Can Someone making 60k a yr afford the base c7?
06-28-2013, 11:17 AM
#241
Melting Slicks
They told you that b/c they were right. Buying a car for what you make a year = you cannot afford it unless you live at home & have no bills. In that case, you are an even bigger retard.
I guarantee you were not making $40k for all 3 years paying off $150k, $40k, etc. Maybe you had a trust fund or help from family or an inheritance? Otherwise, you must have gotten a much better job soon after that $40k car buy.
I guarantee you were not making $40k for all 3 years paying off $150k, $40k, etc. Maybe you had a trust fund or help from family or an inheritance? Otherwise, you must have gotten a much better job soon after that $40k car buy.
$40K * 3 years is only $120K...to pay off a $150K mortgage plus interest and make the loan payments on the vette and food, electricity, heating bills etc...NO WAY you stayed at $40K!
06-28-2013, 11:18 AM
#242
[QUOTE=rijowysock;1584259470]i would say only buy a sports car if you can afford it outright..
not sure what happened w/ america and people watching their money.. but "toys" are just that... "toys"... we shouldn't finance things we can't afford (the reason for the market crash)...
what ever happened to saving.... i would rather drive a 5k car for 3-4 years while saving and negotiating on things.. and pay for the c7 outright than be in debt to a bank and counint on not guaranteed income for the next 5 years.
what happens when you get laid off from your 60k/year job that allows you to barely pay for your corvette? you just take it back to the bank and say "sorry" and eat all the losses?
i guess i'm alone in this thought...QUOTE]......Your NOT !
100%
not sure what happened w/ america and people watching their money.. but "toys" are just that... "toys"... we shouldn't finance things we can't afford (the reason for the market crash)...
what ever happened to saving.... i would rather drive a 5k car for 3-4 years while saving and negotiating on things.. and pay for the c7 outright than be in debt to a bank and counint on not guaranteed income for the next 5 years.
what happens when you get laid off from your 60k/year job that allows you to barely pay for your corvette? you just take it back to the bank and say "sorry" and eat all the losses?
i guess i'm alone in this thought...QUOTE]......Your NOT !
100%
06-28-2013, 11:50 AM
#243
I make $50k and am single. Pay about 1200 a month in morgage/taxes/ insurance. Have an 08 97x aero(ls2 powered suv) and 03 z06. I was paying on the aero and the z06 for a while at the same time so $1000 a month in vehicle payments. It sort of sucked but I still didn't have to cut into my savings though i wasn't able to frivolously spend like i normally do and I wasn't able to save as much as i normally do, it was tight but doable.
If you want to, on 60k a year and with 2 incomes, you can effortlessly afford a 60k car.
Cash is king. Just because you have the cash to buy something outright doesn't mean it doesn't make a ton more sense to finance it at current rates. (though i guess that could change soon) Local credit unions will do 1.9% on cars in my area. That's just free money. I assume any homeowner who is paying a morgage and looking to buy a second car has minimally 6 months of savings. I assume if you make 60k a year that was pretty easy to do with a simmilar morgage to my own.
Not everyone on this forum is 60+ or makes 6 figures, and therefor can reasonably save up 60k cash to toss into a car. That doesn't mean that people in their 30's don't have over 60k in investments+ retirement that can be liquidated if we somehow lost our jobs and ate through our years worth of savings. There are ways to spend money that are responsable that don't require buying everything you ever buy in cash.
OP, if its what you want to do you CAN afford it.
If you want to, on 60k a year and with 2 incomes, you can effortlessly afford a 60k car.
Cash is king. Just because you have the cash to buy something outright doesn't mean it doesn't make a ton more sense to finance it at current rates. (though i guess that could change soon) Local credit unions will do 1.9% on cars in my area. That's just free money. I assume any homeowner who is paying a morgage and looking to buy a second car has minimally 6 months of savings. I assume if you make 60k a year that was pretty easy to do with a simmilar morgage to my own.
