How to buy a C8 on a working man's wage
01-25-2021, 02:54 PM
#21
The smart choice (and I'm a dummy who buys cars new but I pay cash and intend to keep them) is to wait a few years buy a good used one and let the other guy take the depreciation hit. If you're buying new, I would never pay a premium above sticker for any car--I want it below sticker.
While apples and oranges, when I ordered my 2015 C7 Convertible in November 2014, many folks were still paying sticker for C7's and most local dealers weren't welcoming price negotiation beyond a few hundred off sticker. One dealer (Classic Chevrolet in Grapevine TX) near me was willing to order what I wanted using the credit union pricing (that program is no longer in effect and was optional as dealers did not have to sell cars at that price) that resulted in a little more than 9% off sticker, that they had an allocation and mine was built in January 2015, I took delivery at the NCM Feb 5, 2015. If dealers are still at or above MSRP for the C8 or don't have an available allocation, be patient and this too shall pass. It always does. Not new advice, but thought I'd share.
While apples and oranges, when I ordered my 2015 C7 Convertible in November 2014, many folks were still paying sticker for C7's and most local dealers weren't welcoming price negotiation beyond a few hundred off sticker. One dealer (Classic Chevrolet in Grapevine TX) near me was willing to order what I wanted using the credit union pricing (that program is no longer in effect and was optional as dealers did not have to sell cars at that price) that resulted in a little more than 9% off sticker, that they had an allocation and mine was built in January 2015, I took delivery at the NCM Feb 5, 2015. If dealers are still at or above MSRP for the C8 or don't have an available allocation, be patient and this too shall pass. It always does. Not new advice, but thought I'd share.
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Amicon (02-01-2021)
01-25-2021, 03:12 PM
#22
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St. Jude Donor '15
"In honor of jpee"
I think the positive responses here applauding your plan, your work ethic, your personal responsibility to yourself (which means not making others personally responsible for you) are all good traits. You are, as a couple have said, already on the path to making a choice the correct way---for you. Not for anyone else, but you. And in case you doubt yourself, there've been others on here who like what you've been doing so far, and I join them. "We" believe you'll make the right decision. Good luck. 
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01-25-2021, 03:29 PM
#23
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As a CPA, the rule of thumb is to not have more than 5% of your net worth tied up in cars, which are depreciating assets. Otherwise you can't retire as early as you could without the excessive spending, not have enough of an emergency fund of 6 months to 1 year+ of living expenses, etc. In other words, sacrifices will be made financially even if they show up much later in life.
Last edited by ArmchairArchitect; 01-25-2021 at 03:30 PM.
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Telepierre (01-26-2021)
01-25-2021, 03:40 PM
#24
I too appreciate your approach and work ethic. Here's my .02
I grew up down south surround by 600 acres of land .... crops, cattle, hay .... Hard work.
My dad (also military) grew up that way and was super hard working BUT spent his money on toys, we always had a brand new car, boat, motorcycle, like every year. When I graduated college and went military, guess what I blew all my money. It wasn't until I was about 30 that I figured out what I was doing wrong and started investing/saving. I've been playing catch up ever since.
I've done pretty well, had some side gigs and moved houses smartly as the market increased, and now have savings that should allow me to keep the same lifestyle that I have now with income but in retirement. I still have quite a ways to go before then but decided that I didn't want to wait until I was retired or if your number is called .... had a guy come back from a run, super healthy, mid 40s, sat down and just fell over dead. You never know when that time is so I want to plan for the future but still enjoy life (like a toy car) but not be frivolous. Both of our primary vehicles are 12 and 16 years old with the only debt the mortgage at 2.5%.
I was 30k in debt at one point and now am on the opposite end. Like the guy mentioned about doing power washing to make the payment, keep saving smartly that provides a good return (Vanguard mutual funds are good place if you don't know anything), use your side gig to help significantly fund your car just don't put yourself if a difficult situation financially.
The hardest part is waiting when you start seeing them out there. For me, there is only one or two and I've only seen it once in 4 months so makes it a little easier :-) I think you have a solid plan and plenty stingrays will be up for sale when the z06 comes out so maybe you could move your timeframe up if it works out. Good luck
I grew up down south surround by 600 acres of land .... crops, cattle, hay .... Hard work.
My dad (also military) grew up that way and was super hard working BUT spent his money on toys, we always had a brand new car, boat, motorcycle, like every year. When I graduated college and went military, guess what I blew all my money. It wasn't until I was about 30 that I figured out what I was doing wrong and started investing/saving. I've been playing catch up ever since.
