jqll21

I just turned 18 and this has been a dream car of mine for a long long time. Now that im 18 I can take out a loan with a cosigner and I've already been approved. I guess what I'm asking is do you think its worth it to buy your dream car at 18 and take a loan for 40k? keep in mind im paying for this my self and I make twice as much as the car payments per month. Im not to worried but just worried for paying this off for the next 60 months. In the end I rather be crying in a C7 corvette rather than not crying ini a Prius lol. I just want to hear your opinions.
thank you
-Jax

DrivesWithTwoFeet

Personally I think that would be a horrible decision at your age. Why start your life with that much debt compared to your income? If anything buy a cheaper, older Corvette if you decide to purchase.

Skid Row Joe

NO.

You're not an adult of legal contract binding age, to even enter into a contract.

LT4CMG

Who's cosigning for you? I'd ask that person. They're obviously ready to buy and own this vette for you. Seriously bud, it's an awesome car, but you have no need to dig this hole for yourself this early in life. Great things will come, just get on your feet first

Sub Driver

If you have to ask an internet forum whether or not you should get a car...

jgilevettes

I know exactly how you feel as I bought my first one when I was 21 years old. I wanted a new one at the time and probably would have been approved but better sense prevailed, to some extent, and I bought one that was 10 years old for half the cost and payment. Don't make yourself car poor. You will begin to hate the car for it no matter how nice it is. Great to hear your passion for corvettes. Keep that passion alive and compromise with yourself by looking at C4's or even C5's. You will have a ton of fun with one of those along with paying less insurance and car payment plus be in a better position a few short years from now to get whatever you may want. No need to have the C7 if you cant afford to take a date out for dinner

frodoz737

Respects, but in all honesty...no. You statistically are going to have a major wreck before you reach 25 years old. That's why insurance rates are that much higher for men before then. Stick with something you could better deal parting with in the mean time and enjoy a better toy later. Best wishes.

golddog

My first car purchased new was a 1990 Mustang GT at age 21. My insurance was $200+ a month. I could afford it and no one could talk me out of it. I wish they could have though. If I had to do it all over again, I would definitely NOT do it.

myfunweecar

I'd check what insurance is going to cost. Depending on the area you live in, insurance may be crazy. I had a boss in the 80's paying 3 grand a year for a 300ZX in LA and he was 28 I think. I imagine that would be 10 grand today.

dvilin

Forget it, get something you can afford without a cosigner that will not eat 50% of your monthly income.

jimmbbo

I agree that a C7 with a cosigner is a bad idea. You likely can get a three or four year old Mustang or Camaro for much less and both are decent performance cars. FIMO cosigning a loan is a bad idea and I'd never do it.
Good hunting!

yellow2007

I am going to assume you're looking at a used C7 given the amount you are looking at. You should know that with no warranty coverage, any repairs will come out of that other half of your check and Corvettes are not cheap to repair especially with all the electronics. My infotainment system was 1700.00 and my torque converter 4 grand. You may be batter off in that prius that runs than a vette that doesn't. You have the passion and thats great. It will never leave you. Ask anybody here. Maybe look into a decent C4 to start.....

vetteright

I bought my first Corvette when I was 21 in 1968. The car was ordered new from the local Chevy dealer. The sticker price CID 400 HP 4-speed), insurance and maintenance, I was broke all the time. I constantly worried about meeting my obligations, wasn't sleeping well and consequently wasn't having much fun. Got drafted in '69 and had my dad sell the car while I was in Vietnam. I saved my money while in the service and bought a 1970 vert with cash when I got out and started college on the GI Bill. Much better then, paid all my bills on time every month and had money in my jeans and really enjoyed the car. Since then I've had eight more over the years.

My advice would be just make sure you can afford the car and all of the responsibility that goes along with it. After all of your Corvette expense, you want to be able to have money left over to pay rent, buy groceries, take your girl out, travel, etc. Maintenance on these cars is very expensive and I shudder to think what the insurance premium will be at your age. Good luck with your decision.

Sir Keith

Terrible idea. $40K in debt at 18, with 50% of your income going into a car loan? Terrible, terrible idea. Keep the dream; it will be even better when the time is right.

Shirl

I'm going to play devil's advocate here and say yes buy your dream car at 18 years of age even though you probably have little or no real life experience yet You can always trade it in when you can no longer afford the high interest payments, outrageous insurance premiums and up keep and repairs. The huge financial loss may actually be a good lesson for you at an early age. When I was 18, I was planning my college and career goals. I wanted to figure out how I was going to train for a career and make money. I wasn't dreaming about Corvettes..yet Of course there was no covid making people do irrational things either. Good luck with whatever you choose.

Skid Row Joe

Terrible idea. 18 years old, lives with parents. Has no money to buy it. A $50,000.00 automobile?? Insurance at 18? $3,000.00 a year. Rough guess. The OP won't make it to see 19 with 460 hp. Nor, ever get out of debt with a high school diploma? Please.....

Bill Dearborn

As somebody else mentioned how much is insurance going to cost you? You could be paying as much in insurance per month as the car payment will be. Go with a lower cost car now and save your money. Get an engineering education or learn a trade so you have a way to put more money on the table later on. Then you can purchase a new car at 23 years of age without having to have a cosigner. Your tastes and interests are going to refine considerably over the next 5 years so don't lock yourself into something that could become a millstone around your neck.

When I was young I had a bunch of buddies that purchased Corvettes (it was a lot easier for a young person to purchase a new Corvette back then as a base model Vert was well within reach of a lot of blue collar salaries). Then somewhere during the next 5 years they discovered they wanted to get married and the prospective spouse wasn't particularly enamored with riding around in a Corvette all the time. Then the big day came when she said I'm Pregnant, we need a car with some room and the Corvette went by by, then came the house and college costs. 30 to 40 years later he finally got another Corvette. You see these stories all the time on the classic car shows.

Defer that desire for a Corvette for 5 to 10 years and you will find you are able to squeeze it in, for some reason or other the guys that didn't defer never seemed to fit them in until late in life,

By the way I am 78 and have been a Corvette Owner since January 1972. I had wanted one since I was 14 years old and saw a 56 driving ahead of my parents car during a heavy snow storm. It had positraction and was spitting snow off both rear wheels as it pulled away from us.

Bill

sstonebreaker

And now you know why teenagers roll their eyes at old farts like us.

Seriously, save your money. Use it to invest in something that will make you money - buy a rental property, or invest in a mutual fund, or start a business. Then in 60 months you can afford a brand new C8 ZR1.

jgilevettes

Only thing I would take exception with is the age and horsepower... Babies are running NASCAR these days...

ChiefBoats

When that special babe comes along with wedding bells and then babies? Home? Bills up the wazoo? Think this out, just go a less expensive route as others had suggested, you will thank yourself.