I've made my decision on buying a C7 Stingray....
#1
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I've made my decision on buying a C7 Stingray....
Alright so I've made my decision. I'm going to finance 25k of the 2017 C7 Corvette Stingray in about 4-5 months after school. I'm gonna save up about 30k in cash and finance the rest. I think after reading almost 200 comments from you guys giving me INCREDIBLE advice, I'm seeing a pattern of "I can afford it and I'll regret it when I'm retired if I don't buy it now". I really have felt welcomed into the corvette family by you guys and I think it's awesome! Just that alone has helped me in my decision. I love seeing people that share my passion as well! Again I'm a 23 year old guy and I'm about to finish a medical program in Vascular Sonography starting at at least 65k a year. I have a possible job lined up for about 80k a year. I currently live with my parents and they don't want me to leave. We have a very close relationship and they LOVE the Corvette idea. They want me to save up as much money as I can before it's absolutely necassary that I get my own place. Besides my $150 per month school payment and the Corvette expenses, all of my left over will go straight into my bank account. One last thing, I can't wait to see some of you fellas on the road! Any thoughts/comments!?!
thanks!
Jamie
thanks!
Jamie
Last edited by Brohman21; 04-06-2017 at 06:52 AM. Reason: Typ
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AttyVette (04-06-2017)
#4
Melting Slicks
Bowling Green Kentucky, same town where the Corvette is built. If you go, be sure to take the factory tour.
http://www.corvettemuseum.org/
http://www.corvettemuseum.org/
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AttyVette (04-06-2017)
#5
Le Mans Master
Good luck. I bought my first Corvette when I was 22. Of course it only cost $3,200 back then. :-)
#6
Team Owner
Alright so I've made my decision. I'm going to finance the 2017 C7 Corvette Stingray in about 4-5 months after school. I think after reading almost 200 comments from you guys giving me INCREDIBLE advice, I'm seeing a pattern of "I can afford it and I'll regret it when I'm retired if I don't buy it now". I really have felt welcomed into the corvette family by you guys and I think it's awesome! Just that alone has helped me in my decision. I love seeing people that share my passion as well! Again I'm a 23 year old guy and I'm about to finish a medical program in Vascular Sonography starting at at least 65k a year. I have a possible job lined up for about 80k a year. One last thing, I can't wait to see some of you fellas on the road! Any thoughts/comments!?!
thanks!
Jamie
thanks!
Jamie
Last edited by rkhegler; 04-06-2017 at 02:57 AM.
#7
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St. Jude Donor '05-'06-'07-'08-'09, '14-'15-'16-'17-'18
I'd gotten my first job and was about to buy my first Corvette. I'd picked out a green, chrome bumpers C3 with a camel interior and was about to sign on the dotted line when I thought it might be a good idea to see what insurance would cost. Went down to my agent the next morning and was shocked to discover that the insurance would be more than the car payments.
Of course the young OP will make more $$ than I did, adjusted for inflation over the past 42 years and high insurance payments may not be a problem for him. But it is a consideration worth making.
#8
Team Owner
You just made me flash back to when I was 23 years old.
I'd gotten my first job and was about to buy my first Corvette. I'd picked out a green, chrome bumpers C3 with a camel interior and was about to sign on the dotted line when I thought it might be a good idea to see what insurance would cost. Went down to my agent the next morning and was shocked to discover that the insurance would be more than the car payments.
Of course the young OP will make more $$ than I did, adjusted for inflation over the past 42 years and high insurance payments may not be a problem for him. But it is a consideration worth making.
I'd gotten my first job and was about to buy my first Corvette. I'd picked out a green, chrome bumpers C3 with a camel interior and was about to sign on the dotted line when I thought it might be a good idea to see what insurance would cost. Went down to my agent the next morning and was shocked to discover that the insurance would be more than the car payments.
Of course the young OP will make more $$ than I did, adjusted for inflation over the past 42 years and high insurance payments may not be a problem for him. But it is a consideration worth making.
