I always get annoyed when people say if you need to take a loan out, then you cant afford the car.

Its financially smarter to pay for expensive stuff over time with very low interest rates.

Dump 65k into a corvette that WILL lose money. or paid it off monthly over years. Now you have more money in your investments that will pay more.

any finance guy will tell you this.

 

I can make much more than the 2.99% the credit union is charging me.

 

How about this! Purchased a new 2015 last Nov. Had built and did NCM delivery. Beautiful car, shark grey with dual black strips and kalahari 2LT interior. Got tired of the color so didn't drive it much. For me, little 'WOW factor' when driving. Decided to buy a new 2016. Originally fell in love with the Sunrise orange and 3LT Kalahari int. Already had a price with the military discount which amounted to about 6,400 off MSRP. While completing the test drive at the Dealership, on return, saw a NEW 2015 Z51 Torch red, 3LT in the showroom, sticker 79k so loaded up. Car was BEAUTIFUL in every respect. What a show stopper! I asked why the car hadn't sold and was told because it was a 2015 loaded up @ 79k no one was interested. They could buy a 2016 so why look at last years model. Well, I immediately fell in love with the car and began my negotiations with the sales staff. My final offer price was about 14k off the sticker, they accepted so I bought it.

The car was built in Jul 2015. There's about three-four differences between the 15 and 16 C7. I wound up buying a new 2015 instead of a 16. I saved a good chunk of change especially when considering the price increases across the board on the 16's. A new 16 would have stickered for well over 80k optioned the same.

Many will say I'm stupid and maybe I am but I have the car I want and am happy now. Bottom line is I should have waited back in 2014 to see the many different color options and if I hadn't rushed into the purchase of the Shark Grey, could have gotten the red and still had it.

Any other stories like this out there?

 

The inevitable price collapse of the C7s has begun. Take a look at the size of the discounts available right now. You can score a new 2016 for what is being asked for a 14/15 used. Take the new one and forget about it.

 

I bought a 14 Z51 2LT with lots of options and 1500 miles for the same price a new 2016 1LT base model was going to cost me. Still smells new and the 11k in "free" options more than makes up for the fact it's not "brand new".

 

I agree w/ you Mike, a loan is not a bad thing if you get a low rate and are still saving for retirement and doing other things right financially. If you take out a huge loan on a Vette or anything else and cant save due to the payment then you are making a financial mistake. My point was just if you can get into a great equity position on a vehicle and happen to choose used over new, it can continue to pay forward into other vehicles. By having the money to pay cash I have no monthly payment so I just save more. I make very good money as does my wife and we save a lot for retirement. I could have gone the route of a payment and keeping the cash and have done that in the past and don't mind it at all. In this case I sold my c6 and literally had $30k in $100. bills the guy gave me (another story) sitting around, I financed the car to get the price I wanted which was part of the dealers negotiations and then a month later I just paid it off. Had I not had the $30k in cash I surely would have kept my 1.9% loan and made a $500 payment each month.

Lots of ways to do it and again I feel if you are thinking of the future and have investments and are not drowning in debt, pay for it however feels best for you. Some sleep well at night not having debt, others like knowing they have the cash working for them and don't mind a payment as the rates are so low. I don't mind either way personally, I just like a good deal when I buy things at the end of the day.