Very well said The above is good advice.

For me it was always much more important to be able to live on my own, than to own a new car. Course I didn't need a fancy car to pick up chicks

 

Do it... why not....hehe

 

Use your head, think things out & buy the car!!!!!!

Realize your dream!!!!!!!!

Good Luck!!!!

 

Thank you for all of the responses.

First, I live in the desert no snow here coldest it gets is 40 degrees lol.

Second, I have got an insurance quote 340 a month with a 500 detuctable or 275 with a 1000 dectuctable. I think those #'s are fantastic. I have a clean record after almost 2 years. The guy that owns the insurance company (farmers) said the bank probably wouldn't allow me to get the 275 a month . The payments wont be that high because I would have put so much down, around 300. Total of close to 750 a month which really isn't anything. I won't be embaressed to say it, but the job pays 23k a year working for the government (im indian, had an easy in for the job). So I wouldn't pay tax, license, or registration - about 1000 right there. Making 1500 a month and using 750 a month wont hamper me that bad.

Third, I will probably help my parents out a little bit.

Fourth, I will be going to a community college working for my AA wont cost that much, grandparents paying for that . Would go at night!

Fifth, I have been a huge fan of chevy. Im sure im a step ahead of myself, but as some of you said im young and stupid so go for it. Best to learn from my mistakes now.

I had other things to say but forgot been a long day.

THANK GUYS!!!!!!!!!!!

 

lol...those numbers are fantastic? you're paying about 4k a year for insurance. i got a hard time believing you're ready to take this on.

i make over 100k/yr as does my wife and i had to think long and hard about buying a used vette..

i'm 28 and just got my '02 z06.

but i think you've already made up your mind to buy it, so- good luck

 

Wow! At 18 you are considering a Vette. When I was 18 I was in the Marines only dreaming of a Vette. I finally got mine last year at age 51. I guess only you can decide what's right for you. I guess if I could have afforded one when I was 18, I probably would have gotten one. When you are 18 you don't process anything like you do as you get a little older and after you've been kicked around a few times. Like the old saying goes, "you tell 'em horsesh_t, you've been on the road." I found at your age that sometimes the chase was more fun than the catch. In other words, you think you are lusting for something, and then when you get it, it turns out to be no big deal and you wonder why you did what you did. I can't speak for all the guys that finally got their dream Vette at around my age...after working our butts off and raising our kids, putting them through college, etc., but when we did get our Corvettes, it was a mighty special dream come true. I feel like I'm talking to one of my sons here, but think this through before you make the leap. I think getting your college education should be priority one. If your folks are going to help put you through college, that is great! But, you should have some skin in the game also. Maybe it is just me, but I have a hard time thinking about an 18 year old freshman driving to campus in a Corvette. But, it is your call. Do what you want, not what everyone else thinks you should do. Time to learn the concept of independent thinking. Let us know what you decide. Best regards, Dan

 

Don't forget to budget in at least $100 a month for gas... that's just 2 fillups these days, assuming you're only going to drive enough to warrant filling up once every two weeks.

 

Look, I understand you are young, but please at least try to listen to some of the "don't buy just yet" advice. Most of us had to learn the hard way, and are only sharing the luxury of having 20/20 hindsight.

First, $750/month IS BIG MONEY. I worked 30 hours a week and was in NROTC in college just to drive a POS VW, make tuition payments, pay fees, buy books, pay for insurance, and a few living expenses and STILL had to live in my grandmother's basement. Sucked, and I hated my college experience because of my money situation.

Also, don't think your parents have ANY obligation to pay for your education as someone else suggested. Thats about the craziest thing I have ever heard.

I'm only 35 now and I TRY to stay out of debt. The only thing I owe on is my home, have a nice nest-egg in the bank and investments, 2 kids, 3 paid-for cars (including the vette) and my wife doesn't work. All in all a pretty good life, but at almost 40% of what you earn to drive a car is nuts! You haven't even factored in the other incidentals you'll need to drive the thing...you might as well make it a grand/month to own that car.

Why not live at home, go to school, work and save to buy yourself a REALLY nice suit and the corvette for graduation....cash. Put on suit, drive 'vette to perspective place of employment and knock 'em dead on the interview. Don't try to a be the "man" now...you'll just end up looking like a poser. Wait a few years and REALLY be the man...

DON'T be held hostage buy the bank at such an early age!

Just my VERY HUMBLE $.02...hope this didn't serve to offend!

R/
Dustin

 

Geeeeze... $300+ a month for insurance alone!? Thats crazy. That alone would dissuade me from buying a car. My insurance is $120/mo on my car and I think that takes a bite out of my paycheck. Just think $750/ month if you SAVED that money will add up REAL fast. Invest wisely and it could yield some huge returns. Fast forwards 5 years when that C5 is got 100K miles on it and is worth nothing after pouring all that $ into it.

Not to mention, you're young, want to stay mobile. What if you feel like not working for a bit either to take a trip somewhere or just concentrate on school or do some studying abroad? Having a huge car/insurance payment would certainly hamper that. I like the fact right now, if I quit my job/got fired I could survive for almost a year.

Take it from someone who was in your shoes. I put ALOT of time and money and thought into my car when I was 18-20. I'm now 24 and I'm STILL working on my first bachelors. Concentrate on getting out of college, worry about the stupid stuff like a car later. I sound like what my dad sounded like but getting thru school right now is your #1 priority. NOT a car!

Its not just this one incident, if you get into a bad habit of buying stuff a little over the top, you're gonna wind up like most the rest of the country, in debt with no savings.

 

I know it's not the fun thing to do, but invest your money in your education. There will always be Corvettes around. Get your education and a good job and get the Corvette as a graduation present.

