How much should be my monthly salary to to buy brand new vette, i think C7 Z51 price maybe same as brand new C6 Z06 or little less,not just the price also insurance & maintenance.i live in Bahrain thanks god the fuel is cheap here so gas mileage is not that big deal specially being used to fill the big block 468 with 850 double pump carb every 2days.

 

A $55,000 car financed for 5 years at 4% interest is about $1,000 per month. Of course haven't bought insurance yet. How much is car insurance where you live? And then there are the other details like paying the rent, food, clothes for the family. That's the thing, There are so many things more important than buying a car.

 

Impossible to answer unless you want to share your entire monthly budget, assets, debts and upcoming other large purchases Someone who is a bachelor could spend more of his monthly income on things like cars. Someone with a spouse, kids, house, dog needs to have a higher monthly income to buy a Corvette.

 

Ummmmmm There are all kind of calculators available on the internet that will do the figuring for you. Edmunds and KBB have them. W/o divulging your personal financial info, no one on here but you can figure that out.

 

 

Plan for about $1700 a month and you could swing it. That would include loan, insurance, and maybe "some" fuel costs. But you should also toss in expendibles like Tires which you may need every year also. Just being able to AFFORD a corvette means different things to different people. I own a few at a time so I know that there are many things that have to be replaced on a regular basis, i.e. tires, brake pads, maintenance items that will have to be paid for.

 

Very true. 16 years ago I bought a '97 brand new w/nothing down, financed 100% of the purchace for 36 months, and insurance was over $2000 yr.,But I was 27 single, renting and had PLENTY blow'n $ left over. Now married, two kids, a mortgage and making three times as much money it won't be near as easy. And that's before convincing my wife I NEED one

 

26 weeks of income should equal the cost of the vehicle purchased.

The best guideline....other debt within reason of course.

Make 100 grand a year..you can afford a 50 grand car in America ..

Make 250 thousand a year ...you can afford 125 thousand dollar vehicle.

HTH...

Not really sure about where you live though.

 

The answer to the OP's question is one that can only be answered by the OP and only after a lot of thought. The internet will provide answers based upon others' experience, financial guidelines (which will vary by country), and "filler fluff" written by pseudo journalists.

If you have perfect self control and zero outside interests then you could calculate all your required living costs and if there is enough left over to cover the C7 payment, insurance, operating costs AND someone is willing to carry the paper then you could buy it but most would say (and I agree) you cannot afford it. At the very least you are completely exposed to any unexpected events and expenses and there are ALWAYS going to be unforeseen and often unforeseeable life events.

Staying away from this extreme the real question is the C7 (or any other expensive non-necessity) worth enough to you to forgo many of life's other little luxuries for the time you own it? I think we can all remember our teenage years when we had one or more friend's whose cars owned them instead of them owning the car. That is not an enjoyable lifestyle. I earned my master's and Ph.D. without taking out any student loans but it meant watching every penny, living in a very small apartment, and watching the food budget carefully. I resolved never to have to budget so tightly again because it was zero fun.

Final advice is that unless you have a terminal disease waiting one year to purchase is the best thing you can do. Put aside all of the money you would have been paying and then use that as an additional down payment when you buy your C7 which will greatly reduce your monthly payment AND give you a preview of what life will be like living with a large car payment.

 

I hear you on that one!!

 

just get it if you need to get a 2nd job

 

I agree with the above. This used to be, and still is to some, the norm. It is based on a lot of factors, of course, not least of which is that you don't have 12 children, $1 million in debt, or a severe gambling problem. In other words, for a family of four with normal, within reason debt (such as a house or car almost paid off).

Does any of this describe "you," I don't know. But just start with the fact/question: is a $55K car about 1/2 of what you make annually? Then start accounting for all the other usual or unusual claims you have on your monthly/yearly income. If they are usual ones, such as relatively normal housing, food, entertainment costs, then you're ok. If they include large gambling, travel, artwork, kept women(), etc. costs, then you have an issue and it increases the amount of annual/monthly income required to safely buy a $55K car.

That was easy.

 

How many of you select your clothes size based upon the average size of adults in the U.S.? Do you really want to make financial decisions based upon some group average?

Unless all aspects of your financial life meet the assumptions of the averages in any of these formulas then it won't provide good guidance. I have several colleagues in the same income range as myself but some of them have far less discretionary income than the average person making $75,000 because they are servicing huge mortgages. In most cases averages are useful for light entertaining reading but are of very limited usefulness in really understanding something or making a decision.

Or some of the oldest advice in the world is probably the best, "If you have to ask you cannot afford it".

 

If you an buy the car with money from the bank (i.e.liquid assets) then you hardly need any salary at all.

If you are saddled with debt, it might take crap-loads of salary to afford.

So its not a straightforward question.

 

Wait till you can buy it cash + $2000 for the tire replacement the next year. It's a toy, not an investment.

 

Asking this forum for financial advise....Priceless!

Bought my Z06 new and paid cash. I do not take loans out for toys. Presently saving for a viper or the performance version of the C7 (half way there)!

 

that is the worst advice i've heard on this forum and have seen it here several times... there are also people that say if u cant pay cash, then don't get it and that's obviously worthless advice.

any smart person asks how much something is before buying it... Would you buy a house without asking the realtor how much is it is??

really frustrating to see such arrogant people on here.

 

You sir are part to this problem which obviously will repeat itself if we don't stop this attitude:



You never borrow to indulge yourself. That's as simple as that.

 

The OP didn't ask how much is a C7, the question was how much monthly salary does one need to buy a C7.

The "if you have to ask...." response is not worthless at all. In fact asking such a question suggests that the OP does not have a knowledge base for any aspect of purchasing a $50k+ vehicle. The OP doesn't know about financing rates, terms, etc., and doesn't supply any information about income, expenses, etc. As phrased, the original question is so lacking it screams, I can't afford it.

If everybody that purchased a $50K vehicle last year could afford it, there would be no repossessions this year. Sadly, that is not the case. An argument could be made that the arrogant people are the ones that purchase something they cannot afford.

 

I make nothing at all...haha sadly I couldn't dream of affording a C7.

It really depends on how long you finance the car for and how great your credit is...

If you had great credit and got a 3% interest rate and put no money down...

For 72 months you would pay $835.65 for a 55,000 dollar C7 (not sure if that's about base)

I'd say about 65k a year (pushing it) and 75k a year would be comfortable