Would I be crazy?
Thread Starter
Burning Brakes
Joined: Jul 2004
Posts: 870
Likes: 2
From: Closter New Jersey
Would I be crazy?
here's the deal, im graduating from college in the spring and I love my vette, but if I sell it I can pay off the little amount of college loans i have in one shot, So i am considering selling it right after graduation paying off my loans and starting my life in the real world debt free, I will probbaly buy a c5 after i get a stable job and another c3 sometime in the future, but am i crazy to be considering this?
Melting Slicks
Joined: Jun 2005
Posts: 2,938
Likes: 2
From: Arkansas
Nope your not crazy, just responsible. Interest on student loans can get crazy.
Nothing wrong with eliminating debts, you'll have plenty of time for another ride after you get a good job.
Go for it
Nothing wrong with eliminating debts, you'll have plenty of time for another ride after you get a good job.
Go for it
Drifting
Joined: May 2005
Posts: 1,909
Likes: 6
From: Lake Arrowhead - Georgia > 72 Base Coupe & 74 BB Roadster
You are going to get opinions from both sides here...so here goes. You said, "little college loans". Keep in mind that the interest is deductable for educational loans and when you decide to buy another C3 in a few years...it will probably cost DOUBLE what you sell your current C3 for. I agree ... you sound like a responsible guy (I assume - guy) I didn't look at your profile. If these little loans aren't eating you alive....keep your C3 if you really like it. And by the way....Congrats on the diploma!
Safety Car
Joined: Dec 2004
Posts: 4,876
Likes: 1
From: Jersey Shore Exit 98
Originally Posted by fotyfobravo
You are going to get opinions from both sides here...so here goes. You said, "little college loans". Keep in mind that the interest is deductable for educational loans and when you decide to buy another C3 in a few years...it will probably cost DOUBLE what you sell your current C3 for. I agree ... you sound like a responsible guy (I assume - guy) I didn't look at your profile. If these little loans aren't eating you alive....keep your C3 if you really like it. And by the way....Congrats on the diploma!
how much can you get for your C3 to cover your loans?? Not much. If you own another car take the vette off road & put it into storage & drop the insurance except for theft & fire. Get a job that will pay you loads off overtime. When your head is above take the vette out of storage again. .02
Safety Car
Joined: Sep 1999
Posts: 4,930
Likes: 11
From: AnyTown NJ
St. Jude Donor '08-'09-'10-'11-'12-'13-'14-'15
Originally Posted by 1982CorvetteDude
Nope your not crazy, just responsible. Interest on student loans can get crazy.
Nothing wrong with eliminating debts, you'll have plenty of time for another ride after you get a good job.
Go for it
Nothing wrong with eliminating debts, you'll have plenty of time for another ride after you get a good job.
Go for it
Do it!!
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Corvette Engines RANKED by Peak Torque (70+ Years of Muscle!)
Joe Kucinski
Corvette ZR1X Will Be Pacing the Indy 500, And Could Probably Race, Too!
Verdad Gallardo
Top 10 Corvettes Coming to Mecum Indy 2026!
Brett Foote
Top 10 C9 Corvette MUST-HAVES to Fix These C8 Generation Flaws!
Michael S. Palmer
10 Revolutionary 'Corvette Firsts' Most People Don't Know
Joe Kucinski
5 Reasons to Upgrade to an LS6-Powered Corvette; 5 Reasons to Stay LT2
Michael S. Palmer
2027 Corvette vs The World: Every C8 vs Its Closest Competitor
Joe Kucinski
10 Most Common Corvette Problems of the Last 20 Years!
Joe Kucinski
5 MOST and 5 LEAST Popular Corvette Model Years in History!
Joe Kucinski
Le Mans Master
Joined: Oct 2004
Posts: 5,269
Likes: 54
From: Orlando Florida
St. Jude Donor '05
Originally Posted by Jims79
how much can you get for your C3 to cover your loans?? Not much. If you own another car take the vette off road & put it into storage & drop the insurance except for theft & fire. Get a job that will pay you loads off overtime. When your head is above take the vette out of storage again. .02 If the Corvette is your DD you're gaining nothing as you have to buy another car for transportation.... how much are you expecting to get for your Vette ? How much do you owe ???
If it's not your DD I'd just take it off the road and store it....
