Anyone willing to evaluate my budget before C7 purchase?
01-19-2019, 03:20 PM
#102
Le Mans Master
You do seem to have your head on pretty straight. In general it is not a good idea to borrow money on a depreciating asset. I fully understand the 'lust' for a Vette. First off, in my opinion leasing a vehicle is not a good idea, for most people. You make all those payments, and end up with nothing In the end. You are committed to another year of lease on your present ride. Needless to say, you need transportation, even after that lease is up. If I were you , I'd consider buying the lease car after your lease is up, and put attempt to 'pay yourself' the lease payments for a couple of years. (This assumes car is in pretty good shape. Then you'll have a substantial amount of money to pursue your dream. Ge that student loan payed off, and pursue getting that house paid for too. Every cent you pay in interest is money lost forever.
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joemessman (01-19-2019)
01-19-2019, 03:29 PM
#103
Safety Car
Member Since: Feb 2016
Location: Bainbridge Island WA
Posts: 4,980
Received 3,818 Likes
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Asking for financial opinions on this forum is like hiring the Captain the Titanic to head up your water safety program.
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01-19-2019, 11:55 PM
#104
Melting Slicks
You can find like new used C7's for high 30's now. By the end of the year when you are ready to buy there should be similar examples for even a bit less than that. Take your time, enjoy the hunt and find the car that fulfills the dream. Sure, it's a depreciating asset but so is ANY car you are going to be driving. If your situation changes and you need the cash the car can always be sold but the memories will last a lifetime.
Forget about buying a house. The housing market is nothing like it used to be. In many areas of the country it now takes the better part of a decade just to break even on a purchase. You are young and being tied to a huge immovable asset is a liability in today's job world. Staying mobile and being willing to move and take advantage of new and better opportunities will get you much further ahead in your career much faster. You have already shown you are responsible and thinking smart about your future.
Work hard and save but also have some fun along the way. Life is far too short.
Forget about buying a house. The housing market is nothing like it used to be. In many areas of the country it now takes the better part of a decade just to break even on a purchase. You are young and being tied to a huge immovable asset is a liability in today's job world. Staying mobile and being willing to move and take advantage of new and better opportunities will get you much further ahead in your career much faster. You have already shown you are responsible and thinking smart about your future.
Work hard and save but also have some fun along the way. Life is far too short.
Last edited by JDSKY; 01-20-2019 at 12:13 AM.
01-20-2019, 12:01 AM
#105
Race Director
Member Since: Mar 2001
Location: Bonneville Salt Flats, 223mph Aug. '04
Posts: 17,381
Received 5,188 Likes
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If YOUR priority is really owning a Vette... sure, you can make it work. 
01-21-2019, 12:37 PM
#107
Melting Slicks
Post history by the OP shows that he did end up buying a Corvette back in 2016. The rest of his Corvette story seems less fortunate and he hasn't posted since 2017. Hope things turned out better for him.
01-21-2019, 12:42 PM
#108
Le Mans Master
edit: doh, old post.
Last edited by village idiot; 01-21-2019 at 12:43 PM.
01-21-2019, 09:04 PM
#109
Want to add that if I hadn’t waited until I was older to get a Vette I wouldn’t have appreciated it as much and taken care of it as well. I had to drive a bunch of Toyotas and Hondas to realize that I wanted to drive something more. But that’s just me. Also, depending on where you live it might not take so long to afford a house. If you live in the Bay Area or NYC it will, but almost anyplace else, it won’t.
01-27-2019, 11:43 PM
#110
Safety Car
Everyone says they are owner.House,car,boat etc.You have a mortgage so the bank is the owner til you've finished paying
the last month.You will also look at if your job went away would you be hired immediately by another company.
I have seen many people gamble and then their job disappear.At that rate the bank started repossession.Myself I would only have one loan at a time.
the last month.You will also look at if your job went away would you be hired immediately by another company.
I have seen many people gamble and then their job disappear.At that rate the bank started repossession.Myself I would only have one loan at a time.