Let's talk about being practical.

You have a bad credit rating.
Why go in to any more debt?
Get your **** together, then think about buying a Vette.
Sorry to be so blunt, but facts is facts.

 

When I started looking, prices definitely varied... I was content with the deal I got in 1 of my 2 color choices (white or gray) with what I wanted pay in cash because I didn't want a note so I had extra money on hand for the SLC build.

6 months ago bought a 2004 Couple Z51 with 80K for $13.5K. Been happily driving it every since.

 

Ended up getting approved with the Navy Army credit union for 10% found a corvette for 18k on Craigslist and ended up putting 10k down using the vette as a collateral payments came out to 240 a month for 4 years. I was shocked how low my insurance rate was I'll only be paying 45 a month full coverage with USAA so with all that being said I'm satisfied with the deal I got I'll be able to improve my credit overall think I made a good financial decision

 

Beautiful car. Have fun. Time will tell if you made a good financial decision. The jury is deliberating on that.

 

First off, congrats on your car. Welcome to the corvette ownership experience. Now a bit of a reality check. That's a total of $21,520 over the life of the loan. That $8,000 you borrowed is going to cost you $11,520. I'd put down as much principal on that note as you can afford each month. 10% is kind of high in today's market.

 

Congrats and welcome to the club, don't forget to wave at fellow vette drivers like I did!
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Waving's for chumps

lol, OP heard what he wanted to from others here though. Funny how we humans are, we really just want to hear what we want and selectively ignore things that we don't like. I had an alt on the LS1 Forums, I use to ask about C5's I found and they usually steered me away from most for the price being asked and I realized they were right. I would've lost out if I went with the first ones I looked at. Time will tell from this point if it was a good idea or not.

 

First Ill say Congrats - very pretty car.

Now Ill say - you damn young fool... You didn't listen to one piece of advice here telling you not to do it...

Lastly - if you do the math, $8000 balance, over 48 months at $240 a month is (brace for it) TWENTY ONE (21%) interest...not 10%. That's $140 in INTEREST each month...$3,430 in total interest on $8,000 - OUCH!

 

I would consider earning more money. At that age you have a lot of energy and earning potential. Selling on eBay can be fun.

 

Thanks, Mayor. I didn't wanna say it. It's best if I just shut up; but I gotta spit out a coupla passing thoughts... Four years from now after spending $21,500, the car will be worth prolly ~$12,000 in depreciated-value dollars and the opportunity cost will prolly add up to more than $15,700 ifn we assume a routine 4% compounded interest. Damn.

 

It is a little sad. I hope it all works out for he OP, but I have seen it happen so many times before. A guy has to have some toy he really can not afford and he ends up living paycheck to paycheck, chasing his tail for the rest of his life.

 

I assumed the OP was looking at getting a $14k C5. $21k is too much financed at that rate. The monthly payment is low but that doesn't leave any rainy day cash.
Putting $8k down on a $14k C5, financing only $6K and saving $4k would have made more since.

 

You say that now but be careful, mod fever can strike at any time.

 

I'm sorry that I'm beating a dead horse here, but I'm really hoping this kid starts to listen and realize how F**KED he got on the financing...


The lender saw his bad credit, then the age of the car, and said "we'll remove all OUR risk by charging an INSANE interest rate and make our money back in 24 months - just about the time we expect him to default"...and then they can repo the car and make even more money off him...

Please don't think I'm being mean - but I'm trying to wake you up pal...its clear no one has sat you down to help you understand the finances on this deal...or you just haven't listened cause you "have" to have a Corvette...

My other issue is that he said he earns around $400 to $600 per week... So 10% to 15% of his total income is paying for his car payment...Ouch @#$%^&!

I pray life doesn't throw you any curve ***** while financing that car...


PS - I believe you said you were in or are in the military - if so, thank you for your service to this county - God Bless!!

 

Hey Johnny..Ya done good. Nice car w/low miles, should hold decent value. Take care of it..keep workin' hard..having a Vette makes hard work worthwhile. life goes by quick..pretty soon you'll own it.

Cheers

 

Oh yeah I always thought the guys that bought C5's new for $55,000 were the crazy ones..

 

How did you manage to save 12K AND have bad credit?

 

No, they were the wealthy ones.

 

This is from my bank I don't think I got screwed over it's a military credit union most people on here adviced me to do that and so I did had I went to a dealer or anywhere else I would've got screwed over plus I'm sure I'll be qualified to get a lower rate next year

 

When I was 20 I didn't have health insurance at the time got into a fight and had to go to the hospital tried to sue the other guy that put me in the hospital but they saw him innocent in court so I've been stuck with that collection eversince that's the only negative item on my report