New to the forum: C4 ZR1 advise
05-24-2015, 02:20 PM
#1
6th Gear
Thread Starter
New to the forum: C4 ZR1 advise
Default New to this...looking at purchasing a vette, but have young kids.
Looking for some advise... I'm 32 years old, married and have 2 children. (8yr. & 3yr.) I have been a Corvette lover since I was kid! My wife has always known that too. Just recently a family friend told me he is ready part with his 1992 ZR1. I have driven the car, which might have been a mistake.... I love the car. I know Corvettes and I know how rare ZR1's are. When he told me the price he wanted for it, I about lost my mind. I looked up the car and it booked for $28,000. The friend said he would take $18,500 (with car cover and 3 sets of rims) ,now the problem I'm having is convincing my wife how good a deal this is.
We have 2 vehicles, 2012 Dodge Durango (paid off) and a 2013 Chrysler t&c($9,000 left) and still owe on our home. I will have to borrow to purchase the Vette, but don't want to pay 2 vehicles payments.(high apr) I purposed the idea to do a heloc loan, to do some improvements to our home and purchase the car as well. My wife stated at this point in our lives, it doesn't make sense. We have young kids and they can't ride in it. When would I drive it? She knows it's a dream of mine to own a corvette, but thinks it's not a good idea.
My thoughts and out look on the car is, its more of an investment, then just a selfish want. Granted the car is not a trailer baby, it gets driven and has 43,000 miles on it. I also feel if I don't do the purchase, I will miss out on a great deal!
Can some of the family guys chime in and help me out with this topic!?
Looking for some advise... I'm 32 years old, married and have 2 children. (8yr. & 3yr.) I have been a Corvette lover since I was kid! My wife has always known that too. Just recently a family friend told me he is ready part with his 1992 ZR1. I have driven the car, which might have been a mistake.... I love the car. I know Corvettes and I know how rare ZR1's are. When he told me the price he wanted for it, I about lost my mind. I looked up the car and it booked for $28,000. The friend said he would take $18,500 (with car cover and 3 sets of rims) ,now the problem I'm having is convincing my wife how good a deal this is.
We have 2 vehicles, 2012 Dodge Durango (paid off) and a 2013 Chrysler t&c($9,000 left) and still owe on our home. I will have to borrow to purchase the Vette, but don't want to pay 2 vehicles payments.(high apr) I purposed the idea to do a heloc loan, to do some improvements to our home and purchase the car as well. My wife stated at this point in our lives, it doesn't make sense. We have young kids and they can't ride in it. When would I drive it? She knows it's a dream of mine to own a corvette, but thinks it's not a good idea.
My thoughts and out look on the car is, its more of an investment, then just a selfish want. Granted the car is not a trailer baby, it gets driven and has 43,000 miles on it. I also feel if I don't do the purchase, I will miss out on a great deal!
Can some of the family guys chime in and help me out with this topic!?
05-24-2015, 02:30 PM
#2
Le Mans Master
Default New to this...looking at purchasing a vette, but have young kids.
Looking for some advise... I'm 32 years old, married and have 2 children. (8yr. & 3yr.) I have been a Corvette lover since I was kid! My wife has always known that too. Just recently a family friend told me he is ready part with his 1992 ZR1. I have driven the car, which might have been a mistake.... I love the car. I know Corvettes and I know how rare ZR1's are. When he told me the price he wanted for it, I about lost my mind. I looked up the car and it booked for $28,000. The friend said he would take $18,500 (with car cover and 3 sets of rims) ,now the problem I'm having is convincing my wife how good a deal this is.
We have 2 vehicles, 2012 Dodge Durango (paid off) and a 2013 Chrysler t&c($9,000 left) and still owe on our home. I will have to borrow to purchase the Vette, but don't want to pay 2 vehicles payments.(high apr) I purposed the idea to do a heloc loan, to do some improvements to our home and purchase the car as well. My wife stated at this point in our lives, it doesn't make sense. We have young kids and they can't ride in it. When would I drive it? She knows it's a dream of mine to own a corvette, but thinks it's not a good idea.
My thoughts and out look on the car is, its more of an investment, then just a selfish want. Granted the car is not a trailer baby, it gets driven and has 43,000 miles on it. I also feel if I don't do the purchase, I will miss out on a great deal!
