corvetteandsilverado

Well let me give you some of the details then please help me make a decision.

I'm 26 and I'm trying to make some better/smarter financial decisions to start saving or investing. I would like to start making my money work for me. I love my Zo6 but out of my 3 vehicles it gets driven the least and is the least practical. I've bounced around the idea of selling it but I have so much time and money invested I hate to see it go.

If I sell the Z and my 05 Z71 that frees up a ton of money in insurance and overall funds. I guess my question is do I try and sell the vette or just keep what I have and just wait, I know it will be hard selling this time of year and I'm not going to give the car away.

History of the vette; Its an 02Z with 48k on it, black on black
mods:
texas-speed cam kit w/ tsunami cam
kooks lt's/w cats x pipe
B&B bullets
jwmotoring black housing hid 55w
fully built lvl 5 mn12 trans
B&M ripper shifter/w c6z ****
LS7 clutch kit w/remote bleeder, master cylinder and slave cylinder
18s all around black deep dish replicas wrapped in nitto nt555s and nt555r's on the back

I love this car and don't really want to let it go but it would be nice to free up the money and try and buy a house (since I still live at home) but I also know it would be a few years before I could own another one and I would miss this car greatly. If I sold it I wouldn't take less than 23,000 for it.

So my question is what would you guys do in this situation? The forum has been so great to me over the years and I've bought/sold a ton of stuff off here dealing with the best people. Any thoughts, advice, life experiences would be very helpful

Also my other vehicles are 2010 GMC slt diesel, 2005 GMC lt Z71


*I added some pictures of my 3 vehicles on pg2.. Thank you to everyone that has posted in this thread and helped me with your experiences and advice*
Frank

f6john

Sell it. You want to improve your financial future. Quit buying new/more vehicles! The fact you live at home but own 3 vehicles shows you have poor impluse control I suffer from this malady myself . Don't rush to buy a house, they are not the investment they used to be. Set out your goals, make a plan, and go for it! Sure wish I had taken my advise when I was 26 .

corvetteandsilverado

I have to agree I definitely have a problem with cars lol its my hobby but there really is no money to be made from it. The only one I wouldnt sell is my Dmax I just wouldn't be able to get out without losing my a$$. I mainly just want to free up some money and insurance.

I know the housing market isn't the best right now but its also a good time to buy with low interest rates. I was thinking if I could get something nice and hold it for a few years and make a nice profit.

Its just hard this is my second vette I couldnt afford the Z when I got my first 01 coupe and now I have almost everything I want on it finally

vetintheblood

Sell the 2005 GMC lt Z71, keep the Z06, get a rich girlfriend!

corvetteandsilverado

lol I like that idea too... but your right the 05 will be up for sale right after hunting seasons over. I was planning on moving that truck and the vette if I make a move, that would free up a lot for me.

windzy

02z06dave

If youre not attached to the car then sell it. You'll be much better off, and with the way the housing market is right now, its the perfect time to buy. I would plan on keeping the house for at least ten years though because it will be at least that long before you will be able to sell it for any kind of profit. It sounds like youre like me and like to spend a lot of money on cars, and while its fun, it is also a horrible way to spend money. If you want to inprove your finances, get out of the car thing now and find a cheaper hobby to replace it with.

bob22z06

Sell the trucks, keep the Z and buy a beater for everyday driving... And start saving for your new house ... Hey I did it with God's help I bought my house when I was 22 with really nothing to put down, and making $15/hr and turn out to be k ...good luck

Dlauth

I’m in a similar situation, as I’m also 22 and live at home.

Do not own a vette, yet but thought I would give my insight.

I have an 07 GTI and 94 Saturn. My first goal was to pay the GTI off and that is what I did. I now am investing a decent portion of my money and keeping my expenses to a minimum and am planning on moving out in about a year. After I move out, I will be selling the GTI and buying a vette outright as debt is the downfall to financial slavery.

I’m lucky enough to have a job that pays pretty well for my age so it definitely helps but I have a few suggestions.

First, start an Excel spreadsheet with your monthly income and expenditures. This will allow you to calculate how much money you could potentially have down the road if you stick to the budget.

I have no clue on how much you make but if the vette is a huge portion of your monthly expenses I would sell it, along with the other rides and get a car to hold you over till the finances play out. Cut out as much expenses as you can right now to get the ball rolling.

Set a goal to save enough money to cover any and all expenses that you have planned out in the spreadsheet for 6-12mths. Keep this money in a savings or a high interest checking account. This money should not be used for anything but bills, emergency and shouldn’t drop significantly below the 6-12mth budget.

