Can Someone making 60k a yr afford the base c7?
01-30-2013, 11:20 AM
#42
Yes 60k is just me household we make 100k...I forgot to add I live in a part of Wisconsin that cost of living is pretty low..I built a brand new house for 125k 5 yrs ago..my insurance would be around 65-80 a month..in 2011 my 2010 camaro ss was 55 a month
01-30-2013, 11:27 AM
#43
Burning Brakes
I would think you could safely afford one. Only problem is that your savings are a bit on the low side. Did you just recently pay off some student loans or something? Otherwise in your position, I would think you should have saved more by now.
... I guess I'm getting pretty personal now, but hey, you asked.
01-30-2013, 11:30 AM
#44
some of the best advice I have ever received:
Never finance anything that depreciates in value. (House being only exception).
If your household income is 100k per year, you should be able to buy it cash relatively quickly. Exercise some patience, don't be a typical U.S. CONSUMER, and you should be sitting pretty within a few years.
Never finance anything that depreciates in value. (House being only exception).
If your household income is 100k per year, you should be able to buy it cash relatively quickly. Exercise some patience, don't be a typical U.S. CONSUMER, and you should be sitting pretty within a few years.
Last edited by Paulchristian; 01-30-2013 at 11:35 AM.
01-30-2013, 11:34 AM
#45
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01-30-2013, 11:38 AM
#46
And no kids?
I would think you could safely afford one. Only problem is that your savings are a bit on the low side. Did you just recently pay off some student loans or something? Otherwise in your position, I would think you should have saved more by now.
... I guess I'm getting pretty personal now, but hey, you asked.
I would think you could safely afford one. Only problem is that your savings are a bit on the low side. Did you just recently pay off some student loans or something? Otherwise in your position, I would think you should have saved more by now.
... I guess I'm getting pretty personal now, but hey, you asked.
01-30-2013, 11:38 AM
#47
Burning Brakes
If you can finance at a low interest rate, then it is worth it, even if you have more than the necessary amount of cash to buy it outright.
Well then as long as you're confident in your ability to be financially responsible from this point forward, it shouldn't be a problem. Just make sure you'll still be able to save money even while paying for the Vette.
01-30-2013, 11:41 AM
#48
Drifting
Long story short, sure, it's possible... you're going to get a thousand different answers here.
- A financial advisor will say you're nuts.
- A gear head will tell you to put a down payment on one TODAY
- A level headed person will tell you to think about your future, retirement and unexpected expenses
- A cheap *** will tell you a used pinto will get you from point A to point B just as well as a C7
Edit: I'm a financially well off level headed cheap ***, but a specific event lead me to buy my C6 based on the "you only live once" motto.
- A financial advisor will say you're nuts.
- A gear head will tell you to put a down payment on one TODAY
- A level headed person will tell you to think about your future, retirement and unexpected expenses
- A cheap *** will tell you a used pinto will get you from point A to point B just as well as a C7
Edit: I'm a financially well off level headed cheap ***, but a specific event lead me to buy my C6 based on the "you only live once" motto.
01-30-2013, 11:44 AM
#49
I disagree. The value of financing depends entirely on the terms of the loan.
If you can finance at a low interest rate, then it is worth it, even if you have more than the necessary amount of cash to buy it outright.
Well then as long as you're confident in your ability to be financially responsible from this point forward, it shouldn't be a problem. Just make sure you'll still be able to save money even while paying for the Vette.
If you can finance at a low interest rate, then it is worth it, even if you have more than the necessary amount of cash to buy it outright.
Well then as long as you're confident in your ability to be financially responsible from this point forward, it shouldn't be a problem. Just make sure you'll still be able to save money even while paying for the Vette.
01-30-2013, 11:45 AM
#50
01-30-2013, 11:46 AM
#51
01-30-2013, 11:47 AM
#52
Le Mans Master
some of the best advice I have ever received:
Never finance anything that depreciates in value. (House being only exception).
If your household income is 100k per year, you should be able to buy it cash relatively quickly. Exercise some patience, don't be a typical U.S. CONSUMER, and you should be sitting pretty within a few years.
Never finance anything that depreciates in value. (House being only exception).
If your household income is 100k per year, you should be able to buy it cash relatively quickly. Exercise some patience, don't be a typical U.S. CONSUMER, and you should be sitting pretty within a few years.
on all accounts!
