need advise….
Thread Starter
Instructor
Joined: Jun 2013
Posts: 230
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From: Milwaukee WI
need advise….
so my buddy is selling his 07 c6 z06 with h/c/i makes 560+whp has 24k on the clock. he wants 46k with his custom rims will come with all stock parts as well and he has all recipes of work being done. i really want a c6z but i don't know if it will be a smart move. i currently have a c5z i owe about 14k on it has headers, tune, cai. i have 62k on my z. i honestly have my dream car in front of me the c6z. do i sell my car and buy his with a loan? or do i skip it and pay mine off and build it. please any thoughts will be appreciated but please keep it respectful.
thanks,
jumpin
thanks,
jumpin
Safety Car
Joined: Nov 2012
Posts: 3,842
Likes: 5
From: Enid Ok
St. Jude Donor '13-'14
Hell of a jump in car payment, we do not know your financial situation.
My advise would be that you said it your dream car and you have some equity in, switching to the c6 which I feel is priced at the higher end of things and going to be dropping in value pretty steadily is a bad decision any way you cut it.
My advise would be that you said it your dream car and you have some equity in, switching to the c6 which I feel is priced at the higher end of things and going to be dropping in value pretty steadily is a bad decision any way you cut it.
Safety Car
Joined: Mar 2004
Posts: 4,434
Likes: 18
From: Bartlett IL
St. Jude Donor '07-'08-'09-'10-'11
Doesnt sound like its a smart move since you still owe so much on your car. Now if your car was paid off and you can put down at least half for the C6Z then maybe.
Why be car poor? Its only a car!!
Why be car poor? Its only a car!!
Thread Starter
Instructor
Joined: Jun 2013
Posts: 230
Likes: 0
From: Milwaukee WI
Hell of a jump in car payment, we do not know your financial situation.
My advise would be that you said it your dream car and you have some equity in, switching to the c6 which I feel is priced at the higher end of things and going to be dropping in value pretty steadily is a bad decision any way you cut it.
My advise would be that you said it your dream car and you have some equity in, switching to the c6 which I feel is priced at the higher end of things and going to be dropping in value pretty steadily is a bad decision any way you cut it.
Thread Starter
Instructor
Joined: Jun 2013
Posts: 230
Likes: 0
From: Milwaukee WI
Thread Starter
Instructor
Joined: Jun 2013
Posts: 230
Likes: 0
From: Milwaukee WI
Just look at the financials for starters..
You owe $14K. Lets say you could sell it for $26K (probably high for an 04Z with 62K) . That nets $12K. Buy down the $46K for the C6Z with the $12K and you need a loan for $34K for an 07. Check to insure that you can get a $34K loan against an 07 and what you will have for payments with what ever terms you can arrange.
You owe $14K. Lets say you could sell it for $26K (probably high for an 04Z with 62K) . That nets $12K. Buy down the $46K for the C6Z with the $12K and you need a loan for $34K for an 07. Check to insure that you can get a $34K loan against an 07 and what you will have for payments with what ever terms you can arrange.
Safety Car
Joined: Nov 2012
Posts: 3,842
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From: Enid Ok
St. Jude Donor '13-'14
I honestly hate having a car payment. I make around 30k a year. I've worked my *** off for this c5 but I really wanted a c6z. So I settled don't get me wrong the car has grown on me and I do like it but there something majestic about the c6z. I think if I could pull it off it would possibly be worth it. But with the new z06 and such coming out I was told it affects the value of our c5 & c6. Would it be more of a smart choice to just pass and pay mine off and enjoy it? The whole "be happy for what you have" ? Just a 23 yr old kid looking for some grown advice. Again thank you!
Melting Slicks
Joined: Sep 2011
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From: The beautiful Alabama Gulf Coast!!
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Thread Starter
Instructor
Joined: Jun 2013
Posts: 230
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From: Milwaukee WI
i will just keep my c5z.
Racer
Joined: Aug 2006
Posts: 296
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From: Duryea Pa.
