Affording A Corvette!
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Instructor
Joined: Apr 2006
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From: CINCINNATI OH
Affording A Corvette!
I have read that in order to be a financially responsible person one should not pay out more than 1/4 of their income on a car or cars. following this rational would mean most vette owners must make over 200k a year. With all the young drivers on this forum I find that is probably not the case. Just curious how far some people are willing to put themselfs in financial ruin just to drive their dream car.
Melting Slicks
Joined: Feb 2006
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From: Simi Valley California
St. Jude Donor '06-'07-'10, '15. '22-'23
You must make $200K to afford a Vette? That makes no sense. You can easily pick up a coupe for the mid 40's, not really expensive based on the cost of cars these days. If you put 20K down and finance $25K for 5 years you sure don't need to make $200K to afford the payments, insurance, etc. Would that make someone financially irresponsible?
Team Owner
Joined: Jul 2003
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From: Sun Coast of Florida
St. Jude Donor '03-'26
Originally Posted by dwilzen
I have read that in order to be a financially responsible person one should not pay out more than 1/4 of their income on a car or cars. following this rational would mean most vette owners must make over 200k a year. With all the young drivers on this forum I find that is probably not the case. Just curious how far some people are willing to put themselfs in financial ruin just to drive their dream car.
Safety Car
Joined: Aug 2000
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From: Forked River N.J.
Originally Posted by dwilzen
I have read that in order to be a financially responsible person one should not pay out more than 1/4 of their income on a car or cars. following this rational would mean most vette owners must make over 200k a year. With all the young drivers on this forum I find that is probably not the case. Just curious how far some people are willing to put themselfs in financial ruin just to drive their dream car.
Drifting
Joined: Feb 2005
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From: Catonsville MD
26 years old, won't disclose salary, payment is 500 a month, I put down a bit and had a trade in....whats so hard about that??
Vettes aren't out of reach to most people. Honestly to get a decent car now a days you are spending 30k, hell, most people's SUV's cost more than a vette, I don't understand why so many vette guys think Vettes are such a symbol of financial prowess.
My mom's daily driver Expedition, and my Father's suburban cost just as much as my vette. My explorer was 30k, and so was my lightning, the difference is about 100 bucks a month.
Vettes aren't out of reach to most people. Honestly to get a decent car now a days you are spending 30k, hell, most people's SUV's cost more than a vette, I don't understand why so many vette guys think Vettes are such a symbol of financial prowess.
My mom's daily driver Expedition, and my Father's suburban cost just as much as my vette. My explorer was 30k, and so was my lightning, the difference is about 100 bucks a month.
Banned Scam/Spammer
Joined: Aug 2005
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From: 41-33 Cry it out Koko!!!
St. Jude Donor '08-'09-'10-'11
Originally Posted by dwilzen
I have read that in order to be a financially responsible person one should not pay out more than 1/4 of their income on a car or cars. following this rational would mean most vette owners must make over 200k a year. With all the young drivers on this forum I find that is probably not the case. Just curious how far some people are willing to put themselfs in financial ruin just to drive their dream car.
Since most people I think don't pay off a Corvette in one year, I think within 5 years your secret to success is still intact with most!
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Burning Brakes
Joined: Apr 2006
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From: Bunnell fl
I don't think anyone can really put a income ratio vs. what car you can "afford" especially no-a-days, there is net worth, liquid assets, investments, inheridence, especially in the latest real esate trends. I am 41, I certainly don't make 200K a year, nor have I ever. I will pay cash for my new C6, and I am certainly not wealthy. Keep in mind a poopbox car now cost 25K for the most part right? With that logic, you shound not buy a new car unless you make at least 100K a yaer - right. I don't know who came up with that one??
Pro
Joined: Mar 2006
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I have heard this as well but my understanding was simply the amount for payments and all other car related expenses per month should not exceed 25% of your net monthly income. So if you looked at it for a year...12 months worth of auto expenses should not exceed 1/4 of your yearly net income. Hope this helps everyone. I knew taking "math of money" in high school would pay off one day..lol...actually no kidding it has really payed off. I think more people that age should take a similar course. Later guys
Team Owner
Joined: May 2004
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From: McKinney TX
St. Jude Donor '21-'22-'23-'24
Not all generalizations are true. Not even this one. 
I was making only $6K a year when I paid $4400 for my first vette in 1967. But I was single and didn't have any other financial obligations.
So, folks who make such generalizations need to find another line of bull to throw out.
I was making only $6K a year when I paid $4400 for my first vette in 1967. But I was single and didn't have any other financial obligations.
So, folks who make such generalizations need to find another line of bull to throw out.
Pro
Joined: Oct 2004
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From: Ft. Myers FL
Here is all I know... I'm 22, I went from bumming around making 200 bucks a week, to 1000 bucks on a bad week and 2000-2500 a week on a good one.. im so grateful for everything, sure i could have bought a new z06...but on the trade in...with a payment under 450 a month, thats the sort of payment i feel comfortable with. Its all about what YOU feel comfortable with, not what anyone else tells you. My parents were sure surprised when i told them i bought it, but what can they say? I pay for it. There are always tons of people that make more then me and everyone else. Its about being happy with what you can afford. I'm convinced if I can afford one, anyone can, you just have to set your mind to it and make sacrifices. It wasn't handed to me, just like a ton of other people on here, its a reward for working, I figure I only live once...might as well enjoy the time i have before settling down and focusing on kids and that sort of stuff.
I never thought I'd be a corvette owner...and now...you can't get me away from them. I'm in love!...and she doesnt talk back!
I never thought I'd be a corvette owner...and now...you can't get me away from them. I'm in love!...and she doesnt talk back!
Thread Starter
Instructor
Joined: Apr 2006
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From: CINCINNATI OH
I am just saying that following basic financial principles. If you make say 100k a year then the total of your cars, boats, motorcycles ect... should not value more than 25k. This would include insurance, maintenance and fuel costs as well. Even making 100k a year it would be hard to pay a $700 car payment and still have insurance and most likely another car along with house payments, credit cards ect...... It just seems like a lot for some people to handle responsilbly. Not that I am critical of those who go deep in debt for one. If that is what means most to you then by all means do it. I probably will too.
Race Director
Joined: Dec 2005
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From: God's Country, ID
I have found the car to be affordable. $50k is not a lot compared to what some people spend for cars around these parts. It's the mods that are costly! I don't want to get smoked by the neighbors 911 turbo!
I don't want to get smoked by the neighbors 911 turbo!
Pro
Joined: Mar 2006
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Don't forget it's not the entire value of the car, boat, etc...just the monthly or yearly payments coinsiding with the monthly or yearly net income. I agree with some of the posts prior...this is just a "very general" estimate and can certainly not be taken for a rule of thumb. I would also venture to say that the majority of corvette owners are on the + side when it comes to debt (excluding student loans....man those are no fun). Would I be wrong in making that assumption?
mods...yes...$$$$$$$$
Team Owner
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From: FL
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Originally Posted by dwilzen
I have read that in order to be a financially responsible person one should not pay out more than 1/4 of their income on a car or cars. following this rational would mean most vette owners must make over 200k a year. With all the young drivers on this forum I find that is probably not the case. Just curious how far some people are willing to put themselfs in financial ruin just to drive their dream car.
Even still, if you took the model of the PAYMENT being 25% of their TAKE HOME INCOME, I'd say that's QUITE HIGH. My payment's pretty high, but it's only 1/14th of my income.
Drifting
Joined: Oct 2005
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From: NC
I make less than half that a year but I did have a nice chunk aside from that I used to put a nice down payment with.
But I'm still living pretty comfortable. I think you just need to go by a person to person basis. I also have no debts and all my previous college loans and whatnot are paid, no credit debt or whatever so I was able to make higher car payments than I would have if I did have all that.
But I'm still living pretty comfortable. I think you just need to go by a person to person basis. I also have no debts and all my previous college loans and whatnot are paid, no credit debt or whatever so I was able to make higher car payments than I would have if I did have all that.