Can some of the family guys chime in and help me out with this topic!?
Looking for some advise... I'm 32 years old, married and have 2 children. (8yr. & 3yr.) I have been a Corvette lover since I was kid! My wife has always known that too. Just recently a family friend told me he is ready part with his 1992 ZR1. I have driven the car, which might have been a mistake.... I love the car. I know Corvettes and I know how rare ZR1's are. When he told me the price he wanted for it, I about lost my mind. I looked up the car and it booked for $28,000. The friend said he would take $18,500 (with car cover and 3 sets of rims) ,now the problem I'm having is convincing my wife how good a deal this is.
We have 2 vehicles, 2012 Dodge Durango (paid off) and a 2013 Chrysler t&c($9,000 left) and still owe on our home. I will have to borrow to purchase the Vette, but don't want to pay 2 vehicles payments.(high apr) I purposed the idea to do a heloc loan, to do some improvements to our home and purchase the car as well. My wife stated at this point in our lives, it doesn't make sense. We have young kids and they can't ride in it. When would I drive it? She knows it's a dream of mine to own a corvette, but thinks it's not a good idea.
My thoughts and out look on the car is, its more of an investment, then just a selfish want. Granted the car is not a trailer baby, it gets driven and has 43,000 miles on it. I also feel if I don't do the purchase, I will miss out on a great deal!
Can some of the family guys chime in and help me out with this topic!?
Investment? Forget that too!. Ask the guy who paid $70 or $80K for that car.
Buy a vette for a lot less if you must and have the same fun
05-24-2015, 02:38 PM
#3
6th Gear
Thread Starter
My retirement is taken care of, but the only thing that lacks is our children's college funds. They're set up, but should invest the 18,500 into that. Thanks for the input
05-24-2015, 02:48 PM
#4
Team Owner
Member Since: Aug 2005
Location: Riverside County Southern California
Posts: 34,988
Received 501 Likes
on
342 Posts
Co-winner 2020 C4 of the Year - Modified
2018 Corvette of Year Finalist
2017 C4 of Year
2016 C7 of Year Finalist
St. Jude Donor '09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-'20
Enjoy your life dude, buy whatever is that will make you happy.
Are you going to wait to be 70 years old to get a Corvette?
There are NO Corvettes in heaven.
05-24-2015, 02:57 PM
#5
6th Gear
Thread Starter
My wife and I have no student loans. She's a prek director at our church and I'm a Deputy Sheriff. I would love to buy the vette, but I struggle with making the right decision. I don't want my kids to struggle as I did growing up. My parents didn't put college funds for me as a priority. I served my country. Thanks for the input. Video too! Ha
05-24-2015, 03:02 PM
#6
Safety Car
Maybe your friends ZR-1 is sorted, but I wouldn't get such and older car with a payment. Also book price is maybe important for insurance companies, but a lot of people are offering or waiting for these cars to sell for $15k. $18k sounds like a fair price for both buyer and seller if it is kept up and 90 percent good to go.
I did enjoy my LT1 car just as much and that was a $7000 car. Not nearly as much money to be lost there and makes for a better daily driver than a ZR-1. Lastly I'm going to assume you can take care of general repairs yourself? Otherwise a C4 with a payment will crush you.
I did enjoy my LT1 car just as much and that was a $7000 car. Not nearly as much money to be lost there and makes for a better daily driver than a ZR-1. Lastly I'm going to assume you can take care of general repairs yourself? Otherwise a C4 with a payment will crush you.
05-24-2015, 03:14 PM
#7
6th Gear
Thread Starter
Maybe your friends ZR-1 is sorted, but I wouldn't get such and older car with a payment. Also book price is maybe important for insurance companies, but a lot of people are offering or waiting for these cars to sell for $15k. $18k sounds like a fair price for both buyer and seller if it is kept up and 90 percent good to go.
I did enjoy my LT1 car just as much and that was a $7000 car. Not nearly as much money to be lost there and makes for a better daily driver than a ZR-1. Lastly I'm going to assume you can take care of general repairs yourself? Otherwise a C4 with a payment will crush you.
I did enjoy my LT1 car just as much and that was a $7000 car. Not nearly as much money to be lost there and makes for a better daily driver than a ZR-1. Lastly I'm going to assume you can take care of general repairs yourself? Otherwise a C4 with a payment will crush you.
