Originally Posted by onthebottom
(Post 1585478541)
I've seen that as well, in our group of friends (credit my wife) I'm the poor white trash - their kids are all extremely well educated (Ivy league schools, masters degrees...) and basically unemployed / underemployed and living on mom/dad. They all thought they'd leave school upper middle class on their way to wealthy and are a bit surprised the world had not accommodated them.
At the end of the day the "scarcity" I'm creating is artificial, my children know I'd never let them fail, but I also won't let them not work. Buffett said it very well about his kids, I want them to be able to do anything but have to do something. |
A good general rule is that your car should cost no more than half of your annual income (so $140K to buy a $70K car). Looking at net worth, assuming you're retired, do you have enough in assets to generate income twice what the car costs.
|
Originally Posted by OnPoint
(Post 1585480418)
Take part of it and give it to a cause/charity of importance to the person, take another part of it and enjoy it and life with it (however they define that) and take the last part of it and through a series of trusts establish a legacy for their children that both provides a better start than they might have had, yet are structured in a way that incents the children to pursue their own profitable careers.
My family member I mentioned is my 86 year old grandmother. Has major money but literally lives way below her means. She has always felt more comfortable amassing lots of cash and real estate and not spending on cars and other luxury items. It is a shame, as I feel there is a lot she could and can spend on enjoyable things.. but it is her call. I am not sure what she will do with her money when she passes, I am only 1 of 3 other family members she could leave anything to... and personally, I don't care if she decided to donate it all to charity. She earned that money her whole life and it is up to her to decide how and who that money goes to when the time comes. She is a great lady and I tell her all the time to spend it all right now... she just wont do it. I wish she would buy a C7 and have some fun... but nope, her 2005 Lexus is just fine for her. Everyone is different and I just say if you can do it .. do it. You only have one life, and if you are drooling over a new 2014 Corvette and its a bit tight- do what you can and make it happen. It will put a huge smile on your face that will probably motivate you to work harder and make more dough. :cheers: |
Originally Posted by Achmed
(Post 1585475119)
I guess you didn't read the part where he said he transferred assets to his wife in a deliberate attempt to misrepresent himself during the 10 week audit for his eligibility?
I've been paying into government employment insurance for 12 years. I lost my job once in between, and it never even occurred to me to apply for employment insurance - any spare time I had to look into and apply for EI I felt was better spent actually looking for a job instead. If I needed the EI, then it would probably be a different story. This stuff is meant for the needy. What's next, saying that because I pay into health insurance I should play sick to get some free nights and meals in a hospital? And they say ethnic minorities like mine leech off of the government lol. And your analogy about health insurance is flawed. If you intentionally faked sick to spend nights in the hospital and billed your health insurance, that's a crime and you'd be sent to prison for insurance fraud. Filing for unemployment when you legitimately lost your job is not a crime, nor is it even discouraged so long as you weren't terminated for cause. It's irrelevant how much he makes, like I said he'll probably never even recoup what he paid into it. I would gladly opt out of unemployment taxes if I could, the only reason it exists is that the typical American is too moronic to keep six months expenses saved. |
Originally Posted by PetroniDE
(Post 1585459944)
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. |
Originally Posted by BT ZR1
(Post 1585480366)
Personally i could care less what BB DOES , but the loans you are talking about need to be paid back and are not as easy to get as you imply and you are wrong about costing parents less.
|
Originally Posted by thebeastifier
(Post 1585480770)
No I didn't read that part and it wouldn't have mattered if I did. Assets don't matter at all in terms of unemployment eligibility so if he did in fact transfer his assets to his wife he wasted his time. Not to mention he's a moron. What kind of idiot tries to hide assets by transferring it to his own wife? Any auditor who doesn't catch that is grossly incompetent.
And your analogy about health insurance is flawed. If you intentionally faked sick to spend nights in the hospital and billed your health insurance, that's a crime and you'd be sent to prison for insurance fraud. Filing for unemployment when you legitimately lost your job is not a crime, nor is it even discouraged so long as you weren't terminated for cause. It's irrelevant how much he makes, like I said he'll probably never even recoup what he paid into it. I would gladly opt out of unemployment taxes if I could, the only reason it exists is that the typical American is too moronic to keep six months expenses saved. |
Originally Posted by Achmed
(Post 1585480948)
Your very last phrase from "the only reason it exists..." proves my point. Thank you.
|
look...what i am about to say is probably what most would not say if someone else were watching but might say off the record. If you are under 30 something and don't have kids...including obligation to kids...then certain things work to your advantage. income makes a difference but to be more realistic...it matters what your debits are each month in relation to the income level. If you are in the military without obligation or at home with mom and dad then obviously you can afford more than the average bear.
