Highest monthly Vette payment?
#1
Pro
Thread Starter
Highest monthly Vette payment?
I just purchased my 2016 Z06 Z07 package MSRP $125000 plus taxes, dealer fees, and 7 year warranty equals $135,000 (Canadian) Dropped $75000 as a down payment and still have a $750 monthly payment for 96 months. I thought, thats a lot of money. My first house was less than that. I wanted to stretch the payments out to reduce the monthly payment and then lump payment the loan to death to pay it off in two years. It just seems less painful that way. If I took the loan out for 24 months it would be $2500 per month plus interest and that just seemed ridiculous so I opted for long term and less per month with no early payout penalties. I thought $750 a month was a pretty heavy payment a month until I found out my secretary has the same payment on her 2014 Mazda SUV, and I know that's about half her salary, hey, I don't feel so bad now. Who's got a different philosophy and prefers high payments and short term? Which brings us to the ultimate question, who's got the highest Corvette payment per month?
Last edited by mrbeautie; 05-07-2016 at 03:27 AM.
Popular Reply
05-07-2016, 09:04 AM
Race Director
Member Since: Jun 2005
Location: Phila Suburbs 2023 C8 & 2013 650ix
Posts: 10,426
Received 2,225 Likes
on
1,141 Posts
I got a 1.49% loan for 3 years on the entire price of the car. With an interest rate anything like that it's just plain stupid to use your own money even if you have it availablle.
The following 3 users liked this post by L8ter:
#3
Pro
The following 11 users liked this post by Highway 61:
airplanebrad (05-07-2016),
cheapthrills (05-10-2016),
Formula52 (05-11-2016),
Gymbow (05-09-2016),
joemessman (05-08-2016),
and 6 others liked this post.
#4
Racer
I just purchased my 2016 Z06 Z07 package MSRP $125000 plus taxes, dealer fees, and 7 year warranty equals $135,000 (Canadian) Dropped $75000 as a down payment and still have a $750 monthly payment for 96 months. I thought, thats a lot of money. My first house was less than that. I wanted to stretch the payments out to reduce the monthly payment and then lump payment the loan to death to pay it off in two years. It just seems less painful that way. If I took the loan out for 24 months it would be $2500 per month plus interest and that just seemed ridiculous so I opted for long term and less per month with no early payout penalties. I thought $750 a month was a pretty heavy payment a month until I found out my secretary has the same payment on her 2014 Mazda SUV, and I know that's about half her salary, hey, I don't feel so bad now. Who's got a different philosophy and prefers high payments and short term? Which brings us to the ultimate question, who's got the highest Corvette payment per month?
The following 9 users liked this post by Stangslayer:
cor66vette (05-08-2016),
ManuelCarrillo3 (05-10-2016),
millers1 (05-07-2016),
mrbeautie (08-09-2016),
Ralph@StrasseWheels (05-09-2016),
and 4 others liked this post.
#7
Team Owner
That payment for that length of years is just plain old stupid.
#8
Le Mans Master
A better item to look at is how much you are paying in interest for that amount over 96 mos. On second thought you might not want to go down that road....
The following 2 users liked this post by rcooper:
ManuelCarrillo3 (05-10-2016),
Ralph@StrasseWheels (05-09-2016)
#12
Le Mans Master
My Z06 cost more than my first house...
#13
Administrator
Member Since: Mar 2001
Location: In a parallel universe. Currently own 2014 Stingray Coupe.
Posts: 342,919
Received 19,290 Likes
on
13,965 Posts
C7 of the Year - Modified Finalist 2021
MO Events Coordinator
St. Jude Co-Organizer
St. Jude Donor '03-'04-'05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-
'20-'21-'22-'23-'24
NCM Sinkhole Donor
CI 5, 8 & 11 Veteran
The highest monthly car payment I've ever made was right at $500 and I thought that was high.
#14
Pro
How dare you buy a Corvette without saving the entire $135,000 first!
My loan is a shorter term than yours but my payment is a little higher.
Just my 2 cents but... this idea that you should never pay interest is a little ridiculous. Yes, I will pay more for my Corvette than someone who pays cash. That's an acceptable scenario for me. I can afford the payment easily and I didn't want to save for 5 years (until the C8 comes out) before I got one. The price to play is 3% interest.
Call me stupid or bring on the flaming. I'll be out driving my Corvette.
My loan is a shorter term than yours but my payment is a little higher.
Just my 2 cents but... this idea that you should never pay interest is a little ridiculous. Yes, I will pay more for my Corvette than someone who pays cash. That's an acceptable scenario for me. I can afford the payment easily and I didn't want to save for 5 years (until the C8 comes out) before I got one. The price to play is 3% interest.
Call me stupid or bring on the flaming. I'll be out driving my Corvette.
The following 9 users liked this post by w0rM:
2vette2 (08-09-2016),
Carvin (08-12-2016),
EMINENT 1 (08-08-2016),
Lenman59 (05-11-2016),
ManuelCarrillo3 (05-10-2016),
and 4 others liked this post.
#15
Race Director
Member Since: Jun 2005
Location: Phila Suburbs 2023 C8 & 2013 650ix
Posts: 10,426
Received 2,225 Likes
on
1,141 Posts
I got a 1.49% loan for 3 years on the entire price of the car. With an interest rate anything like that it's just plain stupid to use your own money even if you have it availablle.
The following 13 users liked this post by Walt White Coupe:
Bowmanr1 (05-10-2016),
BrunoTheMellow (05-09-2016),
C7-Beast (05-09-2016),
Greg00Coupe (08-08-2016),
owc6 (05-07-2016),
and 8 others liked this post.
#17
Instructor
We are debt-free now thanks to following the philosophy of both or our parents and Dave Ramsey,
(it was a looong, hard journey...)
but our Stingray actually did cost more than my first AND our second house
(it was a looong, hard journey...)
but our Stingray actually did cost more than my first AND our second house
Last edited by 2016SGZ51; 05-07-2016 at 09:14 AM.
The following 6 users liked this post by 2016SGZ51:
lancekl (08-14-2016),
nmvettec7 (05-07-2016),
Ralph@StrasseWheels (05-09-2016),
Rebel Yell (05-12-2016),
robertbruce (08-07-2016),
and 1 others liked this post.
#18
Safety Car
How dare you buy a Corvette without saving the entire $135,000 first!
My loan is a shorter term than yours but my payment is a little higher.
Just my 2 cents but... this idea that you should never pay interest is a little ridiculous. Yes, I will pay more for my Corvette than someone who pays cash. That's an acceptable scenario for me. I can afford the payment easily and I didn't want to save for 5 years (until the C8 comes out) before I got one. The price to play is 3% interest.
Call me stupid or bring on the flaming. I'll be out driving my Corvette.
My loan is a shorter term than yours but my payment is a little higher.
Just my 2 cents but... this idea that you should never pay interest is a little ridiculous. Yes, I will pay more for my Corvette than someone who pays cash. That's an acceptable scenario for me. I can afford the payment easily and I didn't want to save for 5 years (until the C8 comes out) before I got one. The price to play is 3% interest.
Call me stupid or bring on the flaming. I'll be out driving my Corvette.
My payment is about 700 per month after my trade.
#19
Burning Brakes
Member Since: Mar 2014
Location: Dallas
Posts: 1,222
Received 795 Likes
on
387 Posts
2022 Corvette of the Year Finalist -- Unmodified
2020 C3 of the Year Finalist - Unmodified
Its all relative to income, available cash and credit for each individual.
I think that would be stating the obvious
I think that would be stating the obvious
The following 4 users liked this post by jgilevettes: