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.

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 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.

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.

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.

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.

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 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.

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).

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.

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!

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.

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.

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.