Hello, New to Forum, Need Financial Advice
02-09-2015, 01:37 PM
#21
When money is so cheap to borrow, you would be doing yourself a disservice by paying cash or paying a large down payment. Finance the max you can afford. The best advice I can give you is to spend other peoples' money, e.g., banks, credit unions, etc., when the rates to borrow are less than the rates you can earn through investments. The ideal situation would be to let your investments' earnings pay for the financing of your Stingray.
Last edited by FlashofRed; 02-09-2015 at 01:41 PM.
02-09-2015, 01:45 PM
#22
Drifting
I don't agree with overfunding your retirement. I feel you should enjoy life. You're living in the now and planning for the future is important, but remember...the future is never guaranteed. Sacrificing some luxuries for a future you may never experience is not reasonable to me. I have a pension I very much hope to draw one day, but that isn't a certainty. I believe we should have balance and enjoy life now as well.
02-09-2015, 01:45 PM
#23
Le Mans Master
You are single, make a good living, and sound like a responsible individual. Why not. The 20K downpayment isn't going to change your life in the long run one way or the other so why not get some enjoyment out of life if this is a passion of yours. The operative word is "responsible" which you appear to be.
02-09-2015, 01:50 PM
#24
Le Mans Master
Get a credit union discount or a supplier cert save about 5500 off list and finance the rest. 1.9% money for 72 months at some places 2.25 others so invest your money and get the car.
z51vett
Doug
z51vett
Doug
02-09-2015, 01:56 PM
#25
Le Mans Master
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I don't agree with overfunding your retirement. I feel you should enjoy life. You're living in the now and planning for the future is important, but remember...the future is never guaranteed. Sacrificing some luxuries for a future you may never experience is not reasonable to me. I have a pension I very much hope to draw one day, but that isn't a certainty. I believe we should have balance and enjoy life now as well.
this is my take on life!
02-09-2015, 02:07 PM
#26
8th Gear
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Thank you everyone for your feedback. I am hearing a lot of good advice on here. I also appreciate the kind comments, as I've worked very hard to get to this point in my life where I have my home (with a must have garage), a stable and good paying job, and an opportunity to own a new Corvette, something I've been wanting to do since 2005. Yes, I actually bought the home with buying a new Corvette at some point in mind. I wouldn't buy the Corvette until I had a home with a garage so I could keep it safe from the elements.
Oh, and yes, I do have excellent credit, 815 the last I checked.
I'm leaning more and more towards purchasing now. I can see a Shark (Gray) and a Ray in my garage.
Oh, and yes, I do have excellent credit, 815 the last I checked.
I'm leaning more and more towards purchasing now. I can see a Shark (Gray) and a Ray in my garage.
02-09-2015, 03:22 PM
#28
Instructor
I am 38 years old. I started life out frugal and it has paid dividends. Take your 20K and invest in yourself. Open a small business, pay off all of your debt.....do more then buy a car.
02-09-2015, 03:34 PM
#29
Racer
Hello!
I am new to the forum as I am currently researching the purchase of a new C7.
My first post is actually an odd one, about financial advice.
I am someone who is fairly frugal but am willing to spend the money on the car. Yet, the practical side of me is saying don't do it. Here is my situation...
I am 35 years old and make just under 100k a year. I contribute regularly to my 401K and max out my Roth IRA every year. The only debt I have is my mortgage and whatever monthly expenses I buy, mainly food. I also have a daily driver which is paid for.
I am single with no children.
I plan on putting a substantial amount down on the car, just to lower the payments, probably around 20k or so. My car specd out is about 61k, so I'd be looking to finance around 40k.
On paper it looks like I can afford it. But I am torn. The practical part of me says I can take the money and put it towards my mortgage, either every month or with the down payment. Or I think, I can purchase more stocks, play dividends, buy more mutual funds, etc... and just keep waiting, and waiting, and waiting. But then I say, "where's the fun in that?" That's when the side of me says, "You love these cars, you have wanted one since 2005 and the C6, you have had a goal to reach to be able to afford one. Go ahead and get it and enjoy every moment of it."