Not everyone on this forum is 60+ or makes 6 figures, and therefor can reasonably save up 60k cash to toss into a car. That doesn't mean that people in their 30's don't have over 60k in investments+ retirement that can be liquidated if we somehow lost our jobs and ate through our years worth of savings. There are ways to spend money that are responsable that don't require buying everything you ever buy in cash.
OP, if its what you want to do you CAN afford it.
Last edited by Socko; 06-28-2013 at 11:57 AM.
06-28-2013, 02:54 PM
#245
Drifting
06-28-2013, 03:35 PM
#246
Melting Slicks
I make $50k and am single. Pay about 1200 a month in morgage/taxes/ insurance. Have an 08 97x aero(ls2 powered suv) and 03 z06. I was paying on the aero and the z06 for a while at the same time so $1000 a month in vehicle payments. It sort of sucked but I still didn't have to cut into my savings though i wasn't able to frivolously spend like i normally do and I wasn't able to save as much as i normally do, it was tight but doable.
If you want to, on 60k a year and with 2 incomes, you can effortlessly afford a 60k car.
Cash is king. Just because you have the cash to buy something outright doesn't mean it doesn't make a ton more sense to finance it at current rates. (though i guess that could change soon) Local credit unions will do 1.9% on cars in my area. That's just free money. I assume any homeowner who is paying a morgage and looking to buy a second car has minimally 6 months of savings. I assume if you make 60k a year that was pretty easy to do with a simmilar morgage to my own.
Not everyone on this forum is 60+ or makes 6 figures, and therefor can reasonably save up 60k cash to toss into a car. That doesn't mean that people in their 30's don't have over 60k in investments+ retirement that can be liquidated if we somehow lost our jobs and ate through our years worth of savings. There are ways to spend money that are responsable that don't require buying everything you ever buy in cash.
OP, if its what you want to do you CAN afford it.
If you want to, on 60k a year and with 2 incomes, you can effortlessly afford a 60k car.
Cash is king. Just because you have the cash to buy something outright doesn't mean it doesn't make a ton more sense to finance it at current rates. (though i guess that could change soon) Local credit unions will do 1.9% on cars in my area. That's just free money. I assume any homeowner who is paying a morgage and looking to buy a second car has minimally 6 months of savings. I assume if you make 60k a year that was pretty easy to do with a simmilar morgage to my own.
Not everyone on this forum is 60+ or makes 6 figures, and therefor can reasonably save up 60k cash to toss into a car. That doesn't mean that people in their 30's don't have over 60k in investments+ retirement that can be liquidated if we somehow lost our jobs and ate through our years worth of savings. There are ways to spend money that are responsable that don't require buying everything you ever buy in cash.
OP, if its what you want to do you CAN afford it.
06-29-2013, 12:26 AM
#247
Pro
Weeellll I can tell you what I am doing. The key is debt...what other debts do you have? If none other than mortgage, go for it. As for me... I am getting out of debt. I sold my C6, bought a new civic for economy ( i drive 25k miles a year) so I could get out faster. That was three years ago and 40K+ of debt paid down now about 30k to go...my income doubled last year so I am now getting out faster. I now have 90k miles on the civic and will drive it until the wheels fall off but as soon as I am out of debt (student loans and credit cards) I will pick up a vette again as a 3rd car (last one was my DD). The way I see it is it will be my reward and will be a 10+ year car for me. I've owned over 30 cars (actually I just sold my '76 BMW 2002 today) and I keep coming back to the conclusion that the vette is the only car that matters. Anything else just needs to be efficient transportation. Oh yes, and I've also put 15K into my house last year and am now in another remodel becasue in addition to getting out of debt I want to make sure I am taking care of my responsibilities. I spent too many years putting cars before my responsibilities, no more.
Last edited by Oshuwah; 06-29-2013 at 12:36 AM.
06-29-2013, 12:34 AM
#248
Pro
I went to college on the Main Line (Wayne), lived and worked there for over a decade (my kids were in TE in their early years) but when it came time to buying a house I bought in western Chester county - 40 min from KOP, 20 min from Exton, 30 min from West Chester. I have a 3 story 3 BR, 2 BA, 1 manroom, 2800 SF victorian - $225k in today's market, $185 when I bought it in 2005.