I personally bought my dream corvette at age 29 with many worries but did it never the less. I learned to not eat out as much... to not drive as far and to make sure certain things were tallied each month so that I could scrape by and have a corvette. in my mind people that buy corvettes are above the average person and are goal oriented. these individuals already realize the costs associated with owning a corvette and already realize the commitment needed for purchase. but to me if you are young, have a good job and are moving up the ladder I don't see any reason not to extend yourself for a corvette a little. Yes, a new C7 is a depreciating asset and should be left to guys like me. I personally bought a 67 dream car when I was young and over extended myself because it was to me...a safe bet. When I was 29 I was semi struggling... dreaming about a 67 but 10 years later I was a millionaire and was happy that I over extended myself to achieve my corvette goal. Not saying everyone would be... but keep your goals and dreams in front of you and dream about the life that you want... and one day you will be that much closer to achieving your dream. I find it hard to believe that if someone could qualify to purchase a C7 with an open mind could go wrong. They should realize as soon as a C7 Z or ZR1 comes available that the new will be immediately worn off as well as a lot of value. people that own corvettes are enthusiasts and dreamers. Most know what the deal is. If you have to ask the obvious then maybe you shouldn't worry about a corvette...yet. when you become more stable then maybe you can make the move to purchase. I tried many times until I was able to afford a corvette. its OK because it is a dream car, a dream purchase! i know if you are focused you will achieve your goal just like I did. good luck! |
I'm 33 single, no kids, and the only debt i have is cars (that would both be sold to make the corvette a reality). I also make close to 6 figure salary a year before taxes so yeah, the Corvette is a little steep but easily afforded due to the fact that I already comfortably pay $1000 a month for my truck and current car so making payments on a Vette would be well within my day to day comfort level.
This debate about percentages and whatnot is a joke. The comment "if you have to ask, you can't afford it" is apt here. It doesn't mean you have to be rich, it just means you have to understand your own finances. I could theoretically afford the payments on a Gallardo, but i would be stretching myself pretty thin there and would have to give up other hobbies in the process. This is why I believe that you have to understand your current situation and make your decisions based on what you can afford to pay. |
Originally Posted by Supermassive
(Post 1585482002)
I'm 33 single, no kids, and the only debt i have is cars (that would both be sold to make the corvette a reality). I also make close to 6 figure salary a year before taxes so yeah, the Corvette is a little steep but easily afforded due to the fact that I already comfortably pay $1000 a month for my truck and current car so making payments on a Vette would be well within my day to day comfort level.
This debate about percentages and whatnot is a joke. The comment "if you have to ask, you can't afford it" is apt here. It doesn't mean you have to be rich, it just means you have to understand your own finances. I could theoretically afford the payments on a Gallardo, but i would be stretching myself pretty thin there and would have to give up other hobbies in the process. This is why I believe that you have to understand your current situation and make your decisions based on what you can afford to pay. |
Originally Posted by MJM33067
(Post 1585480582)
A good general rule is that your car should cost no more than half of your annual income (so $140K to buy a $70K car). Looking at net worth, assuming you're retired, do you have enough in assets to generate income twice what the car costs.
OTB |
Originally Posted by Supermassive
(Post 1585482002)
I'm 33 single, no kids, and the only debt i have is cars (that would both be sold to make the corvette a reality). I also make close to 6 figure salary a year before taxes so yeah, the Corvette is a little steep but easily afforded due to the fact that I already comfortably pay $1000 a month for my truck and current car so making payments on a Vette would be well within my day to day comfort level.
This debate about percentages and whatnot is a joke. The comment "if you have to ask, you can't afford it" is apt here. It doesn't mean you have to be rich, it just means you have to understand your own finances. I could theoretically afford the payments on a Gallardo, but i would be stretching myself pretty thin there and would have to give up other hobbies in the process. This is why I believe that you have to understand your current situation and make your decisions based on what you can afford to pay. You are in the low cost / decent income phase of your life, wait until Wife, kids, house…. expenses come along. Do yourself a favor, sell a car and put some money in the bank. |
Annual income should be at least twice the value of the car.
|
For many, many of us, a new C7 is ONE of the largest purchases we will have made in our lifetime. For the younger folks maybe THE biggest purchase. For those with a home, perhaps the second biggest purchase. For those more fortunate with a boat, or a plane, or a second home, or "whatever", not so much.
Being such a large purchase, it is human nature to seek reassurance that we are doing the "right" thing. And many replies to this post has contained wisdom and sound advise. The problem is that any answer, without knowing much more about the individual's finances and circumstances, is overly simplified. For example: "The C7 should cost no more than say 50% of one's yearly income." On average, perhaps not a bad rule of thumb. But it doesn't apply equally to say someone retired, with lifetime income, no mortgage, no consumer debt, and a nice fat investment account compared to someone with a young family, school loans, a large mortgage, modest savings, other special needs, and an income dependent keeping their job. So my answer to the OP is not to listen to any one of our replies. But, rather, listen to them collectively and apply them appropriately to your personal circumstances. :smash: |
Originally Posted by LT1xL82
(Post 1585482534)
For many, many of us, a new C7 is ONE of the largest purchases we will have made in our lifetime. For the younger folks maybe THE biggest purchase. For those with a home, perhaps the second biggest purchase. For those more fortunate with a boat, or a plane, or a second home, or "whatever", not so much.
Being such a large purchase, it is human nature to seek reassurance that we are doing the "right" thing. And many replies to this post has contained wisdom and sound advise. The problem is that any answer, without knowing much more about the individual's finances and circumstances, is overly simplified. For example: "The C7 should cost no more than say 50% of one's yearly income." On average, perhaps not a bad rule of thumb. But it doesn't apply equally to say someone retired, with lifetime income, no mortgage, no consumer debt, and a nice fat investment account compared to someone with a young family, school loans, a large mortgage, modest savings, other special needs, and an income dependent keeping their job. So my answer to the OP is not to listen to any one of our replies. But, rather, listen to them collectively and apply them appropriately to your personal circumstances. :smash: |
Originally Posted by drivestwin
(Post 1585461321)
Yeah, I didn't want to make it too scary, but.....