So what should I do? Should I play it practical and behave, be responsible with my money, and just wait until I retire in 30 years before I buy a Corvette? Or should I indulge in the car and enjoy my life today?
By the way, my job is extremely stable, it isn't going anywhere.
I am new to the forum as I am currently researching the purchase of a new C7.
My first post is actually an odd one, about financial advice.
I am someone who is fairly frugal but am willing to spend the money on the car. Yet, the practical side of me is saying don't do it. Here is my situation...
I am 35 years old and make just under 100k a year. I contribute regularly to my 401K and max out my Roth IRA every year. The only debt I have is my mortgage and whatever monthly expenses I buy, mainly food. I also have a daily driver which is paid for.
I am single with no children.
I plan on putting a substantial amount down on the car, just to lower the payments, probably around 20k or so. My car specd out is about 61k, so I'd be looking to finance around 40k.
On paper it looks like I can afford it. But I am torn. The practical part of me says I can take the money and put it towards my mortgage, either every month or with the down payment. Or I think, I can purchase more stocks, play dividends, buy more mutual funds, etc... and just keep waiting, and waiting, and waiting. But then I say, "where's the fun in that?" That's when the side of me says, "You love these cars, you have wanted one since 2005 and the C6, you have had a goal to reach to be able to afford one. Go ahead and get it and enjoy every moment of it."
So what should I do? Should I play it practical and behave, be responsible with my money, and just wait until I retire in 30 years before I buy a Corvette? Or should I indulge in the car and enjoy my life today?
By the way, my job is extremely stable, it isn't going anywhere.
Good Luck.
02-09-2015, 03:52 PM
#30
Melting Slicks
Member Since: Nov 2013
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we're putting 15K down on our car which is 57K after said and done (plus 6% tax)
wife and I make over 100k, but we'r enot far from you. I say do it. if it doesn't work out, take your loss and move on. but many people that buy this car in our age bracket do it like the way yo udo (and me)
good luck. Invest in life, but don't forget about yourself.
wife and I make over 100k, but we'r enot far from you. I say do it. if it doesn't work out, take your loss and move on. but many people that buy this car in our age bracket do it like the way yo udo (and me)
good luck. Invest in life, but don't forget about yourself.
02-09-2015, 04:03 PM
#31
Hello!
I am new to the forum as I am currently researching the purchase of a new C7.
My first post is actually an odd one, about financial advice.
I am someone who is fairly frugal but am willing to spend the money on the car. Yet, the practical side of me is saying don't do it. Here is my situation...
I am 35 years old and make just under 100k a year. I contribute regularly to my 401K and max out my Roth IRA every year. The only debt I have is my mortgage and whatever monthly expenses I buy, mainly food. I also have a daily driver which is paid for.
I am single with no children.
I plan on putting a substantial amount down on the car, just to lower the payments, probably around 20k or so. My car specd out is about 61k, so I'd be looking to finance around 40k.
On paper it looks like I can afford it. But I am torn. The practical part of me says I can take the money and put it towards my mortgage, either every month or with the down payment. Or I think, I can purchase more stocks, play dividends, buy more mutual funds, etc... and just keep waiting, and waiting, and waiting. But then I say, "where's the fun in that?" That's when the side of me says, "You love these cars, you have wanted one since 2005 and the C6, you have had a goal to reach to be able to afford one. Go ahead and get it and enjoy every moment of it."
So what should I do? Should I play it practical and behave, be responsible with my money, and just wait until I retire in 30 years before I buy a Corvette? Or should I indulge in the car and enjoy my life today?
By the way, my job is extremely stable, it isn't going anywhere.
I am new to the forum as I am currently researching the purchase of a new C7.
My first post is actually an odd one, about financial advice.
I am someone who is fairly frugal but am willing to spend the money on the car. Yet, the practical side of me is saying don't do it. Here is my situation...
