Well I signed up to reenlisted in the Navy and they are offering more change than I thought to do so.
I have to make a choice coming up in my vette relationship. I chose to stay in the vette world one way or another.

Choices:
1) Keep the 96 pay it off and buy a second DD (Camaro or WS6)

2) Sell the 96 and get a 06 C6 and a beater truck.

I will be paying off all my debt and setting aside a CD for me and my child. When all is said and done I should have $25000 + trade in left to play with, now to deside about the C6.

Help me its driving me crazy. what would you do.......

 

to me a C6 is a no brainer, just go drive one and a older truck for a DD the Navy must be throwing some serious cash around

 

yeah basically I was coming up for reenlistment and my luck finally kicked in after 23 years...

Basically message traffic came thru saying they are going to double the reenlistment bonuses for Fire Controlmen. Than on top of that when Im due to get the money I will be in the Gulf. Which means TAX FREE and I get hazard duty pay also.

Basically if I said "F-it I could buy a new Z06" But I would have all my debt and no CDs, I gotta play it smart. Im looking for a voice of reason from you all...

 

Don't want to put a damper on this but don't forget to put something aside for the IRS.

Go for the C6.

 

IRS can't touch any of it cause all is accumilated in a different country. While we are in a TAX-free zone we arent subject to US regulations. Im not to keen or up to date with the IRS forms and laws. But as far as I know everyone that reenlisted over seas got their full amount with no deductions. If you can find something that states otherwise I liked to see it. I hope they dont get anything lol

 

Sorry to say I would look beyond Vettes and put the money in some safe investment that will provide for you and your family in the future. There is plenty of time for toys but someday you'll be looking towards retirement and wonder where all your money went. Now, if you find or are married to a very rich lady then all bets are off. But from experience I'd say have fun with some of it, but seriously think about the future. Good luck and be safe on deployment!

 

 

I have to agree 100% here.

Cars are...well...cars.

Here's my take on the matter sailor.

If the cash is that good, I'd find a good financial planner, and follow his lead Everyone does something well in life. Obviously, you do F/C very well Let the planner do what he/she does well.

Despite common opinion, some debt is actually good to have. Depending on what you have for debt, I'd probably pay off any high interest loans, and maybe the car, then I'd invest the rest

Remember, next year and the year after and the year after that, and the year after....well, you get my drift...they'll still be making the "next great vette"
When you're ready to retire (which sounds like maybe the end of this hitch?), if you've done things right, you'll have your family taken care of, be able to retire without "having" to work, and be able to pay cash for the vette you want.

Also, buying now, then being deployed, just doesn't make sense

Wait until your feet are firmly back on dry land for the last time, then go get what you want

As a final note, God forbid the worse case scenario (as a cop and former military type, we have to think of these scenarios ), make damned sure your family is taken care of!!

Whats she gonna do with the vette if you're not here? The resale on these things suck *****, and as many do, she may feel obligated to keep it as a memorial to you

Bottom line, I'd make sure we were financially secure and comfortable for now, invest and wait. Spend a little $$ on what you have and enjoy it while you're in town. Save the big buy for the end of the cruise. Besides, if you do it then, what a retirement present Grab the keys, your lady and head for a road tour instead of a Gulf tour

I'm over 50, retired once and working on my 2nd one via business ownership. Finally got my head outta my azz and now have a good planner and am now steering a solid course for the future

I only wish I'd had this advise 20+ years ago.

Fair winds and a following sea my friend....stay safe.

Gordon
Semper Paratus

 

I would keep a large chunk for the future for a down payment on a house. Without a big down payment you pay $$$ in long term interest.

 

STREETKNIGHT

I agree and well put just the insight I like to hear.

I just feel that yeah the payoff when you 50-60 years old would be great. But the most important thing in life is time... Do I wanna use it up by saving and not being free to do anything I dream. I can save and save but what if I dont make it to 35. My money and sacrific go to everyone else. BTW if I do die in most cases the Navy will present a 1/2 mil to my daughter. Which I set up for her to have access to 25% til the age of 18 or college.
Yeah I was going to wait til after deployment like you said.
Last time I went to a financial planner they didnt help at all. It was a Navy one (Thats probly the problem)
Im still young and arrogant but at least I see that and its half the battle. I guess I could lean to keep mine and get a DD and save money.

 

 

I would keep the C4 and get a beater truck for a DD
Then use the cash to pay off the 96
Invest after that

 

I kinda misread your second post. I took the 23 years to mean you had 23 "in." Hell, you're only 23 years old!!!

