should I trade up?
Pro
Joined: Dec 2003
Posts: 502
Likes: 1
From: Fountain hills AZ
Originally Posted by BigMacNYC
thanks everybody on their opinion. Most posting here are from mods and other stuff so I appreciate the economic post too! I am looking to get newer since the car is depreciating and I figure trading up now will get me closer to a new C6, which I currently cannot afford! Yes I can pay off this one now, but I do not intend to keep it. As for the new yes it would be 60 month loan but I do not intend to keep it the whole time! Any further comments are welcome 
The best car values are usually used because the depreciation hit has been greatly absorbed by the new car buyer. That is the only economic positive I read from your discussion.
Purchasing a toy, any toy - including Corvette's, boats, golf lessons - are not considered investments, but expenses. If you have your economic well being under control - meaning houses, retirement funding, college educations, and other family responsibilities - then go for the toy. Economics define how much toy spending you can afford.
Team Owner
Joined: Feb 2003
Posts: 37,329
Likes: 12
From: Plano Texas
CI 6-7-8-9 Veteran
CI-VI Car Show Winner
St. Jude Donor '07-'08-'09-'10-'11-'12-'13
Originally Posted by Yello95
With only 2200 miles on it I'd go for it if I were you.... 
And $100/mo, even if it's for 36 mo is only $3600 - I drink more than that per year (some say per month 
)
Drifting
Joined: Jun 2003
Posts: 1,510
Likes: 3
From: Life moves pretty fast... if you don't stop and look around once in a while, you could miss it!
CI 6-8-9 Veteran
Originally Posted by AC54ME
And $100/mo, even if it's for 36 mo is only $3600 - I drink more than that per year (some say per month )
Melting Slicks
Joined: May 2005
Posts: 2,549
Likes: 0
From: MDT
Originally Posted by Cole
The best car values are usually used because the depreciation hit has been greatly absorbed by the new car buyer. That is the only economic positive I read from your discussion.
Purchasing a toy, any toy - including Corvette's, boats, golf lessons - are not considered investments, but expenses. If you have your economic well being under control - meaning houses, retirement funding, college educations, and other family responsibilities - then go for the toy. Economics define how much toy spending you can afford.
Purchasing a toy, any toy - including Corvette's, boats, golf lessons - are not considered investments, but expenses. If you have your economic well being under control - meaning houses, retirement funding, college educations, and other family responsibilities - then go for the toy. Economics define how much toy spending you can afford.
i'm with cole on this one big time. bub
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Most Expensive Corvettes Ever Sold on Bring A Trailer
Brett Foote
10 Things Every Corvette Owner Needs (2026 Edition)
Michael S. Palmer
8 Most "Only Corvette Owners Understand" Quirks and Problems
Pouria Savadkouei
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Race Director
Joined: Mar 2001
Posts: 14,480
Likes: 132
From: PA
Originally Posted by LiquidDI
No way I would do it for the simple fact that the top must come off for me. I can add 50HP easily to any regular C5. Z06 top not coming off means no no.
Pro
Joined: Nov 2003
Posts: 594
Likes: 0
From: Los Angeles Ca
Originally Posted by Cole
I cannot belive anyopne would think like this. The newer car depreciates more because it has a bigger base from which to depreciate. It is NEVER wise to buy a car until the replacement cost is less than the repair cost - something that almost never happens in our affluent society. Economics say - keep the existing car - eliminate the payment - save the 100/per month in an account and PURCHASE a newer car when you have the cash in hand.
The best car values are usually used because the depreciation hit has been greatly absorbed by the new car buyer. That is the only economic positive I read from your discussion.
Purchasing a toy, any toy - including Corvette's, boats, golf lessons - are not considered investments, but expenses. If you have your economic well being under control - meaning houses, retirement funding, college educations, and other family responsibilities - then go for the toy. Economics define how much toy spending you can afford.
The best car values are usually used because the depreciation hit has been greatly absorbed by the new car buyer. That is the only economic positive I read from your discussion.
Purchasing a toy, any toy - including Corvette's, boats, golf lessons - are not considered investments, but expenses. If you have your economic well being under control - meaning houses, retirement funding, college educations, and other family responsibilities - then go for the toy. Economics define how much toy spending you can afford.
We tend to not look at the big picture at times when comes to these beast that we drive.
I say save your money take care of your Retirement, Investments, Homes, and Family. Hey has anyone noticed that most people that have purchased the new Z are over 40 and 50's? Cause they waited to take care of all the priorities and then purchased the toy.
Just my 2 Cents worth.
CN RED
Pro
Joined: Dec 2004
Posts: 705
Likes: 0
From: Queens NY
Originally Posted by Cole
I cannot belive anyopne would think like this. The newer car depreciates more because it has a bigger base from which to depreciate. It is NEVER wise to buy a car until the replacement cost is less than the repair cost - something that almost never happens in our affluent society. Economics say - keep the existing car - eliminate the payment - save the 100/per month in an account and PURCHASE a newer car when you have the cash in hand.
The best car values are usually used because the depreciation hit has been greatly absorbed by the new car buyer. That is the only economic positive I read from your discussion.
Purchasing a toy, any toy - including Corvette's, boats, golf lessons - are not considered investments, but expenses. If you have your economic well being under control - meaning houses, retirement funding, college educations, and other family responsibilities - then go for the toy. Economics define how much toy spending you can afford.
The best car values are usually used because the depreciation hit has been greatly absorbed by the new car buyer. That is the only economic positive I read from your discussion.
Purchasing a toy, any toy - including Corvette's, boats, golf lessons - are not considered investments, but expenses. If you have your economic well being under control - meaning houses, retirement funding, college educations, and other family responsibilities - then go for the toy. Economics define how much toy spending you can afford.
Good advice to live by, I wholeheartly agree.Automobiles take the brunt of depreciation within the first three years (for tax purposes it used to be 1st year - 20%, 2nd year - 32%, 3rd year - 19%, 4th year - 12%, 5th year - 11%, 6th year - 6%). Although market value doesn’t depreciate along these lines, they’re similar. Think about it - at the time a new ’00 went for $40k+, now it’s worth mid $20’s?
Let’s say you keep your ’00 and, like you said, you want to eventually get a C6 so you’ll sell in 2 years, you’ll still get $20k for it – that’s only a $5k hit. BUT if you buy your ’03 Z06 for (I’m assuming) high $30k’s, in 2 years it’ll worth high $20k’s. That’s a $10k hit you're taking and that’s not even factoring in the additional $100/mo you’ll be paying. Plus, if your current loan is almost paid up, you’ll be driving debt free instead of another 5-year loan on your back. If it were me, I would finish paying off the current loan but keep up the current payment plus $100 – and deposit it into a savings account. In two years I would have enough cash and trade-in value from the ’00 to buy that C6!