If you figure driving it 5000 miles.... 200 gallons of gas at $3.50 per gallon $700 gas per year or about $2 per day. Insurance..just quoted it, $419 per year for another $1.14 per day. Taxes of about $4500 for a year, so another $12.33 per day. I won't even throw in oil changes and tires and we are now at $24 per day of ownership. Granted the taxes will go down from there, but still......wow. Don't get me wrong. I don't think all of you are making a bad choice, I just wish I was in better $$ shape to join you all. And I've got stuff paid off. I will just continue to look over the forums learning and learning until a used one is within my reality. |
Originally Posted by JOEMC08C6
(Post 1585483402)
Geez, I was coughing on that $4500 for a year of taxes, but then I looked at your location, and yeah Nebraska does really gouge you in the pocketbook for a new car. :ack:
glad i live in the state of Texas wishing it was the country of Texas. |
Originally Posted by onthebottom
(Post 1585482252)
How many years income do you have in the bank?
You are in the low cost / decent income phase of your life, wait until Wife, kids, house…. expenses come along. Do yourself a favor, sell a car and put some money in the bank. I plan on selling both my cars to put a sizeable down payment on the Vette. The good advice about putting money in the bank...well i have a rainy day fund but it's there more as a cushion than anything else. i have no delusions of retirement and sitting idly around a house. I enjoy my line of work and will likely be able to continue in my industry for years and years to come. Saving money is the "wise and sensible" thing and I have nothing against people who do that, I just don't believe in the "make sacrifices now to reap rewards in the future" mentality. I am a here and now kind of person, i live in the moment, do things as they come up, and if I need to save up to do something later I have the flexibility in my life to do so. I may eventually have a wife, kids are less likely, but life is pretty screwy so nothing is ever set in stone. I will never look back on my life regret missing out on something like the new Vette. i know that sounds overly materialistic but I am still young and capable of doing things that i know that i might not be able to do as well in my 50's or older. I know there will be a bunch of the older generation that will expound on the virtues of patience and whatnot, but life is not guaranteed and if i were to die a year from now, i would prefer to have spent my money in a fashion of my choosing instead of squirreling it away in hopes that i make it to retirement with a huge nest egg so I can "potentially" live comfortably til I die. I know that my argument is thin, and i really do know that the "right" thing to do is to save money. But my passion, in all things gear head, drives me more than sense. So yes I hear your advice, but in my case, it's unwanted, and furthermore I hope you do not judge me because i want something now and not 10, 15, 20 years from now. I live in an automobile renaissance, performance cars that i would have dreamed of owning only 2 years ago are within my reach, why should I forego my dream when I can attain it in the near term? Why not buy my Vette now, and pay it off in a few years so that i have the toy I want paid off before I have to deal with marriage and the tribulations that go with it. To each their own I guess. |
Originally Posted by gixxerbill
(Post 1585483416)
that is stupid. i swear govts seem to try to find a way to hurt the economy
glad i live in the state of Texas wishing it was the country of Texas. |
Originally Posted by Roadrunner 73
(Post 1585483998)
:iagree: I agree. If Texas became its own please keep the door open for me. You guys have no idea.......... :willy:
|
Originally Posted by gixxerbill
(Post 1585459789)
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. :rock:
What about ya'll how do you budget in a badass toy like a c7. z51vett Doug |
Originally Posted by 3boystoys
(Post 1585484527)
Maybe Mexico will take Texas back!
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Originally Posted by Roadrunner 73
(Post 1585483998)
:iagree: I agree. If Texas became its own please keep the door open for me. You guys have no idea.......... :willy:
|
Originally Posted by gixxerbill
(Post 1585485628)
naaa we have more guns than even the govt of mexico.:thumbs:
|
Originally Posted by gixxerbill
(Post 1585485628)
naaa we have more guns than even the govt of mexico.:thumbs:
Maybe South should just seceed again....if that happens I know we have more guns than Mexico and South American combined.... :rofl: |
monthly gross income x twenty eight percent is the maximum allowable housing cost. monthly gross income times thirty eight percent is the maximum allowable expense ratio. That is my rule.
I took a four year note on my car (78k out the door) of thirty k. paid it off in eleven months. |
Personally I don't buy any car that I can't buy outright, and I make sure it's worth either less than or equal to 10% of my net worth. That said, still, not smart in tying up money you can't afford to lose.
|
We are the First Nation in the history of the world to go to the poor house in an automobile. Will Rogers
Need or Want? If you really need it you can probably afford it. If you want it, this is part that get most into the poor house. |
Originally Posted by 3boystoys
(Post 1585485671)
Ask the drug lords there, think it might be close.
|
Originally Posted by lgodom
(Post 1585460133)
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 |
Originally Posted by gixxerbill
(Post 1585459789)
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. :rock:
What about ya'll how do you budget in a badass toy like a c7. |
Originally Posted by VNAMVET
(Post 1585497438)
Corvette Minimalist......unemployed/retired......
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Originally Posted by glad2hver
(Post 1585497472)
If you can even consider buying a vette do not count on our emperial leader to tend to you're golden years. Its not on his agenda😝
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i dont kno anyone that pays cash for a vehicle lol
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Originally Posted by gixxerbill
(Post 1585498211)
you didn't know I was being sarcastic? obama is an idiot dumbest laziest pres ever.
