Just bought a 2016 C7, bad financial move?
04-13-2016, 07:24 AM
#142
If you have to think that much about it, you should have never bought it. You will never get your money back. It is not a wise investment. Drive it and enjoy every minute behind the wheel.
04-13-2016, 02:58 PM
#144
Burning Brakes
With that salary, you are the kind of guy that can easily buy a new vette. Also, you should be looking into buying a house or condo. While your vette is depreciating you home will be appreciating. Regardless, you have enough salary to do whatever you want. My 2 cents is to get into the home first, then fully into the 401K. You don't need to save anymore at this point. Your home and a fully funded 401K alone will just about guarantee a nice retirement. You should have a lot left over for getting into the stock market which over time will put you into the fatcat retirement department...
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Skid Row Joe (04-14-2016)
04-13-2016, 03:23 PM
#145
Instructor
I could have bought 2 Corvettes for what I lost in the market in recent years. I ended up keeping my old Vette but I could have had three. That being said, some Corvettes go up in value with the years, like my neighbor's 67 and some go down like my '85.
04-13-2016, 05:57 PM
#146
Corvette Enthusiast
Member Since: Oct 2005
Location: Troy & Dearborn, Michigan
Posts: 5,343
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I bought my 2008 when I was 26 (going on 27), and I still lived at home with my folks (paid rent), and made around $60k a year. Now I'm 34 (going on 35) and I own my own home and make $105k a year.
I of course have debt (mortgage, home equity line of credit, car loan), and nearly no savings outside of 401k money. But I'm a single man with no children, so I do as a please.
I suggest you quit worrying about it, if you had a family it would be one thing, but when you are single you should just spend your money how you want. No responsibility but yourself!
I of course have debt (mortgage, home equity line of credit, car loan), and nearly no savings outside of 401k money. But I'm a single man with no children, so I do as a please.
I suggest you quit worrying about it, if you had a family it would be one thing, but when you are single you should just spend your money how you want. No responsibility but yourself!
04-13-2016, 06:37 PM
#147
Team Owner
Did you buy used private underbook?
That's what I always did and still will do since many Corvettes are impulse buys and 3 months later they decide
to sell a like new car with little to no use they sometime lose big.
Some you could pick up drive resale and not lose much. Just need to know what your doing.
If you want the first car out it's hard but now there are many C7's out there.
The bad move question if there was one will be answered if when you sell it. With what you paid a big factor but not the only one.
Paying down more down will help cut your cost at the end.
That's what I always did and still will do since many Corvettes are impulse buys and 3 months later they decide
to sell a like new car with little to no use they sometime lose big.
Some you could pick up drive resale and not lose much. Just need to know what your doing.
If you want the first car out it's hard but now there are many C7's out there.
The bad move question if there was one will be answered if when you sell it. With what you paid a big factor but not the only one.
Paying down more down will help cut your cost at the end.
Last edited by 3 Z06ZR1; 04-13-2016 at 06:37 PM.
04-13-2016, 07:00 PM
#148
Burning Brakes
Overtime as a professional engineer? (not an intern) I didn't know such a thing existed.
Is this a weird Cali thing? Heh, either way, I think if you're making 100K, a Corvette is within reason unless you have tons of debt and/or have very high living expenses.
Is this a weird Cali thing? Heh, either way, I think if you're making 100K, a Corvette is within reason unless you have tons of debt and/or have very high living expenses.
04-13-2016, 07:34 PM
#149
My first car in 1968 was a 66 mustang convertable gt
I worked my blue collar arss off Jr and Sr year of hs
Then went in to navy and my bro dented it .
Would have made more sense to buy a 50 junker then
I would DO it AGAIN... there is nothing like having a admired car when you are young . It was years later that I could afford a 2 yo car. And I was 50 fore I bought a new car. I was 62 last year thought I had cancer and bought a 2016 aw c7 Z51. Aft sign papers found out was not cancer but keep the c7 ... yea I spend a lot of disposable income on it but as much as I enjoy the car it is worth it.
If you enjoy that car half as much as I do go get it.
If there are other things that flip your kilt dont.
But make your choice with no regrets and live
At 60 there is not much time left.
I worked my blue collar arss off Jr and Sr year of hs
Then went in to navy and my bro dented it .
Would have made more sense to buy a 50 junker then
I would DO it AGAIN... there is nothing like having a admired car when you are young . It was years later that I could afford a 2 yo car. And I was 50 fore I bought a new car. I was 62 last year thought I had cancer and bought a 2016 aw c7 Z51. Aft sign papers found out was not cancer but keep the c7 ... yea I spend a lot of disposable income on it but as much as I enjoy the car it is worth it.
If you enjoy that car half as much as I do go get it.
If there are other things that flip your kilt dont.
But make your choice with no regrets and live
At 60 there is not much time left.