Hey guys, looking to purchase my first vette. Ive never had a car before, just trucks.

Looking for an expectation of what its going to cost me.
Im 25, have perfect credit, own a home, and have 0 points on my license.

Just wondering how much it would cost to insure a c5, possibly a c6 if I can find one around $20k.
I would only drive it may-September, then switch back to my truck for winter time.

Also does anyone have ideas where to look to get a loan for an old c5? im looking for one that's already built since my house doesn't have a garage and the built ones can be pricey. my credit union doesn't do loans on cars older than 10 years.

 

I am also 25 (as of yesterday, crazy) I am wanting a Vette as well and have wanted one for as long as I remeber. To answer your questions:1) I wouldn't buy a Vette (especially older) until you can pay cash for it. It will suck saving but in the long run it will be worth it. 2) I would also wait until you can get a garage. I had just bought a 2nd home a couple months ago with a garage for the only purpose of storing my future Vette in it. I assume you love and appreciate these cars, if so you will want a proper "home" for the car to keep it safe and clean. 3) You can always run a quote on any car with your current insurance company. Either call them or do it online. If I remember it was around $100 for me when I was 24 and now that I'm 25 it will be less. Plus I have several points on my license. Bottom line waiting sucks but this isn't a normal car. The upkeep and money that goes into is more than your typical car. Tires alone can cost 1k so you will want to be financially stable when owning a Vette. I've for about another Year or 2 until I can buy the c6 i want. Almost there!!

 

When I bought my car I had no issue getting a loan but it was only 9 years old at the time. I did actually initially buy it on a personal loan so that I didn't have to deal with any weird issues with an out of state title loan, so that of course had no relivance to vehical age but I think it as at 9.9%. Then just paid the $20 once I had the title from the state and refinanced into a normal loan at my credit union for 1.9%. There are financial institutions which will give you a loan on a 10-15 year old car and allow you to suspend most of your insurance over winter which saves a few bucks, but a specialized loan will cost you in shorter terms and higher interest rates, generally.

My 03 z06 is the cheapest car to insure I have ever owned. It is about $270 for 6 months of full coverage, vs my 2014 fiesta ST(bad weather and winter car) which is about $325 every 6. My STI was about the same as the fiesta. I had an 08 97x aero and even it cost like $10-20 more every 6 months to insure then the vette. The vette sits for 4 -5 months a year with just comprehensive on it, in which case it is really cheap. I have state farm, not that its the best but its legit, complete insurance.

 

Just checking options with my credit union, they would have financed my 2000, 15 year old car, bc it is labeled as a specialty car. State farm was also my lowest insurance with full coverage for both my Avalanche and my C5. The specialty type insurance places were way less but I didn't want the restrictions of where and how much I could drive the car. Even though not my DD, I still drive her on days off and vacations.

 

Probably not going to find C6 for 20K unless its really beat up, but
you should be able to land a nice C5 with under 50k miles for 20k.
I insure my 03 with travelers 250/500, collision comprehensive
for under $400/year. Good luck, check out auto trader.

 

In response to nergbot he sounds like the type of person who will buy a car then never use it. It's a chevy, parts are cheap for it. It would rather been driven and parked in the rain than sit in a garage unused for the next 35 years. I had no problems getting a loan on my 01 z06 2 years ago when I was only 19, and insurance is dirt cheap on it. If you're going to drive it, buy it. It you're not going to drive it, buy it and put a car cover over it.
I have a garage now, but I'm moving to a house without one for the next couple years, should I sell my Vette because of that?

 

I drive my cars more than the average person. And when I get my Vette I will drive it almost everyday. I just also really appreciate the Vette and think it deserves a garage.

 

I have garage space for it at another location in winter time. but for 6months it will be my daily. ill probably get a cover for it as well.

so it sounds like insurance is pretty cheap. now finding a loan for a 15yr old car is another story haha

I don't want to put in to request a quote, the damn insurance companies call me multiple times a day trying to get me to buy its annoying

 

Alot of banks won't give credit for a car over 7 years old.

 

[QUOTE=Nergbot;1589225562]:1) I wouldn't buy a Vette (especially older) until you can pay cash for it. It will suck saving but in the long run it will be worth it. 2) I would also wait until you can get a garage. I had just bought a 2nd home a couple months ago with a garage for the only purpose of storing my future Vette in it. I assume you love and appreciate these cars, if so you will want a proper "home" for the car to keep it safe and clean. 3) You can always run a quote on any car with your current insurance company. Either call them or do it online. If I remember it was around $100 for me when I was 24 and now that I'm 25 it will be less. Tires alone can cost 1k so you will want to be financially stable when owning a Vette. QUOTE]

A lot of good advice above. My two boys are in thier 20's, and I let them borrow my C5 every now and then. Everytime they drive it, they start talking about buying one, and I go over a few things with them.