#9
I had to drive 900 mi. last September to pick up my 2017 GS, you only have to go 50 mi. to browse through 200+ C7 Corvettes and pick the brain of Mike Furman at Criswell Chevrolet. You will literally be the kid in the candy store. Good luck, can't wait to hear about your journey to and through Corvette ownership. Don't forget to take pictures to look back on in 2057!
Sly
OK, maybe 200+ is an exaggeration, but that's what it looked like when I was there.
Last edited by Groovepusher Sly; 04-06-2017 at 05:16 AM.
#10
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2022 C7 of the Year Finalist - Modified
C7 of the Year - Modified Finalist 2021
Finalist 2020 C7 of the Year -- Modified
2018 C7 of Year Winner
2017 C7 of Year Finalist
St. Jude Donor '13-'14-'15-'16-'17-'18-'19-'20-'21-'22
Since you're in Maryland, you should look up forum vendor Mike@Criswell - Furman Chevrolet in Gaithersburg. Currently over 100 Vettes in stock, 28 of which are M7 that you said you wanted.
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cor28vettes (04-06-2017)
#11
We all here on Corvetteforum have to consider that this young man came here first for advise and opinions. He is about to finish school and start his career. I think he'll be able to calculate a feasible plan for ownership that won't be a burden. Shoot! If it was me at his age, I'd feel like a little reward too.
Sly
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RYTOCOR (01-20-2020)
#12
Drifting
With a Stingray coupe starting at $51,300 less 11% off MSRP, Brohman21's down payment can bring his payments down to what he deems manageable.
We all here on Corvetteforum have to consider that this young man came here first for advise and opinions. He is about to finish school and start his career. I think he'll be able to calculate a feasible plan for ownership that won't be a burden. Shoot! If it was me at his age, I'd feel like a little reward too.
Sly
We all here on Corvetteforum have to consider that this young man came here first for advise and opinions. He is about to finish school and start his career. I think he'll be able to calculate a feasible plan for ownership that won't be a burden. Shoot! If it was me at his age, I'd feel like a little reward too.
Sly
Going out for a $1000 dinner with mom and dad--THAT'S a "reward"... and still ill-advised considering his inexperience; understandable, but it's just not a good habit to start rewarding oneself. Societal values have changed drastically from my ute... there was a time when satisfaction alone over an accomplishment was enough reward, and a "little" splurge would have been tolerated if the emergency fund money wasn't affected. (And he's not been advised yet to generate his emergency fund--6 months' gross wages??? I'd bet my life he won't have that set aside in the first 2 years.)
He did come here for advice and opinions. What he's got going for him is the probability that his first job out of school will start in the 80k range.
The downside is, Brohman21 has never been out of the house (at least that's the implication). He's not experienced paying rent, allotting an emergency fund, covering his own groceries, taxes, utilities, insurance, finding furniture, etc, etc, etc. A box of plastic forks is $4. Piddling, yes, but it all mounts up.
Truly sound advice would be to wait until he has at least some experience and financial history behind him to figure out if his numbers actually tally. Single, no dependents, I bet his Federal taxes are 16k. He'll have barely 60-65k left over before SocSec, disability, and a minimum 401k plan take their cut. And don't forget state tax. Ifn we figure a relatively populated urban setting for him, rent will be at least $1000 month; that alone takes him down to a maximum of the low 50,000s--unless the grand scheme is to tolerate a roommate. Skim 7% for SocSec et. al., and he's barely got 48k left. Figure groceries and dining out; dating, bars, hobbies, etc. to be another 5k if he's dirt cheap, and he'll have ~43 left for insurances, (what's medical malpractice/liability cost? because he absolutely better have something, and not the "minimal"), utilities, gasoline, funding to get home at least 2x year (Xmas and maybe another) ifn he has to take off work for an emergency, on and on. He's not even furnished yet. Not a dish in the house. That first year's gonna be an eye-opener. God forbid he follows my advice and skims 25% off his net for retirement AND buys a house; then he'll have damn little left. No, sound advice would have him wait, at least until he's 25 when the auto insurance industry gives him a break for his age and a minimal year's financial history away from home.
