owc6

You are earning good money, so you may want to talk to a financial advisor, and with his/her help hone what you want to do at this point, WRT your both long and short term goals.

Exia

I understand the need to get a C7 now instead of waiting. I'm 25 and I put my order in for a Grand Sport in August. My situation is a bit different from yours though, I make the same as you however I do not own property, I plan on doing that in a couple of years.

So while you have mortgage payments to make you will need to decide on how much flexibility you have. What happens if someone stops renting some of your rooms and you lose that income for a few months? Can you afford the Corvette in this case?

As long as you have enough of a safety net when you need to fill rooms, fix your house, replace your tires (those things aint cheap) then I'd say go for it. The reason I pulled the trigger is because I don't have any debt and I knew I could still buy my house in the time frame I gave myself even with the Corvette. It is also going to be my only car.

cobalt172

How much are tires?

Jaykoh-Z51

I just put a new set on of the OEM tires. 1,500ish I think. Several options for all seasons tho that can be less $$. And my tires are Z51 size...the 19”/20” rims.

Exia

Well I'm in Canada and my I'm getting the wider tires. They come out to about 700 each for the rears and 600 each for the fronts up here in Canada. Your prices will depend on if you have the Z51 option or not as they come with slightly bigger tires then the base Stingray. They won't be as expensive in the states but they will be more expensive then whatever your driving now.

Avanti

My C5 was my daily driver for four years. I cannot see why my C7 couldn't be if I needed it.

themonk

I have a '14 that I picked up December 20, 2013. I live in Calgary, Alberta, Canada, we get winter and I drive my car in the winter (well not the blizzard 2 ft of snow stuff, that's what the Yukon is for), I just put my winters on last week. It's not a big deal, my car has been trouble free except for leaky shocks, oh well you gotta pay to play. The C7 makes a great DD, it's fast, comfortable, turns heads and a blast to drive...what more could you ask for. I'm not the Accord type of person, I'm not dead yet. You only live once, drive a fun car.

jivor

Mines bought. If you don't have a decent cash reserve, then finance. Give yourself a cushion. As long as you can get a rate around 3%, you can probably benefit from better returns on investments, you may be able to get an equivalent write off for gas, etc. as a work car, or simply eat it as a hedge. Make sure you budget at least 1.5K every 2 years for replacing the tires (assuming 12K/year).

As for insurance, well that's going to be a thorn in your rear until you hit a higher age bracket.

jdhommert

Invest your money instead. Make sure you are putting a lot towards retirement etc.

Nothing is more important for your future financial situation than investing as much as you can-- *as early as you can*

cant stress this enough, and I'm not some old man I'm only 32 lol..

direct007

If the cost of financing the balance is going to cause financial stress, then don’t do it. This car may provide more “social engagements” and you don’t want to skimp on going out because you are weighed down by “overhead costs”. Otherwise, the points to consider are your plans for snowy days, the times you want to go somewhere with more than one friend and the times you need to pick up something bulky.
Yes, tires will cost more and insurance will be higher and fuel costs are higher than a more practical car but again, these cost differences are negligible in the big scheme of things.

I’ve driven vettes since I was 25 as daily drivers and things worked out. No regrets.

Rich150001

+1 do it if you can afford it and keep some money on the side. Since you're single you'll want to have some money to go out, travel, dating. Car isn't worth skimping on life experiences IMO! The biggest maintenance item cost on this car honestly has been Virginia State Property Taxes. $2500 for the 1st year was painful

cobalt172

I have 20k cash. I have 35k in 401(k)

I will not have a mortgage payment soon. So no living or rent expense.

I can sell my car for 9k or 10k for sure.

Am I in a position to do this and not really screw myself up later? I also have 750 credit

Foosh

You should be fine. You also sound financially responsible and are concerned about all the right things.

Rich150001

If you think you're right, or think you're wrong, you're probably right

cobalt172

Ok I am just waiting for one to pop up within 500 miles for 38k....

Foosh

If the right car shows up within $4-5K of your target, I wouldn't let that stop you.

Ctkizer

A base stingray is a great daily. Just got mine recently and it drives so smooth in eco and touring mod. Perfect for work commute. The sport mode for weekend shenanigans.

village idiot

Good rule of thumb- if you're adding up to determine if you can afford a luxury item, you shouldn't buy it.

( I say this as someone who financed his entire car + tax )

edit: and your insurance doubles because you get collision, not because it's financed. I have collision because, like any asset I own of any substantial value, I insure it. I wouldn't starve if my car got stolen or I totaled it, but it would certainly suck to lose an expensive asset. Given the financial position you described, I think it would be pretty reckless not to fully insure something that represents a year of your take home income.

Edit x2: If you touch, or even think of, touching your 401k for a car, you're a complete moron. Not sure if that's what you were saying. Also, don't spend everything you have in savings. There is a value to liquidity, and it's almost always greater than 1.9%.

Example: I just interviewed for an incredible opportunity that is a six figure pay cut for a year or two. Had I bought everything in cash, like some people on this forum suggest, I'd be in no position to accept the position (or at least concerned about it). But now I can accept it and not really worry.

cobalt172

I listed my assets just to give a perspective of my situation. Now way I am touching the 401k. I am doing 10k from my car and another 10k cash.

pika

If you are putting 20k towards the car I don't see any issue if you can make payments and still save. You are only financing around 20k. I am in the same situation as you (27, been drooling and saving since 2013). You might be waiting til next year for a 38k car.

Definitely don't touch the 401k as you will have to take a penalty.