Owning a C7
Thread Starter
1st Gear
Joined: Jan 2015
Posts: 1
Likes: 0
Owning a C7
So I'm 20 years old and I'm making 60k plus a year. I'm absolutely on love with the c7 and would love to get one. I have no debt currently and I was wondering if it would be feasible to try and buy one. Any guidance would be appreciated c:
Race Director
Joined: Mar 2005
Posts: 16,684
Likes: 1,193
From: La Center WA
- Your credit score
- Amount of down payment
- Time on the job
- Housing situation (rent vs. own, amount paid in rent / mortgage)
- Whether or not you've had significant credit in the past and how you've managed it
Pro
Joined: Feb 2008
Posts: 579
Likes: 2
From: Concord NH
As long as you are not planning on purchasing a home over the next few years, go with what makes you happy! A monthly car payment will seriously reduce your buying power on a home.
Recognize that the C7's are no longer a "hot ticket" at the dealership and you should be able to get anywhere from 10% to 14% off MSRP from several of the dealers on this forum.
Do your homework on your credit score, don't get caught up in the hype and you can make a great deal. You may also want to check with your insurance company on the premium for somebody of your age. Most insurance companies do not give much of a break in premium until you reach 25.
Good luck!
Recognize that the C7's are no longer a "hot ticket" at the dealership and you should be able to get anywhere from 10% to 14% off MSRP from several of the dealers on this forum.
Do your homework on your credit score, don't get caught up in the hype and you can make a great deal. You may also want to check with your insurance company on the premium for somebody of your age. Most insurance companies do not give much of a break in premium until you reach 25.
Good luck!
Drifting
Joined: Jul 2013
Posts: 1,398
Likes: 199
From: Grand Rapids area MI and Palm Coast, FL
Also consider whether you live in a climate that allows your Corvette to be driven all year. If not, the cost of a "winter beater" and storage for your Corvette will add substantially to its ownership cost. (You can however, likely save $ on insurance by reducing but not totally eliminating the coverage during winter storage).
Drifting
Joined: Sep 2010
Posts: 1,581
Likes: 50
From: Prosper TX
Feasible? Yes. But at 20 it will be tough. Better be prepared for a lot down, high insurance rates and they'll try to take you for a high interest rate. Have you considered looking at a used 1LT '14 to start? You'll save a ton of cash and get your foot in the door easier to the Corvette community.
Do you have a girlfriend? If not, you will soon.
Do you have a girlfriend? If not, you will soon.
Melting Slicks
Joined: May 2008
Posts: 2,162
Likes: 114
From: Prosper, TX
I'm going to play the dad here. I would be very hesitant at buying a car that's roughly equivalent to my yearly salary. For many of us, that would be the equivalent of purchasing a $150K - $200K car, which most wouldn't do. That's generally reserved for the guys making much more. Once you've built up a sufficient amount of money, spending your annual salary on a car doesn't take quite the hit. Keep in mind, just because you can afford something doesn't mean you should.
All that being said, I certainly understand the temptation and applaud you for seeking out advice. If I was in your shoes at that age, I would be doing the exact same thing (and my father would be telling me what I'm saying here). I would say, yeah Dad I know, and proceed to do what I wanted to anyway. In the end, he would be right, but it would still work out anyway.
Wow - self realization - I'm doing my first Dad speech and I"m *only* 40.
All that being said, I certainly understand the temptation and applaud you for seeking out advice. If I was in your shoes at that age, I would be doing the exact same thing (and my father would be telling me what I'm saying here). I would say, yeah Dad I know, and proceed to do what I wanted to anyway. In the end, he would be right, but it would still work out anyway.
Wow - self realization - I'm doing my first Dad speech and I"m *only* 40.
Drifting
Joined: Nov 2014
Posts: 1,782
Likes: 106
From: Salado TX
Feasible? Yes. But at 20 it will be tough. Better be prepared for a lot down, high insurance rates and they'll try to take you for a high interest rate. Have you considered looking at a used 1LT '14 to start? You'll save a ton of cash and get your foot in the door easier to the Corvette community.
Do you have a girlfriend? If not, you will soon.
Do you have a girlfriend? If not, you will soon.
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Melting Slicks
Joined: Jul 2014
Posts: 2,195
Likes: 479
From: Bonita Springs Florida
A little Guidance:
http://www.consumerreports.org/cro/2...pend/index.htm
I'd personally save the money and pay cash for it. After you've spent the time and effort to accumulate the $65-$75K you'll need, your desire to put it all down on a car may change.
http://www.consumerreports.org/cro/2...pend/index.htm
I'd personally save the money and pay cash for it. After you've spent the time and effort to accumulate the $65-$75K you'll need, your desire to put it all down on a car may change.
Last edited by 1SG_Ret; Jan 13, 2015 at 10:10 AM.
Team Owner
Joined: Nov 2007
Posts: 45,273
Likes: 8,545
From: Rochester, NY
It depends on a lot of things, e.g.:
- Your credit score
- Amount of down payment
- Time on the job
- Housing situation (rent vs. own, amount paid in rent / mortgage)
- Whether or not you've had significant credit in the past and how you've managed it
Pro
Joined: Dec 2012
Posts: 642
Likes: 144
From: Chandler AZ
No, no, and no. The fact that you have to ask signifies that you are NOT ready.
I had the opportunity to purchase a C6 Z06 when I was about 21 but then decided to hit myself on the head with a frying pan. The first few years of your 20's are so unpredictable that it's not worth the gamble. Put your head down, work your *** off, and save up and purchase once you have a sizable down payment and liquid funds for emergencies. This advice is being brought to you by a 25 year old C7 owner
I had the opportunity to purchase a C6 Z06 when I was about 21 but then decided to hit myself on the head with a frying pan. The first few years of your 20's are so unpredictable that it's not worth the gamble. Put your head down, work your *** off, and save up and purchase once you have a sizable down payment and liquid funds for emergencies. This advice is being brought to you by a 25 year old C7 owner
Melting Slicks
Joined: Jan 2003
Posts: 2,256
Likes: 592
From: Olathe KS
The insurance might be a killer. Getting a loan approved could be an issue if you don't have a credit history. Do you belong to a credit union? They seem to be the most accommodating to new borrowers and if you have a relationship with one by having a savings or checking account then it should be okay.
I had the EXACT same dilema when I was your age. I could afford the car, and almost bought several times, only to be crushed by the insurance company. I had no accidents, no DUI's, great grades, and was even married...but it usually turned out that insurance monthly payments were going to cost more than the car payment.
Being a single male under the age of 25 and trying to buy a performance car is about as high an insurance rate as you will find. Be very cautious of "no-name" insurance companies that would quote you a low rate. They will just jack it up after 6 months.
Whatever you decided, good luck!
Melting Slicks
Joined: Sep 2013
Posts: 2,299
Likes: 466
From: Long Island New York
$60k/yr is about $3,700/mo after taxes.
Figure a C7 for someone Op's age with 10% down will cost $1,100/mo over 6 years plus another $400/mo for insurance - about 40% of his take-home pay.
I wouldn't do it (then again, I briefly questioned whether it was a wise financial move for me, and I make more than 10x that amount), but so long as the OP has no plans for that cash in the immediate future, it can be done.
Figure a C7 for someone Op's age with 10% down will cost $1,100/mo over 6 years plus another $400/mo for insurance - about 40% of his take-home pay.
I wouldn't do it (then again, I briefly questioned whether it was a wise financial move for me, and I make more than 10x that amount), but so long as the OP has no plans for that cash in the immediate future, it can be done.
Instructor
Joined: Oct 2009
Posts: 138
Likes: 3
From: San Diego CA
I bought my S2000 when I was 20 and had a 500 dollar payment for 6 years! It really was painful some months and messed me up when I bought my 1st place. I would try to save up and put down as much as possible or get a used C6 1st then upgrade when the C7s have taken a couple of years of depreciation.
Last edited by mr.aqua; Jan 13, 2015 at 01:37 PM.
Instructor
Joined: Nov 2014
Posts: 203
Likes: 88
From: South Hadley/Boca Raton MA/FL
Can you afford one? Probably. Should you take the plunge? Probably not. But then again, nobody could talk me out of it at the time. You got a lot of good advice here, but seriously, look at those insurance rates before you take the plunge. Only you can decide how much of your resources you want to commit to a cool ride, just know what they are going to be.
Good luck no matter which way you go.
Melting Slicks
Joined: Jan 2001
Posts: 2,996
Likes: 304
From: MOORESVILLE NC
0022,
Call your insurance company and get a quote for driving a 2014 model. Go to your favorite car buying web site to find out what a used 2014 C7 will cost. Maybe find a 1LT that has some miles on it. Just remember that a 2 tires will set you back 700 to $1000.
If this turns out to be too much, look at a C6 Grand Sport model. That will satisfy your Corvette craving until you have extra cash for a C7. As a former owner of a 07 C6, C6’s are cool also. My former 07 and good luck on your future Corvette purchase.
Call your insurance company and get a quote for driving a 2014 model. Go to your favorite car buying web site to find out what a used 2014 C7 will cost. Maybe find a 1LT that has some miles on it. Just remember that a 2 tires will set you back 700 to $1000.
If this turns out to be too much, look at a C6 Grand Sport model. That will satisfy your Corvette craving until you have extra cash for a C7. As a former owner of a 07 C6, C6’s are cool also. My former 07 and good luck on your future Corvette purchase.
Pro
Joined: Apr 2014
Posts: 568
Likes: 109
From: South Carolina
dont do it get the home wife kids then give all your money away to the wife when she leaves and at then go buy your divorse/separation present to yourself A C9 by then LOL
Pro
Joined: Apr 2014
Posts: 568
Likes: 109
From: South Carolina
Burning Brakes
Joined: Jul 2011
Posts: 907
Likes: 27
From: The Woodlands TX
Making $60K a year with no debt, it should be feasible. Just shop around and get a decent deal. These cars hold their value pretty well so with a decent down payment, you should be okay if your life changes directions and you need to sell in a few years.
Life will only get more difficult from here and bills will continue to rise, so I'd say do it while you can.
Life will only get more difficult from here and bills will continue to rise, so I'd say do it while you can.