More money than brains?
10-28-2015, 11:19 AM
#1
Burning Brakes
Thread Starter
More money than brains?
A friend works at a dealership in Texas and he was telling me about a deal last night on a Corvette.
Seems someone decided to trade in their 2014 Corvette for a 2016 Z06. So far, so good, but then when you see the details of the deal...wow! They got $54k for a 2014 with 2,500 miles on it in trade...ouch! But they got the Z06 for $88k plus taxes,which equals over $90k. But they were upside down on the 2014 by $25k...wtf!
So add the $25k to the $90k and they ended up paying $115k for 2016 Z06! Now for the real kicker, they financed that for 6 years and the payments are $1860 a month for a total of $134k!
What is wrong with people!
Yeah they traded in a 2014 garage queen for 2016 Z06, which will probably be a garage queen too, but they really seem impulsive to me to take a deal like that! Especially with the current economy. I just don't think people look at the big picture! That's a house payment for a car that will sit in the garage and they could have put the difference between the old payment and the new into savings. They would still have a nice 2014. I hope that extra 200 hp was worth the extra $50k being spent!!!
Am I getting old, thinking that people should be more financially responsible?
Seems someone decided to trade in their 2014 Corvette for a 2016 Z06. So far, so good, but then when you see the details of the deal...wow! They got $54k for a 2014 with 2,500 miles on it in trade...ouch! But they got the Z06 for $88k plus taxes,which equals over $90k. But they were upside down on the 2014 by $25k...wtf!
So add the $25k to the $90k and they ended up paying $115k for 2016 Z06! Now for the real kicker, they financed that for 6 years and the payments are $1860 a month for a total of $134k!
What is wrong with people!
Yeah they traded in a 2014 garage queen for 2016 Z06, which will probably be a garage queen too, but they really seem impulsive to me to take a deal like that! Especially with the current economy. I just don't think people look at the big picture! That's a house payment for a car that will sit in the garage and they could have put the difference between the old payment and the new into savings. They would still have a nice 2014. I hope that extra 200 hp was worth the extra $50k being spent!!!
Am I getting old, thinking that people should be more financially responsible?
Last edited by db2012gs; 10-28-2015 at 11:51 PM.
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Rebel Yell (10-28-2015)
10-28-2015, 11:48 AM
#4
Burning Brakes
Thread Starter
True, but when you buy a car for over $100k, that is the kind of payments you have!
But the real point here is that someone is going to end up paying $134k for a $90k car!!!
But the real point here is that someone is going to end up paying $134k for a $90k car!!!
10-28-2015, 12:05 PM
#5
Team Owner
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I'm getting to where I don't like to finance anything. Especially a Corvette that is basically a toy. If I can't pay for it , I don't buy it.
10-28-2015, 12:07 PM
#6
Advanced
10-28-2015, 12:08 PM
#7
Pro
Some people don't live paycheck to paycheck like the rest of us and have stupid money. They don't mind spending it like that. Who knows it may turn in to another poor decisions one of these days when they get tired of playing with it....
10-28-2015, 12:10 PM
#8
Wait, $54k trade-in and they owed $79k? According to KBB, a fair value of $54k today equals a fully loaded car with an original MSRP of $87k. There is no way he only paid off $8k unless he bought it very recently.
10-28-2015, 12:40 PM
#10
Burning Brakes
Thread Starter
It is what it is, those are the numbers because I saw them with my own eyes!
They probably paid too much for the 2014 when they first came out, and maybe they got a bad interest rate in addition?
How many months of payments they made, we don't know, and we don't know how much went towards principal each month?
What I DO know is that they had to add $25k to the new car loan! Which to me equals Stupid and Impulsive!
Last edited by db2012gs; 10-28-2015 at 12:51 PM.
10-28-2015, 01:45 PM
#12
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I saw a copy of the paperwork, it said $54k trade in and $79k payoff.
It is what it is, those are the numbers because I saw them with my own eyes!
They probably paid too much for the 2014 when they first came out, and maybe they got a bad interest rate in addition?
How many months of payments they made, we don't know, and we don't know how much went towards principal each month?
What I DO know is that they had to add $25k to the new car loan! Which to me equals Stupid and Impulsive!
It is what it is, those are the numbers because I saw them with my own eyes!
They probably paid too much for the 2014 when they first came out, and maybe they got a bad interest rate in addition?
How many months of payments they made, we don't know, and we don't know how much went towards principal each month?
What I DO know is that they had to add $25k to the new car loan! Which to me equals Stupid and Impulsive!
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Supercrewbear (10-28-2015)
10-28-2015, 01:48 PM
#13
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10-28-2015, 01:56 PM
#15
Team Owner
Those that have stupid money, would have just paid cash for it.
10-28-2015, 02:04 PM
#17
A phrase comes into mind... 'a fool and his money will soon part'
Last edited by _05C6_; 10-28-2015 at 03:29 PM.
10-28-2015, 02:12 PM
#19
Melting Slicks
No, the real point is that some people are so irresponsible that, like children, they have no sense of the consequences of their actions. They may lose that 2016 Z06 in the long run, but they won't see it as anything but "bad luck". Fools and their money. And if this were mad money as suggested above, why would they have financed the whole enchilada?
Last edited by RagTop69; 10-28-2015 at 02:19 PM.
10-28-2015, 02:25 PM
#20
Team Owner
I've seen people who have had three or four or five C6s...same kind of thing. If they can afford it, fine. If they can't, then it's irresponsible. A guy who can find $100K in the couch cushions doesn't need to worry about this kind of thing. I guess I would say that if the guy is financing these cars, he may not really be able to afford them.