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At what net worth or what income level to consider a 70k vette

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Old 11-18-2013, 02:50 PM   #1
gixxerbill
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Default At what net worth or what income level to consider a 70k vette

Just curious to see what some of ya'll say. I considered both on mine. Not sure if their is a formula(like for how much of a house you can afford) for toys. Both my payment and principal as % of assets are lower than 10%. Seems like it wouldn't hurt for me especially because i know my man obama is going to change my diaper when I get old.

What about ya'll how do you budget in a badass toy like a c7.
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Old 11-18-2013, 02:55 PM   #2
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This thread won't end well. To many factors to take into consideration. And by the time you're old enough to need your diaper changed there will be another POTUS in office for folks to blame. lol

Last edited by BeaZt; 11-18-2013 at 03:07 PM.
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Old 11-18-2013, 02:58 PM   #3
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I agree...about umpteen pages of politics, testosterone, preaching and word wars coming up..bet it's locked in 3 pages....
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Old 11-18-2013, 02:59 PM   #4
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Quote:
Originally Posted by gixxerbill View Post
Just curious to see what some of ya'll say. I considered both on mine. Not sure if their is a formula(like for how much of a house you can afford) for toys. Both my payment and principal as % of assets are lower than 10%. Seems like it wouldn't hurt for me especially because i know my man obama is going to change my diaper when I get old.

What about ya'll how do you budget in a badass toy like a c7.
It's more about the monthly debt to income ratio. If your over 30% or so in revolving debt then not a good idea.
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Old 11-18-2013, 03:05 PM   #5
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One rule I would use. When you can ask the salesperson "do you take cash", then financially, it is the right time.

Then the only question is: do you actually bring a briefcase full of cash and tell them, "start counting", or just bring a check.
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Old 11-18-2013, 03:11 PM   #6
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One rule I would use. When you can ask the salesperson "do you take cash", then financially, it is the right time.

Then the only question is: do you actually bring a briefcase full of cash and tell them, "start counting", or just bring a check.
When they have run your credit and you ask if they would prefer a cashier's check, and they say, "Nah, a personal check is OK."
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Old 11-18-2013, 03:22 PM   #7
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If you are not able to maximize your retirement savings because of the c-7 purchase (or other expendetures) then it is a bad idea... Debt to Income ratio is the biggest thing... I would agree.
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Old 11-18-2013, 03:23 PM   #8
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Below is some info copied from the 2014 Chevrolet Corvette Stingray Interactive Details Book.

CORVETTE LOYALIST
• 72% Buyers 55+
• 55% College Graduate
• 58% Urban/Suburban
• 11% Mid-Level Manager
• $133,000 Household Income
• Tend to Buy – Fulfillment of a Dream

CORVETTE CONQUEST
• 45% Buyers 55+
• 81% College Graduate
• 69% Urban/Suburban
• 58% Professionals, Business Owners, Senior Execs
• $257,000 Household Income
• Often Lease – Another Perk
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Old 11-18-2013, 03:25 PM   #9
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If you have to ask then probably not a good idea.
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Old 11-18-2013, 03:26 PM   #10
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Quote:
Originally Posted by lgodom View Post
Below is some info copied from the 2014 Chevrolet Corvette Stingray Interactive Details Book.

CORVETTE LOYALIST
• 72% Buyers 55+
• 55% College Graduate
• 58% Urban/Suburban
• 11% Mid-Level Manager
• $133,000 Household Income
• Tend to Buy – Fulfillment of a Dream

CORVETTE CONQUEST
• 45% Buyers 55+
• 81% College Graduate
• 69% Urban/Suburban
• 58% Professionals, Business Owners, Senior Execs
• $257,000 Household Income
• Often Lease – Another Perk

^ What is the 2014 Chevrolet Corvette Stingray Interactive Details Book? Or am I missing a joke?

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Old 11-18-2013, 03:32 PM   #11
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Originally Posted by gixxerbill View Post
Just curious to see what some of ya'll say. I considered both on mine. Not sure if their is a formula(like for how much of a house you can afford) for toys. Both my payment and principal as % of assets are lower than 10%. Seems like it wouldn't hurt for me especially because i know my man obama is going to change my diaper when I get old.