01-30-2013, 11:49 AM
#53
You can also get a GM credit card, and 5% of your purchases over the next couple of years will reduce the price of a new C7. ALWAYS pay off the bill every month and avoid the late charge/interest fees. Right now the max discount on a Vette is $3000; that's $60,000 in purchases. Gas/food/cable...all your standard expenses will add up. If you do any business travel, use your card and get reimbursed for it. I'm waiting until I can get a C7 for less than MSRP. That will likely be a 2015, which means most of the new design bugs will be cleared up. I'm also interested in a DSG for my Vette, so I will wait to see when that option is available. My target is $50,000 for a DSG 1LT. I might dig a little deeper for a Z51 package, as long as it's less than $5000. My financial advisor told me many years ago never to borrow money for a car. Save your money until you can pay cash.
01-30-2013, 11:53 AM
#54
some of the best advice I have ever received:
Never finance anything that depreciates in value. (House being only exception).
If your household income is 100k per year, you should be able to buy it cash relatively quickly. Exercise some patience, don't be a typical U.S. CONSUMER, and you should be sitting pretty within a few years.
Never finance anything that depreciates in value. (House being only exception).
If your household income is 100k per year, you should be able to buy it cash relatively quickly. Exercise some patience, don't be a typical U.S. CONSUMER, and you should be sitting pretty within a few years.
Another example, person B chose a career that has a relatively level salary range for the next few years, but is likely or almost certain to get a promotion with a significant pay increase by putting in 2-3 years of time. I think this person woudl be in a good position to finance it now so he can drive his dream car for the next 2-3 before inevitably having the income needed to buy one with cash.
01-30-2013, 11:53 AM
#55
Drifting
My financial advisor told me many years ago never to borrow money for a car. Save your money until you can pay cash.
ABSOLUTELY!!
ABSOLUTELY!!
01-30-2013, 11:54 AM
#56
When I was kid making a lot of money and living at home (dotcom days) I had no problem making a big payment.
Now that I'm much older, a home owner and still doing quite, I'm still very hesitant about pulling the trigger on a C6Z due to 50k costs.
At your yearly, you COULD but I would never do it. Absolutely no way.
Now that I'm much older, a home owner and still doing quite, I'm still very hesitant about pulling the trigger on a C6Z due to 50k costs.
At your yearly, you COULD but I would never do it. Absolutely no way.
01-30-2013, 11:56 AM
#57
Racer
Here's my situation ...my mortgage payment is $755 and my fiancé pays for all other expenses like electricity water Internet cable and groceries...I have 1 cc in which will be paid off once I decide to get a vette...I know people say only spend 20-30% of your yearly income..but if I take out a 6 yr loan at 2.9% with 7000 down payment will be around 500-550 a month...and looking to get a used c7 not a new one...thoughts?
World Class anything is never "affordable". Price a good bottle of Champagne. Just sayin' . . .
01-30-2013, 11:56 AM
#58
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Afford? NO> Buy? YES.
It always pays to wait but it hardly ever satisfies. Do you want a good deal or a great big smile on your face?
Make sure your job is stable b/c the second it's gone that Vette ain't going to matter much. Believe me I know!
It always pays to wait but it hardly ever satisfies. Do you want a good deal or a great big smile on your face?
Make sure your job is stable b/c the second it's gone that Vette ain't going to matter much. Believe me I know!
01-30-2013, 12:02 PM
#59
Le Mans Master
This is more relationship advice than car buying advice, but I'm going to say it anyway.
It's a mistake to think of your income as $60K and your expenses as $755/mo. Your income is whatever you and the fiance make together, your expenses are whatever the both of you are spending, and you need to negotiate what you spend the remainder on, or at least how much of that remainder is yours to spend on your own.
.Jinx
It's a mistake to think of your income as $60K and your expenses as $755/mo. Your income is whatever you and the fiance make together, your expenses are whatever the both of you are spending, and you need to negotiate what you spend the remainder on, or at least how much of that remainder is yours to spend on your own.
.Jinx
01-30-2013, 12:18 PM
#60
This is more relationship advice than car buying advice, but I'm going to say it anyway.
It's a mistake to think of your income as $60K and your expenses as $755/mo. Your income is whatever you and the fiance make together, your expenses are whatever the both of you are spending, and you need to negotiate what you spend the remainder on, or at least how much of that remainder is yours to spend on your own.
.Jinx
It's a mistake to think of your income as $60K and your expenses as $755/mo. Your income is whatever you and the fiance make together, your expenses are whatever the both of you are spending, and you need to negotiate what you spend the remainder on, or at least how much of that remainder is yours to spend on your own.
.Jinx
I'll add this (more good advice I was given):
when a saver marries a spender, the saver is poor in marrage AND poor in divorce.