First of all, you better be real good at diagnosing and working on cars (which they are not), if you have to pay someone everytime something goes wrong you will go broke real quick. Just normal maintenace is expensive, a simple oil change can run $80+. As mentioned above, tires are $250+ each.

Second, insurance will be expensive. If you pay cash for the car, you don't have to have collision, but that is a big risk on your part. A minor wreck can get into $4000+.

Corvette's really aren't at all practical for much other than cruising and looking good. There is a lot to be said about keeping them in a garage but I guess would survive outside under a cover.

I would never tell anyone not to get one, but make sure you take everything into consideration before buying. Here in Fla, you can buy a good C5 for around $12k and a C6 for about $23k on craigslist.

 

Best bet is to just contact your insurance agent and ask them for a quote before you buy a Vette. I do that with all the cars I buy so I'll know whether or not the insurance will be reasonable.

Your location will also be a factor in determining your premium. I'm quite a bit older than you, but I've found that insurance on a C5 is actually really reasonable. I pay less on my C5 than on either of our daily drivers.

 

With good credit, Wells Fargo will finance an older car.
Before buying my 2004 Vette last may, my intention was to wait until I sold my classic Thunderbird, then take that money and buy a C5 convertible, and still have money left over.

Well, my Corvette came along before I sold the Tbird.
At the price I paid for the Vette, I couldn't let it slip through my hands.
I went to my bank (Wells Fargo), and had no problem getting the Vette financed through them for the full purchase price.

When I sold theTbird a month later, I had two options, pay off the loan with no early payment penalty, or stash the money in my safe, and continue paying off the loan.

I opted to keep paying on the loan because it is good for my already good credit rating, and because the loan is being paid with automatic payments to the bank, I don't really miss that money not being in my account, because I never see it.
It is like having a great Corvette for free.

As for interest, The loan was set up with a 2% interest rate, which was fine with me.
Call them when you find the Corvette you want.
I am sure they will finance one for you.

 

I did the exact same thing with my 03 Z a little over a year ago. It made everything so much easier to go out of state with CASH to buy a car, also made it easier since I didn't have to deal with the hassle of a wire transfer or a certified check..CASH talks. I then refinance 2 weeks later for 2.1%(lowest that was offered at the time) and it only cost me $32.50 for the already accrued interest and the title..WELL WORTH IT

Also the insurance is cheaper on my Z than it was on my previous 02 Dodge Ram..I was told it was because the Ram would do more damage if I hit someone..I said well it will protect me more too, but they didn't buy it and I was shocked at the price of insurance for an old junky beater Dodge Ram

 

Looking at what a couple of you pay for insurance/year, I gotta move the hell out of NJ...

 

forget insurance, was paying $16,000 year property tax in
ny, comparable home in georgia paid $3200 until I turned
65 and they drop school tax now paying $1000. Everything else is
also cheaper, gas groceries you name it.

 

I hear you Brother, I'm in the same leaky boat...

 

I've found insurance on Vette's to be reasonable at the right insurance company. My 03 Z06 w/ full coverage etc. costs $38 more than my crappy beat up DD 98 S10 and it only has the state required basic insurance. I also have an at fault accident on my record.

My insurance agent said its demographic of who drives what. He said old men drives Corvettes on Saturday to dinner then Sunday to church. High School kids and college students drive older S10 pickup trucks.

 

I have a 2012 Grand Sport that is used only for fun and I had it on my regular Travelers policy at over $1,200 per year. On this forum I found some people using NCM Insurance through the National Corvette Museum and it cut my premium by more than half. I contacted my regular agent and they said they could access the same underwriter but could not get the NCM discount so I pulled the Vette from Travelers and put it with NCM. Would highly recommend NCM Insurance to save a few bucks.

 

well it looks like I will be looking for a c6. I cant get anything older than a 2005 for a loan.

I could pay cash for a C5 with higher miles, but id rather take a small loan and have more money in the bank.

There is a 1997 C5 around me with 88k miles and needs a paint job. its been sitting outside for years and the guy is firm at $9500. that's just crazy. I wouldn't pay over 6000 for a car like that.

 

https://www.penfed.org/used-auto-loan/

They'll issue a loan for any age car. I knew a guy that got a loan on a 1988 M3 two years ago, no problem. They offer great rates with excellent service. I highly recommend checking them out.