How do you justify the cost?
01-12-2020, 12:37 PM
#161
Melting Slicks
Ill speak from experience.
I was 24 when I bought the c7 new. I financed it for a 72 month term. Obviously it wasnt the smartest decision but it didnt impact me as much as some of these finance gurus claim it would. Assuming you get a sub 4% apr, you can afford this car. Would it bensmart financially? Obviously not.
I was 24 when I bought the c7 new. I financed it for a 72 month term. Obviously it wasnt the smartest decision but it didnt impact me as much as some of these finance gurus claim it would. Assuming you get a sub 4% apr, you can afford this car. Would it bensmart financially? Obviously not.
Last edited by Oh Boy; 01-15-2020 at 10:00 PM.
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NocarbutaVetteforme (01-12-2020)
01-12-2020, 12:42 PM
#162
If you find yourself trying to justify the purchase, you probably can't or shouldn't afford it.
The OP sounds like a responsible person, unlike some of the others who say "you only live once", many of which then won't be able to live in retirement. Take financial care of your future first, because for damn sure nobody else is going to.
OP, I agree with some of the suggestions already made. Buy a previous-gen Vette with cash and dip your toes in the water before going whole hog. You may find out Corvette is not for you. You are still young at 31; do what I always did - put money aside for the purchase every month until you can pay cash. Delaying gratification until you can pay cash just makes the purchase that much more satisfying, knowing you are not compromising the future for that immediate gratification. Just my opinions/suggestions; YMMV.
By doing the above I was able to retire when I decided I wanted to at 58 with no debt, plenty of toys, and no worries about doing what I want in retirement.
The OP sounds like a responsible person, unlike some of the others who say "you only live once", many of which then won't be able to live in retirement. Take financial care of your future first, because for damn sure nobody else is going to.
OP, I agree with some of the suggestions already made. Buy a previous-gen Vette with cash and dip your toes in the water before going whole hog. You may find out Corvette is not for you. You are still young at 31; do what I always did - put money aside for the purchase every month until you can pay cash. Delaying gratification until you can pay cash just makes the purchase that much more satisfying, knowing you are not compromising the future for that immediate gratification. Just my opinions/suggestions; YMMV.
By doing the above I was able to retire when I decided I wanted to at 58 with no debt, plenty of toys, and no worries about doing what I want in retirement.
01-12-2020, 12:51 PM
#163
Team Owner
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St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
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.......... 
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ratvet (01-14-2020)
01-12-2020, 01:09 PM
#164
Team Owner
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St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
NCM Lifetime Member
Hey everybody! Im new here and have a question before I go any further looking for a Corvette. Ive never made a ton of money in my life. Ill be 31 tomorrow and recently received a nice promotion at my job of 9 years. My annual income is rising from $43K to $80K. My mortgage and all other bills combined is $1400/month. My wife helps pay the monthly expenses as well. We have no kids and a good amount in savings, not counting 401K's, gold, silver and crypto holdings.
Ive always been on the frugal side but I do like nice things. However, its hard to justify paying a $1200-$1400 car payment. Or putting a large amount down and still paying $800-$1000.
This would be a weekend car and occasionally driving it to work. I keep telling my self you earned it and you only live once - just do it. But I still get the nagging feeling that I could be investing this money.
How do you justify it?
Ive always been on the frugal side but I do like nice things. However, its hard to justify paying a $1200-$1400 car payment. Or putting a large amount down and still paying $800-$1000.
This would be a weekend car and occasionally driving it to work. I keep telling my self you earned it and you only live once - just do it. But I still get the nagging feeling that I could be investing this money.
How do you justify it?
Last edited by Zymurgy; 01-12-2020 at 01:24 PM. Reason: Removed political crap - final warning
01-12-2020, 01:18 PM
#165
Burning Brakes
Welcome aboard and good luck with your decision. I buy new middle of the road basic transportation vehicles with good reviews. To me a Corvette is a toy. I usually wait until there is a model change and then pay cash for one from the previous model that is three to five years old with low mileage. Let someone else take the depreciation.
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ratvet (01-14-2020)
01-12-2020, 01:34 PM
#166
$70k spent on a C8 Corvette turns in to $40k after 5 years and near nothing after 20 years not to mention you are paying nearly $8k in interest on top of that at today's rates if you finance. Yes, he could die tomorrow however the likelihood of that is high unlikely. Most likely he will live to at least 77. Financing a toy like the C8 is dumb and really financially irresponsible.
Last edited by wvanepps; 01-12-2020 at 01:36 PM.
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Nick49 (01-15-2020)
01-12-2020, 02:05 PM
#167
Melting Slicks
Just out of curiosity what do you financial geniuses consider being unable to afford a car? And don't give me the crap if you can't buy it cash you can't afford it. That is not in the equation.
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NocarbutaVetteforme (01-12-2020)
01-12-2020, 02:38 PM
#168
He has many videos about buying cars and how much you should pay based on your income.
