Paralysis By Analysis Need Help With Convertible Decision

I can buy a 2007 brand new 1,840 miles never titled so GM Money applies for about $40,000

I can buy a used 1999 used with about 45,000 miles for $19,500

I love them both and can afford payments on both.

Would not be my daily driver, would never see rain , snow etc

After sales tax, licensing etc I'd have about $44,500 in the 2007
I'd have about $22,200 in the 1999

Over a 5 year period I'd probably have more expenses with the older one because the new one has 3/36 and 5/100 on drive train

After 5 years the 2007 that lists for $57+ might be worth $26,500 if it is real low miles and garaged etc. Meaning it cost me $13,500 (plus higer taxes -licensing)

After 5 years the 1999 needs to be worth more than $6,500 with lower taxes & licensing to match the cost of the 07. Additional expenses might be offset by the lower licensing fees etc

Even though the 2007 has that new car smell and an excellent price is my logic correct if I love the 1999?

Any help including alternative year comparison, appreciated as I need to wind this process down and BUY

Thanks Susan

 

Over a 5 year period you will spend considerably less in after tax dollars with the 1999 then a new 2007. This is true for just about every car purchase. The cost of the 2007 is double the 1999 and the rate of depreciation will be higher. From a purely financial standpoint it's a No Brainer. The 1999

If it was me I'd buy the 2007.

 

Just my 2c.............so here goes. Have you had a chance to drive both cars?? How do you like after the test drives. If I had the money to make a payment on either one, smart money, FOR ME, would be the 2007. Just couldnt see paying for a car that will be 10yrs old next year. Thats just me though. You have quite the dilema. Good luck and let us know which one you get.

 

I could have afforded a C6 but bought a "new" C5 AE----partly because I don't care for the looks of the C6.

HOWEVER (unless you also don't like the looks of the C6), I would go with the C6-----there's just something about new cars!!!

 

I'll probably make a decision by Wed. It is really tough. The 2007 rides a lot better and has that new car smell. It's just the cost of owning the new one and justifying it being it will be a 2nd car for me. Maybe driven 4,000 miles a year.

Thanks for the replies so far, appreciate any and all assistance with this. My friend says "If you don't drive first class, your kids will"

 

Get the one you like best, I still like the C5 better, but I also am looking at C6s

 

I really like my C5, But if I was to do it all over again, I think I would of opted for the C6. I really don't like the dash on the C6, Looks cheap to me, But there are a lot of improvements to the C6.
JMO.

 

I don't think you can go wrong either way if you like them both.

If it were me... I would take the new one over the old one, but I won't give up my '02 Coupe.

 

Older good for you so why not for me?? Help me understand. Susan

 

If you are really on the fence here, then I would go with the C5 - lower $$$ and it has already experienced "most" of its depreciation. The C5 is an awesome car....so is the C6, but if you love both, I'd go with the C5

 

If your only planning to drive 4k a year, I'd go with the 99.

 

given all the info you listed; looks to me that the C6 would suit your wants/needs.

There's nothing like driving a brand new (or nearly brand new) car. I believe that the 1999 with 45k miles won't give you that same feeling.

 

Hi, I'm not quite sure what exactly you are comparing. Are they both verts or coupes , manuals, auto,s , fully optioned or other variables. Without real specific info, it is not very accurate to try and project future values. One thing you can say with reasonable certainty is that the 2007 will definitely depreciate at a higher percentage of purchase price than the older model.The first 5 years are the highest years of depreciation. So from a dollar back standpoint the older car will absolutely cost you quite a bit less over 5 years, barring any unforseen problems like having to replace all the major components. And you also have to consider the cost of money, financing the newer car will cost more in interest, because you are financing more money, and even if you put more money down, than that money is lost to you as far as it's ability to earn money.
All that being said, my advice would be first decide what car you like best, ie: year, coupe, vert, frc, special editions, manual, auto, options, color, and such. Then look for the lowest mileage model at the best price that you can get, make sure that you have a reputable or knowledgeble person inspect it, do a carfax, and get all the possible info that you can get on it. Have a few alternative cars that you can buy and be happy with, and then buy it and don't worry about what the price will be in 5 years. A lot can happen in 5 years and you have to enjoy the present time and like what you bought. No Matter which vette you get, if nothing drastic happens to the economy, and the availability of gasoline, all the vettes will probably do better depreciation wise than most other Marques. The Special Editions, Anniversary Models, Commemoratives, and special color and option usually returning the most.
Carpe Diem, and Good Luck

 

If I thought I was going to keep it for a long time, baby it, mabye a few mods, wax the crap out of it, like that:
I'd get the C6.

If I wasnt sure, I am just going to enjoy it, but not be too manic about it, and maybe sell it in five years:
I'd get the C5. (but still not the one with 45k, unless you have some specific reason to love that car).

There are a lot of C5's and C6's out there. I would find the lowest milage, newest one that I could afford, that had all the options I wanted.
Nothing wrong with higher milage vettes, but you already stated that you could afford a buy in that puts you in a low milage car, so why?

And as I said, if I was keeping it, a C6 if I wasnt sure, a C5.

If you drove ten of them, you would know already





BTW, I bought my 2001 C5 about three years ago with 43k on the clock for 31,000. I love the car and dont plan on getting out of it any time soon But knowing what I know now, if I were buying now, I'd probably go with the C6 (even though I like the looks of the C5 better).

 

Get the C5, it looks better.

 

Theyre both convertibles, both automatics, moderately equipped. If I find a lower mileage 1998-99 the cost seems to go up a bit from the clean one I located. Appreciate any & all input

 

Hi, That is true, lower mileage does = higher prices. But it also translates to the same equation when you sell the car. So what you pay for the lower mileage car upfront will come back later, all other things being equal. And lower mileage usually translates to fewer problems . Of course there are exceptions, but on the market, a well kept, excellent condition, low mileage car is worth more than a well kept, excellant condition, medium, or high mileage car, buying or selling. If you really love the 45k 99, that is fine, there are plenty of well kept cars with that mileage range, and I'm not saying the one you found is anything other than a clean good condition car, but you need to check the condition very closely, clean does not always equal good mechanical condition.
Good Luck

 

hmmm, both verts, this is a tough call
That seems like a good price on the C6 but it is still a lot more money. I see your dilemma. If the C5 was a color and condition that I was really happy with, I would go for it.

 

Why not drive it more? Either C5 or C6 will give you excellent mpg. The C6, especially, will give you a quiet and comfortable ride.

I (and my wife) use ours for every trip we can----short or long, rain or shine. I just don't drive it in the winter, as I have a beater to use then and my wife has her Explorer. Nor would we drive the AE to the "inner" city and park it on the street!!! The rest of the time, it's our primary mode of transportation

The other thing to consider is how long are you going to keep it. The '99 is going to get pretty old in a few years while the '07 will still be pretty "new".

I've always been a believer in buying new and driving them to 200,000 miles (which is why I still have the '67---haven't gotten it there yet ).

I'm guessing from your signature that you are the "pretty" gender. Unless you are also a gearhead, a lot of service shops may try and take advantage of you and the '99. The 07 will have a warranty.

 

Buy the C5, spend some money on MODS and take a nice vacation with the rest of the money.