[Z06] First time buyer
Thread Starter
Heel & Toe
Joined: Feb 2014
Posts: 21
Likes: 0
First time buyer
Off topic question not sure if anyone knows this but I decided to give it a shot. I am a first time car buyer and I have been working at my job for about 3 months I make about 6 k a month and my credit score is low 700's. I have 3500 set aside for a down payment and I really want a c5z, just seeing if anyone has first time buyer info or advice and if so what institutions work with first time buyers!!
Heel & Toe
Joined: Feb 2014
Posts: 19
Likes: 0
Remember 3 things:
Get a quote from an Insurance for the car. If it is your first car and depending on your age, it might be a show-stopper. (1)
Think of maintenance costs. (2)
When you have those two numbers (and amount of gas/tires you will go through on average when driving a beast like that) go to your bank to secure financing. (3)
When you know how much of a car you can afford, start shopping. (4)
Good luck!
-----
Elaboration:
1) My insurance rate went slightly down with a third car (The z06 vette with ABS being added to the garage. My daily driver was a Miata with no ABS. Go figure)
2) I had to get a set of tires (front and back, Michelin PSS2, $1500 out the door. $900 for replacing the harmonic damper that didn't have any issues one month ago when I bought the car, and I've only had it for about 2 months, hopefully there is light at the end of the tunnel)
3) Based on the income level and FICO scores, dealership financing people might just fleece you. Banks usually give lower rates. Then again, they might not like the idea of financing an older domestic exotic car, as it is a more risky proposition for their money.
4) Be in no rush when doing this.
Get a quote from an Insurance for the car. If it is your first car and depending on your age, it might be a show-stopper. (1)
Think of maintenance costs. (2)
When you have those two numbers (and amount of gas/tires you will go through on average when driving a beast like that) go to your bank to secure financing. (3)
When you know how much of a car you can afford, start shopping. (4)
Good luck!
-----
Elaboration:
1) My insurance rate went slightly down with a third car (The z06 vette with ABS being added to the garage. My daily driver was a Miata with no ABS. Go figure)
2) I had to get a set of tires (front and back, Michelin PSS2, $1500 out the door. $900 for replacing the harmonic damper that didn't have any issues one month ago when I bought the car, and I've only had it for about 2 months, hopefully there is light at the end of the tunnel)
3) Based on the income level and FICO scores, dealership financing people might just fleece you. Banks usually give lower rates. Then again, they might not like the idea of financing an older domestic exotic car, as it is a more risky proposition for their money.
4) Be in no rush when doing this.
Last edited by masoud; Apr 30, 2014 at 11:40 PM. Reason: elaborated a bit based on my own experience.
Advanced
Joined: Oct 2013
Posts: 96
Likes: 0
From: Houston TEXAS
Remember 3 things:
Get a quote from an Insurance for the car. If it is your first car and depending on your age, it might be a show-stopper.
Think of maintenance costs.
When you have those two numbers (and amount of gas/tires you will go through on average when driving a beast like that) go to your bank to secure financing.
When you know how much of a car you can afford, start shopping.
Good luck!
Get a quote from an Insurance for the car. If it is your first car and depending on your age, it might be a show-stopper.
Think of maintenance costs.
When you have those two numbers (and amount of gas/tires you will go through on average when driving a beast like that) go to your bank to secure financing.
When you know how much of a car you can afford, start shopping.
Good luck!
Melting Slicks
Joined: Jun 2002
Posts: 2,152
Likes: 243
From: Northern VA
Also if you have access to a credit union, talk with them. I was going to buy mine outright but interest rates were so low from Pentagon Federal that it made more sense to finance. They were great to work with and I imagine they would be very helpful with a first time buyer. Probably more so than a large financial institution. Good luck!
Pro
Joined: Jul 2011
Posts: 608
Likes: 17
From: South Lyon, MI
first time car buyer = first job = $6k? if that's all true..DAMN. I don't remember what I made on my first job but sure as hell not even half of what you are making..and I bought a ford probe with my first job money 
Thread Starter
Heel & Toe
Joined: Feb 2014
Posts: 21
Likes: 0
Not my first job . Bought my first few cars cash but I'm ready for a vette. I sell cars for a living.
Drifting
Joined: Nov 2011
Posts: 1,279
Likes: 18
From: Oklahoma
If you sell cars for a living then you should be familiar with the current loan rates.
