New to corvette
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New to corvette
Hello everyone
I am a new corvette fan. I am in love with the C7 and made up my mind to buy one but I am in no hurry. I have never owned a corvette before and I have a couple of questions and forgive me if they have been answered before:
1. What is the upfront fee to pre-order?
2. Are most people here then financing the remaining balance? Do you finance through GM at the time of pre-ordering?
3. Is leasing going to be an option?
4. Is it better to just wait until they become more available at dealers so I can actually test drive the car given that I have been in a corvette before? How long do you think before dealers start having them in their lots?
Thank you
Mark
I am a new corvette fan. I am in love with the C7 and made up my mind to buy one but I am in no hurry. I have never owned a corvette before and I have a couple of questions and forgive me if they have been answered before:
1. What is the upfront fee to pre-order?
2. Are most people here then financing the remaining balance? Do you finance through GM at the time of pre-ordering?
3. Is leasing going to be an option?
4. Is it better to just wait until they become more available at dealers so I can actually test drive the car given that I have been in a corvette before? How long do you think before dealers start having them in their lots?
Thank you
Mark
Safety Car
Joined: Oct 2012
Posts: 4,788
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From: Austin Texas
St. Jude Donor '15
Go to a forum dealer, Kerbeck, Chriswell or others and ask them about the deposit, generally refundable, how deep into their allocation they are and when inventory will begin to snow up, sometime in September, I believe. You can find a listing for the dealers under the vendors tab. Corvette is releasing a special edition car shortly that will be in showrooms soon, some dealers will sell it others will keep it for tire kicking, call around to your local dealers to see if one is going to have the car and if they are going to keep it. Good luck.
Instructor
Joined: Jan 2013
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Mark,
Most dealers want between 1000 and 2500 for a deposit to order one. After the car comes in is when you would either finance the car or pay the remaining balance. Many people on the internets say they are paying cash for the car, but the truth is only about 5 percent of Corvette owners pay cash, most finance. I put a 2500 deposit, and when the car come in I will put more cash down so my total down payment is about 20 percent. But don't feel as though you have to put more or as much down. GM will give you just as good of a rate if you put down 2500 or 20000 as long as the credit is good. My credit union will do 2.75 for 60 months, so I'll use them, or GM if they match the rate.
As far as test drive that may be tougher. Even though there may be a car or two on the lot in September I don't know how many dealers will let them be test drove. But I'm sure you could sit in the C7 and drive a C6 and get the basic feel of the car.
Most dealers want between 1000 and 2500 for a deposit to order one. After the car comes in is when you would either finance the car or pay the remaining balance. Many people on the internets say they are paying cash for the car, but the truth is only about 5 percent of Corvette owners pay cash, most finance. I put a 2500 deposit, and when the car come in I will put more cash down so my total down payment is about 20 percent. But don't feel as though you have to put more or as much down. GM will give you just as good of a rate if you put down 2500 or 20000 as long as the credit is good. My credit union will do 2.75 for 60 months, so I'll use them, or GM if they match the rate.
As far as test drive that may be tougher. Even though there may be a car or two on the lot in September I don't know how many dealers will let them be test drove. But I'm sure you could sit in the C7 and drive a C6 and get the basic feel of the car.
Le Mans Master
Joined: Apr 2013
Posts: 6,671
Likes: 4,142
2020 C8 of the Year Finalist - Unmodified
I think you're better off pre-ordering one from either one of the larger dealers mentioned than waiting for a car to appear on the lot. The cost will be the same, you'll get exactly what you want, and you might get it sooner depending on what dealer you go to. Only 900 Chevy dealers will carry the Corvette and many dealers are way down on the priority list over the biggies who have a bigger allocation based on past performance.
A lot of us are new to Corvette because of the C7 so don't feel alone!
BTW: I put a $1000 refundable deposit with Mike Furman at Criswell for a Convertible after getting no where with my local dealer.
A lot of us are new to Corvette because of the C7 so don't feel alone!