 

I bought my vette when I turned 21, I put 8k down, financed 17,500 It's been about 8 months, and I owe 15k on it, I got a 6.4% interest rate. I wanted to make sure I was not upside down anywhere in the process, and I succeeded without any issues. Insurance was not bad at all for me, I'm a good driver, and I have a good attourney. my insurance is 205 full coverage on the vette, and liability on my taurus. My payment is 335.00 a month. Just to give you an idea, thats really not that much at all, I pay 540 a month to drive a vette, I'm pretty damn happy.

I love the car to death, but I've always wanted to have the baddest *** toys I could get my hands on, so I'm just working my way up to a mucielago and a c6 z06.

oh yeah! checkout my new daily driver, I bought it last week and already dumped some cash into making it look nice! airbags!

 

Thank for everything again

My grandparents are paying for my schooling not my parents. Its a community college it's not that much. Like 2 grand a year or something. Insurance will be high because im a kid. Its a bitch, but paying 300 to 350 a month is OK with me... If i can get the 1000 detuctible i pay 250 a month. I am not buying a corvette now, some have misconstrued that. I am saving for 6 months to put down a large down payment to save in the long run. I am not financing 17k like one man did above. I will be financing 10k. Which is less than 300 a month for 48 months. Making 1500 a month after taxes is solid when u dont pay any bills AT ALL. Only about 600 a month total for a corvette! I will have 900 left to burn! All of this is 6 months from now I hope. Pretty far down the rode.

 

A long time ago, when I was a young lad (I don't really think I'm that old) living at home allowed me to play with cars at a young age. It really helped that my father was a drag racer when I was a kid (remember when they had starters with flags?) and also into Harleys. I would go for the car. Sometimes life can be shorter than you plan, don't be one of those that wishes they had done some particular thing but never did. The only problem I foresee about someone your age living at home with a Vette is where are you going to take all the girls you are going to meet with that car?

 

You live in AZ. so here is my advice. Save your $1000/mo for 6-8 months or borrow 7500 from your parents right now if they have it. Put the cash down on a new 125-150K 3 bedroom house[which believe it or not is possible in the Phx. area.] Your payment will be around 1000/mo @ 6% . Get a roommate to pay 500 plus 1/2 utilities. Now save your 500/mo for one year while you go to school and have your own place which will probably appreciate 25k in the next 12 months. After 12 months refinance for an additional 17k for 30 yrs.rolling in the closing costs. you will net around 15k plus the 6k you saved at 500/mo=21k. The increase in the house payment will be about $104-$111/ mo. You raise your roommates rent $60 bucks /mo. and pay 21k cash for your Vette with a net cost to you of $51/mo. on your mortgage payment, all of which is tax deductible. In 4-5 years rent the house for 1500 or more/mo. and take the extra 500 plus what you should earn with a college degree and start over with a 350K+ house! It works for me! Good luck. I hope you can find a balance between owning the car of your dreams and getting the education that will pay for a whole future of Dreams!! FLYZLOW

 

as i said before- he's already made up his mind to buy the car...

 

the real question is , once you get the vette will you have enough money left over for hotel rooms with all the girls your gonna get with the vette?

 

That's the best advice in this entire thread. I wish someone had drilled that idea into my head at 18.

 

I goto the Naval Academy, Im 19, I make a total of 850 a month (200 from the navy the rest from a structured settlement and a loan i gave a friend)and have 400 in insurance and payments, I took out a 5k loan which Im about 1/5 of the way through. My finances at the moment are tight, because i just spend 7 more grand on a TT kit, so i will have to eat in for the next few months. no biggie. When im not here, i live with my parents and i cannot, even if i wanted to own my own place. On the other hand i have 100k invested (from the same settlement) So its more than doable if you ask me, i make less in a month than you do and i also have no expenses, but i also dont drive my vette while it sits at home so i dont have gas costs, thats something ot think about. I had a dream of owning a vette to. It depends on your way of thinking about it, if you think of it as just a car, then some of the guys on here are right. To me its not just a car its a hobby and a passion and something that keeps me going when things in life get me down. If thats how you are going to feel, than its more than worth it. Once you have your vette, then go get a house, or whatever you want to do. Good luck and let me suggest torch red... Chicks dig it.

 

and you'll be driving the same car in 15 years still living at home. wise up guys. 850 will not even pay for food in philly.

 

Black94Camaro,

You have to realize that although you may be paying $20,000 for a car which was once $50,000, the maintenance/repairs will cost you as though it was a $50,000 car. Stuff like tires, clutch replacements, etc. will cost you an arm and a leg. (Not to mention unexpected repairs.) And once you get mod fever, you'll be paying that all too familiar corvette tax.

Gasoline won't get cheaper and although you may consider your insurance rates to be reasonable, keep in mind that it'll jump in leaps in bounds as you potentially accumulate speeding tickets.

I was in your shoes back in my early 20s. I was ready to put down a large downpayment on a new C5 while I was living with my parents. However, my parents made it clear to me that I'd have to find my own place to live if I bought myself a new $70,000 (Cdn) car at that age. Instead, they encouraged me to put that downpayment on a house and even co-signed for me. To my dissapointment, I decided to buy the house - only to get away from my folks.

Seven years later, the value of my house had nearly doubled ... and it was all tax free to boot ! I still cringe when I think of the money I would have lost if I had bought that car. Instead of gaining $150k, I'd probably be driving a 7 yr old car... and living with my parents !

After selling that home, I moved out west where I bought a beautiful new home overlooking the Rocky Mountains. I'm still C5-less but that'll be resolved in the very near future.

Sure, life is short... but that's no excuse for making poor financial decisions.

Ken.