Drifting
Joined: Jan 2006
Posts: 1,944
Likes: 22
From: Yooperville MI
Sell it. I have a daughter in college, she only has loans for the final year, but I know the pain she feels working only part time. I sold a '42 Pontiac Coupe to fund the first 4 years. Nice dad right? After graduation, it's nice to start out debt free, you'll need a place to live and a dependable daily driver, you can always get another Vette.
Banned Scam/Spammer
Joined: May 2003
Posts: 687
Likes: 0
Depends what car it is. Is it appreciating more than your loan interest? If not I would sell it, pay the loan and (this is the most important part) save and/or invest at least the amount that you would have been making in loan payments.
Racer
Joined: Jul 2005
Posts: 499
Likes: 1
From: Winnipeg Manitoba
Crazy? No, but if selling an 80 Vette would clear off your college loans, well, then you don't really have much debt. (10-15k?)
If you land any job, you should be able to manage this debt load.
Interest rates are low, so its actually a good time to have debt.
If you need a car anyway, it might as well be this one.
If you land any job, you should be able to manage this debt load.
Interest rates are low, so its actually a good time to have debt.
If you need a car anyway, it might as well be this one.
Instructor
Joined: May 2006
Posts: 112
Likes: 0
From: Murphy TX
I guess it really depends on the loans. First thing you are going to want to do is consolodate your loans. That will combine them into one loan and one resonable payment. As you grow in your job and make more money, you can make larger or double payments and pay it down a lot quicker saving money on the backend interest.
I do not see how the sale of a 1980 vette is going to make much difference. And now after grauduation, you will date girls, get married, purchase a house, have children, etc... That replacement C3 and definately that C5 are quite a ways away.
I do not see how the sale of a 1980 vette is going to make much difference. And now after grauduation, you will date girls, get married, purchase a house, have children, etc... That replacement C3 and definately that C5 are quite a ways away.
Last edited by Buggs; Oct 20, 2006 at 06:25 PM.
Drifting
Joined: Aug 2004
Posts: 1,763
Likes: 0
From: Fayetteville NC
I think you should do it. Young people starting out don't need to be in debt. I believe, in 5 years or so, you will be able to get a '75 - '82 C3 for about the same price as today. Maybe a little cheaper. The chrome ones from '72 back are the ones appreciating.
Senior Member since 1492
Joined: Aug 2000
Posts: 87,913
Likes: 156
From: Just because I'm paranoid doesn't mean people aren't out to get me...
St. Jude Donor '09
Originally Posted by ahoover
Sell it. I have a daughter in college, she only has loans for the final year, but I know the pain she feels working only part time. I sold a '42 Pontiac Coupe to fund the first 4 years. Nice dad right? After graduation, it's nice to start out debt free, you'll need a place to live and a dependable daily driver, you can always get another Vette.
How much is tuition?
What did you sell the Pontiac for? $120K? I'd have to sell my house, and then some, to pay for the first 4 years. 
Tuition payments are deductible BUT that only helps if you itemize. Don't think it helps if you file the short form.
Drifting
Joined: Jan 2006
Posts: 1,944
Likes: 22
From: Yooperville MI
Originally Posted by Jughead
How much is tuition? What did you sell the Pontiac for? $120K? I'd have to sell my house, and then some, to pay for the first 4 years. .
What did you sell the Pontiac for? $120K? I'd have to sell my house, and then some, to pay for the first 4 years. .
Senior Member since 1492
Joined: Aug 2000
Posts: 87,913
Likes: 156
From: Just because I'm paranoid doesn't mean people aren't out to get me...
St. Jude Donor '09
Good deal. Unfortunately Pa is still living in the 1800's. 
No such plan here.
they have a tuition program here, at least thats what they call it. Essentially then give you 4-5% a year and you must use that money towards college tuition. Big deal.
No such plan here.they have a tuition program here, at least thats what they call it. Essentially then give you 4-5% a year and you must use that money towards college tuition. Big deal.
Melting Slicks
Joined: Nov 2000
Posts: 2,507
Likes: 114
From: St. Louis Mo
Originally Posted by KALAWAY
I think you should do it. Young people starting out don't need to be in debt. I believe, in 5 years or so, you will be able to get a '75 - '82 C3 for about the same price as today. Maybe a little cheaper. The chrome ones from '72 back are the ones appreciating.
Race Director
Joined: Sep 2004
Posts: 11,874
Likes: 263
From: Arlington Va Current ride 04 vert, previous vettes: 69 vert, 77 resto mod
there will always be cars to spend money .....become debt free and live that way and it will be the best move you can ever make....