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You sound like the rest of us did when we young. Consider that balance is the key and like the rest of us you'll have the best of both worlds.
Congrats
Originally Posted by Supermassive
(Post 1585483649)
Ah yes the proverbial "good advice" post.
I plan on selling both my cars to put a sizeable down payment on the Vette. The good advice about putting money in the bank...well i have a rainy day fund but it's there more as a cushion than anything else. i have no delusions of retirement and sitting idly around a house. I enjoy my line of work and will likely be able to continue in my industry for years and years to come. Saving money is the "wise and sensible" thing and I have nothing against people who do that, I just don't believe in the "make sacrifices now to reap rewards in the future" mentality. I am a here and now kind of person, i live in the moment, do things as they come up, and if I need to save up to do something later I have the flexibility in my life to do so. I may eventually have a wife, kids are less likely, but life is pretty screwy so nothing is ever set in stone. I will never look back on my life regret missing out on something like the new Vette. i know that sounds overly materialistic but I am still young and capable of doing things that i know that i might not be able to do as well in my 50's or older. I know there will be a bunch of the older generation that will expound on the virtues of patience and whatnot, but life is not guaranteed and if i were to die a year from now, i would prefer to have spent my money in a fashion of my choosing instead of squirreling it away in hopes that i make it to retirement with a huge nest egg so I can "potentially" live comfortably til I die. I know that my argument is thin, and i really do know that the "right" thing to do is to save money. But my passion, in all things gear head, drives me more than sense. So yes I hear your advice, but in my case, it's unwanted, and furthermore I hope you do not judge me because i want something now and not 10, 15, 20 years from now. I live in an automobile renaissance, performance cars that i would have dreamed of owning only 2 years ago are within my reach, why should I forego my dream when I can attain it in the near term? Why not buy my Vette now, and pay it off in a few years so that i have the toy I want paid off before I have to deal with marriage and the tribulations that go with it. To each their own I guess. |
Originally Posted by KenHorse
(Post 1585460470)
If you have to ask, perhaps this is more in line with your circumstance
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Originally Posted by JerriVette
(Post 1585465672)
Traditionally 26 weeks of income should equal the price of the car you purchase.
Still common sense says 140 grand a year income for a new 70 grand car.
Originally Posted by StingRaycer
(Post 1585466812)
1. Do you have at least three months of income preferably (4-6mo) saved and ready for
immediate use Six months 2. Are you fully funding your retirement each and every month Yes and then some 3. Are your monthly debt service payments very low? No revolving debt, and pay extra on the house 4. If you are married with kids, do you have adequate ( not the rainy day fund in #1) Kids grown and married savings set aside to take care and educate them if you in the event you are not there to take care of them in the future. If you can answer yes to those three questions then you have your financial house in order and you have the ability to use a large part of your disposable income for whatever you want - house - Corvette - boat - vacations whatever.
Originally Posted by Rad22
(Post 1585471004)
Just remember that it was folks in his profession and related financial institutions that nearly put this country underground in 2008. I still haven't forgiven them for that.
Seriously, there would have been a whole lot less defaults if everyone put 20% down on their house. When you owe more on your house than you paid for it it, and have none of your money tied up in it, walking away is easy. |
Originally Posted by gixxerbill
(Post 1585483416)
that is stupid. i swear govts seem to try to find a way to hurt the economy
glad i live in the state of Texas wishing it was the country of Texas. |
Originally Posted by #1c6
(Post 1585498441)
i dont kno anyone that pays cash for a vehicle lol
|
Originally Posted by 1320vetteran
(Post 1585459840)
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
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I'm 35 make pretty good money but buy different, I buy when I feel like its a deal and when I sell it, how much money can I make/loose or at least break even after i enjoy it. My house wasn't the best deal but paid for in cash as well as business vehicles, boats and a recent sl55 amg :). I use the "waiting game" there is always someone out there needing to get rid of a car/toy for whatever reasons, sometimes financially, etc...(well everything is financial reasons).
So i suggest to wait it out for a year and buy one from someone that takes the $20,000 depreciation while barely driving it and at the same time adding modifications of some sort to it. So waiting will possibly get you a newer C7 with very low miles while being babied and possible looking or running better than a new one and keeping a lot more money in your pockets And that's regardless of how much money one has in the bank unless multi-millionare and then it still depends on the situation. (or maybe I'm just a cheap @@s). |
Originally Posted by 2vette2
(Post 1585640661)
The only POTUS that doesn't blame the prior administration is George Washington and he probably blamed the UK. :D
|
The answer will be different for different people in different situation:
Married - Double income- no kids Married - SIngle income with kids Unmarried - college graduate Unmarried - established personal. Paying Rent? and buying a 70k car? Paying rent in Manhattan and buying a 70k car? Paying rent in Alabama and buying a 70k car? Retired ? Paid off house? Paid off house? Kids going to school? Double income? Everything paid off? Single income - 2 kids? Many many scenarios - different answers. |
Originally Posted by gixxerbill
(Post 1585483416)
that is stupid. i swear govts seem to try to find a way to hurt the economy
glad i live in the state of Texas wishing it was the country of Texas. |
Originally Posted by 455230
(Post 1585460240)
If this isnt a joke, I would think the "conquests" are going to be a small percentage of sales.....