I've done pretty well, had some side gigs and moved houses smartly as the market increased, and now have savings that should allow me to keep the same lifestyle that I have now with income but in retirement. I still have quite a ways to go before then but decided that I didn't want to wait until I was retired or if your number is called .... had a guy come back from a run, super healthy, mid 40s, sat down and just fell over dead. You never know when that time is so I want to plan for the future but still enjoy life (like a toy car) but not be frivolous. Both of our primary vehicles are 12 and 16 years old with the only debt the mortgage at 2.5%.
I was 30k in debt at one point and now am on the opposite end. Like the guy mentioned about doing power washing to make the payment, keep saving smartly that provides a good return (Vanguard mutual funds are good place if you don't know anything), use your side gig to help significantly fund your car just don't put yourself if a difficult situation financially.
The hardest part is waiting when you start seeing them out there. For me, there is only one or two and I've only seen it once in 4 months so makes it a little easier :-) I think you have a solid plan and plenty stingrays will be up for sale when the z06 comes out so maybe you could move your timeframe up if it works out. Good luck
01-25-2021, 03:58 PM
#25
Racer
Thread Starter
Thanks everyone for your kind words.
This is just one example of thinking outside the box in order to get what I want. It is by no means the only way or even the most desirable way. But it is working for me.
Several have pointed out to make sure I take the time to enjoy the fruits of my labor. There certainly is a lot of joy to be had in buying something you want when you want it. A couple of things in that scenario get overlooked sometimes. One is, and maybe it just me, but i also get a lot of satisfaction in having a goal, making a plan to achieve it and then executing that plan so that goal come to fruition. In the grand scheme of things 3 years is not that long to wait. Also, since I am currently making between $1,000-$2,000 a month working the rideshare thing there is a temptation to just buy the C8 now and use the rideshare money to make the payment. That option does not make a lot of sense to me because it turns the rideshare thing from something I "want" to do into something I "have" to do. And that is a big difference.
The other is that say I suddenly have $50k in the bank waiting to be spent. Is buying a car really the best use of that money? We can all agree that buying a car is the worst thing you can possibly do with your money. Maybe there is a way to invest that money and use the returns to make the Corvette purchase. But there is a lot to say about enjoying living. This is something I will be thinking about carefully over the next few years
This is just one example of thinking outside the box in order to get what I want. It is by no means the only way or even the most desirable way. But it is working for me.
Several have pointed out to make sure I take the time to enjoy the fruits of my labor. There certainly is a lot of joy to be had in buying something you want when you want it. A couple of things in that scenario get overlooked sometimes. One is, and maybe it just me, but i also get a lot of satisfaction in having a goal, making a plan to achieve it and then executing that plan so that goal come to fruition. In the grand scheme of things 3 years is not that long to wait. Also, since I am currently making between $1,000-$2,000 a month working the rideshare thing there is a temptation to just buy the C8 now and use the rideshare money to make the payment. That option does not make a lot of sense to me because it turns the rideshare thing from something I "want" to do into something I "have" to do. And that is a big difference.
The other is that say I suddenly have $50k in the bank waiting to be spent. Is buying a car really the best use of that money? We can all agree that buying a car is the worst thing you can possibly do with your money. Maybe there is a way to invest that money and use the returns to make the Corvette purchase. But there is a lot to say about enjoying living. This is something I will be thinking about carefully over the next few years
01-25-2021, 04:06 PM
#26
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Great plan and work initiative! Expect when you are ready, Kerbeck will have ~10% discounts on the base model. Will increase in price due to inflation but once demand does not exceed supply there will be discounts. Don't need to spend $80,000 today- if you have it fine, nice options! Kerbeck (where I have bought 3 Vettes) typically had ~200 vettes in stock and always had a number of 1LT standard shift C7s. So folks where money was an issue can get into a Vette. Typical minimum discounts will be 10%, I got >15% on my 2017 Grand Sport. Buy in "Winter" and get deeper discounts as Kerbeck helps GM avoid layoffs in Bowling Green when Vette demand decreases and many dealer's won't order until Spring. Their discounts reflect the lower demand.
Yep you're living the American Dream, takes hard work! The other option is to buy on time and then get two jobs to pay off the car and house! Also the American way.
IMO, you need a dream and goal to "work as hard as you are." A Corvette is a good dream!
Yep you're living the American Dream, takes hard work! The other option is to buy on time and then get two jobs to pay off the car and house! Also the American way.
IMO, you need a dream and goal to "work as hard as you are." A Corvette is a good dream!
Last edited by JerryU; 01-25-2021 at 04:07 PM.
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JockItch (01-31-2021)
01-25-2021, 04:19 PM
#28
Melting Slicks
And kudos to the OP for having a financial plan in place to get his C8 and working hard to achieve it! I love this thread!
Last edited by SharkDiverZ06; 01-25-2021 at 04:37 PM.
