Has he bought the Stingray yet?
|
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 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.
|
+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
|
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:
|
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..
|
The only car that impresses me is one with a clear title. Anything else is "rented" from the bank
|
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.
|
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
|
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.
|
All times are GMT -4. The time now is 03:33 AM. |
© 2024 MH Sub I, LLC dba Internet Brands