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. |
My AW z51 will arrive in early March. Im a graduating college student at 21 years old. I saved up 10 grand and will be trading in my 2010 Camaro rs, the rest I am financing it with my dad co-signing it. I have already accepted a job at 77k after I graduate college in June. Smart decision? probably not, but I love cars and especially corvettes too much. I think you should spend money on what you enjoy.
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Originally Posted by ronvenna
(Post 1586116477)
My AW z51 will arrive in early March. Im a graduating college student at 21 years old. I saved up 10 grand and will be trading in my 2010 Camaro rs, the rest I am financing it with my dad co-signing it. I have already accepted a job at 77k after I graduate college in June. Smart decision? probably not, but I love cars and especially corvettes too much. I think you should spend money on what you enjoy.
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No kids, no debt, tons of cash in the bank--that's a good place to start :thumbs:
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being retired with a fixed income, i'd go no higher than 350 a month car payment. my wife would skin me alive but, like the one post said, you only live once. :hide:
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Originally Posted by LFZ
(Post 1585640476)
Seriously? I paid cash for 2 brand new vehicles within the last few years. If you can do it...why not..unless you can get 0% financing, which I do have another vehicle making payments on at 0%.
:cool::cool::cool::cool::cool::cool::coo l::cool::cool::cool::cool::cool::cool: |
Originally Posted by fsvoboda
(Post 1586116681)
Usually there's a rebate as an alternative to 0% financing. Especially if you look for deals and are canny about your trade-in, at a certain point it can make just as much sense to write a check as to finance. Just figure it both ways taking into account your own financial situation.
:cool::cool::cool::cool::cool::cool::coo l::cool::cool::cool::cool::cool::cool: |
Originally Posted by ronvenna
(Post 1586116477)
My AW z51 will arrive in early March. Im a graduating college student at 21 years old. I saved up 10 grand and will be trading in my 2010 Camaro rs, the rest I am financing it with my dad co-signing it. I have already accepted a job at 77k after I graduate college in June. Smart decision? probably not, but I love cars and especially corvettes too much. I think you should spend money on what you enjoy.
|
Just as a reference, Cadillac is targeting buyers with incomes of $150k for its $75k ELR:
http://wallstcheatsheet.com/stocks/w...ac-elr.html/2/ |
As long as the person pays cash for the new Corvette, they can't get hurt too much by it, even if all else goes to h# L L financially for them.
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Bought a Silverado for cash on Dec. 23. Over $6000 in rebates. Could not pass the deal up. Paid cash for a C7 2LT Convertible that finally came in two weeks ago. Retired and no debt.
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Originally Posted by CV-4606
(Post 1586117440)
You're making 400k/yr. And your going to ask your financial advisor about spending 70K for a f--king car. You have serious problems man. BS if you ask me.
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My C7 formula is save, save, save, then buy without debt! It took a while but I made it happen. :thumbs:
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Originally Posted by ronvenna
(Post 1586116477)
My AW z51 will arrive in early March. Im a graduating college student at 21 years old. I saved up 10 grand and will be trading in my 2010 Camaro rs, the rest I am financing it with my dad co-signing it. I have already accepted a job at 77k after I graduate college in June. Smart decision? probably not, but I love cars and especially corvettes too much. I think you should spend money on what you enjoy.
Someone needs to re-advise your Dad about co-signing for someone making "$77,000.00 a year........" |
He means that with what you will have you should not need a co-signer. Also too many dads get screwed by their kids.
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Originally Posted by GTFD2
(Post 1586119532)
He means that with what you will have you should not need a co-signer. Also too many dads get screwed by their kids.
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Originally Posted by gixxerbill
(Post 1585459789)
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. :rock:
What about ya'll how do you budget in a badass toy like a c7. Screw the money. I wanted it, I paid cash and I bought it. It's all a matter of motivation. Besides, when I kick off, the Car should be worth about $30,000, so my Wife can either give the Car to her new Boyfriend or sell it. Spending $35,000 for 7 years of fun works out for me. |
Originally Posted by ronvenna
(Post 1586119614)
My dad offered to buy the car for me as a grad gift but I wanted to buy the car completely by myself because I worked so hard in college and promised myself I would reward myself with either a viper or corvette because those were my dream cars when I was a kid. The only reason I had him cosign is because I would get a better interest rate.
Enjoy the car, work hard, play hard. |
Originally Posted by PetroniDE
(Post 1585459944)
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. |
Originally Posted by GTFD2
(Post 1586119532)
He means that with what you will have you should not need a co-signer. Also too many dads get screwed by their kids.
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Originally Posted by Skid Row Joe
(Post 1586119234)
:skep:
Someone needs to re-advise your Dad about co-signing for someone making "$77,000.00 a year........"
Originally Posted by ronvenna
(Post 1586119614)
Ummm why? I said i'm trading in my Camaro and i have 10k down? My Monthly payments will be like 600 or 700 for a 65k car with tax included at 1.9% which I have already been pre approved for. ill be making around 4k a month and my rent is 700. With simple math I will have 2700 left over every month. Dont try and give me life lessons on a corvette forum next time buddy especially with an honors Software engineering student with a minor in ECONOMICS LOL.