05-24-2015, 03:23 PM
#8
Team Owner
Member Since: Aug 2005
Location: Riverside County Southern California
Posts: 34,988
Received 501 Likes
on
342 Posts
Co-winner 2020 C4 of the Year - Modified
2018 Corvette of Year Finalist
2017 C4 of Year
2016 C7 of Year Finalist
St. Jude Donor '09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-'20
Students loans for your kids.
05-24-2015, 03:23 PM
#9
Melting Slicks
Hi
Go for it.
A low mile 92 second generation of the LT5 with 405 or 415 hp compared to the 375-395 h/p 88-91 LT5.
The engine will be fine, they are bulletproof however gaskets are getting harder to come by. You have to pay a premium price to the ones that purchased the GM stock.
The 92-93 corvettes are great, the added bonus is no passenger airbag so you can take your kids for a ride.
The 94-95 came with passenger airbag, there are instructions on how to disable the passenger airbag online.
I would love a low mile ZR1 (especiallythe last 95 C4 ZR1 corvettes).
its only money ... why wait to be able to afford it and no longer be able to contort for entry exit of the C4...
Go for it.
A low mile 92 second generation of the LT5 with 405 or 415 hp compared to the 375-395 h/p 88-91 LT5.
The engine will be fine, they are bulletproof however gaskets are getting harder to come by. You have to pay a premium price to the ones that purchased the GM stock.
The 92-93 corvettes are great, the added bonus is no passenger airbag so you can take your kids for a ride.
The 94-95 came with passenger airbag, there are instructions on how to disable the passenger airbag online.
I would love a low mile ZR1 (especiallythe last 95 C4 ZR1 corvettes).
its only money ... why wait to be able to afford it and no longer be able to contort for entry exit of the C4...
05-24-2015, 04:35 PM
#10
Racer
I would wait-but not as long as I did.
I had my muscle cars before getting married, (Chevy 409,57 chevy with a crate 327) with there traffic stops and tickets included! Then married and 3 kids, raising them and putting them thru school with no debt. Never thought about a Vette until after their education and job requirements. Did buy a Plymouth Laser turbo later which was fast and fun but I should have bought a Vette then when I was 50! Finally bought one at 70 and now some medical things are not letting me enjoy it as much as it should.
My 2 cents is wait, family first, pay cash, but not to late!
My 2 cents is wait, family first, pay cash, but not to late!
05-24-2015, 06:00 PM
#13
Melting Slicks
I dont get the dilemma.... lets look at this. You have worked hard to get to a point in your life where you own a home and provide for your family... Now you want reasonably priced toy for yourself. At todays heloc rates that car if you only make the minimum payment per month will cost next to nothing.
1.The interst will be deductable
2.It sounds like a nice car that is priced right... it could be easily sold for what you have in it down the road if it seems like you are falling short on your investments/kids college funding. Its not like it will have no value... it is an asset that has likely bottomed out depreciation wise.
3. If you are a deputy im sure there is a detail here and there that you could pick up. I know what details pay. One or 2 a month would easily cover the cost of ownership.
Enjoy life and get the car.... hammer home the point that it will be a savings account that you can drive/enjoy.... that car, if maintained will not loose any more value. Trashed ZR's can be parted out for 12 grand.
Good luck!!
Mike
1.The interst will be deductable
2.It sounds like a nice car that is priced right... it could be easily sold for what you have in it down the road if it seems like you are falling short on your investments/kids college funding. Its not like it will have no value... it is an asset that has likely bottomed out depreciation wise.
3. If you are a deputy im sure there is a detail here and there that you could pick up. I know what details pay. One or 2 a month would easily cover the cost of ownership.
Enjoy life and get the car.... hammer home the point that it will be a savings account that you can drive/enjoy.... that car, if maintained will not loose any more value. Trashed ZR's can be parted out for 12 grand.
Good luck!!
Mike
05-24-2015, 06:45 PM
#14
Le Mans Master
I dont get the dilemma.... lets look at this. You have worked hard to get to a point in your life where you own a home and provide for your family... Now you want reasonably priced toy for yourself. At todays heloc rates that car if you only make the minimum payment per month will cost next to nothing.
