So here's my situation:

I am one person with 2 car payments.

I have a 2004 Dodge Ram 4x4 Quad Cab Diesel.

I recently (end of March) purchased a 98 Coupe so that I would not have to make any more payments on my ex's Honda Element. I had tried to sell it and even when I was giving it away, there were no takers. Got a good deal on the trade and have loved every minute with the Corvette.

Here's the problem:

I don't really need 2 cars and I can't do what I do without the truck, mainly haul big stuff around. I used to just have a motorcycle and my Ford Escort GT hauled that around the country with no problems. If that was my situation here, I would just put a hitch on the Corvette, but alas, I need to be able to haul drywall, car trailers and boats, etc.

Also, the Corvette was purchased with the intention of doing track days, but as I have driven it in the mountains, the automatic just seems ill-suited for track days. At the very least I will have to add a massive tranny cooler. The car has the F45 suspension and will need to have a serious upgrade (either Z51 or Pfadt) before it will be track worthy.

If I get rid of the Corvette now, it will probably cost me a few thousand to make it belong to someone else. Doing that will save me almost $500 a month and allow me to get some bills paid off very quickly. I figure I could have everything (credit card, student loan, personal loan, and truck) paid for in under 3 years without any impact on my current lifestyle. If I suck it up and live cheaply, 2 years or less is reasonable.

I absolutely love driving the Corvette but have access to an S2000 that used to belong to me whenever I want it. It's not the same but it will do for a romp in the mountains when I need to clear my head.

Opinions? Everybody has one...let's hear them.

I'm basically trying to decide whether I should dump some large dollars into the car and stay in debt or dump the car instead and get money ahead.

Thanks,
Rad

 

You know the RIGHT answer. You're looking for some guys to talk you out of it and tell you to "keep the Vette"

Dump the Vette and $500 payment. Pay off your debt. Save some money up then buy a Vette for cash and Mod to you heart's content.

 

If it were me I would sell the Vette and get everything paid off. Then by the time you are ready for one again maybe you can get a good deal on a used C6 Z06.

 

I figured if I could get Vette people to tell me to sell it, that must be the right answer.

Posting ad in 1998 For Sale. Pics to follow when I get home.

Rad

 

Sorry but I'd lose the vette.

 

I agree. If it is not necessary to pay interest, don't do it
unless you have to. Get your dept paid off and then play!