What about ya'll how do you budget in a badass toy like a c7.
Personally i always look at these type of things on a cost to net worth basis--nothing to do with income. how much are you worth, after all liabilities are deducted. then, i set a totally arbitrary ratio, say, 10% of my net worth as a threshold for the cost of the item. in such a case, if i had 700,000 in the bank, net, i would think that 70K for the vette would be reasonable. alternatively, an excellent rule of thumb is this: if you have to ask, you cant afford it! (of course, the best rule is:what does the wifey-poo say?)
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Old 11-18-2013, 03:35 PM   #12
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Originally Posted by PetroniDE View Post
One rule I would use. When you can ask the salesperson "do you take cash", then financially, it is the right time.

Then the only question is: do you actually bring a briefcase full of cash and tell them, "start counting", or just bring a check.
Yeah, they'd sell about 1,000 if that were the case for everyone.
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Old 11-18-2013, 03:37 PM   #13
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Quote:
Originally Posted by lgodom View Post
Below is some info copied from the 2014 Chevrolet Corvette Stingray Interactive Details Book.

CORVETTE LOYALIST
72% Buyers 55+
55% College Graduate
58% Urban/Suburban
11% Mid-Level Manager
$133,000 Household Income
Tend to Buy Fulfillment of a Dream

CORVETTE CONQUEST
45% Buyers 55+
81% College Graduate
69% Urban/Suburban
58% Professionals, Business Owners, Senior Execs
$257,000 Household Income
Often Lease Another Perk
If this isnt a joke, I would think the "conquests" are going to be a small percentage of sales.....

The Corvette name doesnt have the prestige that a lot of people outlined in this group would want ....

The reality is that the name brand is an important part of why these people purchase/lease vehicles...

Which is why Kia's objective of being a premium go to brand is going to fail...miserably.
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Old 11-18-2013, 03:41 PM   #14
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Originally Posted by michaelinmech View Post
^ What is the 2014 Chevrolet Corvette Stingray Interactive Details Book? Or am I missing a joke?

second best emoticon (is that the word?) here is first (if this works). btw, good question.
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Old 11-18-2013, 03:47 PM   #15
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if you want a c7 buy one, you only live once and nobody knows how long that will be. did you read the thread where the guy was on his way to the dealer to pick up his c7, he pulled over to help a motorist and was struck and killed. very sad. buy what you want today, tomorrow might not ever come. my $.02
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Old 11-18-2013, 03:48 PM   #16
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My first Corvette carried with it a payment slightly larger than my house payment. Not a rational decision for anyone but particularly for a CPA! However, I didn't regret it 30 years ago and I still don't regret it today. 30 years of Corvettes have been a wonderful fun addition to my life. I guess what I am saying is it is not a financial analysis type of car--formulas dont work!

PS But be sure you can still make that house payment!
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Old 11-18-2013, 03:50 PM   #17
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Default 2 questions

first - if I lost my job, could I still make the payments or pay off the loan?
second, if I was in a financial bind would I be ready to sell the car to pay off the loan?
if the answer to either is NO, then don't buy it.
Ed Foy, CPA
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Old 11-18-2013, 03:53 PM   #18
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Quote:
Originally Posted by MikeC4C5C6...C7 View Post
My first Corvette carried with it a payment slightly larger than my house payment. Not a rational decision for anyone but particularly for a CPA! However, I didn't regret it 30 years ago and I still don't regret it today. 30 years of Corvettes have been a wonderful fun addition to my life. I guess what I am saying is it is not a financial analysis type of car--formulas dont work!

PS But be sure you can still make that house payment!


^ OK - you've convinced me. I'm buying a C7 Z51 immediately, no more waiting . . . . . . then I'm gonna move in and live in your house
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Old 11-18-2013, 03:57 PM   #19
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$140k
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Old 11-18-2013, 03:59 PM   #20
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LOL I believe it's a toy to have fun on weekends or car shows, and if you can't afford a toy in the range of $70 maybe get a Camaro.
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