You guys are paying cash for Corvettes
12-07-2016, 08:18 PM
#441
Safety Car
Sounds like you've earned the right to have your cake and eat it too! That's an enviable financial position to be in. Never forget the longer your dollars are invested, the more time they will have to grow - retirement AND non-retirement plans.
One example; in December 1981, I bought $2,100.00 in a closed end mutual fund. In 35 years, it's grown to $100,000.00. I've added no money to it. It's non-retirement monies, and I've paid CG taxes on it's growth annually. It's still part of my stock portfolio. That's probably not the greatest growth over time, but I just left it alone, and let it grow.
The earlier you put more away for yourself, retirement and non-retirement, the more you're likely to have decades down the line.
One example; in December 1981, I bought $2,100.00 in a closed end mutual fund. In 35 years, it's grown to $100,000.00. I've added no money to it. It's non-retirement monies, and I've paid CG taxes on it's growth annually. It's still part of my stock portfolio. That's probably not the greatest growth over time, but I just left it alone, and let it grow.
The earlier you put more away for yourself, retirement and non-retirement, the more you're likely to have decades down the line.
I really would have liked to have purchased Priceline about 8 years ago.
The one that got away.
12-07-2016, 08:27 PM
#442
I was listening to an investment advisor / author on Bob Brinker's National Sunday radio show. He said every one of us feels at times they could have made better investment decisions in their past. It can make you feel like you failed. I know the feeling all too well. I wished I'd made better or other decisions. But as long as I can afford to pay for a C7, as a senior citizen, I haven't done that badly. Now, if I could find the right used C7 at the right price!
Last edited by Skid Row Joe; 12-08-2016 at 12:46 AM.
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12-08-2016, 08:21 AM
#444
Burning Brakes
I think this is a great debate! Very enlightening on both sides of the coin (pun intended). I also think it has a lot to do with age. And I don't mean that in a "with age comes wisdom" sort of way. I mean that in just like a 401K investment situation, you are better off with an aggressive investment approach while you're young, then back off to a more relaxed/safe investment as you get older. While you are young, you can afford to play harder with your money, you should have plenty of time to recover. Whereas the older you get, being debt free becomes very important! With that said, I bought my C7 when I was 31 and paid cash, but that was mainly because I have many other large payments and simply didn't want another!
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StingerBG (12-08-2016)
12-08-2016, 01:48 PM
#447
Platinum Supporting Dealership
I think that the main reason for this is that the demographics of Corvette buyers really hasn't changed in the way that GM was hoping.
GM was hoping that the C7 design would attract younger generations of buyers, but the price of the car still makes it difficult for a lot of younger buyers...depending on what kind of Corvette you're looking for and discounts:
http://macmulkincorvette.com/2016/12...e-think-again/
GM was hoping that the C7 design would attract younger generations of buyers, but the price of the car still makes it difficult for a lot of younger buyers...depending on what kind of Corvette you're looking for and discounts:
http://macmulkincorvette.com/2016/12...e-think-again/
12-08-2016, 04:23 PM
#449
Pro
Member Since: Jan 2010
Location: SF Bay Area, Peoples' Republik of California
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Finding out this type of info is the only reason I'm still reading this thread. I don't care about someone's personal philosophy of buying only if you can pay cash. I'm assuming a fair number of us can pay cash, but choose to take a loan anyway. So why do we do that? The reasons to get a loan are what interest me.
I figured it would be good to get a loan and pay if off quickly, which would help the credit rating. But this post indicates that that may not be the case. I have done that, and seen my credit score rise over the years. Maybe it was all my other *outstanding financial habits* that made it rise, in spite of being *foolish* enough to take out a loan on a depreciating asset...
12-09-2016, 01:52 AM
#450
Race Director
I think that the main reason for this is that the demographics of Corvette buyers really hasn't changed in the way that GM was hoping.
GM was hoping that the C7 design would attract younger generations of buyers, but the price of the car still makes it difficult for a lot of younger buyers...depending on what kind of Corvette you're looking for and discounts:
http://macmulkincorvette.com/2016/12...e-think-again/
GM was hoping that the C7 design would attract younger generations of buyers, but the price of the car still makes it difficult for a lot of younger buyers...depending on what kind of Corvette you're looking for and discounts:
http://macmulkincorvette.com/2016/12...e-think-again/
Last edited by pdiddy972; 12-09-2016 at 01:52 AM.