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Originally Posted by nbrigdan
(Post 1586117537)
Are you kidding me? There is a reason why he is making 400K/year, because he is smart about his money or decision making. At the same level of income even I don't shell out 70K because I know that it is stupid to keep that much money tied up in a car when it can be invested back into my business, or into diversifying my stock portfolio, as well as setting up a future for my kids and myself. I do not think you should buy a car new unless you have 10 times it's value in net worth (after all your liabilities are taken out, so have 700K cash after your house, etc is paid off and then you can buy a 70K car risk free). I know that one day you're in and one day you're out, and I plan on not working a day past 55 and maintaining if not ever increasing my quality of life because of smart investments and not blowing cash on something that even though I really like it, isn't a smart choice.
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Originally Posted by Supermassive
(Post 1585483649)
Ah yes the proverbial "good advice" post.
I plan on selling both my cars to put a sizeable down payment on the Vette. The good advice about putting money in the bank...well i have a rainy day fund but it's there more as a cushion than anything else. i have no delusions of retirement and sitting idly around a house. I enjoy my line of work and will likely be able to continue in my industry for years and years to come. Saving money is the "wise and sensible" thing and I have nothing against people who do that, I just don't believe in the "make sacrifices now to reap rewards in the future" mentality. I am a here and now kind of person, i live in the moment, do things as they come up, and if I need to save up to do something later I have the flexibility in my life to do so. I may eventually have a wife, kids are less likely, but life is pretty screwy so nothing is ever set in stone. I will never look back on my life regret missing out on something like the new Vette. i know that sounds overly materialistic but I am still young and capable of doing things that i know that i might not be able to do as well in my 50's or older. I know there will be a bunch of the older generation that will expound on the virtues of patience and whatnot, but life is not guaranteed and if i were to die a year from now, i would prefer to have spent my money in a fashion of my choosing instead of squirreling it away in hopes that i make it to retirement with a huge nest egg so I can "potentially" live comfortably til I die. I know that my argument is thin, and i really do know that the "right" thing to do is to save money. But my passion, in all things gear head, drives me more than sense. So yes I hear your advice, but in my case, it's unwanted, and furthermore I hope you do not judge me because i want something now and not 10, 15, 20 years from now. I live in an automobile renaissance, performance cars that i would have dreamed of owning only 2 years ago are within my reach, why should I forego my dream when I can attain it in the near term? Why not buy my Vette now, and pay it off in a few years so that i have the toy I want paid off before I have to deal with marriage and the tribulations that go with it. To each their own I guess. I had an older neighbor who used to use a term with her grand children "I'll put and old head on young shoulders". That's what I was doing, if it's unwanted or unnecessary that's fine, it's worth what it cost you. |
Is it really wise to pay cash? I've been asking myself this recently, will need to make a call in the next 30 days (yeah).
Given the January we just had investments are down, I have plenty of cash on the sidelines but I'm thinking I should leave most of it with my advisor to roll into an increasing market. If he's returning > 10% per year (and he almost doubled that last year) and I can get <3% money on a new car loan am I not financially stupid to pay cash? I get, and am heavily influenced by, the desire to live debt free, but the opportunity costs seem high in this interest rate market. Now, I will have to pay taxes on the earnings and can't net the car payments to the thieving bastards known as the Federal Government. |
IMO, it's not ideal to use cash in a low-interest rate environment to buy a depreciating asset
(once the determination has been made regarding overall affordability). |
Originally Posted by onthebottom
(Post 1586120062)
Is it really wise to pay cash? I've been asking myself this recently, will need to make a call in the next 30 days (yeah).
Given the January we just had investments are down, I have plenty of cash on the sidelines but I'm thinking I should leave most of it with my advisor to roll into an increasing market. If he's returning > 10% per year (and he almost doubled that last year) and I can get <3% money on a new car loan am I not financially stupid to pay cash? I get, and am heavily influenced by, the desire to live debt free, but the opportunity costs seem high in this interest rate market. Now, I will have to pay taxes on the earnings and can't net the car payments to the thieving bastards known as the Federal Government. |
I overheard a guy talking to his wife in a dealership in Frisco Texas while sitting in a Stingray on the showroom floor. They were debating whether it would be a good idea to get a Corvette or not. They were hesitating because the salesman had told them that you HAD to use premium gas. If the price of premium fuel over regular is a consideration that influences your financial decisions, then this isn't the car for you.
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Originally Posted by Gary '09 C6
(Post 1586120076)
IMO, it's not ideal to use cash in a low-interest rate environment to buy a depreciating asset
(once the determination has been made regarding overall affordability). I have the money to do the same yet I would never do it as the idea of pissing away money just rubs me the wrong way. Clearly our way of thinking though is in the minority here. |
Originally Posted by Goaty
(Post 1586120341)
Evidently the majority of people on this forum have so much money that they would rather just write a check for $70k and be done with it, regardless of any benefit they would get by borrowing at a low interest rate and investing the money.
I have the money to do the same yet I would never do it as the idea of pissing away money just rubs me the wrong way. Clearly our way of thinking though is in the minority here. |
Originally Posted by thedofuss
(Post 1586120462)
its all about risk/reward. many of us do not believe that anything yielding a decent amount will be around long, at current valuations.
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Originally Posted by nbrigdan
(Post 1586120090)
Personally I only deal in cash as I do not want to have any debt should anything go seriously wrong, and I can just outright sell the cars I own and pocket the cash for any emergency, but everything has a risk. The debate is what if you end up needing the cash right away and it's tied up in something. I've never carried debt in my life and plan on keeping it that way!
I'm always telling my teams, follow the numbers - that's what I'm trying to do here. |
Originally Posted by Torch Red C7
(Post 1586120293)
I overheard a guy talking to his wife in a dealership in Frisco Texas while sitting in a Stingray on the showroom floor. They were debating whether it would be a good idea to get a Corvette or not. They were hesitating because the salesman had told them that you HAD to use premium gas. If the price of premium fuel over regular is a consideration that influences your financial decisions, then this isn't the car for you.
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Originally Posted by LIStingray
(Post 1586120885)
The simple fact is if you have the "cash" invested to pay off the loan in full, there is zero risk if things go bad; and with interest rates on car loans at 2%, it will take an awful lot of work not to beat that rate of return for the next 5 years.
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Originally Posted by Torch Red C7
(Post 1586120293)
I overheard a guy talking to his wife in a dealership in Frisco Texas while sitting in a Stingray on the showroom floor. They were debating whether it would be a good idea to get a Corvette or not. They were hesitating because the salesman had told them that you HAD to use premium gas. If the price of premium fuel over regular is a consideration that influences your financial decisions, then this isn't the car for you.
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Has he bought the Stingray yet?
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Originally Posted by nbrigdan
(Post 1586120090)
Personally I only deal in cash as I do not want to have any debt should anything go seriously wrong, and I can just outright sell the cars I own and pocket the cash for any emergency, but everything has a risk. The debate is what if you end up needing the cash right away and it's tied up in something. I've never carried debt in my life and plan on keeping it that way!
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Originally Posted by LIStingray
(Post 1586120885)
The simple fact is if you have the "cash" invested to pay off the loan in full, there is zero risk if things go bad; and with interest rates on car loans at 2%, it will take an awful lot of work not to beat that rate of return for the next 5 years.
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+1
Banks are a tool: not a way to get what you cannot afford in the first place. |
It is not what you make..it is what you spend. A CEO told me that and he was right. If you make a million dollars a year and you spend one million and a thousand your busted.
If you can afford the Vett buy one. If you can't it is not worth the stress and failure.. |
Originally Posted by #1c6
(Post 1585460324)
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
he gets to hell and his punishment is to be eternally whacked by his wife who chases him around the lake of fire with a rolling pin in one hand and a large iron skillet in the other... me.. i just want the answer to this question, will some one lend me the cash to buy a veyron. thats my dream car. i aint married and i will gladly pay you on tuesday for that loan for a veyron today... |
Originally Posted by #1c6
(Post 1585460324)
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
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Originally Posted by C7Joy
(Post 1586118434)
My C7 formula is save, save, save, then buy without debt! It took a while but I made it happen. :thumbs:
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Those of you want to have it now no matter the cost. Hopefully you do not short yourself at the other end of your life. You can make up stories about getting run over waiting for the bus or some other foolish thought. No car is worth jeopardizing your security when you are old. SS checks will qualify you for food stamps. Invest your money and buy an affordable used Corvette..
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The only car that impresses me is one with a clear title. Anything else is "rented" from the bank
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Only read the first couple pages but it seems that the majority of people think that if you cannot pay for the vette in its entirity at time of purchase then you need to wait until you are able to do so and have x months/yrs in savings in case SHTF... I disagree completely. Granted I am not as aged/wise as the majority on here and I do believe in delayed gratification but some instances just do not apply to the above beliefs.
For instance, new/recent grads getting a huge bump in there earning capacity. Is it fiscally sound to go out immediately and purchase a $60+K car soon after, no but then again any financial advisor would tell you regardless of how much money you have that it is NEVER a fiscally sound decision. Take my case for point: I graduate residency in 4 months and will be making considerable more than I do now (residency salary sucks for those unaware). My starting income will put my total debt to income (DTI) ratio at 19% this includes new house/student loans (cars currently paid off, no credit cards and no kids). I have every intention of purchasing a new Z06 when it comes out later this yr and will likely finance the majority of it. For arguement sake lets say $90K. This will only take my DTI ratio to 23% for a 5 yr note. Why should I wait til I can pay for it in full when I can enjoy those few yrs behind the wheel of that beast? (Not to mention the money in the bank getting smaller and smaller due to inflation) Understand that every situation is different and thus "blanket" statements should not be made when regarding the purchasing of a vehicle and how one should go about doing so. If you are comfortable with the payment and the billions of unforeseen possibilities that may occur that may keep you from making the payment at one point or another then by all means enjoy life, make the purchase and stop worrying about all the uncontrollable factors such as being out of work for months on end or longer. Worrying your whole way through life makes you an old man quickly. Driving a corvette on the other hand... |
Originally Posted by ER_doc
(Post 1586123421)
Only read the first couple pages but it seems that the majority of people think that if you cannot pay for the vette in its entirity at time of purchase then you need to wait until you are able to do so and have x months/yrs in savings in case SHTF... I disagree completely. Granted I am not as aged/wise as the majority on here and I do believe in delayed gratification but some instances just do not apply to the above beliefs.
