Disadvantages of buying a first model year of a new generation
01-21-2020, 03:00 PM
#101
Burning Brakes
I have experience with 2 first year/ new model. ‘67 big block Camaro and my first Vette...er 79 Chevette. Neither had any issues, in fact the 79 lasted over 240K miles. Excellent for an entry level econobox.
01-21-2020, 03:04 PM
#102
Drifting
Corvettes are not investments, they are never a smart financial choice - no different than any other similarly-impractical high horsepower sports car. They are bought purely for fun and should be purchased with disposable income (imho) so who cares if you buy a first year car or not?
For those comparing loan rates that compound daily based on the owed balance to your stock market gains that is potentially faulty math. You can't equate the two. Your actual interest paid on a $50k loan, for example, will be closer to 10% or 12% of the original loan value if you take the full 5 or 6 years to pay it off at 4%. You can hopefully make 10-12% over 5 years on your $50k (assuming you have that money to invest in the first place), sure, but that's the break-even point - not 4% and that's my only point. You are going to lose around 60% on your asset over 5 years whether you pay cash or finance it so it really doesn't matter a whole lot.
Personally, I won't by a car I haven't driven. I'm absolutely not going to let a Chevy dealer hold any of my money for any reason for any amount of time when I can be making money on it so deposits are out of the question. I'm in love with my 2019 M7 Z and I can row my own gears which makes me happy. I've got nothing against the C8, nor anyone who chooses an auto-trans, and I'm happy for all of the C8 buyers - I truly hope the car makes you as happy as my C7 Z makes me because that's what it's all about! Hopefully you C8 owners will still throw us lowly C7 folks a wave!
For those comparing loan rates that compound daily based on the owed balance to your stock market gains that is potentially faulty math. You can't equate the two. Your actual interest paid on a $50k loan, for example, will be closer to 10% or 12% of the original loan value if you take the full 5 or 6 years to pay it off at 4%. You can hopefully make 10-12% over 5 years on your $50k (assuming you have that money to invest in the first place), sure, but that's the break-even point - not 4% and that's my only point. You are going to lose around 60% on your asset over 5 years whether you pay cash or finance it so it really doesn't matter a whole lot.
Personally, I won't by a car I haven't driven. I'm absolutely not going to let a Chevy dealer hold any of my money for any reason for any amount of time when I can be making money on it so deposits are out of the question. I'm in love with my 2019 M7 Z and I can row my own gears which makes me happy. I've got nothing against the C8, nor anyone who chooses an auto-trans, and I'm happy for all of the C8 buyers - I truly hope the car makes you as happy as my C7 Z makes me because that's what it's all about! Hopefully you C8 owners will still throw us lowly C7 folks a wave!
5 year auto loan at 3.25% total interest $6,360.01
5 year investment at 4% $16,248.96
To each his own, I choose to make my money work for me
That's another advantage of buying NOW, low interest rates
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Phil1098 (01-21-2020)
01-21-2020, 03:28 PM
#103
Safety Car
What about the 1983 Corvette? It had so many problems they didn't even have a 1983 Corvette. It was supposed to be the new C4. After they fixed the issues it brought it out as the new 1984 model C4.
01-21-2020, 03:32 PM
#104
Race Director
01-21-2020, 03:45 PM
#105
Racer
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C2 of the Year Finalist - Unmodified 2020
2020 C1 of the Year - Modified
I have to jump in here. I believe if you are able to purchase the all new 2020 C 8' we are taking a leap of faith in GM. I have had multiple first generation models or new models. 90 ZR1 late production, airbag light issue three trips to repair, kept that Corvette seven years only put 20k on the clock but loved the car. The next first of a generation was a 05 C6 convertible not one issue, the next new model was a 2006 Z06, loved this one too, no warrantie issues, got a new 08 Z06 no trips back other than oil changes. All my other Corvettes I purchased used with no warrienties at all on them, no issues other than normal maintenance. I have owned 5 straight axles, 5 C 2's (still have one since 1992) 8 C3's, 2 C4's, 2 C5's, 4 C6's and no C7's. We can't at times worry to much, take a chance at times, you may just have a little fun along the way. One more thing, your right it's a toy, pay cash let your other funds work for you.
Last edited by RYTOCOR; 01-21-2020 at 03:50 PM.
01-21-2020, 03:53 PM
#106
Le Mans Master
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Many of the examples I’m seeing in this thread where someone is trying to make a case against first year models, are examples of cars built 15, 20, 30 and nearly 40 years ago! Not sure how a first year C4 is relative to a first year C8. There’s 37 years between those two models. The manufacturing processes between a C4 and a C8 are light years apart. I’ll again say I’ve had a first year C6 and a first year C7 and only had one minor issue with each car. I see no reason to stand on the sidelines and wait. YMMV.
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jcapps (01-21-2020)
01-21-2020, 05:28 PM
#107
Drifting
I'm with you Phil,..cannot wait until 2025...and the icing on the cake today I heard from the sales guy where I have my downpayment. They got 12 more cars for their January allocation. This moves them up to 38 cars at or above 2500.!..so only 20 more till they get to me!!..COOL!
01-21-2020, 05:40 PM
#108
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01-21-2020, 06:29 PM
#109
Race Director
I've owned three first model year vehicles and had no issues with any of them. None were as big of a change as the C8, but engineering development tools also were at best very crude compared to today. If I was ready for a new C8 I would buy one. I won't buy a new Corvette; there are way too many garage queens that are essentially new that can be bought for about half price.
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RYTOCOR (01-22-2020)
01-21-2020, 07:36 PM
#110
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01-22-2020, 09:15 AM
#112
Burning Brakes
Someone told they looked at throwing money away on a car as a investment for their soul. I’m willing to invest in my soul too but after it’s proven to be good, I can test drive it and get it at not more than MSRP OTD.
Last edited by The Successful Plumber; 01-22-2020 at 06:08 PM.
01-22-2020, 11:06 AM
#113
Drifting
I'm with you Phil,..cannot wait until 2025...and the icing on the cake today I heard from the sales guy where I have my downpayment. They got 12 more cars for their January allocation. This moves them up to 38 cars at or above 2500.!..so only 20 more till they get to me!!..COOL!
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colossians323 (01-22-2020)
01-22-2020, 12:47 PM
#116
Le Mans Master
Another advantage to buying first year cars is to state you are paying cash and the financial wizards come out of the woodwork and you get free financial advice. They have no idea what your situation is but who cares. It is free.
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01-22-2020, 12:55 PM
#117
Team Owner
My '14 was pretty much problem free, the only major problem were the shitty *** mag shocks, replaced them twice and finally said "flk this", got some simulators from LG Motorsports and installed regular Bilsteins. So would I buy a first year model run car, meh, probably, but I would still be a little weary of such a radical change from the previous gen.
01-22-2020, 03:45 PM
#118
Drifting
I agree the financial wizards came out on this thread telling the people that unless you pay cash on a depreciating asset you are stupid. Go figure
01-22-2020, 04:51 PM
#119
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jcapps (01-22-2020)
