Is this possible??
Burning Brakes
Joined: Dec 2004
Posts: 1,067
Likes: 3
From: Lost in the Pine Barrens with only ketchup and relish packs, New Jersey
Well, I just read most of the answers to your post and remember most if not all were coming from people who already own a vette. My advice, GO FOR IT! Noone can say that owning a vette is a good economical decision no matter how much or little debt you put yourself in to do it. The bottom line is, if you can afford the monthly payments and will be satisfied with it- keep the vette for at least ten years and enjoy every minute of it- it will have been worth it!
Good Luck!
Good Luck!
Melting Slicks
Joined: Dec 2004
Posts: 3,049
Likes: 0
From: The second childhood is the best one of all.
Originally Posted by bb609
For $400 per month payment, 5 year term, that equates to about a $20,000 loan. Deduct the nut you owe for the lease car ($8-9K?) and it doesn't leave you much to get into another car. Wait out the term of the lease and start fresh IMO.
That is the best advice. Also, he'll have a hard time getting a loan for 60 months on a 97 to 99 Corvette. It will have to be that old to get into his comfort zone for the payment.
Melting Slicks
Joined: Apr 2005
Posts: 3,469
Likes: 4
Just wait it out. Put whatever extra you can afford over the next two years into your "down payment" account and see where you are when the Malibu lease is over. The last thing you want is to take on more debt now.
And don't worry, the two years will fly by.
And don't worry, the two years will fly by.
Scientific Negotiator
Joined: Jul 2005
Posts: 6,727
Likes: 2,031
From: USA
St. Jude Donor '07-'08-'10, '14
Originally Posted by bigcap
We have 720 credit and about 4,500 K to put down on another vehicle .
Advanced
Joined: Apr 2006
Posts: 82
Likes: 0
From: Asheboro NC
I heard a financial advisor say "you can't borrow your way to prosperity" and that might apply in your situation. If vehicle debt is causing you grief right now, more vehicle debt could just make things worse. I waited years until I could pay cash for a C5 and bought a near perfect 98 with 41K miles for 19K two weeks ago. It's great to have a dream, but don't let it become a financial nightmare for your family. 
Melting Slicks
Joined: Aug 2004
Posts: 3,151
Likes: 294
From: Opelousas, Lousiana
CI 6-7 & 9 Veteran
Originally Posted by NCDW
I heard a financial advisor say "you can't borrow your way to prosperity" and that might apply in your situation. If vehicle debt is causing you grief right now, more vehicle debt could just make things worse. I waited years until I could pay cash for a C5 and bought a near perfect 98 with 41K miles for 19K two weeks ago. It's great to have a dream, but don't let it become a financial nightmare for your family.
Delayed gratification can be much sweeter. Anyway, a high mileage 98-99 Vette could really bankrupt someone who cannot afford to maintain it properly. Even a low mileage C-5 is somewhat costly to keep up. Keep the malibu for 2 more years and learn a valuable financial lesson...