Melting Slicks
Joined: Aug 2011
Posts: 2,423
Likes: 200
From: Atlanta GA
If you do not have a lot of other debts and you living expenses are no more than 1/2 of your take home pay (Rent, utils, groceries,gas, etc), then you should be fine with 350.00-400.00 payments. Make sure to get insurance quotes for the car at your age.
If this is going to be a DD, remember that routine maintenance on a Vette is not cheap. Tires are going to cost 1000.00-2000.00 a set, and brake jobs are around 600.00. Figure 20K miles for both tires and brakes for a Z06.
If this is going to be a DD, remember that routine maintenance on a Vette is not cheap. Tires are going to cost 1000.00-2000.00 a set, and brake jobs are around 600.00. Figure 20K miles for both tires and brakes for a Z06.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Most Expensive Corvettes Ever Sold on Bring A Trailer
Brett Foote
10 Things Every Corvette Owner Needs (2026 Edition)
Michael S. Palmer
8 Most "Only Corvette Owners Understand" Quirks and Problems
Pouria Savadkouei
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Drifting
Joined: Nov 2011
Posts: 1,279
Likes: 18
From: Oklahoma
If you do not have a lot of other debts and you living expenses are no more than 1/2 of your take home pay (Rent, utils, groceries,gas, etc), then you should be fine with 350.00-400.00 payments. Make sure to get insurance quotes for the car at your age.
If this is going to be a DD, remember that routine maintenance on a Vette is not cheap. Tires are going to cost 1000.00-2000.00 a set, and brake jobs are around 600.00. Figure 20K miles for both tires and brakes for a Z06.
If this is going to be a DD, remember that routine maintenance on a Vette is not cheap. Tires are going to cost 1000.00-2000.00 a set, and brake jobs are around 600.00. Figure 20K miles for both tires and brakes for a Z06.
Melting Slicks
Joined: Aug 2011
Posts: 2,423
Likes: 200
From: Atlanta GA
$ 300.00 a tire will get you some pretty good tires, not top of the line ones like the Michelin Pilot Super Sports. Still have to pay for mounting, balancing, and alignment. Make sure to add this into the price per tire.
Brake pads for the front are around 100.00 and 150.00 for the rear. If you are a do it your selfer, then yes, you can lower the price significantly.
My quotes are installed quotes. I would not recommend do it yourself tire mounting, balance, and alignment, unless you work in a shop that has the machines.
Safety Car
Joined: Oct 2013
Posts: 3,716
Likes: 13
From: Staten Island NY
What I'm saying is, you're gonna be upside down on a loan for an (at least) 10 year old car.
These things are getting cheaper by the day.
Seems to me after 3 months you've got the itch to burn some of that cash you're making...but why not be a little more patient and responsible and wait a little longer to buy the car outright? Save yourself from overpriced dealer costs and interest on a depreciating asset.
These things are getting cheaper by the day.
Seems to me after 3 months you've got the itch to burn some of that cash you're making...but why not be a little more patient and responsible and wait a little longer to buy the car outright? Save yourself from overpriced dealer costs and interest on a depreciating asset.
Safety Car
Joined: Sep 2007
Posts: 4,168
Likes: 21
From: Sunniest city on Earth
$ 300.00 a tire will get you some pretty good tires, not top of the line ones like the Michelin Pilot Super Sports. Still have to pay for mounting, balancing, and alignment. Make sure to add this into the price per tire.
Brake pads for the front are around 100.00 and 150.00 for the rear. If you are a do it your selfer, then yes, you can lower the price significantly.
My quotes are installed quotes. I would not recommend do it yourself tire mounting, balance, and alignment, unless you work in a shop that has the machines.
Brake pads for the front are around 100.00 and 150.00 for the rear. If you are a do it your selfer, then yes, you can lower the price significantly.
My quotes are installed quotes. I would not recommend do it yourself tire mounting, balance, and alignment, unless you work in a shop that has the machines.
TireRack:
(2) 265/35ZR18 XL Michelin Pilot Super Sport Blackwall: $476.00
(2) 295/30ZR19 XL Michelin Pilot Super Sport Blackwall: $644.00
Estimated Shipping Cost, Fees, and Taxes: $76.44
Total: $1196.44
Mounting and balancing is about ten to twelve bucks a tire, bringing the total up to less than $1250 and around $1325 if you need an alignment too (nobody includes alignments with tire purchases, though, so I'm not sure why anybody would figure that cost into their tire purchase). Anyway, that puts the average cost of the PSS at $311 per tire once it's on your car, perfectly in line with what SKMCOBRA said in the first place.