BTW: I put a $1000 refundable deposit with Mike Furman at Criswell for a Convertible after getting no where with my local dealer.
Melting Slicks
Joined: Apr 2010
Posts: 3,191
Likes: 53
From: Tucson Arizona
I have owned around 25 vettes over the years and the last time I had a loan on one was when I was in my last year of college and I borrowed $2,000 when I purchased a brand new 1968 vette convert in the fall of 1967.
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Joined: Feb 2006
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From: DFW Area TX
Mark,
Most dealers want between 1000 and 2500 for a deposit to order one. After the car comes in is when you would either finance the car or pay the remaining balance. Many people on the internets say they are paying cash for the car, but the truth is only about 5 percent of Corvette owners pay cash, most finance. I put a 2500 deposit, and when the car come in I will put more cash down so my total down payment is about 20 percent. But don't feel as though you have to put more or as much down. GM will give you just as good of a rate if you put down 2500 or 20000 as long as the credit is good. My credit union will do 2.75 for 60 months, so I'll use them, or GM if they match the rate.
As far as test drive that may be tougher. Even though there may be a car or two on the lot in September I don't know how many dealers will let them be test drove. But I'm sure you could sit in the C7 and drive a C6 and get the basic feel of the car.
Most dealers want between 1000 and 2500 for a deposit to order one. After the car comes in is when you would either finance the car or pay the remaining balance. Many people on the internets say they are paying cash for the car, but the truth is only about 5 percent of Corvette owners pay cash, most finance. I put a 2500 deposit, and when the car come in I will put more cash down so my total down payment is about 20 percent. But don't feel as though you have to put more or as much down. GM will give you just as good of a rate if you put down 2500 or 20000 as long as the credit is good. My credit union will do 2.75 for 60 months, so I'll use them, or GM if they match the rate.
As far as test drive that may be tougher. Even though there may be a car or two on the lot in September I don't know how many dealers will let them be test drove. But I'm sure you could sit in the C7 and drive a C6 and get the basic feel of the car.
Le Mans Master
Joined: Jul 2009
Posts: 9,526
Likes: 12
From: Los Angeles California
I paid $2500 for the deposit.
I'm going to have a $20-25K down payment. So I'll be financing about $50K.
I thought about leasing the first year with an option to buy, but I'm not sure anymore.
Waiting is completely up to you. I didn't want to wait so it was worth it for me to get on a list right away. It's kind of a gamble if you're not that patient and you want to wait. If the C7 turns out to be god's gift to cars, it's possible that there won't be any good discounts on them for a few years. If not, then it would be likely that there will be some reasonable discounts (like 1-2K off MSRP). You're not going to get the car for anything near invoice any time soon. So if that's what you're waiting for, I would say don't.
In the end, the wait is totally on you. I've had 2 Corvettes and I learned how to drive on my dad's Corvette. If you're impatient like me, waiting is not worth it. I cannot wait to get this car and I'm paying MSRP to get it.
I'm going to have a $20-25K down payment. So I'll be financing about $50K.
I thought about leasing the first year with an option to buy, but I'm not sure anymore.
Waiting is completely up to you. I didn't want to wait so it was worth it for me to get on a list right away. It's kind of a gamble if you're not that patient and you want to wait. If the C7 turns out to be god's gift to cars, it's possible that there won't be any good discounts on them for a few years. If not, then it would be likely that there will be some reasonable discounts (like 1-2K off MSRP). You're not going to get the car for anything near invoice any time soon. So if that's what you're waiting for, I would say don't.
In the end, the wait is totally on you. I've had 2 Corvettes and I learned how to drive on my dad's Corvette. If you're impatient like me, waiting is not worth it. I cannot wait to get this car and I'm paying MSRP to get it.
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Moderator
Joined: Feb 2006
Posts: 38,808
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From: DFW Area TX
Hello everyone
I am a new corvette fan. I am in love with the C7 and made up my mind to buy one but I am in no hurry. I have never owned a corvette before and I have a couple of questions and forgive me if they have been answered before:
1. What is the upfront fee to pre-order?
2. Are most people here then financing the remaining balance? Do you finance through GM at the time of pre-ordering?
3. Is leasing going to be an option?
4. Is it better to just wait until they become more available at dealers so I can actually test drive the car given that I have been in a corvette before? How long do you think before dealers start having them in their lots?