I am 35 years old and make just under 100k a year. I contribute regularly to my 401K and max out my Roth IRA every year. The only debt I have is my mortgage and whatever monthly expenses I buy, mainly food. I also have a daily driver which is paid for.
I am single with no children.
I plan on putting a substantial amount down on the car, just to lower the payments, probably around 20k or so. My car specd out is about 61k, so I'd be looking to finance around 40k.
On paper it looks like I can afford it. But I am torn. The practical part of me says I can take the money and put it towards my mortgage, either every month or with the down payment. Or I think, I can purchase more stocks, play dividends, buy more mutual funds, etc... and just keep waiting, and waiting, and waiting. But then I say, "where's the fun in that?" That's when the side of me says, "You love these cars, you have wanted one since 2005 and the C6, you have had a goal to reach to be able to afford one. Go ahead and get it and enjoy every moment of it."
So what should I do? Should I play it practical and behave, be responsible with my money, and just wait until I retire in 30 years before I buy a Corvette? Or should I indulge in the car and enjoy my life today?
By the way, my job is extremely stable, it isn't going anywhere.
02-09-2015, 04:17 PM
#32
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It sounds like you have a sound mind for finances and have done well in managing your money.
That said, and not to sound morbid, but there is no guarantee that you will make it 30 years to retirement to enjoy that Corvette you have wanted since 2005. As long as you can continue to plan for your retirement, pay for your monthly expenses and enjoy your lifestyle, as well as have as secure a job as possible, there is nothing wrong with indulging in something like buying a sports car.
My opinion - get one and enjoy the heck out of of it. You only go through life once.
That said, and not to sound morbid, but there is no guarantee that you will make it 30 years to retirement to enjoy that Corvette you have wanted since 2005. As long as you can continue to plan for your retirement, pay for your monthly expenses and enjoy your lifestyle, as well as have as secure a job as possible, there is nothing wrong with indulging in something like buying a sports car.
My opinion - get one and enjoy the heck out of of it. You only go through life once.
02-09-2015, 04:22 PM
#33
Melting Slicks
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now if this thread was a little different and you were asking to buy a ferrari or a lambo with 20K down and finance 240K, things might have been diff. this is an affordable car. especially if it's your only car payment. you'll be fine and YOU need to enjoy yourself a little too.
02-09-2015, 04:29 PM
#34
Go Canes!
I don't agree with overfunding your retirement. I feel you should enjoy life. You're living in the now and planning for the future is important, but remember...the future is never guaranteed. Sacrificing some luxuries for a future you may never experience is not reasonable to me. I have a pension I very much hope to draw one day, but that isn't a certainty. I believe we should have balance and enjoy life now as well.
Even though I am a CPA and I'm SUPPOSED to be frugal and a saver, my dad died at 61 and if you don't have balance, what do you have in the end? Money and no memories?
Enjoy life, you only get 1 go around!! And it tends to be relatively short!!
02-09-2015, 04:42 PM
#35
Pro
I'm in about the same situation as you (age, finances etc.) and went back and forth a lot. I bought a C7 and I don't regret it one bit. Just research on here and get the best deal you can get. There are tons of discounts out there and don't feel you have to be stuck with your local dealer. The big forum dealers are a great resource for huge bargains.
02-09-2015, 04:45 PM
#36
I don't agree with overfunding your retirement. I feel you should enjoy life. You're living in the now and planning for the future is important, but remember...the future is never guaranteed. Sacrificing some luxuries for a future you may never experience is not reasonable to me. I have a pension I very much hope to draw one day, but that isn't a certainty. I believe we should have balance and enjoy life now as well.
02-09-2015, 04:51 PM
#37
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I could have paid cash for my C7. That would have been ~$70,000. Instead of doing that I got a loan from our Credit Union at less than 3% interest. Meanwhile that $70k I kept in an account that's consistently earned over 10% year over year would have quit earning 10%. Taking it out of that account to pay cash for the car would have been a stupid financial decision.