****, depending on the amount they offered you, I'd at least get a nice C5 or used C6. I would not spend money on a new car unless it was a retirement present to myself! Too much stealership gouging and too much depreciation

You're right about the navy planner. Go out in the real world and find someone whose done well not sucking on uncle sams teet

Make sure the planner you use OWNS his own building vs. rents and get some background before you decide. **** renting a building is an idiot! Mine owns his space lock, stock and barrell and even rents out part for profit. Now THATS what I'm talking about

I'd still put a sizeable chunk away in an investment program

I never thought between the military, law enforcement and the way lived, kinda ***** to the wall, that I'd ever see 50, now look at my dumb ***!!

Plan for tomorrow, live for today and find a happy medium between the two:thumbs:

 

Now you're talkin'.

Let me tell you a story from 1985...

I was an Air Force CCT (Combat Control Team). If you've never heard of us, just ask a SEAL if you know any, or do a Google search.

One of the guys that trained me back in '81-83 was in on Desert One, the failed Iranian Hostage Rescue mission. I was ready to decide about reenlisting , which included an SRB of 4X base pay which was HUGE back then. I was seriously considering it. Lots of money for a 25 year old.

I sat down to talk to this particular E8 about his looming retirement over a bottle of Jack Black.

He told me what he would be making in retirement pay, and it was almost exactly what I was making as an active duty E4 with hazardous duty pay for parachuting and demolitions.

That was it for me. Got out and was hired by the FAA as an Air Traffic Contoller in '85. Been doing it ever since and will retire in 2010 at age 50.

All my buddies that stayed in and weren't killed over the years (7/11 from my input were) have retired recently as E8-9s. They all have to supplement their military retirement with real jobs (not the part-time kind) because they have mortgages now, most for the first time ever, and kids in their mid to later teens.

Okay, spend $5k of it on something that pleases you.

Save/Invest the rest. You'll be glad you did.

Thanks for your service.

 

Save now and enjoy later.It's hard to play catch up. Buy a C6 when the C8 comes out.

 

Let someone else take the depreiciation!

$50K new vette = $20K car in three years
$50K invested now=$300K in 20 years (assuming 10% simple Int=avg. index 500 fnd)

Buy a good used one that is not modded out and you wont lose much at all!

 

I hope some more of our young Vette owners and forum members read this thread. It might help the become old Vette owners and forum members. Lots of good advice and experience shown here.

 

I think it's great that on a corvette forum so many people have chosen to look at life in general and not just the car. Some excellent advice is being given.

Something to consider, coming back from Iraq, my best friend took his extra money and bought a new truck, I bought a rental house. His truck is now worth less than half what he paid, my house is worth 3 times what I paid and gives me income every month. Using that type of mentality I had 3 houses paid for by the time I retired and 2 more that will be paid off before I'm 45. I'm not saying I'm real smart, lord knows I've done some severly stupid things with money, most all of them involving cars. My daily driver is a 1993 pickup, it's the last new vehicle I bought and serves as a daily reminder of the foolish things I have done.

My son bought a new computer, he's a pretty smart kid so I used it as a teaching opertunity.
A broke person would buy it on credit. A $1000 computer paid off over 4 years at 21% interest comes to $1486 total. He will continue to be broke as long as he continues to be foolish.
A normal person with a bit of sense will pay cash and spend the $1000. He won't get rich, but he is not going to be broke either.
A person desiring to be wealthy would invest $5000. At a 10% return rate that comes to $1087 every 4 years. He will have computers the rest of his life and never have spent any of the $5000 he started with.

This money is an oppertunity to change your life forever, or it's an oppertunity to look cool for a few years. The first step to success is to not let your ego run your finances. Change your life man! Pay off all your consumer debt, spend a few grand just for the fun of it and invest the rest. Then take that money you used to spend on debt service and save it to use to fund your future vehicle purchases. Life is much easier when you're playing with a lead.

 

Def. good advice here...If I were to buy a C6 I would never buy new. You guys are right on the Cons of buying a new vette. I would hunt or travel to get a C6 for around $30-$35k used. Sell my vette for $10-$15k. That will be down payment and I would finance about $20-$25k.

Basically the Navy is giving me $75,000 to reenlist for me to do a total of 10 years in the Navy.

I do have daughter to think about but so far I've stashed about $7k in a IRA for her. Plus if I reenlist it will put her in the 10 years bracket of getting my GI BILL. So she will have college paid for buy the time she gets to go. I will be throwing more money into a IRA for her. The mother Im seperated from so my daughter is my only concern.

My ego is my enemy your right...I just wanna see my pay off and my hard work parked out front in Daytona Sunset Orange. Did I mention it will have Navi and everything..

Ok I will try and be responsible... I will pay off the Vette about $10k and I have about $5k in loans to pay off. And one credit card. After that I will buy a DD (Probly a IROC). Im going to get a second job for play money at Autozone so I fix up the Camaro. And save some money...

Why is saving so painful?

 

Why is saving so painful?: Youth! When I was in Viet Nam I had the chance to reenlist, NO WAAAY.

Invest now, play later.

Hugh