Samuel Clemens

Honestly it’s not worth it to strap yourself to almost a thousand bucks a month in payments. Wait until you get the insurance bill. Buy some NVDIA and Apple stock today and wait four years. Sam

khearon23

I didn't give any advice

You don't need to know his personal situation to know that he'd get a better interest rate on a new car over a 2020.

​​​​​​​Get the car you want with the terms that make sense to you is the point.
​​​​

Danno1

Your 15 year old son, given the question, would have only needed10’s of thousands dollars more to get into the Corvette mentioned in this thread.

See8

I've grown to take Dave's advice with a grain of salt. I call him, "Master of the obvious", as most of what he says is common sense.
However, he does have a line that is pure genius, which is, "Act your wage."

See8

Or, buy crypto and buy the C8 cash in 12-18 months.

Samuel Clemens

Don’t get caught up in the hype. It is only a car you don’t have to have. When I was first starting out I got caught up in the same mind set and after buying my first Corvette I really couldn’t afford it. That purchase helped change my life forever. I started saving and investing rather than having to have the newest and best. I quit making car payments. If I couldn’t pay cash I didn’t need the new car. Sam

Rush91

It's your money, you work for that money.......A Corvette is just a toy, not a must have. If you can afford $930 a month, and afford all of the other sh$t that life throws at you, then do it........ One thing I have learned is life is WAY too short. Live it if you can

dale fehrenbach

Pretty much the same. I followed Dave Ramseys advice, before I ever heard of him. It just made sense. Retired at 61, zero debt for many years. If having big payments on depreciating assets is your thing, go for it.

Undy

OP, it's a 2020 and unless it has a transferable GMPP (GM Protection Plan) in force I wouldn't touch it with a ten foot pole. While your B2B warranty is long gone you still probably have around a year left on your drivetrain warranty, depending on mileage. After that make sure you have $20K+ laying around for a DCT replacement if it fails.

gliot1

Even when young I never had more than a 2 year payment.......6 years is kind of nuts. As others have said, if you can't pay for a toy cash, you shouldn't buy it. I bought my first used Vette at age 41, and through buying and selling over 20 years bought my first new one at 58, cash. 4 years latter I moved into a C8, cash.

If young, forget investing in cars and invest in the stock market! Time is your friend, and enemy!

jbc1995fb

Cool story... did it take you 4 years to save up the money to pay cash for the C8? But honestly it doesn't matter how long it took you. To each their own.

So in theory, person "A" could have financed the C8 for 48 months and roughly paid the bank the same amount monthly as it took person "B" to save up the amount in their savings account. Person A is out enjoying their C8 while person B is saving their money.

Again, everyone goes about their life differently.

So in 2020 I needed a new daily driver. I got 0% interest for 84 months, yes 84 months. Of course I fianaced the car, why wouldn't I. But the cash people would be like, don't finance a car it's stupid, pay cash. Why not take advantage of 0% interest.

JABCAT

The posts quoted said the individual bought his first Corvette in 1973 at age 18 and paid cash. To which another responded that an 18-yr-old couldn't afford to pay cash for a Corvette unless his parents bought it for him.

New Corvettes cost ~$5k in 1973. My example was illustrating how a teenager could save up enough $ to purchase their own car at 18 years of age. In my son's case he saved up enough by age 14 to buy a $12k vehicle. Nobody in this thread claimed an 18-year-old was paying cash for a 2020 Corvette.

gliot1

No I did not save for my C8, I have plenty of $$$$ at this point in my life to pay for it cash. I chose to wait until MSRP was a possibility, AND prices were high on C7s. I bought my C7 for 65800 in late 2018 and sold it 1.5 yrs ago for 65000. I took this approach on all of my Vettes. As my life progressed, I would couple my vested principal of my Vette with a few more $$$ to buy another. At one point I actually owned (3) and decided to sell all and buy my first new one! At this point in my life, C8 may be my last, and in the end I will most likely get 80% of its cost back in the end if I ever sell it.

oldboomer54

That was me. Nowhere did I say it was a new car. In fact, it was a 1964 coupe that I paid $1000 for. In those days, Corvettes were nothing more than a used car and not valuable. I've lived on my own since I was 17 and was fortunate to get a very well paying factory job right out of high school.
I didn't mean to start a pizzin' contest. Like many others have posted - It's foolish to finance a depreciated asset.

hyprsprt

A 73 corvette was about 7k + back in 73 which was a lot of money back then

JDSKY

This reply makes sense just pointed in the wrong direction. So what the OP should do is finance any other vehicle for $500/month and then invest the other $430/month. Based on these 20% annual returns he will have the cash to buy any car he wants in no time.

hyprsprt

Life it’s short and everyone situation it’s different, in my case I was on my own at the age of 18 and like everyone else had bills to pay and I love cars so the only way to afford them at my age was to finance them can you imagine going and paying cash for a 89 Supra that was close to 30k lol but I had 2 of them at different times I had so many great cars in my life and enjoy every single one, was that a good economic investment? Absolutely not but would I do it all over? Absolutely 0 regrets and although buying a sport car when you are young could be a bad economic investment it is a great emotional investment because the memories I have with them are priceless

rackemup

Absolutely, positively, 100% correct.
Who in their right mind finances a toy that they can't afford for 72 months? Answer-The husband of the woman who puts her breast augmentation surgery on a credit card.

mefly2

...or simply buy an extended warranty ...factor in that additional cost , however...

StfDrmsRMadeOf

It would be faster to build wealth with debts. For $100k no debt investment you make you could be investing $500k-$1million by leveraging debt. I’ll keep my money tied up in investments and take a loan for my toys thank you.