Paying cash for everything sounds warm and fuzzy, but is oft times the absolute wrong thing to do from a financial standpoint.
02-09-2015, 04:58 PM
#38
Melting Slicks
Unless your credit is in really poor shape, financing 35-40k will put a monthly payment in the low 500s.
Talking to a number of other folks I know (none of which drive anything resembling a vette) 500/month for a car seems to be a typical payment.
Unless the rest of your monthly expenses are extremely high, that should be relatively easy to do.
As the now 15-odd year old commercial goes...if I'da had it to do all over again, I'da gotten me that (Harley Davidson)
Talking to a number of other folks I know (none of which drive anything resembling a vette) 500/month for a car seems to be a typical payment.
Unless the rest of your monthly expenses are extremely high, that should be relatively easy to do.
As the now 15-odd year old commercial goes...if I'da had it to do all over again, I'da gotten me that (Harley Davidson)
02-09-2015, 05:12 PM
#39
Hello!
I am new to the forum as I am currently researching the purchase of a new C7.
My first post is actually an odd one, about financial advice.
I am someone who is fairly frugal but am willing to spend the money on the car. Yet, the practical side of me is saying don't do it. Here is my situation...
I am 35 years old and make just under 100k a year. I contribute regularly to my 401K and max out my Roth IRA every year. The only debt I have is my mortgage and whatever monthly expenses I buy, mainly food. I also have a daily driver which is paid for.
I am single with no children.
I plan on putting a substantial amount down on the car, just to lower the payments, probably around 20k or so. My car specd out is about 61k, so I'd be looking to finance around 40k.
On paper it looks like I can afford it. But I am torn. The practical part of me says I can take the money and put it towards my mortgage, either every month or with the down payment. Or I think, I can purchase more stocks, play dividends, buy more mutual funds, etc... and just keep waiting, and waiting, and waiting. But then I say, "where's the fun in that?" That's when the side of me says, "You love these cars, you have wanted one since 2005 and the C6, you have had a goal to reach to be able to afford one. Go ahead and get it and enjoy every moment of it."
So what should I do? Should I play it practical and behave, be responsible with my money, and just wait until I retire in 30 years before I buy a Corvette? Or should I indulge in the car and enjoy my life today?
By the way, my job is extremely stable, it isn't going anywhere.
I am new to the forum as I am currently researching the purchase of a new C7.
My first post is actually an odd one, about financial advice.
I am someone who is fairly frugal but am willing to spend the money on the car. Yet, the practical side of me is saying don't do it. Here is my situation...
I am 35 years old and make just under 100k a year. I contribute regularly to my 401K and max out my Roth IRA every year. The only debt I have is my mortgage and whatever monthly expenses I buy, mainly food. I also have a daily driver which is paid for.
I am single with no children.
I plan on putting a substantial amount down on the car, just to lower the payments, probably around 20k or so. My car specd out is about 61k, so I'd be looking to finance around 40k.
On paper it looks like I can afford it. But I am torn. The practical part of me says I can take the money and put it towards my mortgage, either every month or with the down payment. Or I think, I can purchase more stocks, play dividends, buy more mutual funds, etc... and just keep waiting, and waiting, and waiting. But then I say, "where's the fun in that?" That's when the side of me says, "You love these cars, you have wanted one since 2005 and the C6, you have had a goal to reach to be able to afford one. Go ahead and get it and enjoy every moment of it."
So what should I do? Should I play it practical and behave, be responsible with my money, and just wait until I retire in 30 years before I buy a Corvette? Or should I indulge in the car and enjoy my life today?
By the way, my job is extremely stable, it isn't going anywhere.
Your bigger concern should be how much all the hot nanas gonna cost you when you get the car.
02-09-2015, 05:17 PM
#40
Anything more that basic transportation is a bad move financially. Can you afford it? Absolutely. You're are by no means in the bad move category. If I were in your position when I was 35 and really wanted a Corvette I would have bought it. It's not likely you'll reach retirement age and say to yourself, "I wish I hadn't bought that Corvette."