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01-25-2021, 05:01 PM
#30
Melting Slicks
The intent of the rule of thumb is to help you build significant wealth, so for purposes of following the rule, you would have to treat the lease as if it were a purchase, because you are still going to incur the cash burn to service the lease. The rule is just a guide to help you gauge how much car you can buy or lease while still focusing on wealth building...It's just a general guide so don't overthink it. And I agree with you, but fortunately for the auto industry most people choose to drive a nice car vs. deferring automotive gratification in order to become rich.
Last edited by SharkDiverZ06; 01-25-2021 at 05:03 PM.
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ArmchairArchitect (01-26-2021)
01-25-2021, 07:16 PM
#31
The intent of the rule of thumb is to help you build significant wealth, so for purposes of following the rule, you would have to treat the lease as if it were a purchase, because you are still going to incur the cash burn to service the lease. The rule is just a guide to help you gauge how much car you can buy or lease while still focusing on wealth building...It's just a general guide so don't overthink it. And I agree with you, but fortunately for the auto industry most people choose to drive a nice car vs. deferring automotive gratification in order to become rich.
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Mr Snappy! (01-26-2021)
01-25-2021, 07:33 PM
#32
Safety Car
These threads never end well because everyone thinks they have the right answer when it comes to other people's money and how they should live their lives.
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01-25-2021, 07:47 PM
#33
Race Director
I have a unique perspective. I’ve been a paramedic for 35 years and still doing it at over 60. I could retire but I choose to stay because I enjoy it and feel I can sometimes make a difference in someone’s life.
That said there is almost not a shift that goes by where I see someone life end or become altered in a way they could never imagine. And it can happen at 20 or 80. You never know. I’ve learned that yes, it’s important to be fiscally responsible for your present and future. But it’s also important to enjoy the here and now.
You have a plan. You have a passion. Work towards that goal and fulfill it. Life is too short not too.
I applaud your efforts and wish you the best attaining your goal 👍
That said there is almost not a shift that goes by where I see someone life end or become altered in a way they could never imagine. And it can happen at 20 or 80. You never know. I’ve learned that yes, it’s important to be fiscally responsible for your present and future. But it’s also important to enjoy the here and now.
You have a plan. You have a passion. Work towards that goal and fulfill it. Life is too short not too.
I applaud your efforts and wish you the best attaining your goal 👍
Last edited by z06inVB; 01-25-2021 at 07:48 PM.
01-25-2021, 07:54 PM
#34
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Good for you for making a plan to reach a goal of owning a C8. Hope you do get there at some point. Waiting until the C8 is a less hit selling item could be the best path forward and save you thousands of dollars in the process.
I will say though that paying off a mortgage is also a thing worth pursuing.
I will say though that paying off a mortgage is also a thing worth pursuing.
01-25-2021, 08:37 PM
#35
Melting Slicks
Greetings folks.
Back in 2019 I watched the C8 reveal show. I was instantly enamored with the car and decided to get one. But this presented a problem. I am not a rich person. While I make a fair living, most of my extra money is devoted to my daily expenses and saving for retirement. So how do I afford to purchase an $80k car when the most I have ever spent on a car was my current Lincoln MKZ ($24k)? Now technically I can "afford" I higher price car than $24k, but I have spent my life training myself to be very strict with my money expenditures. While I can justify the Lincoln because that is my primary means of transportation, the C8 would be a toy with no other function then driving pleasure.
My solution is to be 2 fold 3 year plan.
First, I got a second job driving for Lyft/Uber in my spare time. Yes, I know these are **** companies that pay **** wages, but for me at least, in my area I have been getting decent results. In fact, by working that second job part time and also adding other extra monies I've scraped together elsewhere I was able to put away just over $17k toward my C8 purchase last year.
Second part of the plan is to wait. Yes the C8 is a hot item right now with plenty of examples of people buying them with the intention to just flip it for a $30k mark-up. But that wont last. Simply, GM is not in the business of building collector's items. They are in the business of making cars. The more they can ramp up production the more money they make. They could care less about resale value. If GM produces at the same rate they did in the last quarter of 2020 then they will build about 33k C8s in 2021. I have no doubt that if the demand is there they will build 40k or even 50k. The point is that eventually anyone that wants a C8 will be able to get one and by the time I am ready the used car market will fall back to normal depreciation rates.
I only foresee 2 potential problems. First would be that rideshare driving will continue to lose any luster as a working option. As stated before, these rideshare companies get by by abusing their employees. If it ever reaches a point that I feel like I am wasting my time I'll simply quit and start looking for other alternatives. The second is my own sense of responsibility. I have never in my life spent that kind of money on something so superfluous. When the time comes I don't know i will be able to write a check that large when that large a sum will just about pay off my mortgage. But I guess in 2023-2024 we will see.