Thank you
Mark
I am a new corvette fan. I am in love with the C7 and made up my mind to buy one but I am in no hurry. I have never owned a corvette before and I have a couple of questions and forgive me if they have been answered before:
1. What is the upfront fee to pre-order?
2. Are most people here then financing the remaining balance? Do you finance through GM at the time of pre-ordering?
3. Is leasing going to be an option?
4. Is it better to just wait until they become more available at dealers so I can actually test drive the car given that I have been in a corvette before? How long do you think before dealers start having them in their lots?
Thank you
Mark
- There is no "fee" to pre-order. A $1000 refundable deposit is common.
- Yes, most will probably finance some amount of the total purchase price. A trade-in would obviously reduce the amount that needs to be financed (and may reduce sales taxes depending on your state). Individual financial situation will also dictate how much is financed. Financing is not done until the actual time of purchase (although you can get pre-approved. Use whatever institution gives you the best terms.
- Leasing will probably be available.
- Only you can answer this. Are you comfortable committing to buy the C7 without a test drive? Having owned C5s and C6s, I have no problem buying the C7 without a test drive.
Le Mans Master
Joined: Jul 2009
Posts: 9,526
Likes: 12
From: Los Angeles California
- There is no "fee" to pre-order. A $1000 refundable deposit is common.
- Yes, most will probably finance some amount of the total purchase price. A trade-in would obviously reduce the amount that needs to be financed (and may reduce sales taxes depending on your state). Individual financial situation will also dictate how much is financed. Financing is not done until the actual time of purchase (although you can get pre-approved. Use whatever institution gives you the best terms.
- Leasing will probably be available.
- Only you can answer this. Are you comfortable committing to buy the C7 without a test drive? Having owned C5s and C6s, I have no problem buying the C7 without a test drive.
I have absolutely loved driving every Vette I've driven. If the car has only improved in every way over the previous Corvette, I would have bought the car sight-unseen. In fact, I miss my Z06 I sold for the C7 because it was so fun to drive, and now I'm actually looking to buy another Corvette for the time being until I get the C7 in December!
Le Mans Master
Joined: Apr 2013
Posts: 6,671
Likes: 4,142
2020 C8 of the Year Finalist - Unmodified
I've never driven a Corvette in my life. Not one mile. I've sat in a few at auto shows but that's it.
I have no problem in getting one without a test drive. What's not to like?
I have no problem in getting one without a test drive. What's not to like?
Melting Slicks
Joined: Apr 2010
Posts: 3,191
Likes: 53
From: Tucson Arizona
I have owned all 6 generations of vettes and I owned first year cars from the first four generations with the 63, 68 and 84 being bought brand new without driving one.
After suffering though a myriad of first year mechanical and quality control problems I vowed never to do it again. If you will look back you will see that with the first year cars from the C4, C5 and C6 generations GM made extensive changes to address problems in the second year models. In 63 the split window design was gone for 64 for a very good reason, the visibility was horrible and GM corrected the problem. After the first year for the C6 GM changed almost the entire driveline from the flywheel back to address dependability and breakage problems that they found with the first year release cars.
After suffering though first year problems I waited to the 2001 model year on the C5 that had hundreds of changes from the 1997 and till the 2007 model year on the C6.
Le Mans Master
Joined: Jul 2009
Posts: 9,526
Likes: 12
From: Los Angeles California
Some of us are a little gun shy from prior personal experiences.
I have owned all 6 generations of vettes and I owned first year cars from the first four generations with the 63, 68 and 84 being bought brand new without driving one.