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Phil1098 (01-12-2020)
01-12-2020, 02:39 PM
#169
Burning Brakes
My justification is simple, I want one!
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01-12-2020, 02:42 PM
#170
Drifting
Awesome reply.
Some on here act like you have to put your money away until you are almost dead to buy a Corvette. I bought my first one at an early age and haven't regretted it one bit. I realized that I had put that money towards a car and just made sacrifices in other areas.
Some on here act like you have to put your money away until you are almost dead to buy a Corvette. I bought my first one at an early age and haven't regretted it one bit. I realized that I had put that money towards a car and just made sacrifices in other areas.
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NocarbutaVetteforme (01-12-2020)
01-12-2020, 02:57 PM
#172
Melting Slicks
Most on here are. I bought my first of a few a little early also not as young as the op thou.
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NocarbutaVetteforme (01-12-2020)
01-12-2020, 02:58 PM
#173
Melting Slicks
Hey everybody! Im new here and have a question before I go any further looking for a Corvette. Ive never made a ton of money in my life. Ill be 31 tomorrow and recently received a nice promotion at my job of 9 years. My annual income is rising from $43K to $80K. My mortgage and all other bills combined is $1400/month. My wife helps pay the monthly expenses as well. We have no kids and a good amount in savings, not counting 401K's, gold, silver and crypto holdings.
Ive always been on the frugal side but I do like nice things. However, its hard to justify paying a $1200-$1400 car payment. Or putting a large amount down and still paying $800-$1000.
This would be a weekend car and occasionally driving it to work. I keep telling my self you earned it and you only live once - just do it. But I still get the nagging feeling that I could be investing this money.
How do you justify it?
Ive always been on the frugal side but I do like nice things. However, its hard to justify paying a $1200-$1400 car payment. Or putting a large amount down and still paying $800-$1000.
This would be a weekend car and occasionally driving it to work. I keep telling my self you earned it and you only live once - just do it. But I still get the nagging feeling that I could be investing this money.
How do you justify it?
Just remember if you are paying a car note, insurance, fuel and maintenance on a Corvette, you may have to give up other things you enjoy, and no matter what, don’t wreck your budget to get the car. You will never get those prime earning years back.
Last edited by quick04Z06; 01-12-2020 at 02:59 PM.
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01-12-2020, 03:05 PM
#175
Drifting
I bought my first new Corvette at 22 while I was still in college. I paid for it with money I made from a startup business. I wasn’t worried about missing out on investment opportunities because I knew I had great earning potential and a lot of life in front of me. Once consideration for the OP is future earning potential. Are additional promotions with significant salary increases likely in the near future or did you hit the ceiling?
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NocarbutaVetteforme (01-12-2020)
01-12-2020, 03:07 PM
#176
Race Director
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01-12-2020, 03:14 PM
#177
Race Director
Jim2527's golden rule of car expenses is this: All household car expenses should NOT exceed 1 weeks take home pay. 'All expenses' means all monthly payments, insurance and gas for all household cars.
These are my basic rules:
1. Maximize retirement.
2. Household expenses, mortgage, insurance, utilities etc shouldn't exceed 2 weeks take home pay.
3. Car expenses shouldn't exceed 1 weeks take home
4. This leaves 1 weeks take home for clothes, food, entertainment etc.
These are my basic rules:
1. Maximize retirement.
2. Household expenses, mortgage, insurance, utilities etc shouldn't exceed 2 weeks take home pay.
3. Car expenses shouldn't exceed 1 weeks take home
4. This leaves 1 weeks take home for clothes, food, entertainment etc.
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klavrack (01-13-2020)
01-12-2020, 03:18 PM
#178
Race Director
01-12-2020, 03:24 PM
#179
Drifting
Jim2527's golden rule of car expenses is this: All household car expenses should NOT exceed 1 weeks take home pay. 'All expenses' means all monthly payments, insurance and gas for all household cars.
These are my basic rules:
1. Maximize retirement.
2. Household expenses, mortgage, insurance, utilities etc shouldn't exceed 2 weeks take home pay.
3. Car expenses shouldn't exceed 1 weeks take home
4. This leaves 1 weeks take home for clothes, food, entertainment etc.
These are my basic rules:
1. Maximize retirement.
2. Household expenses, mortgage, insurance, utilities etc shouldn't exceed 2 weeks take home pay.
3. Car expenses shouldn't exceed 1 weeks take home
4. This leaves 1 weeks take home for clothes, food, entertainment etc.
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NocarbutaVetteforme (01-12-2020)
01-12-2020, 03:28 PM
#180
I learned a big lesson that the cost of a vehicle goes well beyond initially paying for it. I would also take into consideration is the cost of maintenance and repairs. When I was young I went out on a limb and bought a fancy new car that I could afford. I never factored in the cost of insurance, tires gas, and so on. Something I didn't consider at the time. It all worked out in the end but it was an eye opening experience.
Good luck on your decision.
Good luck on your decision.