Need Advice About A Used C6
02-23-2021, 12:32 AM
#41
Hi all -- I could use some input into this decision I've been grappling with. I want to buy a used C6, been thinking about an '08 with <70k miles and a budget of around 20-25k. However, financially I'm not sure whether I should wait a few years, and I'm having a hard time justifying the purchase. A C7/C8 is my dream car, but I've grown to love the C6 as I've accepted that a C7/8 would be too much $$$.
My situation:
I'm a 22 year old new grad
I have about 65k in investments from my internships, jobs, and investment growth over the last 5 years.
my new job pays 160k /yr and is in the Austin area.
If I do purchase, I will sell my current car for 4 or 5k
I know I can afford to drop the cash on paper, but I'm a huge investor/frugal, and want to be able to retire early. It seems impossible to strike a balance between living while I'm young and in the present and setting myself and my future family up for a safe and happy life.
I would love input in both the financial side, as well as what you'd do in my situation/if buying a vette young for you was a mistake or worth it. Also I'm worried about an 08 feeling old, slow, or becoming a maintenance nightmare.
Thanks!
My situation:
I'm a 22 year old new grad
I have about 65k in investments from my internships, jobs, and investment growth over the last 5 years.
my new job pays 160k /yr and is in the Austin area.
If I do purchase, I will sell my current car for 4 or 5k
I know I can afford to drop the cash on paper, but I'm a huge investor/frugal, and want to be able to retire early. It seems impossible to strike a balance between living while I'm young and in the present and setting myself and my future family up for a safe and happy life.
I would love input in both the financial side, as well as what you'd do in my situation/if buying a vette young for you was a mistake or worth it. Also I'm worried about an 08 feeling old, slow, or becoming a maintenance nightmare.
Thanks!
At this level of income (if not trolling), why the heck are you asking any of us here?
P.S. Get a C7. You could afford a really very rarely used one compared to a C6.
Once you knock up some girl, the goal-posts change, so get the car now, and trade it in later for a mini-van to pay the delivery room charges.
02-23-2021, 09:58 AM
#42
OK, sure, on a drag strip it's faster. But step up to a C7 z06 and you're trapping 150. There's definitely plenty of supercars and hyper cars that will trap higher, hit a fast vmax, etc... But not on a track, it's not the difference between a miata and a Corvette, ya know?
But, I agree there isn't much that's a level above a ZR1 on the track. A Senna on a bigger track would beat it, but not by the same level.
That aside, I think we are probably deviating too much from the original topic. Haha
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FAUEE (02-23-2021)
02-23-2021, 10:03 AM
#43
You keep talking about investing, so buy a house in the Austin area. The prices are shooting up and up, and the longer you wait the higher they'll be.
02-23-2021, 10:17 AM
#44
Le Mans Master
Member Since: Sep 2017
Location: Rural NW Georgia. GO DAWGS!
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First, congratulations on being a frugal investor, your graduation, and the new job. You've got your mind in the right place.
I thought the same way you did. I've loved Corvettes since I was a teenager but the closest I got to a sports car was buying a Datsun 260Z when I was 19. Then I met my wife, we got married, had our daughter, and that Corvette dream went on the shelf for a while. I bought my first Corvette when I was 32 and it fit in my budget as a daily driver. I was putting away money too and I retired at 55 - seven years ago. I'm now on my 4th Corvette and am thinking seriously about buying a C8. If you've got money invested and are using a financial advisor, ask that person if they can use your investments as collateral for a very low percentage rate loan. If so, then go buy the C7 because that's what I keep seeing you going back to in your posts on this thread. I sold my C7 to buy a C6 I could mod and I miss that C7 a lot - that's why I'm thinking about the C8. Don't buy a C6 as a way to get into a Corvette if you really want a C7. You'll regret it.
Good luck!
I thought the same way you did. I've loved Corvettes since I was a teenager but the closest I got to a sports car was buying a Datsun 260Z when I was 19. Then I met my wife, we got married, had our daughter, and that Corvette dream went on the shelf for a while. I bought my first Corvette when I was 32 and it fit in my budget as a daily driver. I was putting away money too and I retired at 55 - seven years ago. I'm now on my 4th Corvette and am thinking seriously about buying a C8. If you've got money invested and are using a financial advisor, ask that person if they can use your investments as collateral for a very low percentage rate loan. If so, then go buy the C7 because that's what I keep seeing you going back to in your posts on this thread. I sold my C7 to buy a C6 I could mod and I miss that C7 a lot - that's why I'm thinking about the C8. Don't buy a C6 as a way to get into a Corvette if you really want a C7. You'll regret it.
Good luck!
02-25-2021, 09:57 AM
#45
02-25-2021, 10:01 AM
#46
02-25-2021, 04:02 PM
#48
Melting Slicks
Have you heard of Dave Ramsey? I would stick with his steps. They have some good rules of thumb for how much you should be spending on things. That way you know you won't be too cheap or too extravagant. Good info I wish I knew at your age. I've got a C6 and my father-in-law has a C7 that I drive on occasion. They ride/drive about the same, but the C7 feels more modern with the design and features like the PDM. Since you are a software engineer I would think those kinds of things might matter to you. But on a $/horsepower scale the C6 is hard to beat. Try them both out and you will know which to get.
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Jason71 (02-25-2021)
02-25-2021, 06:24 PM
#49
Intermediate
Have you heard of Dave Ramsey? I would stick with his steps. They have some good rules of thumb for how much you should be spending on things. That way you know you won't be too cheap or too extravagant. Good info I wish I knew at your age. I've got a C6 and my father-in-law has a C7 that I drive on occasion. They ride/drive about the same, but the C7 feels more modern with the design and features like the PDM. Since you are a software engineer I would think those kinds of things might matter to you. But on a $/horsepower scale the C6 is hard to beat. Try them both out and you will know which to get.
