Starter
At what net worth or what income level to consider a 70k vette
Just curious to see what some of ya'll say. I considered both on mine. Not sure if their is a formula(like for how much of a house you can afford) for toys. Both my payment and principal as % of assets are lower than 10%. Seems like it wouldn't hurt for me especially because i know my man obama is going to change my diaper when I get old.
What about ya'll how do you budget in a badass toy like a c7.
What about ya'll how do you budget in a badass toy like a c7.
#2
Le Mans Master
This thread won't end well. To many factors to take into consideration. And by the time you're old enough to need your diaper changed there will be another POTUS in office for folks to blame. lol
Last edited by BeaZt; 11-18-2013 at 03:07 PM.
#4
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Just curious to see what some of ya'll say. I considered both on mine. Not sure if their is a formula(like for how much of a house you can afford) for toys. Both my payment and principal as % of assets are lower than 10%. Seems like it wouldn't hurt for me especially because i know my man obama is going to change my diaper when I get old.
What about ya'll how do you budget in a badass toy like a c7.
What about ya'll how do you budget in a badass toy like a c7.
#5
Drifting
One rule I would use. When you can ask the salesperson "do you take cash", then financially, it is the right time.
Then the only question is: do you actually bring a briefcase full of cash and tell them, "start counting", or just bring a check.
Then the only question is: do you actually bring a briefcase full of cash and tell them, "start counting", or just bring a check.
#7
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If you are not able to maximize your retirement savings because of the c-7 purchase (or other expendetures) then it is a bad idea... Debt to Income ratio is the biggest thing... I would agree.
#8
Drifting
Below is some info copied from the 2014 Chevrolet Corvette Stingray Interactive Details Book.
CORVETTE LOYALIST
• 72% Buyers 55+
• 55% College Graduate
• 58% Urban/Suburban
• 11% Mid-Level Manager
• $133,000 Household Income
• Tend to Buy – Fulfillment of a Dream
CORVETTE CONQUEST
• 45% Buyers 55+
• 81% College Graduate
• 69% Urban/Suburban
• 58% Professionals, Business Owners, Senior Execs
• $257,000 Household Income
• Often Lease – Another Perk
CORVETTE LOYALIST
• 72% Buyers 55+
• 55% College Graduate
• 58% Urban/Suburban
• 11% Mid-Level Manager
• $133,000 Household Income
• Tend to Buy – Fulfillment of a Dream
CORVETTE CONQUEST
• 45% Buyers 55+
• 81% College Graduate
• 69% Urban/Suburban
• 58% Professionals, Business Owners, Senior Execs
• $257,000 Household Income
• Often Lease – Another Perk
#10
Le Mans Master
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Below is some info copied from the 2014 Chevrolet Corvette Stingray Interactive Details Book.
CORVETTE LOYALIST
• 72% Buyers 55+
• 55% College Graduate
• 58% Urban/Suburban
• 11% Mid-Level Manager
• $133,000 Household Income
• Tend to Buy – Fulfillment of a Dream
CORVETTE CONQUEST
• 45% Buyers 55+
• 81% College Graduate
• 69% Urban/Suburban
• 58% Professionals, Business Owners, Senior Execs
• $257,000 Household Income
• Often Lease – Another Perk
CORVETTE LOYALIST
• 72% Buyers 55+
• 55% College Graduate
• 58% Urban/Suburban
• 11% Mid-Level Manager
• $133,000 Household Income
• Tend to Buy – Fulfillment of a Dream
CORVETTE CONQUEST
• 45% Buyers 55+
• 81% College Graduate
• 69% Urban/Suburban
• 58% Professionals, Business Owners, Senior Execs
• $257,000 Household Income
• Often Lease – Another Perk
^ What is the 2014 Chevrolet Corvette Stingray Interactive Details Book? Or am I missing a joke?
#11
Just curious to see what some of ya'll say. I considered both on mine. Not sure if their is a formula(like for how much of a house you can afford) for toys. Both my payment and principal as % of assets are lower than 10%. Seems like it wouldn't hurt for me especially because i know my man obama is going to change my diaper when I get old.
What about ya'll how do you budget in a badass toy like a c7.
What about ya'll how do you budget in a badass toy like a c7.
#13
Below is some info copied from the 2014 Chevrolet Corvette Stingray Interactive Details Book.
CORVETTE LOYALIST
• 72% Buyers 55+
• 55% College Graduate
• 58% Urban/Suburban
• 11% Mid-Level Manager
• $133,000 Household Income
• Tend to Buy – Fulfillment of a Dream
CORVETTE CONQUEST
• 45% Buyers 55+
• 81% College Graduate
• 69% Urban/Suburban
• 58% Professionals, Business Owners, Senior Execs
• $257,000 Household Income
• Often Lease – Another Perk
CORVETTE LOYALIST
• 72% Buyers 55+
• 55% College Graduate
• 58% Urban/Suburban
• 11% Mid-Level Manager
• $133,000 Household Income
• Tend to Buy – Fulfillment of a Dream
CORVETTE CONQUEST
• 45% Buyers 55+
• 81% College Graduate
• 69% Urban/Suburban
• 58% Professionals, Business Owners, Senior Execs
• $257,000 Household Income
• Often Lease – Another Perk
The Corvette name doesnt have the prestige that a lot of people outlined in this group would want ....
The reality is that the name brand is an important part of why these people purchase/lease vehicles...
Which is why Kia's objective of being a premium go to brand is going to fail...miserably.
#14
#15
if you want a c7 buy one, you only live once and nobody knows how long that will be. did you read the thread where the guy was on his way to the dealer to pick up his c7, he pulled over to help a motorist and was struck and killed. very sad. buy what you want today, tomorrow might not ever come. my $.02
#16
Drifting
Member Since: Jul 2013
Location: Grand Rapids area MI and Palm Coast, FL
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My first Corvette carried with it a payment slightly larger than my house payment. Not a rational decision for anyone but particularly for a CPA! However, I didn't regret it 30 years ago and I still don't regret it today. 30 years of Corvettes have been a wonderful fun addition to my life. I guess what I am saying is it is not a financial analysis type of car--formulas dont work!
PS But be sure you can still make that house payment!
PS But be sure you can still make that house payment!
#17
Racer
2 questions
first - if I lost my job, could I still make the payments or pay off the loan?
second, if I was in a financial bind would I be ready to sell the car to pay off the loan?
if the answer to either is NO, then don't buy it.
Ed Foy, CPA
foytoy 2012 torch red grand sport convertible
second, if I was in a financial bind would I be ready to sell the car to pay off the loan?
if the answer to either is NO, then don't buy it.
Ed Foy, CPA
foytoy 2012 torch red grand sport convertible
#18
Le Mans Master
Member Since: Sep 2007
Location: Mechanicsburg Pennsylvania
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My first Corvette carried with it a payment slightly larger than my house payment. Not a rational decision for anyone but particularly for a CPA! However, I didn't regret it 30 years ago and I still don't regret it today. 30 years of Corvettes have been a wonderful fun addition to my life. I guess what I am saying is it is not a financial analysis type of car--formulas dont work!
PS But be sure you can still make that house payment!
PS But be sure you can still make that house payment!
^ OK - you've convinced me. I'm buying a C7 Z51 immediately, no more waiting . . . . . . then I'm gonna move in and live in your house
#19
Team Owner
Member Since: Jun 2005
Location: Northern, VA
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St. Jude Donor '15
"In honor of jpee"
$140k