tonypittman

Considering that these 0% interest deals from GM may never come again for the higher end Corvettes...

...would you trade a 2007 Z06 for a 2009 Z06 for essentially the same payment...but extending the # of payments by 12 (1 year)?

The '07 has an extended warranty built in, so warranty isn't a big consideration in this case.

Additional info: Both are 2LZ trim levels. 2007 is Atomic Orange (which I love!). 2009 would be Blade Silver (which is just OK IMHO).

03 Z-oh-6

Hell yeah! If you can afford it, do it. On the other hand, you're gonna have people say it's the same car, blah, blah, blah....

myquickZ06

I wouldn't, unless I was trading up to a ZR1, but I don't think the 0% is available on that car.

mirage2991

nope, unless you have a 1 or 2LZ and the 09 would be a 3LZ.

03 Z-oh-6

Do what YOU want to do. Simple as that.

The NNIAL8R

IF you can get that good of a trade-in on your 07 go for it...But I have a feeling there's a lot of hidden costs in there....I considered the same thing (trading my 07 C6Z with 6K miles in on an 09 at 0%)...The dealership wouldnt give me enough for my 07 to payoff what I still owe on it ($55K).....Not to mention, license plates on an 09 would be $2K for the first year here, my C6Z was down to $800 this year for tags...

tonypittman

Wow...that's a lot for tags.

I'd be able to get out of the 2007 for $1k-$2k more than what I owe on it (I put a lot down on the 2007). So, this is kind of tempting. Both are 2LZ's.

The NNIAL8R

Yeah, Colorado is horrible when it comes to license plate fees.......I didnt put a dime down on my C6Z when I bought it...it's also a 2LZ....In a way Im glad I decided against it...I wanted a C6Z for my 50th birthday in 2007..It's fitting I got a 2007

tonypittman

Good deal. I like my 2007 also. It's purely the intriguing 0% economics that make me take a hard look at the 2009 under these circumstances.

spoon man

I would keep your car unless you want a different color and/or interior. Depreciation will pretty much offset that zero % financing. I have the 3lz and like it alot. I bought used though, 2008 so it wasn't like I paid out of my pocket for the entire package price.

However, one thing to consider is taxes. The new car rules for depreciation are pretty attractive but if you make over 135k a year you can't qualify. Take a look below....pretty hefty chuck of change you can write off if qualified! 11K for the first year! Writing off a new car is much more attractive than writing off used car. Also, the car can only be valued up to a 49K value when you depreciate it. So you if you own a new 250K lambo you can only use deprecation value of 49K. So in summation, with these tax deductions it would probably make sense to buy new IF you can write your car off and get 0% financing IMO. (before taking my advice talk to your accountant first but you could score big on depreciation possibly!(

2009 Luxury Limits for Passenger Autos; With Bonus Depreciation

Tax year Limit

1st tax year $10,960

2nd tax year $4,800

3rd tax year $2,850

Each succeeding year $1,775

http://bradfordtaxinstitute.com/Free...to-LImits.aspx

These new attractive rates are brought to you as part of the obamas "stimilus package" designed to increase new auto sales. hang in there guys, only 3 more years left ; )

tonypittman

Thx for that input. Unfortunately, I won't be able to write it off.

What do you mean by "Depreciation will pretty much offset that zero % financing" ?

tonypittman

Nope. 0% not available on the ZR1.

Red Cell

Red Cell.

spoon man

Yeah I should have been clearer. That is sort of my opinion.... meaning that I don't like buying new cars since they depreciate the minute you drive it off the lot, but then again the zero percent makes it very attractive to get a new car....sorry about that. So in my eyes the zero percent would be the only way for me to personally buy a new car. I didn't explain and it was worded poorly. This is just my opinion. I am a fan of getting a slightly used car but with zero percent on new, you are in a great position.

anyway,

you say you can't write it off. Is this becuase of your job position or because you don't have a second car? If no second car, it literally may be worth buying some beater to keep insured and then the z can be a business expense. Even if you don't drive the "daily" much it much it may be a wise economial choice. I should let you talk with my accountant


I have 2 other cars and it works out well. The insurance on the Z is about 130 for 6 months since I have 2 other cars and this is in NJ, home of the worlds highest insurance. So it pays to have a beater lying around in my case

Nick 02 Z06

It crossed my mind to trade when I saw the 0%. Then I thought, they don't have LMB in 09, my car only has a little over 1600 mile and it's paid off. Besides, I love my Z06. Nothing to gain for me in an 09. I say hold on to what you have.

tonypittman

Nice LMB. I agree with your position 100% - if mine was paid off, this would be a no-brainer. I'd keep it for sure. But, getting a brand new 2009 for what amounts to about $10k in extra payments is compelling.

jbp8653

I did it only because of the deal I got. My 07 AO Z with 24k loaded 2LZ for a new 09 VR 2LZ, nav, chrome spyders for my car and 12K. Figured it would be dumb not to do it.

tonypittman

Wow...let me get this straight. So (round numbers), an 07 with low miles would go for low-mid $40's max, right? So, if you got a 2009 for your car plus $12k, that means you got a 2009 for less than $60k! That's huge! Congrats. Can't blame you for making that deal.

GMuffley

Wow. That's a DEAL!

The NNIAL8R

Id like to see the paperwork on that deal ...Makes me wonder if he didnt trade another vehicle in as well??? My 07 only has 6K miles on it, is in impeccable condition...and my dealership was only going to allow me $45K for it towards a $79K 2009 C6Z marked down to $68K