I honestly hate having a car payment. I make around 30k a year. I've worked my *** off for this c5 but I really wanted a c6z. So I settled don't get me wrong the car has grown on me and I do like it but there something majestic about the c6z. I think if I could pull it off it would possibly be worth it. But with the new z06 and such coming out I was told it affects the value of our c5 & c6. Would it be more of a smart choice to just pass and pay mine off and enjoy it? The whole "be happy for what you have" ? Just a 23 yr old kid looking for some grown advice. Again thank you!
Thread Starter
Instructor
Joined: Jun 2013
Posts: 230
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From: Milwaukee WI
Hi; You are 23yrs old, you earn 30 k a year. Do you want to give up fun times for 5 years to pay for a car--- probably a 700 monthly payment you are young, your dream car will always be out there no matter how old , im 66 have a 03 z 06 and love it, I can afford a new vette but I love the c 5 cars .. keep your car and go and have fun with your friends and have some money to have fun instead of saying no I can not afford to go out tonight my car payment is due... You have plenty of time to get your dream car ..... DO NOT LET A DREAM CAR TURN YOUR LIFE INTO A NIGHTMARE...Enjoy being young, dont give that up your young only one time....NEW CARS COME OUT EVERY YEAR THEY ARE ALWAYS YOUNG... Good Luck Mike
you have a lot of valid points. i appreciate it!
Former Vendor
Joined: Oct 2003
Posts: 8,479
Likes: 416
From: Devil's Island CA
First off, I know you want a C6Z but if you look around you can find them in the mid 30k range. I understand your friends is modded etc, but why pay an extra $10k or so. Secondly the C6Z isn't going anywhere. Enjoy what you have for now until you pay it off or get a job that pays better, that way you don't have to stress out about a car payment. I'm sure most of us here understand what it's like to want a new car, but most know their limitations (or have learned the hard way) I'm 39 years old now and have had tons of new cars, we used to buy a new car almost every year for 10-12 years straight (and mod them) Lol, when you look back when your older you'll realize how stupid it was. I can honestly say I've lost $100k plus in cars that I've sold after modding.
I know at that age, I could ask a bunch of strangers on a forum what they thought, but if my mind was made up then I'd do what I wanted anyway. Seriously though, I'd wait a few years and be more financially stable.
I know at that age, I could ask a bunch of strangers on a forum what they thought, but if my mind was made up then I'd do what I wanted anyway. Seriously though, I'd wait a few years and be more financially stable.
Safety Car
Joined: Apr 2004
Posts: 3,532
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From: pueblo co
I agree with other's in here..enjoy your C5Z and and don't be care poor man, the C5 is still an amazing car, and cheaper to maintain when something goes wrong as compared to the C6Z, any ways enjoy it and mod it to fit your liking and the car will continue to put a smile on your face!
Drifting
Joined: Feb 2014
Posts: 1,657
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From: Boxford Massachusetts
Your bank will most likely deny you credit on this transaction. If they do, they are giving you grown-up advice. If they don't, they will keep you on a short leash and repo that car quickly.
It is nuts to own a car that cost more than your annual income. You've got a great car already. You'll move up the ladder some day, but today is not the day.
It is nuts to own a car that cost more than your annual income. You've got a great car already. You'll move up the ladder some day, but today is not the day.
Melting Slicks
Joined: Aug 2013
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
All great advice above. In addition it's always realistic to look at a worst case scenario. What if for any reason you lost your job, what car payment would you prefer to have?
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I would pass on making the jump to a C6Z for now. IMO, just too much of a financial burden on a $30K annual salary. Pay off your current car then think about another one.
Drifting
Joined: Jul 1999
Posts: 1,940
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From: Lancaster County Pennsylvania
I honestly hate having a car payment. I make around 30k a year. I've worked my *** off for this c5 but I really wanted a c6z. So I settled don't get me wrong the car has grown on me and I do like it but there something majestic about the c6z. I think if I could pull it off it would possibly be worth it. But with the new z06 and such coming out I was told it affects the value of our c5 & c6. Would it be more of a smart choice to just pass and pay mine off and enjoy it? The whole "be happy for what you have" ? Just a 23 yr old kid looking for some grown advice. Again thank you!