#13
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"Rewarding" oneself for an accomplishment is pure financial folly if the reward is a commitment to the second most expensive single financial obligation he'll make for 3-5 years. (Actually, it might be the most expensive--I'd guess rent would come in as a cheaper expense behind gas, 300/500 auto insurance and the car payment. Yeah, I know... go cheap with the auto insurance liability/collision and it's all "do-able")
you see all those
Going out for a $1000 dinner with mom and dad--THAT'S a "reward"... and still ill-advised considering his inexperience; understandable, but it's just not a good habit to start rewarding oneself. Societal values have changed drastically from my ute... there was a time when satisfaction alone over an accomplishment was enough reward, and a "little" splurge would have been tolerated if the emergency fund money wasn't affected. (And he's not been advised yet to generate his emergency fund--6 months' gross wages??? I'd bet my life he won't have that set aside in the first 2 years.)
He did come here for advice and opinions. What he's got going for him is the probability that his first job out of school will start in the 80k range.
The downside is, Brohman21 has never been out of the house (at least that's the implication). He's not experienced paying rent, allotting an emergency fund, covering his own groceries, taxes, utilities, insurance, finding furniture, etc, etc, etc. A box of plastic forks is $4. Piddling, yes, but it all mounts up.
Truly sound advice would be to wait until he has at least some experience and financial history behind him to figure out if his numbers actually tally. Single, no dependents, I bet his Federal taxes are 16k. He'll have barely 60-65k left over before SocSec, disability, and a minimum 401k plan take their cut. And don't forget state tax. Ifn we figure a relatively populated urban setting for him, rent will be at least $1000 month; that alone takes him down to a maximum of the low 50,000s--unless the grand scheme is to tolerate a roommate. Skim 7% for SocSec et. al., and he's barely got 48k left. Figure groceries and dining out; dating, bars, hobbies, etc. to be another 5k if he's dirt cheap, and he'll have ~43 left for insurances, (what's medical malpractice/liability cost? because he absolutely better have something, and not the "minimal"), utilities, gasoline, funding to get home at least 2x year (Xmas and maybe another) ifn he has to take off work for an emergency, on and on. He's not even furnished yet. Not a dish in the house. That first year's gonna be an eye-opener. God forbid he follows my advice and skims 25% off his net for retirement AND buys a house; then he'll have damn little left. No, sound advice would have him wait, at least until he's 25 when the auto insurance industry gives him a break for his age and a minimal year's financial history away from home.
you see all those
Going out for a $1000 dinner with mom and dad--THAT'S a "reward"... and still ill-advised considering his inexperience; understandable, but it's just not a good habit to start rewarding oneself. Societal values have changed drastically from my ute... there was a time when satisfaction alone over an accomplishment was enough reward, and a "little" splurge would have been tolerated if the emergency fund money wasn't affected. (And he's not been advised yet to generate his emergency fund--6 months' gross wages??? I'd bet my life he won't have that set aside in the first 2 years.)
He did come here for advice and opinions. What he's got going for him is the probability that his first job out of school will start in the 80k range.
The downside is, Brohman21 has never been out of the house (at least that's the implication). He's not experienced paying rent, allotting an emergency fund, covering his own groceries, taxes, utilities, insurance, finding furniture, etc, etc, etc. A box of plastic forks is $4. Piddling, yes, but it all mounts up.
