Upgrade to C7?
Thread Starter
Intermediate
Joined: Feb 2013
Posts: 45
Likes: 0
From: Clarksburg MD
Upgrade to C7?
Well.. this is a tough question. I've had my c5 Z06 for a year now. I owe 21k on it. It is blk on blk no mods and has only 38k miles on it. I am considering selling it since I have another car note that has another 3 years left on it. The plan would be pay the other off and upgrade to a new model vette. That way I don't have two car payments. I was offered 22k for it the other day which is a little low maybe IDK.
My questions are is 22k a little low?
Are the newer models worth the wait or just pay the one I have off now?
I can make it ok if I kept it... but IDK if living a little tight would be worth it. hmmm. Thanks for your help!
My questions are is 22k a little low?
Are the newer models worth the wait or just pay the one I have off now?
I can make it ok if I kept it... but IDK if living a little tight would be worth it. hmmm. Thanks for your help!
Safety Car
Joined: Apr 2011
Posts: 4,260
Likes: 429
From: Houston TX
$22k sounds like a strong offer to me. If it was paid off, I would vote keep it; however, with owing that much on it, might be a good idea to sell it. With the monthly payment you are saving, you can pay off the other car much quicker and then, once that is done, start saving for the C7.
As far as your comment of living tight, don't do it. No super depreciating object, such as a C7, is worth the extra stress each month.
As far as your comment of living tight, don't do it. No super depreciating object, such as a C7, is worth the extra stress each month.
Thread Starter
Intermediate
Joined: Feb 2013
Posts: 45
Likes: 0
From: Clarksburg MD
$22k sounds like a strong offer to me. If it was paid off, I would vote keep it; however, with owing that much on it, might be a good idea to sell it. With the monthly payment you are saving, you can pay off the other car much quicker and then, once that is done, start saving for the C7.
As far as your comment of living tight, don't do it. No super depreciating object, such as a C7, is worth the extra stress each month.
As far as your comment of living tight, don't do it. No super depreciating object, such as a C7, is worth the extra stress each month.
Thread Starter
Intermediate
Joined: Feb 2013
Posts: 45
Likes: 0
From: Clarksburg MD
Thread Starter
Intermediate
Joined: Feb 2013
Posts: 45
Likes: 0
From: Clarksburg MD
Ok...here ya go. 2 years ago I was divorced. Claimed bankruptcy. Bought a Nissan Rogue paying 430 a month 15% rate. Year later I buy z06 at 9% paying 425 a month. All this based off a big income tqx return which has changed. In 3 years rogue paid off and credit much better affording a 650 a month payment.
Last edited by tones_ad; Feb 2, 2014 at 07:26 PM.
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Le Mans Master
Joined: Nov 2009
Posts: 6,119
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From: Huntington tx
It doesn't matter what any of us think.....you already know what you should do. Is it really necessary that we give you our opinion of financial advice? If you seek monetary stability don't dig such a deep hole of debt and then struggle and live with the fear of what if's.
I like most here owe nothing on my ride and just spend what cash I save on making it what I want. Versus making a HUGE car note and never really having that ownership feeling as long as the bank holds the paper. There are plenty of financial geniuses here who will enlighten you with opposing theories of equally successful views.
Do as you wish....live with the consequences of it....drive the car to enjoy it.
I like most here owe nothing on my ride and just spend what cash I save on making it what I want. Versus making a HUGE car note and never really having that ownership feeling as long as the bank holds the paper. There are plenty of financial geniuses here who will enlighten you with opposing theories of equally successful views.
Do as you wish....live with the consequences of it....drive the car to enjoy it.
Thread Starter
Intermediate
Joined: Feb 2013
Posts: 45
Likes: 0
From: Clarksburg MD
It doesn't matter what any of us think.....you already know what you should do. Is it really necessary that we give you our opinion of financial advice? If you seek monetary stability don't dig such a deep hole of debt and then struggle and live with the fear of what if's.
I like most here owe nothing on my ride and just spend what cash I save on making it what I want. Versus making a HUGE car note and never really having that ownership feeling as long as the bank holds the paper. There are plenty of financial geniuses here who will enlighten you with opposing theories of equally successful views.
Do as you wish....live with the consequences of it....drive the car to enjoy it.
I like most here owe nothing on my ride and just spend what cash I save on making it what I want. Versus making a HUGE car note and never really having that ownership feeling as long as the bank holds the paper. There are plenty of financial geniuses here who will enlighten you with opposing theories of equally successful views.
Do as you wish....live with the consequences of it....drive the car to enjoy it.