06-30-2013, 09:44 AM
#250
Drifting
If everyone went by the 20-30% of their annual salary rule most of those on this board would not own a Corvette (at least not from new) since you'd need to earn 200k a year to buy a 60k Vette.
I say go for it if you think the payment/down payment are manageable - you can always sell it if things get out of hand.
I say go for it if you think the payment/down payment are manageable - you can always sell it if things get out of hand.
"you can always sell it if things get out of hand"...very poor advice, especially if your upside down and your having payment problems.
06-30-2013, 10:00 AM
#251
Drifting
I went to college on the Main Line (Wayne), lived and worked there for over a decade (my kids were in TE in their early years) but when it came time to buying a house I bought in western Chester county - 40 min from KOP, 20 min from Exton, 30 min from West Chester. I have a 3 story 3 BR, 2 BA, 1 manroom, 2800 SF victorian - $225k in today's market, $185 when I bought it in 2005.
Sounds like you live in the Morgantown area?
06-30-2013, 11:17 AM
#252
Melting Slicks
I think there is a bit of a misunderstanding here. This is not about what you CAN afford to do. It's about what you CANNOT afford to do.
Put another way, what some of us are trying to convey is that if you invest your money well in your 20's and 30's you will stand a good chance of becoming financially stable so that in your 40's and 50's you will have an asset structure that will enable you to buy a new Corvette for cash every three or four years if that still rings your bell.
You will also have a very nice house and hopefully three or four additional houses that you rent out to others by the time you hit 50.
On the other hand, you can start out in your early years stretching your cash flow to enable you to purchase a series of rapidly declining assets like new Corvettes and hope that fate and your health will enable your income to continue to grow exponentially so that your somewhat foolish spending habits never create a problem in your later years.
Safe to say that many of us started out foolish and then got smart about building wealth while there was still time to make it happen.
There is an old saying, "The pain of discipline weighs ounces. The pain of regret weighs tons."
Either way, enjoy.
Put another way, what some of us are trying to convey is that if you invest your money well in your 20's and 30's you will stand a good chance of becoming financially stable so that in your 40's and 50's you will have an asset structure that will enable you to buy a new Corvette for cash every three or four years if that still rings your bell.
You will also have a very nice house and hopefully three or four additional houses that you rent out to others by the time you hit 50.
On the other hand, you can start out in your early years stretching your cash flow to enable you to purchase a series of rapidly declining assets like new Corvettes and hope that fate and your health will enable your income to continue to grow exponentially so that your somewhat foolish spending habits never create a problem in your later years.
Safe to say that many of us started out foolish and then got smart about building wealth while there was still time to make it happen.
There is an old saying, "The pain of discipline weighs ounces. The pain of regret weighs tons."
Either way, enjoy.
06-30-2013, 12:24 PM
#253
Le Mans Master
Member Since: Jul 2009
Location: Los Angeles California
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I don't invest in things that yield results in 20-30 years.
I'm not of the faith that we will be here in 20 years. So I live my life as though we only have 10-15 years left and enjoy the things I would likely regret not doing now.
I'm not of the faith that we will be here in 20 years. So I live my life as though we only have 10-15 years left and enjoy the things I would likely regret not doing now.
06-30-2013, 02:01 PM
#255
Melting Slicks
Guess what? Even after WWI, WWII, the Korean War, the Cold War, the Cuban Missile Crisis, Vietnam, and the Middle East adventures, with a few exceptions, the vast majority of all of them wound up exceeding their projected life expectancy. Very likely you will hit 100+.
The question is not whether you can buy a new C7 today. The question is will you be able to pay $245,000 cash for the new C16 when you are 70ish?
Trust me ... you will get there, you will feel just as passionate about driving fast cars as you do today, and you will want one.
Last edited by B747VET; 06-30-2013 at 02:30 PM.
