Trying to either talk my self into or out of buying a black 2000 C5 Corvette FRC with 73,000 miles and looking for some input and opinions as this would be my first Corvette. I have a few post as I was looking at a 1986 C4 and the forums proved very informative.

My delima is that I have my name on everyone in the houses car loans, have a personal loan on a step daughters college education......... so getting a car loan isn't an option. So I will be paying with a credit card and what cash I have scrounged up, so it isn't the smartest purchase interest rate wise once the initial interest rate jumps to 12.9, but I have the wants for several reasons.

C5 still has the popup headlights and this ties into my baby a 1986 Porsche 944 Turbo with 48,000 original miles.... I realize the FRC may not have the storage space that the hatchback does, but this will be for fun not car pools, so I am OK with that. I was interested a Z06, but I like sleepers and don't want to look like I am going through a mid life crisis! LOL The FRC has the Z15 suspension and should be a little less harsh, I don't need to be able to tell an earth worms sex when I run it over! In addition I don't want my wife complaining about the ride and not wanting to take this car when I want to drive it on our trips, etc.. I know that there is plenty of potential for souping up the engine and suspension if needed but still be a bit understated and not in your face car.

It is my understanding that the Z06 and perhaps FRC's may have bottomed out and potentially hold their value, the car looks immaculant in pictures and they tell me it is, but it is 160 miles away and the pass is bad..... So I haven't seen it first had yet, but I can have it for $13,200.00 with tax and licensing out the door and they are waiting for my answer. So I thought I would see what the Vette guys think of the FRC. (I know the Z06 is based on the platform but has an L6, race suspension and is lighter, far more car). It is black on black, no accidents.......

Input Please...

 

Wait until you can afford it.

 

You sound like my wife! LOL Kidding, it is sound advice, thank you.

 

Absolutely agree with Phanni. Wait til you can afford it; or at least let the market settle down in order to see which way the economy will follow in the coming year. I agree with those that claim the market is not an indicator of the economy's health, but most financial institutions take their cues from its' trends. If the China trade talks aren't resolved fairly quickly (and in an "expected" positive manner) and the interest rate isn't stable over the next year, the economic impact will be real and influential in a sure negative fashion. No matter what Trump does with Powell's standing, the Fed chairman's existence will hurt the market--he's proven to be relentless (which is bad for WS) and removing him sure won't help the market outlook either. He's pretty much insured that we'll go into an economic slide this coming year, so borrowing against CCs is the worst move possible with the already outstanding debt you're holding in multiple car loans and college tuition expenses. Borrow against your CC... what'll you do if you have a true emergency expense--say the heater/AC dies and you have to replace it or a transmission dies?

And if you're one of those that prefers to pose as a sleeper, just take off the z06 badges; it'll look like any other coupe until you hammer the pedal. At the current pricing, I'd spend the extra 3-5G for a z06 before I'd spring for a coupe with the intention of modding it beyond z06 abilities later. Unless you plan to drop in a new and bigger engine, the financial justification for that route isn't there in my opinion.

 

You have too much on your plate at the moment.. making a credit card purchase is a good idea, if you are going to pay the credit card off in one moth. Finance changes are like throwing money away especial high rate credit card s. The FRC is a nice car but at 17 years old, you can have catastrophic costs, with this or any car. that is 17 years old. you are going to be throwing about 90 dollars away each month on finance charges before any principle is reduced.. .
Bill

 

I agree with the above two posters. No way I would borrow against my credit cards for a car, especially if I had other car loans and college expenses that I were a signatory. There will be C5s out there for many years to come - get out from some of the other debt and then consider a fun car for yourself.

 

Awesome input and reasoning, had thought about seeing if I paid off step son's Mustang (don't start, it was his choice if I could get a decent car loan, and check to see what insurance would be. But economic uncertainties are a valid consideration.

As for repairing of it, I typically do my own work and have a Silverado for daily .

Thanks guys for being voices of reason! Lol

 

Agree with others. Don't do it if it means a high interest loan for a car you don't need. Personally I'd ditch the 944, then buy a nicer car with whatever money it's worth.

 

I agree with the others. Get your finances in order before you make things worse.

 

I did exactly what you are thinking about. Used a credit card and a small personal loan to buy mine. It was a can't pass up deal in the color I always wanted. That being said, I paid it off in 1 year so the interest wasn't too bad. Now I have a clear title C5 that I'm absolutely in love with.

 

as everyone has said I definitely wouldn't with the debt you already have and wouldn't go the CC way either. also as said earlier, there will always be another C5 when you get rid of some debt. Ya might even find a better one and better deal. when I was looking for a C5 the 1st few I looked at I knew was the 1.(haha) but actually after being kinda patient (lol) and alot of looking I was glad I took the extra time. Ended up being able to get a really great 2nd owner always garaged C5. also saved money from the 1st couple I looked at and was able to put that money into upgrades.

 

CC interest rates are simply too high to use for buying a car, even if your max line of credit on them are high.. You may want to start a savings plan until such time your debt is reduced. Have you talked with a local credit union? You may find them easier to work with and used car loans at CU's will typically have lower rates (at least compared to credit card loans). Insurance costs will be higher as a loan on the car will require that you carry full coverage.

Maybe that early Spring would be a better time to get serious. I will agree that crossing Snoqualmie this time of year can be a crap shoot, but sometimes I-5 is clear and an easy drive. In any event, try to arrange to have a potential purchase taken to a reputable shop to have a pre-purchase inspection done. For around $150, you will get a written report that gives you the ovrall condition, what needs fixed now and what can wait until later. Some things can be real expensive and some things can be very reasonable to fix.

 

You will spend less and enjoy it more if you buy it when you can actually afford it. Having an extra $1000 for good tires and a good suspension setup can make a huge difference in how much you enjoy it.

That said, C5 prices have generally for the most part bottomed out. The cosmetic changes between a Z06 and a FRC are not that major; you have a Z06 badge taped on and the rear brake duct which is mostly unnoticeable on the road unless one is actively looking for it. If a Z06 is what you truly want, wait and save for the Z06.

 

 

 

Sell the Porsche and get the Corvette. You already have a toy, don't go into more debt to get a 2nd toy

 

Blasphemy! Lol

Thanks everyone for voices of reason and reasons.

 

To me it did sound like he was asking for financial advice.

 

The FRC was originally developes as the "poor man's " C5 -- vette for the masses, and in my opinion devalued the "real corvette" C5s. When GM realized their mistake (terrible sales) they salvaged thier investment by making it into a ZO6. The C5 is a great Corvette, but you couldn't give me an FRC which I still don't consider a "real Corvette".

Save your money until you can afford a regular C5.

 

Financial advice is fine, I am an adult, but have the wants so voices of reason from a different perspective can talk me off that ledge! Lol

I have looked at lots of cars that look fantastic online and are crap in person, kind of got burned out for a while looking at vettes for that reason. Thank you for your input .