Safety Car
Joined: Apr 2011
Posts: 4,260
Likes: 429
From: Houston TX
Certainly not everyone who dreams of owning a corvette has the luxury of paying it off quickly. My question pertains to the comparison with the c5 zo6 and it newer relatives. If I spend the time and money paying it off will I be satisfied in 5 years from now with it or would selling it and saving for a new model be more rewarding. Im certainty NOT asking for financial advise.
I know that not everyone who dreams of owning a Corvette can pay cash, but with proper planning and good decisions, it isn't as farfetched as it may seem.
Advanced
Joined: Oct 2013
Posts: 98
Likes: 0
I know you aren't asking for financial advice, but now knowing you have a 9% loan out on the C5Z, I say sell it now, especially if the offer is enough to pay it off. I'm guessing you financed around $23.5k for 72 months to get that payment. If that's correct, you are paying a touch over $7k in interest over the term of the loan. That's no small chunk of change and I say get rid of it now and focus on paying off the other car. Once both are paid off, saving $800-900 a month will go a long way towards your C7. Not only that, but you'll save a ton in interest putting down a decent down payment. Plus, every day you save up for the C7 is one more depreciation day on something that is no longer the "hottest thing" as soon as the new Z06 touches down.
I know that not everyone who dreams of owning a Corvette can pay cash, but with proper planning and good decisions, it isn't as farfetched as it may seem.
I know that not everyone who dreams of owning a Corvette can pay cash, but with proper planning and good decisions, it isn't as farfetched as it may seem.
I agree 100%
smooth advice
Melting Slicks
Joined: Aug 2011
Posts: 2,423
Likes: 200
From: Atlanta GA
You do realize that buying new Corvette at $60,000 is going to make your payments over a thousand dollars a month unless you have a really good down payment.
Based upon what you're telling us, that would really stretch your income to debt ratio.
If you desire to have a Corvette, then I would suggest you try to refinance your current Corvette and save up money to purchase what you really desire. That way you would have a Corvette now and in the future you can upgrade to whatever model you wish.
If you get rid of the other vehicle, your current Corvette is going to be a daily driver. If you buy a brand new Corvette, it is going to be a daily driver as well. Unless you have I really good down
payment, I just do not see how this is going to help your situation.
It is your life and your money, but just as all of us have desires, we should realize that there are limits we should put on ourselves to make sure our wants do not override the long term costs.Not fun for nwo but can a lot of pain later.
Based upon what you're telling us, that would really stretch your income to debt ratio.
If you desire to have a Corvette, then I would suggest you try to refinance your current Corvette and save up money to purchase what you really desire. That way you would have a Corvette now and in the future you can upgrade to whatever model you wish.
If you get rid of the other vehicle, your current Corvette is going to be a daily driver. If you buy a brand new Corvette, it is going to be a daily driver as well. Unless you have I really good down
payment, I just do not see how this is going to help your situation.It is your life and your money, but just as all of us have desires, we should realize that there are limits we should put on ourselves to make sure our wants do not override the long term costs.Not fun for nwo but can a lot of pain later.
Drifting
Joined: Sep 2013
Posts: 1,943
Likes: 4
From: Lawrenceburg KY
Certainly not everyone who dreams of owning a corvette has the luxury of paying it off quickly. My question pertains to the comparison with the c5 zo6 and it newer relatives. If I spend the time and money paying it off will I be satisfied in 5 years from now with it or would selling it and saving for a new model be more rewarding. Im certainty NOT asking for financial advise.
The C5 Z06 has performance nearly identical to the C7 coupe at less than half the price. That's why I bought mine. It's a keeper.
The C7, however, is a much nicer car. It's more refined and easier to drive. It's much more practical for daily driving and trips with its better front ground clearance, better turning radius, removable top, and better cargo area.
If you care more about performance, you will not regret keeping the C5. If you care more about having a nice sports car that is also fast, you might regret keeping the C5.
Thread Starter
Intermediate
Joined: Feb 2013
Posts: 45
Likes: 0
From: Clarksburg MD
You do realize that buying new Corvette at $60,000 is going to make your payments over a thousand dollars a month unless you have a really good down payment.
Based upon what you're telling us, that would really stretch your income to debt ratio.
If you desire to have a Corvette, then I would suggest you try to refinance your current Corvette and save up money to purchase what you really desire. That way you would have a Corvette now and in the future you can upgrade to whatever model you wish.
If you get rid of the other vehicle, your current Corvette is going to be a daily driver. If you buy a brand new Corvette, it is going to be a daily driver as well. Unless you have I really good downpayment, I just do not see how this is going to help your situation.
It is your life and your money, but just as all of us have desires, we should realize that there are limits we should put on ourselves to make sure our wants do not override the long term costs.Not fun for nwo but can a lot of pain later.
Based upon what you're telling us, that would really stretch your income to debt ratio.
If you desire to have a Corvette, then I would suggest you try to refinance your current Corvette and save up money to purchase what you really desire. That way you would have a Corvette now and in the future you can upgrade to whatever model you wish.