1.The interst will be deductable
2.It sounds like a nice car that is priced right... it could be easily sold for what you have in it down the road if it seems like you are falling short on your investments/kids college funding. Its not like it will have no value... it is an asset that has likely bottomed out depreciation wise.
3. If you are a deputy im sure there is a detail here and there that you could pick up. I know what details pay. One or 2 a month would easily cover the cost of ownership.
Enjoy life and get the car.... hammer home the point that it will be a savings account that you can drive/enjoy.... that car, if maintained will not loose any more value. Trashed ZR's can be parted out for 12 grand.
Good luck!!
Mike
1.The interst will be deductable
2.It sounds like a nice car that is priced right... it could be easily sold for what you have in it down the road if it seems like you are falling short on your investments/kids college funding. Its not like it will have no value... it is an asset that has likely bottomed out depreciation wise.
3. If you are a deputy im sure there is a detail here and there that you could pick up. I know what details pay. One or 2 a month would easily cover the cost of ownership.
Enjoy life and get the car.... hammer home the point that it will be a savings account that you can drive/enjoy.... that car, if maintained will not loose any more value. Trashed ZR's can be parted out for 12 grand.
Good luck!!
Mike
05-24-2015, 07:01 PM
#15
Melting Slicks
05-24-2015, 07:04 PM
#16
Melting Slicks
Go for it. There was a ZR-1 that I wish I pulled the trigger on a year ago.
It worked out for the better in the end, since I now have a blower waiting on me to put in my 89. (The ZR-1 would have been my second vette) And more than enough spare money for a big block build for my Camaro.
I got my first vette three years ago at 27. Totally worth it. I didn't have to make payments for my 89, but still.
You've worked hard, and got ahead of things, plus, no airbag in the passenger side. Can take one of the kids out for a ride with it.
Or you can even drive it to work. C4s are pretty reliable cars when taken care of.
It worked out for the better in the end, since I now have a blower waiting on me to put in my 89. (The ZR-1 would have been my second vette) And more than enough spare money for a big block build for my Camaro.
I got my first vette three years ago at 27. Totally worth it. I didn't have to make payments for my 89, but still.
You've worked hard, and got ahead of things, plus, no airbag in the passenger side. Can take one of the kids out for a ride with it.
Or you can even drive it to work. C4s are pretty reliable cars when taken care of.
05-24-2015, 07:24 PM
#17
Race Director
Member Since: Feb 2002
Location: Compound in the Grove, Ga.
Posts: 11,329
Received 910 Likes
on
583 Posts
2020 C3 of the Year Finalist - Unmodified
2019 C4 of Year Finalist (performance mods)
2018 C4 of Year Finalist
2015 C4 of the Year Finalist
St. Jude Donor '16
2020 C3 of the Year Finalist - Unmodified
First off cars do not make good investments, I say go for it. I've always done just that and just worked harder to make it work and still support all the family needs. Even bought fixed and sold many Corvette's over the years to support the ones I wanted to keep.
Even bought fixed and sold many Corvette's over the years to support the ones I wanted to keep.
05-24-2015, 07:44 PM
#18
Le Mans Master
05-24-2015, 08:42 PM
#19
Melting Slicks
How is that? Lets look at an estimate of cost of ownership assuming he owns it 5 years and puts 25000 miles on it
Insurance 3000
Maintence 2500
Real interest 1500
Depreciation 2000
Tires. 1500
Tax. 1000
License. 500
Total. 12000/60 =200/mo
So $200 a month to fulfill a dream and enjoy life just a bit more. He then, if need be sells the car easily for $16500 and refunds the money back into a dividend earning account... or he and his wifes income continues to grow, its a non issue and he never has to have the regrets so many overly conservative folks do.
Guess im just a live life for the moment kind of person.... its served me well
Insurance 3000
Maintence 2500
Real interest 1500
Depreciation 2000
Tires. 1500
Tax. 1000
License. 500
Total. 12000/60 =200/mo
So $200 a month to fulfill a dream and enjoy life just a bit more. He then, if need be sells the car easily for $16500 and refunds the money back into a dividend earning account... or he and his wifes income continues to grow, its a non issue and he never has to have the regrets so many overly conservative folks do.
Guess im just a live life for the moment kind of person.... its served me well
Last edited by OH THREE Z; 05-24-2015 at 08:47 PM.