06-30-2013, 04:12 PM
#256
Heel & Toe
Member Since: Nov 2009
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You and not anyone else
A decision that must be made only by you. I make 10 times this and I ask myself the same question as you. I've lived on the edge most of my life. Lived in Las Vegas, betting 4000 on a baseball game when I've had only that much in the account and I've made it through all of that. The economy is very dangerous and fragile and you never know what will happen down the road. Most definitely, don't listen to anyone but yourself. The bookies in Wall Street won't make you, no one will, make you're mind up and be happy.
Best of Luck
David
Best of Luck
David
06-30-2013, 08:29 PM
#257
Le Mans Master
Member Since: Jul 2009
Location: Los Angeles California
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I can't disagree because I once felt very much the same way. The thing is that a great many young people in 1900, 1910, 1920, 1930, 1940, 1950, 1960, 1970, 1980, and 1990 all felt the same way.
Guess what? Even after WWI, WWII, the Korean War, the Cold War, the Cuban Missile Crisis, Vietnam, and the Middle East adventures, with a few exceptions, the vast majority of all of them wound up exceeding their projected life expectancy. Very likely you will hit 100+.
The question is not whether you can buy a new C7 today. The question is will you be able to pay $245,000 cash for the new C16 when you are 70ish?
Trust me ... you will get there, you will feel just as passionate about driving fast cars as you do today, and you will want one.
Guess what? Even after WWI, WWII, the Korean War, the Cold War, the Cuban Missile Crisis, Vietnam, and the Middle East adventures, with a few exceptions, the vast majority of all of them wound up exceeding their projected life expectancy. Very likely you will hit 100+.
The question is not whether you can buy a new C7 today. The question is will you be able to pay $245,000 cash for the new C16 when you are 70ish?
Trust me ... you will get there, you will feel just as passionate about driving fast cars as you do today, and you will want one.
06-30-2013, 11:06 PM
#259
A decision that must be made only by you. I make 10 times this and I ask myself the same question as you. I've lived on the edge most of my life. Lived in Las Vegas, betting 4000 on a baseball game when I've had only that much in the account and I've made it through all of that. The economy is very dangerous and fragile and you never know what will happen down the road. Most definitely, don't listen to anyone but yourself. The bookies in Wall Street won't make you, no one will, make you're mind up and be happy.
Best of Luck
David
Best of Luck
David
We have a winner.
07-01-2013, 10:04 AM
#260
Le Mans Master
I think there is a bit of a misunderstanding here. This is not about what you CAN afford to do. It's about what you CANNOT afford to do.
Put another way, what some of us are trying to convey is that if you invest your money well in your 20's and 30's you will stand a good chance of becoming financially stable so that in your 40's and 50's you will have an asset structure that will enable you to buy a new Corvette for cash every three or four years if that still rings your bell.
You will also have a very nice house and hopefully three or four additional houses that you rent out to others by the time you hit 50.
On the other hand, you can start out in your early years stretching your cash flow to enable you to purchase a series of rapidly declining assets like new Corvettes and hope that fate and your health will enable your income to continue to grow exponentially so that your somewhat foolish spending habits never create a problem in your later years.
Safe to say that many of us started out foolish and then got smart about building wealth while there was still time to make it happen.
There is an old saying, "The pain of discipline weighs ounces. The pain of regret weighs tons."
Either way, enjoy.
Put another way, what some of us are trying to convey is that if you invest your money well in your 20's and 30's you will stand a good chance of becoming financially stable so that in your 40's and 50's you will have an asset structure that will enable you to buy a new Corvette for cash every three or four years if that still rings your bell.
You will also have a very nice house and hopefully three or four additional houses that you rent out to others by the time you hit 50.
On the other hand, you can start out in your early years stretching your cash flow to enable you to purchase a series of rapidly declining assets like new Corvettes and hope that fate and your health will enable your income to continue to grow exponentially so that your somewhat foolish spending habits never create a problem in your later years.
Safe to say that many of us started out foolish and then got smart about building wealth while there was still time to make it happen.
There is an old saying, "The pain of discipline weighs ounces. The pain of regret weighs tons."
Either way, enjoy.
