RedSkull3000

I'm in my early 20's, had 3 years driving experience. I work a full time during the week days, and a part time job during the weekends. Total I work around 45 hours, and go to college part time. Annually I make over $20,000. I found a 2004 Corvette c5 for $15,000 with 80K miles. I'm thinking I can buy it during college, and after college of buying a c6 z06 or c7 z51. What would you say?

knewblewkorvette

At your age, the insurance on a 2 dr, 350 hp sports car might be outragous so I'd check on that if I was you. Otherwise, the C5 is a great car and $15K for a 04 is a good, if not great, price. Best wishes

Z06copley

I personally bought my c5z when I was 22. The main things that you will want to consider are finances: are you getting a loan or buying out right? and if financing, how big of a down payment and have you established credit? after that: how is your driving record? insurance on younger drivers is obviously going to be higher than that of an older driver. And how is your driving style? I don't know what car you would be graduating from but a vette is made to move, so be prepared to respect the beast more than you would say a corolla. I would say it is possible for you depending on your responses to the financial portion. My experience was "yeah, I can afford it!" and for a while it is easy but then unexpected expenses you may not have accounted for could put you in the dog house with your lender. And really that goes for any car purchase, specifically speaking - a c5 would be a great car if you can afford it, the price seems pretty good, and it would be a good stepping stone towards your goal of a c6z or c7 z51. hope that helps

Studying4boards

Yes, check for insurance. The C5 seems to be a very reliable car.

Black 02

If you can easily deal with insurance and maintenance, go for it now as long as you're paying cash for the car

Colgate502

I'm 21 in the military and I'm doing just find with my c5. Insurance for me is 218 a month. Just make sure you factor insurance, fuel, maitenence if you want to hold value. And when something breaks.... It's usually not anything cheap. Props for buying the American Dream.

JR-01

If you have a minimum 6 months living expenses in savings plus the $15K for the car, go for it. If not, start saving some money. If you are planning to finance, forget about it.

Evil-Twin

I don't know about you but college seems to be very far down your list of priorities.
a full time job, a part time job, and you make 20K a year????

With a degree requiring 150 credits. I don't know how you can carry a full time job and part time job. unless you are carrying a 3 credit semester... at that rate, you will be making 20 grand a year for the next 25 years. that's how long it will take to get a degree. @ 3 credits a semester

My opinion, If you need a part time job to survive, you don't need a Corvette. if a part time job gets you a total of 20 grand even with a full time job, and working 45 hours a week. That puts you at 8 dollars an hour.. and you want a Corvette.? IM not being harsh, just realistic... I doubt that @ 20K a year you have any money saved. especially at 8 dollars an hour. I may be old but I remember being 20. No bank will give you a car loan for 15K, on a car 13 years old and especially to a 20 year old... insurance alone will cost you half of your monthly take home pay. If you want more, I have a lot more.. IM offering this because you asked.... Haters get in line.... this is what I would say to my son or daughter. BTW both of my kids went to college. both 5 years disciplines, one an engineer and the other went on to a PhD. both of my kids made in excess of 100K the first year out of college. Aspire for greatness, go to school , a Corvette is a very low priority in the scheme of life.
Good luck , I hope you take this in the manner in which I intended. With wisdom and honesty.
Bill aka ET

Forcedvert

I remember making that kind of money, I was looking for and driving cars that cost between $500.00 and $2000.00 some only $150.00 (good old days) and having no extra cash! Wait for it....these cars are going to be around a long time, some of these guys only drive 500 mi. a year.

Z06copley

Sometimes you just gotta hear it in a way you don't want to. I apologize, I did not see the annual income, even if you lived at home that car plus insurance and maintenance/gas would eat your income. Don't be that person to take a date out in a nice car and only be able to go to taco bell simply because of a car payment. Finish school and get the car you want basically as desert for all of your hard work.

Studying4boards

THAT is very sound advice from a very intelligent man. I would definitely read every line he wrote....TWICE.

Vetteman Jack

I'd wait until college was behind me before getting into a car that the insurance is going to be high (age of driver thing). And on an older car, you have to expect that some things are going to break, so you have to plan for that.

DSTURBD

All of the above and realize that it is going to get TRASHED in college parking lots!!! The last thing on their minds is being considerate of others.......the only thing they are thinking about is getting in that lecture hall!!!!!

DSTURBD

Kasey0104

25 year old college student here, had my z going on 9 months now. There is some incredibly good advice in this thread, albeit things that probably aren't exactly what we want to hear, but rather NEED to hear.

Some things that helped me make my decision. Your situation may be different.

1) Do you have any other form of transportation?
2) If you get it and the tranny fails, engine throws a piston through the block, wheels fall off the thing, can you afford to fix it immediately and still have funds to eat?
3) What are your plans as far as school?
4) What is your timeline?
5) Do you have enough saved to accommodate for emergencies that aren't car related?
6) What does your monthly budget distribution look like?
7) Can you afford realistic insurance for the vehicle?

To give an example, I'm in grad school and raced motorcycles in undergrad. I have other vehicles if the vette goes down, as well as a timeline that supports full time work within the next few years (albeit residency is borderline slave labor, but I digress). I live incredibly frugally to afford the toys I want, and had I not waited until I had sufficient emergency funds to get the vette, I would be incredibly screwed due to some surgical issues (pro-tip: dont bleed out in your sleep then stop breathing. 0/10, would not recommend). I'm now looking at a new tranny, diff, and clutch due to some issues that have popped up in the past few months, and in the meantime am walking on eggshells trying not to break anything in the process.

It was easy for me to sit down, look at ideal numbers, and talk myself into this car. In retrospect, I wish I had been more honest with myself. If I were in your position, I would take the advice of some of the older members, bide your time, prioritize things out, and brace for worst case scenarios. These cars aren't going anywhere.

Doughan

Wait on the C5 and pick up a C4 for half the price!

TheRadioFlyer

Did both. I'm not sure I would have a C5 if I planned to live on campus, but I commuted for most of my college life so it wasn't an issue.

dbgoodwin

It really depends.. I'm a full time student driving a z06, despite the fact that I made $14k last year. My combined income with my fiancé is probably 35k, and we have no problems paying mortgage/insurance/other bills.

It can be done, it's really no different than any other 15k car.

JR-01

How is your student loan debt?

bigcypress

only you know that answer and since you asked i suspect you feel the right answer is ''after college'' .

MoMoney789

I am 18 and i just bought my first c5 about a month ago and I'm also in college honestly it probably wasn't the best financial decision I've ever made but the car was definitely worth it.