I am not saying this is the correct solution for everybody, but so far it has been working for me. We'll see at the beginning of next year if my plans continue hold true.
Back in 2019 I watched the C8 reveal show. I was instantly enamored with the car and decided to get one. But this presented a problem. I am not a rich person. While I make a fair living, most of my extra money is devoted to my daily expenses and saving for retirement. So how do I afford to purchase an $80k car when the most I have ever spent on a car was my current Lincoln MKZ ($24k)? Now technically I can "afford" I higher price car than $24k, but I have spent my life training myself to be very strict with my money expenditures. While I can justify the Lincoln because that is my primary means of transportation, the C8 would be a toy with no other function then driving pleasure.
My solution is to be 2 fold 3 year plan.
First, I got a second job driving for Lyft/Uber in my spare time. Yes, I know these are **** companies that pay **** wages, but for me at least, in my area I have been getting decent results. In fact, by working that second job part time and also adding other extra monies I've scraped together elsewhere I was able to put away just over $17k toward my C8 purchase last year.
Second part of the plan is to wait. Yes the C8 is a hot item right now with plenty of examples of people buying them with the intention to just flip it for a $30k mark-up. But that wont last. Simply, GM is not in the business of building collector's items. They are in the business of making cars. The more they can ramp up production the more money they make. They could care less about resale value. If GM produces at the same rate they did in the last quarter of 2020 then they will build about 33k C8s in 2021. I have no doubt that if the demand is there they will build 40k or even 50k. The point is that eventually anyone that wants a C8 will be able to get one and by the time I am ready the used car market will fall back to normal depreciation rates.
I only foresee 2 potential problems. First would be that rideshare driving will continue to lose any luster as a working option. As stated before, these rideshare companies get by by abusing their employees. If it ever reaches a point that I feel like I am wasting my time I'll simply quit and start looking for other alternatives. The second is my own sense of responsibility. I have never in my life spent that kind of money on something so superfluous. When the time comes I don't know i will be able to write a check that large when that large a sum will just about pay off my mortgage. But I guess in 2023-2024 we will see.
I am not saying this is the correct solution for everybody, but so far it has been working for me. We'll see at the beginning of next year if my plans continue hold true.
Last edited by msm859; 01-25-2021 at 08:42 PM.
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01-25-2021, 10:02 PM
#36
Melting Slicks
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01-25-2021, 11:31 PM
#38
Racer
I am a little surprised reading through this that no one has said it but you dont need to spend 80K for the car. Mine is an LT1 with the Z51 package a orange seatbelts and a few black details. It is fantastic. 68K plus tax. So can be had for less but keep pushing!
Last edited by mmaturo; 01-25-2021 at 11:32 PM.
01-25-2021, 11:31 PM
#39
That is the smart way of doing it. You will appreciate the car more as well. Taking out a loan to buy a toy is just insanity. I always thought that if you can't afford to buy something in cash then you can't afford it - barring a house of course which is normally an appreciating asset unlike a Corvette or most cars in general.
01-26-2021, 01:48 AM
#40
Hello Xcaliber501.....I also appreciate and admire your motivation to achieve your goal. We don't know your age or how far you have progressed on your education from your post. Just based on my own personal experience, I might suggest that you focus on investing in yourself first and above all....if you have not completed college (you may have....I just don't know) do so and determine what you really want to do in life....how can you be the best you can in terms of generating security, income and career satisfaction/challenge. This may not necessarily mean a college degree....it could be a professional tradesperson position....a business you start, whatever. You are saving for retirement you say....excellent and essential for later years when you will need to be mostly self reliant. Develop your non-retirement savings as well and be sure you have at least the equal of six months of income as your safety cushion in the event things went south temporarily. Work down your mortgage by paying extra each month beyond your basic payment. I guess, I am suggesting you not work so hard so early on to buy an $80,000 car, with monthly payments, high insurance costs, and depreciation loss. I was age 40 when I bought a Corvette that was six years old in '93 (its was an '87). Added a '65 Coupe in '98. I sold the '87 when I bought a new convertible in 2008 (which I still have). I am currently having a new '34 Ford Highboy built. I neve had a car payment on my toys, always paid cash. If I decide to buy a C8 I will also pay cash. In retirement now, I can do these things today only because when younger I focused on developing my career and income potential, saving and investing. If you are determined to get into Corvettes in the near term, perhaps consider getting a used Corvette that wont require you to work so hard and be "a slave to a car." Cars will come and go. But there is only one you and there is no better way to invest than in yourself now to get a pay off in the long term. I know this sounds corny as hell and old fashioned, but it worked for me and I trust it can for someone who is motivated, focused and can prioritize for the short and long term. Good luck with whatever path you choose.