Pay off loans to free up that cash flow each month and save on fees.

Start adding to your Roth 401k retirement (Im going to use this money to buy my first home. You can take out up to $10k profit from it and it will not be taxed.)

Once all your loans, credit bills are paid off, you have your backup money in the savings, and are putting in the maximum into your Roth, you can take the leftover money and either invest it in a personal account or put it into a savings account for another vette in the future.

The stricter you are now with keeping debt low and expenses low, the earlier you can retire and the more wealth you will have in the future. Sacrifice now in order to live a financially free and prosperous future. You then can buy whatever car you want and it will not be a problem

You will need to have a plan in order to get where you want financially.

Overview-
Make spreadsheet with current budget
Cut expenses as much as you can
Save 6-12mths in savings account
Pay off bills, loans, credit cards, etc..
Start adding to your Roth 401k, up to $5k a year
Put rest of money into investments or savings for items(vette, better house, etc...)


I know this is a lot but I hope it helps you. Let me know if you need clarification on anything

corvetteandsilverado

^^ this is very sound advice and something I will be heading in. I too have a job that pays well, and should be able to save a good amount of money by getting rid of some things along with cutting some other spending. I'm really just tossing around the idea and see where I want to go with this. You are correct when you say I should have enough money in saving to live 6-12 months and I see this now but I normally live day by day. I had that you don't know what tomorrow is gonna bring and I've never seen a uhaul behind a hurst mentality.

But there comes a point in life where you should get your sh@t together and I'm coming to that point. The vette is my baby and is something I always wanted but I ask myself do I really need this? The answer is simply no not at all its sits in the garage 80% of the year.

Thank you everyone for the responses and advice, I know that at the end of hunting season my 05 Z71 will definitely be sold. I'm still on the fence with the Z its almost paid for but the insurance is rough, but the 10 Dmax I'm definitely keeping it will be hard pressed to find someone to drop 55k on a truck.

I don't have to leave my dad's infact him and I are extremely close, I just think that this is a excellent time to get a house as a future investment

Dlauth

Thats a ton of money tied up in the truck. Why not just post it for a price you would let it go for and just see if anyone bites? You could sell it, pay the Z off, get a cheaper to maintain, gas and insurance DD and have money left over

RetiredSFC 97

Sell it and free up money.

There will be more opportunities to have cars in the future. I wish I had back all of the money I put into cars when I was your age and invested it instead. Invest your money, you will never regret that, but you will regret not investing and using your money for cars now.

Vetteman Jack

If you really want to get in a better financial situation, sell any vehicle you really don't need (even if that means the Vette) and put those savings into either buying a house, adding to a retirement plan, or just investing in a better opportunity than owning a car. When your financial situation gets to a point where you are comfortable, you can always get back into owning a sports car, etc.

PryOpenUr3rdEye

If you want the best of both worlds...get rid of the z06 and buy a later model C5...put the difference towards the house downpayment

jpalamar

If I had 3 cars and lived at home I'm take a shotgun to the dick.

corvetteandsilverado

I have to agree its definitely a ton of money tied up in a truck but its going to be the last thing to go. I'm basically stuck in it and not willing to take a loss on it yet, where the 05 is paid for and I don't owe hardly anything on the Z. If anything get out of those two and put some of the money on my dmax and the rest into a savings type account.

I'm currently putting $100 into a Fedality account set-up by my work along with my work retirement, but I wouldn't mind finding something else to put money into that could help me in the future.

I listen to alot of people that tell me they wish they had done thing different when they were younger, and no I've had fun with everything I don't want to completely waste all my money while I'm young.

corvetteandsilverado

solid life advice thank you......

Living at home means there is no reason for me to leave. My dad and I are best friends and even if I buy a house he would come with me. I don't have any kids but my GF does and it isn't a problem either. So why leave? I'm just looking for a better situation in the long run.

bumble-z

Sell all your vehicles including your Diesel truck (even at a loss)

You should never had bought it in the first place.

Cut all your loses.

Once all your vehicles are sold, buy a cheap used vehicle from the proceeds.

BOOM!!, no more car payments & keep it that way (always buy cheap used vehicles from here on out) until you reach your financial goals.

torchredmadness

26 and still living at home? Sell the cars and buy a house.

zo659

[QUOTE=RetiredSFC 97;1582509557]Sell it and free up money.

There will be more opportunities to have cars in the future. I wish I had back all of the money I put into cars when I was your age and invested it instead. Invest your money, you will never regret that, but you will regret not investing and using your money for cars now.

This is some great advice.