If you get rid of the other vehicle, your current Corvette is going to be a daily driver. If you buy a brand new Corvette, it is going to be a daily driver as well. Unless you have I really good down
payment, I just do not see how this is going to help your situation.It is your life and your money, but just as all of us have desires, we should realize that there are limits we should put on ourselves to make sure our wants do not override the long term costs.Not fun for nwo but can a lot of pain later.
Im not in any case looking at purchasing a brand new vette. But if the performance of a c6 c7 used vette for perhapse a comparable price as my current payment is worth the wait then its worth the sale. I will have a much better rate a few years from now and am thinking may be able to get a more modern vetter for 650 a month that I may like better than the c5 z06. Thoughts?
Safety Car
Joined: Apr 2011
Posts: 4,260
Likes: 429
From: Houston TX
Im not in any case looking at purchasing a brand new vette. But if the performance of a c6 c7 used vette for perhapse a comparable price as my current payment is worth the wait then its worth the sale. I will have a much better rate a few years from now and am thinking may be able to get a more modern vetter for 650 a month that I may like better than the c5 z06. Thoughts?
My thoughts are you should step back and look at the big picture instead of thinking only thirty days at a time.
Drifting
Joined: Jul 2009
Posts: 1,359
Likes: 263
I'm sorry, I mean no disrespect and I'm not "dissing" the OP. With that said if you're basing any car purchase on future tax returns you're doing things all wrong and most certainly shouldn't even consider upgrading to a $60+ thousand dollar vehicle.
You shouldn't be looking to finance a car if you're thinking, "I can afford the payments," rather can the car be paid off in a short period of time. This is how people get in over their heads and a loan rides the entire duration having paid a boatload in interest.
If you really want a C7 get rid of the C5Z, pay off the Rogue, save enough for a good down payment and consider trading in the Rogue to knock off even more. This is something of a 3-5 yr plan and if you can't wait those few years that's evidence you're most certainly not ready for such a financial endeavor.
You shouldn't be looking to finance a car if you're thinking, "I can afford the payments," rather can the car be paid off in a short period of time. This is how people get in over their heads and a loan rides the entire duration having paid a boatload in interest.
If you really want a C7 get rid of the C5Z, pay off the Rogue, save enough for a good down payment and consider trading in the Rogue to knock off even more. This is something of a 3-5 yr plan and if you can't wait those few years that's evidence you're most certainly not ready for such a financial endeavor.
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I know you aren't asking for financial advice, but now knowing you have a 9% loan out on the C5Z, I say sell it now, especially if the offer is enough to pay it off. I'm guessing you financed around $23.5k for 72 months to get that payment. If that's correct, you are paying a touch over $7k in interest over the term of the loan. That's no small chunk of change and I say get rid of it now and focus on paying off the other car. Once both are paid off, saving $800-900 a month will go a long way towards your C7. Not only that, but you'll save a ton in interest putting down a decent down payment. Plus, every day you save up for the C7 is one more depreciation day on something that is no longer the "hottest thing" as soon as the new Z06 touches down.
I know that not everyone who dreams of owning a Corvette can pay cash, but with proper planning and good decisions, it isn't as farfetched as it may seem.
I know that not everyone who dreams of owning a Corvette can pay cash, but with proper planning and good decisions, it isn't as farfetched as it may seem.
And no car is worth stretching your budget for.
Thread Starter
Intermediate
Joined: Feb 2013
Posts: 45
Likes: 0
From: Clarksburg MD
I'm sorry, I mean no disrespect and I'm not "dissing" the OP. With that said if you're basing any car purchase on future tax returns you're doing things all wrong and most certainly shouldn't even consider upgrading to a $60+ thousand dollar vehicle.
You shouldn't be looking to finance a car if you're thinking, "I can afford the payments," rather can the car be paid off in a short period of time. This is how people get in over their heads and a loan rides the entire duration having paid a boatload in interest.
If you really want a C7 get rid of the C5Z, pay off the Rogue, save enough for a good down payment and consider trading in the Rogue to knock off even more. This is something of a 3-5 yr plan and if you can't wait those few years that's evidence you're most certainly not ready for such a financial endeavor.
You shouldn't be looking to finance a car if you're thinking, "I can afford the payments," rather can the car be paid off in a short period of time. This is how people get in over their heads and a loan rides the entire duration having paid a boatload in interest.
If you really want a C7 get rid of the C5Z, pay off the Rogue, save enough for a good down payment and consider trading in the Rogue to knock off even more. This is something of a 3-5 yr plan and if you can't wait those few years that's evidence you're most certainly not ready for such a financial endeavor.
Last edited by tones_ad; Feb 3, 2014 at 06:21 AM.