DMITTZ

No car payment is the best policy, IMO. I prefer to pay cash for cars or I don't buy them at all.

But to be fair with low interest rates, if you have the money you could potentially be better off investing it and taking out a loan (v.s paying cash), but you'll never be ahead buying cars on credit that you don't have money avaliable to buy at all.
And to get back on topic, I think the OP was looking for a way to build credit, a car loan is an expensive way to do that. all he needs to do to build credit is use a credit card wisely and pay it off in full each month and he's golden. He'll be way better off to do that and put the money towards a home downpayment or into investments, pay off students loans etc...than spend it on a car payment just to build credit.

CaptainCrunch

Having to take out loans to “build credit history” is a scam perpetuated by those with a vested interest in signing you up for a loan. Brilliant way to make a poor financial decision seem like it’s somehow in your best interest.

Agree with all the posters, I have never taken a loan in my life outside of credit cards that were paid off immediately and my credit score is in the 800s. If you want the car, do it, but don’t fall into the trap of thinking you’ll somehow be better off financially in the long run by doing so.

saplumr

If you’ve never financed a vehicle in your life one of three things is happening. You come from a wealthy family, make crazy money or simply don’t purchase $70-100k vehicles regularly. I do purchase those vehicles regularly and do regularly finance at 0 - .9% interest. It’s a way of life to finance vehicles.

Verrückt ZR1

Fair enough. How many years did it take you to establish that 800 credit score? I got there at 30, and it wouldn't have been possible without financing vehicles, or other expensive goodies. YMMV.

FAUEE

You didn't take a mortgage out to buy a home? Have you been in your home for 60 years, or just a chronic renter?

64drvr

According to the Dave Ramsey school of thought, banks can generate a manual qualification on someone without a credit history with sufficient financial information of the applicant. Of course, the Ramsey thought is to not have a mortgage in the first place. For the record, I’m just like the rest of the majority that did have a credit history and couldn’t pay cash for anything more than a cardboard box.

Chatman

Simple. For your entire life, don’t take a loan on something decreasing in value. Buy what you can with the cash you have. When you count out a stack of hundred dollar bills, they will have more meaning than numbers in an account.

saplumr

BluegrassMotorsport

Dave Ramsey also doesn't live in the real world. A lot of his advice is good but sometimes he makes suggestions that are really easy if you're a millionaire like him... like buying a house without a mortgage. It sounds great in theory but you have to live somewhere while you save for a house. So now you're paying rent while also making a "house payment" to your savings every month until you can pay cash for the home. It's just not realistic.

OP as far as your decision is concerned; if you can do it safely within your budget, go for it. Used car financing it at an all-time low right now. I financed my C6 GS at 25 and never looked back. I've been paying on it for about a year and a half and plan on paying it off early, but making this payment has absolutely helped build my credit. The best I could get on my new 2017 Silverado was 4.25% - I bought my new 2020 Silverado at 2.49%. Paying off my credit card every month and having the extra Vette payment definitely helped.

If you are a person who wants to save and buy everything in cash, go for it! There's nothing wrong with that. I'm an accountant for a living so I definitely keep a close eye on my budget. But I also know that life is short and we aren't guaranteed tomorrow. Why spend half your life saving when you can live along the way instead? To each their own.

Donuts

IMO, it’s more about the generations before that are holding their value extremely well, C5Z and nice low mile C5’s are holding value really well around 20k Mark and above . I believe the nice low mile cars will hold their value leaving a hard base for C6Z and C6ZR1 . The C7ZR1 is telling the real story right now. The C8Z will be a high $$ model if and when it ever hits production. Hell the C8 hasn’t reached full production yet.


im being patient for a nice C6Z but have come to terms that I’m likely going to pay high 30’s.

hawkgfr

Most likely in three years a nice 07 c6z06 will still bring 30k...I mean 05 bases are bringing 24 right now...Chances are you get the car, take care of it, drive it for a few years and it will end up costing you pretty cheap when its all said an done...Its seems like the depreciation elevator stops at about 20k for just about any any C6...Hell rollers bring 15k...or more.




Op good luck in your endeavor...

449er

I doubt that the new C8 Z06 will have any bearing on the price of a C6 Z06, they are completely different price points & the people who would buy one

Fast Dawg

Very true. The C8 changed the demographics of Corvette buyers. The median annual household income of a Chevy C8 buyer is $76,000 higher than the equivalent figure for customers who bought the Corvette C7 according to Steve Hill, North America Vice President, General Motors. Two thirds of C8 buyers had never purchased a Chevrolet. The age of these C8 buyers is primarily in their 30s and 40s.

FAUEE

That's literally all contrary to info I've seen. The average C8 buyer is like 67 years old. I don't know about income levels, but the tiny number of people who have actually gotten their c8s is going to skew it.

That said, I agree the C8Z will have no effect on the c6z value.

saplumr

I agree. It’s pretty difficult to pigeon hole buyers based on very limited buyers.

Fast Dawg

https://gmauthority.com/blog/2021/01...omers-than-c7/

saplumr

Did I miss the purchaser age bracket?

FAUEE

Again, this could just mean that the people willing to pay well over MSRP, or who have the pull to get allotted one are rich af.

76k income is a MASSIVE change, that makes no sense considering the average income level is already high, and that the price didn't make a giant change. It's most likely attributable yo the fact that production is so constrained, and the people actually getting theirs are "special", and often picked because of the money and position they have. Sell one to Jay Leno and Jerry Seinfeld, that's a lot better marketing than selling it to Joe shmoe.