Affording A Corvette!
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Joined: Jul 2005
Posts: 79
Likes: 0
From: waldorf md
That is household average and was probably speaking on married ad joint. Most married people have 2 or more cars. Two people married and are on equal statis levels are going to drive two nice cars. If he gets a vette she is getting a BMW, BENZ or LEXUS. there will be no new VETTE and a new ACCORD. Not if joint incomes (household income) is the basis. I did joint on a car once where the household income made it easy for me to get whatever in the range but it didnt mean anything because there was no joint payments made only single payments made by me so it minus well have just been me and my income. I made the payments and we got the credit (thats what really sucks). $10000 down only seems like a down payment when you but a $25000 vehicle. on a $55000 vehicle that aint nothing. I bought mine and the didnt put diddly down. The payment sheet should if I where to put $1000 ale the way up to $9000 and the difference was really little. That $9000 looked better in my pocket.
Just get GAP insurance to compiment your full coverage insurance. If anything happens to the point that you are going to loose your vette you are probably going to wreck the car anyway because you will be mentally out of it. Your mind will probably be totally F@*cked up.
Just get GAP insurance to compiment your full coverage insurance. If anything happens to the point that you are going to loose your vette you are probably going to wreck the car anyway because you will be mentally out of it. Your mind will probably be totally F@*cked up.
Advanced
Joined: Jul 2005
Posts: 79
Likes: 0
From: waldorf md
There sure are alot of vette, bmws, benzs and all that parked in the student parking areas up at georgetown university. Those kids seem to be driving now and studying know. doesnt matter when he gets his vette now or later. also MR BUSH is bringing scooters back as a hot ride. Dont believe me just look around when you are out riding. Scooters selling like hot cakes.
Race Director
Joined: Dec 2005
Posts: 11,369
Likes: 976
From: Carlsbad Ca
Originally Posted by killa-380
If this is so true to fact, why do people how make 100k -200k prefer to by proschr, farrari, lambs. Why do these people prefer sports cars or other cars costing more that 100k? Why do Doctors by vettes and higher end cars and still they get there cars repoed? Its the individual making the less amount of money who tends to try to do the best making their payments. Its the individuals making lots and lots of money that tends to by the 100k+ items. Statistics are what they use to be. If i had 60k i would know when that 60 k runs out. If one had 600k that person would most like be in shock because of over spending. The chapter 7 bankruptcy law was not changed because of the middle wage worker, it was changed because of the wealthy wage worker. If someone making 200k a year would to live in 200k homes they could live large but know. they would by 500k+ homes thus with such a costly home and the vehicles parked at the house (high dollar cars) they are in no different shape then the middle wage worker. Middle wage worker buys a pair of $100 shoes, wealthy wage worker buys a pair of $500 dollar sandals. DO the math and figure the statistics. Woman for instances are high maintenance by nature, They will spend 200 bucks on a purse, 150 for some sandals and $500 dollars for an outfit. What kind a car can they afford with that purchase. That same woman will still go out and buy a vette and still be in good shape. Where their is a will there is a way.Put back the case of MOET and pickup a case of DEER PARK. Who buys a car and finance it for 5years or & years without seriously thinking it through. I will tell you, the middle wage worker. Staistics dont mean diddle. If I were to file bankruptcy I will have to suffer because of my chose. Donald Trump does it and seems as all he did was tell the people he owed OH WELL SORRY MAYBE NEXT TIME, and starts a reality show or remodels his casino.
Race Director
Joined: Dec 2005
Posts: 11,369
Likes: 976
From: Carlsbad Ca
Originally Posted by killa-380
That is household average and was probably speaking on married ad joint. Most married people have 2 or more cars. Two people married and are on equal statis levels are going to drive two nice cars. If he gets a vette she is getting a BMW, BENZ or LEXUS. there will be no new VETTE and a new ACCORD. Not if joint incomes (household income) is the basis. I did joint on a car once where the household income made it easy for me to get whatever in the range but it didnt mean anything because there was no joint payments made only single payments made by me so it minus well have just been me and my income. I made the payments and we got the credit (thats what really sucks). $10000 down only seems like a down payment when you but a $25000 vehicle. on a $55000 vehicle that aint nothing. I bought mine and the didnt put diddly down. The payment sheet should if I where to put $1000 ale the way up to $9000 and the difference was really little. That $9000 looked better in my pocket.
Just get GAP insurance to compiment your full coverage insurance. If anything happens to the point that you are going to loose your vette you are probably going to wreck the car anyway because you will be mentally out of it. Your mind will probably be totally F@*cked up.
Just get GAP insurance to compiment your full coverage insurance. If anything happens to the point that you are going to loose your vette you are probably going to wreck the car anyway because you will be mentally out of it. Your mind will probably be totally F@*cked up.
Racer
Joined: Jan 2006
Posts: 369
Likes: 34
It is a question of priorities and everyone’s is different. I have driven though neighborhoods were the car parked outside cost more than the house. Not what I would personally consider as good financial judgment, but again different strokes for different folks. My own opinion is that if you are concerned about affording it, than better to wait until you feel that you can. Will enjoy it even more then.
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Melting Slicks
Joined: Mar 2006
Posts: 2,630
Likes: 0
From: Studio City CA
There are people w/o degrees making 6 figs.
You don't have to have a degree to make money.
Bill Gates doesn't have a degree and he is worth 60 billion.
I make 6 figures and don't have a degree.
But my business if very specialized, and there are about 500 of us.
LEX
You don't have to have a degree to make money.
Bill Gates doesn't have a degree and he is worth 60 billion.
I make 6 figures and don't have a degree.
But my business if very specialized, and there are about 500 of us.
LEX
Burning Brakes
Joined: Dec 2003
Posts: 956
Likes: 1
From: Houston TX
Originally Posted by edwardaldridge
ive been making over 50K since i was 21 - w/o a degree....
come now, you gotta to be kidding me.
that's darn near impossible to make in THIS economy.
you must be a genUS.
Burning Brakes
Joined: Feb 2006
Posts: 1,205
Likes: 0
From: Houston Texas
Originally Posted by winemeup911
50K a YEAR??
come now, you gotta to be kidding me.
that's darn near impossible to make in THIS economy.
you must be a genUS.
come now, you gotta to be kidding me.
that's darn near impossible to make in THIS economy.
you must be a genUS.
i didnt say 50.. i said over...
and yes, im a Genius!... x 2!
Melting Slicks
Joined: Dec 2005
Posts: 2,410
Likes: 3
From: seattle wa
Originally Posted by winemeup911
50K a YEAR??
come now, you gotta to be kidding me.
that's darn near impossible to make in THIS economy.
you must be a genUS.
come now, you gotta to be kidding me.
that's darn near impossible to make in THIS economy.
you must be a genUS.
i think it can go either way...with or without the degree...for me...i am fortunate enough to just be in the right place at the right time...it allowed me to get my foot in the door....4 years later....im at a management position....this was my first "real" job ever....i started off as an intern (no monica lewinsky jokes please since im a guy
) answering phones...i am currently 24 and i think financially im doing ok for myself...i do have my MIS degree...and will be finishing up my masters in MIS in about a year....i have no complaints.... 
Burning Brakes
Joined: Dec 2000
Posts: 942
Likes: 0
From: Fremont, California
You know guys, just because someone will sell you a car and you can make the payments, does not mean you should max out your buying power. Face it, dealers, banks, car companies are out to make a buck and will always find a way for you to get into their cars. But that doesn't mean you should do it!
I agree with the original poster, 1/4 of your salary is about all you really want to spend on a car, new or used. Cars depreciate like a rock and are a pure luxury item... There are more important things in life that should come first... your first house, your kids education, your vacations and your retirement... IMO, until you have all those things in place...don't buy a new car!
At a 1/4 of your salary, then you would keep your loss from depreciation to a reasonable amount. So if you make $80,000 a year, you should limit yourself to a $20,000 car, ie, a new honda or a used C5. IMO, this is a good rule of thumb.
What did I do? My first new car was a 2001 Corvette when I was 42. I had just bought my second house and with the appreciation in the first year, I bought the car. Before that I always bought used... nice cars, but at least a few years old. The most I ever spent on car prior to the Vettes was around $20,000... and yes, I made around $80,000 at the time...
But hey, it's a free country... so do what is right for you...
I agree with the original poster, 1/4 of your salary is about all you really want to spend on a car, new or used. Cars depreciate like a rock and are a pure luxury item... There are more important things in life that should come first... your first house, your kids education, your vacations and your retirement... IMO, until you have all those things in place...don't buy a new car!
At a 1/4 of your salary, then you would keep your loss from depreciation to a reasonable amount. So if you make $80,000 a year, you should limit yourself to a $20,000 car, ie, a new honda or a used C5. IMO, this is a good rule of thumb.
What did I do? My first new car was a 2001 Corvette when I was 42. I had just bought my second house and with the appreciation in the first year, I bought the car. Before that I always bought used... nice cars, but at least a few years old. The most I ever spent on car prior to the Vettes was around $20,000... and yes, I made around $80,000 at the time...
But hey, it's a free country... so do what is right for you...
Instructor
Joined: Nov 2004
Posts: 129
Likes: 0
My total depreciation cost over 15 years of Corvette ownership has been $20,000.00 which is $1333.33 a year.
My History.
1991 (Income 30K) - 1988 Z52 Auto for 18.5K (6,000 mi)
1996 (Income 40K) - 1996 Z51 LT4 6spd for 27K (The Great C4 Blowout, 11K off Sticker)
1999 (Income 50K) - 1999 HT for 34.5K
I currently live on 20K of the 80K I make and am a extremely hardnosed bargainer and I will be buying a 2008. There is alot more to life than formulas.
If you want the car get your finances in order and then buy it, but dont be taken advantage of.
As to a college degree, heck all I have is a GED. And I'm no Genius (IQ 135), All it takes in this country is hard work and determination.
BTW, The primary requirement to being a millionaire is the willingness to work 100 hours a week.
Gene
My History.
1991 (Income 30K) - 1988 Z52 Auto for 18.5K (6,000 mi)
1996 (Income 40K) - 1996 Z51 LT4 6spd for 27K (The Great C4 Blowout, 11K off Sticker)
1999 (Income 50K) - 1999 HT for 34.5K
I currently live on 20K of the 80K I make and am a extremely hardnosed bargainer and I will be buying a 2008. There is alot more to life than formulas.
If you want the car get your finances in order and then buy it, but dont be taken advantage of.
As to a college degree, heck all I have is a GED. And I'm no Genius (IQ 135), All it takes in this country is hard work and determination.
BTW, The primary requirement to being a millionaire is the willingness to work 100 hours a week.
Gene
Last edited by Tightwad; May 25, 2006 at 09:14 AM.