After suffering though a myriad of first year mechanical and quality control problems I vowed never to do it again. If you will look back you will see that with the first year cars from the C4, C5 and C6 generations GM made extensive changes to address problems in the second year models. In 63 the split window design was gone for 64 for a very good reason, the visibility was horrible and GM corrected the problem. After the first year for the C6 GM changed almost the entire driveline from the flywheel back to address dependability and breakage problems that they found with the first year release cars.
After suffering though first year problems I waited to the 2001 model year on the C5 that had hundreds of changes from the 1997 and till the 2007 model year on the C6.
I have owned all 6 generations of vettes and I owned first year cars from the first four generations with the 63, 68 and 84 being bought brand new without driving one.
After suffering though a myriad of first year mechanical and quality control problems I vowed never to do it again. If you will look back you will see that with the first year cars from the C4, C5 and C6 generations GM made extensive changes to address problems in the second year models. In 63 the split window design was gone for 64 for a very good reason, the visibility was horrible and GM corrected the problem. After the first year for the C6 GM changed almost the entire driveline from the flywheel back to address dependability and breakage problems that they found with the first year release cars.
After suffering though first year problems I waited to the 2001 model year on the C5 that had hundreds of changes from the 1997 and till the 2007 model year on the C6.
Instructor
Joined: Jan 2013
Posts: 226
Likes: 0
I stand corrected, according to bankrate.com 7.7 percent of new cars are paid in cash, much higher than my 5 percent number. Of course the percentages change based on age. The "boomers" 55-65 pay cash for 35-40 percent of their cars, so with the vettes higher average age of buyer the number who pay cash will be higher.
Melting Slicks
Joined: Apr 2010
Posts: 3,191
Likes: 53
From: Tucson Arizona
I stand corrected, according to bankrate.com 7.7 percent of new cars are paid in cash, much higher than my 5 percent number. Of course the percentages change based on age. The "boomers" 55-65 pay cash for 35-40 percent of their cars, so with the vettes higher average age of buyer the number who pay cash will be higher.
I financed many cars since I financed part of the new 68 vette convert that at the time was my DD but never financed a vette again after that one.
I financed my Mercedes E a while back mainly because they gave me additional discount for doing it and it helps raise the credit score but paid it off completely within a year.
Last edited by RJRSW; Jul 6, 2013 at 03:04 PM.
Burning Brakes
Joined: Jun 2013
Posts: 1,193
Likes: 342
From: St. Louis MO
I paid a $ 2000 deposit for my order - buying a Z51 2LT with all the bells and whistles for about $ 64K (MSRP). I plan to pay $ 35K down and finance the rest with Ally. I've got a good track record with GMAC / Ally, so I'm guessing the APR will be between 2-3% - (almost) free money.
I paid cash for my Hyundai SUV daily driver, (which I'll probably keep until I keel over), and the 2011 Mercedes E350 was just paid off.
I paid cash for my Hyundai SUV daily driver, (which I'll probably keep until I keel over), and the 2011 Mercedes E350 was just paid off.
Safety Car
Joined: Nov 2012
Posts: 4,737
Likes: 551
From: North California
I stand corrected, according to bankrate.com 7.7 percent of new cars are paid in cash, much higher than my 5 percent number. Of course the percentages change based on age. The "boomers" 55-65 pay cash for 35-40 percent of their cars, so with the vettes higher average age of buyer the number who pay cash will be higher.
I'd rather pocket the cash from selling the existing car than using some of the proceeds towards a Corvette. I can get much better return for my cash in other investments and have the credit union give me a killer interest rate.
Whether you should pay cash for a new car or not shouldn't be about whether your finances allow you, but rather what is the best alternative employment for your cash.
Burning Brakes
Joined: May 2013
Posts: 1,059
Likes: 117
From: Pennsylvania and New Jersey Shore
OP. Welcome to the Corvette family. This forum will really help guide you and give you a good chuckle along the way. Best of luck with your decisions. It's a great time to start getting hooked on all things Corvette.
Safety Car
Joined: Feb 2013
Posts: 4,875
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I didn't drive my M3 or C63 before buying them either... loved each and every one and very much expect to feel the same with the C7 