For instance, new/recent grads getting a huge bump in there earning capacity. Is it fiscally sound to go out immediately and purchase a $60+K car soon after, no but then again any financial advisor would tell you regardless of how much money you have that it is NEVER a fiscally sound decision. Take my case for point: I graduate residency in 4 months and will be making considerable more than I do now (residency salary sucks for those unaware). My starting income will put my total debt to income (DTI) ratio at 19% this includes new house/student loans (cars currently paid off, no credit cards and no kids). I have every intention of purchasing a new Z06 when it comes out later this yr and will likely finance the majority of it. For arguement sake lets say $90K. This will only take my DTI ratio to 23% for a 5 yr note. Why should I wait til I can pay for it in full when I can enjoy those few yrs behind the wheel of that beast? (Not to mention the money in the bank getting smaller and smaller due to inflation) Understand that every situation is different and thus "blanket" statements should not be made when regarding the purchasing of a vehicle and how one should go about doing so. If you are comfortable with the payment and the billions of unforeseen possibilities that may occur that may keep you from making the payment at one point or another then by all means enjoy life, make the purchase and stop worrying about all the uncontrollable factors such as being out of work for months on end or longer. Worrying your whole way through life makes you an old man quickly. Driving a corvette on the other hand... |
Originally Posted by Bill17601
(Post 1586122797)
Those of you want to have it now no matter the cost. Hopefully you do not short yourself at the other end of your life. You can make up stories about getting run over waiting for the bus or some other foolish thought. No car is worth jeopardizing your security when you are old. SS checks will qualify you for food stamps. Invest your money and buy an affordable used Corvette..
But again, it's an individual choice, and it's also a moving target. Some people start with great incomes out of the box, others work their way up. That makes a big difference in what a person buys, and at what stage of life. :auto::auto::auto::auto::auto: |
Originally Posted by tolnep
(Post 1586122437)
err..... then there is guy, decides he needs to buy his dream before he dies, buys the vette with the money he has put back for a rainy day.. aint getting any younger you see, then his wife gets cancer, there is a two year waiting list for treatment because the government has spent its money on diapers for obama's children (as noted above) but if he has 75k cash he can get immediate access to a world class clinic in costa rica. he tries to sell the car but no takers for the amount of cash he needs. his wife dies. and he lives to be 105, a lonely angry and depressed old codger he dies in a homeless shelter and is buried in potters field..
he gets to hell and his punishment is to be eternally whacked by his wife who chases him around the lake of fire with a rolling pin in one hand and a large iron skillet in the other... me.. i just want the answer to this question, will some one lend me the cash to buy a veyron. thats my dream car. i aint married and i will gladly pay you on tuesday for that loan for a veyron today... Obama's going to take all your money. The government is going to ruin the country. Minorities will bankrupt everyone else. They sound like Glen Beck touting hoarding gold. I believe in being fiscally conservative and not letting debt get out of control, but if you live your life in fear of financial disaster your kids will appreciate the inheritance. They'll still complain about you but you'll have the satisfaction of knowing they got to drive a new Corvette. |
Originally Posted by fsvoboda
(Post 1586123497)
This is all pretty individual. My computer engineer son likes cars and could afford a C7 but on graduating bought a Dart which he easily will have paid off within a year or so. It's true that money invested at the beginning of one's career is going to be worth a lot with compounding decades later, but it's also true that with decades of earning potential you can afford to splurge a little up front.
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Originally Posted by PUGPROUD
(Post 1586123675)
There are two questions that greatly affect your life at any given point in your life...1) How much do I live for today or for tomorrow ? and 2) How much do I live for my career and how much for my family ? Very rarely are these in perfect sync. Constantly trying for balance is the key to a long rewarding life. As stated the time to buy a Vette is when it works for you on an individual basis...personally I am always most comfortable being debt free whenever possible except if it came to housing or educating the family.:thumbs:
Absolutely. |
Originally Posted by John Ulrich
(Post 1586123114)
The only car that impresses me is one with a clear title. Anything else is "rented" from the bank
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Originally Posted by PUGPROUD
(Post 1586123675)
There are two questions that greatly affect your life at any given point in your life...1) How much do I live for today or for tomorrow ? and 2) How much do I live for my career and how much for my family ? Very rarely are these in perfect sync. Constantly trying for balance is the key to a long rewarding life. As stated the time to buy a Vette is when it works for you on an individual basis...personally I am always most comfortable being debt free whenever possible except if it came to housing or educating the family.:thumbs:
I have always said the problem is most of us do not know how long we are going to live. If we did, it would be easy to answer question #1. Without knowing it is tough to find balance. As to question #2 that was easy for me - family first. However, that does impact question #1 as well. |
Originally Posted by jimb100
(Post 1586123667)
The main motivation among the older posters here seems to be fear.
Obama's going to take all your money. The government is going to ruin the country. Minorities will bankrupt everyone else. They sound like Glen Beck touting hoarding gold. I believe in being fiscally conservative and not letting debt get out of control, but if you live your life in fear of financial disaster your kids will appreciate the inheritance. They'll still complain about you but you'll have the satisfaction of knowing they got to drive a new Corvette. We have no children. Most of my family died young (mother-59,first husband-37,brother-32,father-72) I believe in enjoying life. As soon as we are old enough, getting a reverse mortgage. We watch what we spend and I search sales. Credit scores in the 800s. A few loans including house, but don't use credit card. Live life,you never know when it will end! Vettes are a big part of our lives along with the Vette clubs we belong to and cruise with:rock: |
If you have no savings and the car note and monthly living expenses eat up your monthly income you are out of your mind buying the car. That said if you have savings to cover the purchase price in full and living expenses for 6-12 months and you can buy the Vette at 2% you shouldn't be putting a penny down. It all depends on circumstances. 2-3% is cheap money and you should be able to earn a higher average yield than that over 5-6 years.
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