yeah if i can eliminate my car payment or bring it down immensely, i can definitely start working out stuff. im gonna take some trips to the desert for the air force and get some cash building up.

 

Working since i was 11 years old , delivered the morning paper, the evening paper and picked up trash. Went to school and fell asleep. The teachers knew that i worked all night and would just leave me alone. Got drafted in late 71 , did my time and did it well. Learned everyting I could , never left a page unturned. What I could not figure out mentaly, I applied muscle too, Whatever I did, I did it well, Now I'm a tired old man , with multible properties and a happy family. I paid cash for my incredible inground pool, for all my Harleys and last , but not least, The most incredible car to ever hit the highways , My C-5. The way i see it , a lot of people did better , a lot of people did worse, I'm just an average All American Joe , With a C-5 SMILE

 

dealer found me an internet bank,%2.75 for 6 years on a 04 c5.

 

Hi

I have always had vettes since 1964 on and off but my wife believes that if l can't pay for it l can't have it. It's getting tougher now with the prices these days. My last vette C5, killed me when l wrote the check after selling my C4 but one must move forward.

Alan

 

Actually, I've worked since I was 13 (43 now). I bought a lot of toys, bought a house, got married, had kids, sold the toys, kept Mom at home with the kids while I worked, did side work, started my own business, then bought a my Vette at 41. Work before pleasure. It makes the toys more fun.

 

I'm 42 and my my two teens never go anywhere with me and my wife anymore. I haven't bought my first Vette yet (C5 Z06) but will hopefully have one soon.

I'm riding around in my SUV the other day and realize why am I driving this thing, I can get a vette! . I've already got the dealer I bought my SUV from looking for what I want so I'll be trading big blue. The C5 will be my daily driver. I'll buy me a used pickup later to pull my 1st Gen RX7 race car to the track.

 

Mine is just a toy and I don't make payments on toys.

 

Worked hard all my life for one federal agency, now almost 30 years! Lived pretty frugally all our married lives to save $$$$$ for 3 kids to go to college, two done this June, one more to go. After first five years of marriage learned to keep cars forever. Doubled money on our house in Portland over 11 years, yes slow, but felt great. Moved to HI and lucked out, nearly doubled money again, but in just 6 years. Have paid for last 5 cars in cash starting in 1988 with a base Sentra, and just recently with my 02 C5. Work hard, save, enjoy some, but not wastefully as in turning cars over year after year...that is a good way to stay in the hole. With some luck too, you will be fine, but from my very meager start (mother worked hard at Sears and raised my sis and me all by herself) and needing to earn it all on my own, I learned to get what I need and not what I want for many years. Now life is good, and soon to get better when I retire, and I feel damn good about earning it all the good old fashioned way-work, work, work, and patience. Oh wow, sorry to preach! Jon

 

not rich but i like to think i did things the right way(at least for me), wanted one all my life, married had 2 great kids worked hard and put them thru college. now in my late 40's i inherited some money and my wonderful wife said to get my toy so i did, a 01 vert that yes i paid cash for-the only way i would own a toy.

 

Bought mine for cash but only after working and saving for it, and it was well worth the wait.

 

I paid cash for my '98 last fall. Sold it and paid cash for the '03 a couple of weeks ago.

I also paid cash for my '06 MX-5.

The only thing I make payments on is the house. If I can't pay for it, I don't need it.

 

and still smiling (while driving the Vette anyway)

 

On my third vette. and it is worth it

 

Before last Friday the last car I financed was a F&*D
Thunderchicken I ordered in Vietman in 1969...Needed
the rear seat since I already had a child when I got my greeting letter from Uncle Sam....

I received my 1st Social Security check in February
and what better use for the money...

Uncle Sam is paying for this new baby, since he cut me out of the Family loop with my first Baby (my daughter)

.....Paybacks are HELL ...

Bob

 

I had to get my 3 boys raised and off to college on scholarships. Having a pension (23 yrs as a cop), a good salary in my current job and a wife with a good salary helps alot. Hard to say if the scholarships or the pension are paying for it but I'm loving it either way!

 

From a strictly financial point of view paying cash is probably not a good idea at this time. With car loans available at 4%, you are better off investing that $50,000 and financing the car. With careful investing you should be able to easily exceed a 4% rate of return on your money over the long term. Even a boring CD right now pays about 5%.

From a peace-of-mind point of view, paying cash is another matter. Some people just don't like to owe money regardless of the financial aspects or they get some cosmic gratification from handing over a wad of cash. Don't think the dealer will like you any better though. He would rather have you finance it with GMAC because he makes money from that too. You may even get a better deal on the car if you finance with GMAC because the dealer will make money from that.

If you do finance it, which I recommend, do not get more than a 4 year loan. The reason is that it is much easier to get yourself underwater and stay there a long time if you finance longer than that. If an emergency arises and you have to sell the car while you are underwater, you will find yourself having to write a check to the bank to sell your own car! Because the monthly payment is lower it is very tempting to get one of those 5,6, or even 7 year loans but resist the temptation. Save for a bigger down payment if you have to.

I always do the best thing from a finance point of view. Money should be employed where it works the hardest for you.

Now, to answer your question, I financed mine with a 4 year loan at 3.99%.

 

slwhite makes some very good points about financing. I agree 100% that you should not pay cash right now if you have the $50k because interest rates are so low.

I personnally wrote a check off a home equity line for both of my cars so that I could deduct the interest.

 

I'm retired. We have plenty of dough, but my wife (bless her) is cheap! She figured I alread had enough "toys" when I announced I was going to get either a Vette, Viper, Porsche or XKR Jag. Luckly I had some dough stached in a secret place plus sold one of my watches on ebay (don't wear any of my good watches anymore anyway). The rest is history.

Test drove a Jag, but nothing happened when I punched it. All the Vipers have damn near zero miles - I don't understand why they aren't driven and that concerned me. Wife has a Boxster which I can't fit in, sat in a beautiful Turbo Carrera, but that didn't fit either. When I test drove a vette and punched in getting onto the freeway that was all the "sales pitch" I needed - done deal. Stayed around $30K just to keep peace in the family, but if this goes the way of the motorcycle (s), I'll be upgrading soon!

We have no debt and suggest this to anyone who can afford it... lol





.

 

Interesting story - mine was a gift to myself. I'm 31, a pharmacist, and could afford it, but I couldn't FIT into the car (I used to weight 407 pounds, now I'm around 230). I had weight loss surgery (for my health and to be around for my family). I told myself that when I lost enough weight that I could click the seatbelt I would buy one. That happened in August 2004, when the 04's were being pushed out the doors to make way for the C6. I got mine for about $2k under dealer invoice and 0% for 60-month, so I decided to keep my cash for some other things. I've never regretted it.

Before surgery & weight loss (me on the right):


The day I bought the car (about 6 months after the above pic)


Recent pic in the Smoky Mountains (a year or so later)

 

Just got my 99 vette not to long ago im still in High School and work 2 jobs.. my payment is 640 a month and that is paying it off in 3 years, also my inscurance in 125 a month. good luck