Truly sound advice would be to wait until he has at least some experience and financial history behind him to figure out if his numbers actually tally. Single, no dependents, I bet his Federal taxes are 16k. He'll have barely 60-65k left over before SocSec, disability, and a minimum 401k plan take their cut. And don't forget state tax. Ifn we figure a relatively populated urban setting for him, rent will be at least $1000 month; that alone takes him down to a maximum of the low 50,000s--unless the grand scheme is to tolerate a roommate. Skim 7% for SocSec et. al., and he's barely got 48k left. Figure groceries and dining out; dating, bars, hobbies, etc. to be another 5k if he's dirt cheap, and he'll have ~43 left for insurances, (what's medical malpractice/liability cost? because he absolutely better have something, and not the "minimal"), utilities, gasoline, funding to get home at least 2x year (Xmas and maybe another) ifn he has to take off work for an emergency, on and on. He's not even furnished yet. Not a dish in the house. That first year's gonna be an eye-opener. God forbid he follows my advice and skims 25% off his net for retirement AND buys a house; then he'll have damn little left. No, sound advice would have him wait, at least until he's 25 when the auto insurance industry gives him a break for his age and a minimal year's financial history away from home.
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Old Goat MN (04-07-2017)
#14
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Unless you have a significant amount of money saved up for a sizable down payment, you should be very cautious about over extending your projected disposable income. Do you plan to eat, sleep, and shower in the C7? Or, will you also need to rent an abode? How about student loans or other indebtedness? Also, have you checked the insurance rates for a 23 year old owning a C7? Better give it some more thought.
#15
Team Owner
There is already another thread where he asks for, and got plenty of advice. That is not what this thread is for. If you had read the other thread you would know that he just won a five million dollar lottery as well. Does that make your advice look a little silly now?
Of course he did not win a lottery. But the point is that you don't know his situation just by reading his post above.
Of course he did not win a lottery. But the point is that you don't know his situation just by reading his post above.
Last edited by jschindler; 04-06-2017 at 06:47 AM.
#16
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but what everyone isn't understanding here is that my parents and I have a very close relationship and they LOVE the Corvette idea. They want me to stay here and build up as much money as I can before I get married and moving out is a must. I'm not gonna be on my own for a few more years so any other money I make after the car expense is going straight into my bank account.
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AttyVette (04-06-2017)
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dvilin (04-06-2017)
#18
Team Owner
Ok so all of those things are very important to consider and be prepared for however; that's not going to be my life situation for a few years. I literally have one $150 per month school loan payment and anything else after the corvette expenses is going straight into my bank account. My parents are fully supportive of the Corvette idea and are super happy to let me stay under their roof and save up the $4-5k extra per month for a few years. We've already talked logistics together and trust me, if I'm going to finance a Corvette, it's going to be after I can pay AT LEAST 30k in cash. I'm aware of life's responsibilities and costs, I just happen to be lucky in that my parents are trying to help me save as much money as I can while owning my dream car which with no bills for a while is going to be a LARGE sum of money over the next few years. I'm not an idiot, I am not going to make this purchase without extreme research (which I've already done) and I fully expect to have the car paid off before I even have to buy my own loaf of bread.
#19
Actually, his best move would be to reward his Mom and Dad by buying them the Corvette. Then he will just have the car payment to worry about which will be low if he saves enough for the down payment. He can drive their current car, or buy an inexpensive used one, and I'm sure they'll let him drive the Vette from time to time.
Sly
This was in response to Dork's doom and gloom above.
Brohman21, you got it right, and you may not have to put down $30K. Calculate for a $250 to $300 monthly payment, you want to make payments to establish your credit history. Making payments on time and for the term of the loan (assuming low interest) is what creditors look at when considering granting credit. Don't get me wrong, cash is king, but using OPM for some things can let you keep cash on hand to put into things that generate income.
Sly
This was in response to Dork's doom and gloom above.
Brohman21, you got it right, and you may not have to put down $30K. Calculate for a $250 to $300 monthly payment, you want to make payments to establish your credit history. Making payments on time and for the term of the loan (assuming low interest) is what creditors look at when considering granting credit. Don't get me wrong, cash is king, but using OPM for some things can let you keep cash on hand to put into things that generate income.
Last edited by Groovepusher Sly; 04-06-2017 at 07:06 AM.
#20
Racer
Awesome decision... looking forward to the thread of "Pics of Brohman21's new C7" when you are ready. Good luck on starting your career and enjoy the commute to your new position.