LiberatedLuis

The young do not know enough to be prudent, and therefore they attempt the impossible - and achieve it, generation after generation. -Pearl S. Buck

JayhawkCPA

Rock Chalk!

rkhegler

rkhegler

Skid Row Joe

Some young have learned while they're still young, to be prudent, wise, thoughful, and learned enough to pay cash for their cars. All, while not being supported by their parents. -Skid Row Joe

Baltimoron

This kid showed up just long enough to get a few of us suckered into some views on his YouTube channel, and was gone just as fast as he came. Clearly he wasn’t here to join the corvette community.

RyanC7

I wish I saved more at your age. I was at least maxing out my 401k by 30 though....

Congrats.

WKM

Actually he was here for awhile listening to everyone ganging up on him giving advice that was not asked for. I don't blame him one bit for not hanging around. We ask the question in several post about getting new blood into Corvettes and when one does and tries to comment it is trashed by the majority.

Dave80C3

Lets see, I bet most people for their first Auto loan had mommy or daddy cosign so they could get the loan at a reasonable rate. I know at 18 I bought a new car. I had 10 months Active Duty Navy, but a loan in my name only was 17%, but with a cosigner it was 7% in 1981. I know I also had my car insured on my parents policy, but I paid my part of the bill. 30 a month cheaper to be on their policy.

I guess you think young people should be stupid, and pay the outrageous interest rate, and spend an extra 360 a year on insurance.

My parents helped my cosign my first loan, and let me be on their policy.

I cosigned first loans for my Children, 2 of the 3, one was not responsible.

Dave80C3

So, you think its smart to take 50K out of an investment that is returning 11% for the last 4 years to pay for a car, rather than barrow 50K for five years at 2.49?

I chose to take a loan on my car, and leave my investments where they make money.

Yea, and even after the home loan fiasco, the idiot banks tried to get you to take more money. In 2010 I refinanced my home. They tried to get me to take cash out. I explained, I just wanted to pay it off sooner, no cash out, and I will pay closing cost out of pocket. This was with bank my home was already financed with. New loan lowered my payment 423 a month. They asked if I was still going to have the automatic debit. I said yes. She said the new amount, I said no. Keep taking the 2650.oo a month out. I told you I am trying to pay it off. I just wanted to lower the interest rate.

Dave80C3

I learned a couple of trades, then at 30 raising 3 children I put my self though college.

I earn more than double with my trade than I can with a degree.

Baltimoron

Either read and comment on the whole post, or go find something else to do other than dredge up a post from February. If you read all of my comments, my issue with the kid is that he openly admits to having maxed out credit cardS (plural)) to start some internet business, which he refused to talk about, and seemed to be of questionable legality. The kid buried himself in debt, and then patted himself on the back for a good job well done by buying himself a $50,000+ sports car. I have no issue with a parent helping a kid buy a first car, but the totality of this scenario is wildly irresponsible financially, and in no way teaches a young person how to establish themselves for the future. Furthermore, the kid did nothing to show he was particularly attached to the Corvette brand. He was far more interested in showing off for his friends. It’s a safe bet his arrival wasn’t the next generation of corvette aficionados.

Dave80C3

I did read the whole thread before I posted. I saw this thread as there was a link to it in a new thread. Seems to me like he is paying for the car. That is way better then what I see with most kids the last 10 years, just given the car by Mommy and or Daddy. All they did was sign, rather than give. Seems he has to pay rent to live at home. Again, most kids into mid 20's are living at home now days rent free.

He may not be making the smartest choices, but at least he is doing a lot more then the majority of kids his age.

Very few kids today are in to cars, hotrods, or motorcycles. Not like we were in the 70's and 80's. Maybe he will develop a true interest.

I know Harley's the only thing I cherish as much as Corvettes, are dying fast. Sales are way down, kids have no clue how to ride a bike, let alone a motorcycle. They have no interest in it.

Got my first Harley at 19, and first Vette at 24. Owned at least one of each ever since.

Baltimoron

I agree with most everything you said. I just learned young the beauty of compound interest and making smart investments, which will pay back exponentially over time. I’m 36, which comparatively, makes me a kid on this board, but because of the decision I’ve made in the past, I’m in a good position to be able to retire before I’m 50. I know not everyone has that goal, but I take pride in that financial security, and find it a bit insulting when some kid starts running his mouth about how he’s got it all figured out when he’s dropped out of high school, run up a bunch of debt and bought an expensive and unnecessary luxury. I would think I’d be in good company here, since owning corvettes isn’t a poor mans game, so I was surprised at how many people encouraged the kids behavior.

With regards to motorcycles, and specifically Harley’s, I think you’re sadly correct. Most people in my age range that are into bikes want crotch rockets, not cruisers. I probably would be in that camp as well, but I live in the DC area, and don’t particularly want to die riding around the fools on the road here, so I never got into it.

hammong

So much poison spewing in this thread. It reinforces the "old man" stereotype like nothing else could.

patentcad

Two other points: one reason I never owned a Corvette until age 58 is because even though I've made a reasonable amount of money in my career and I could have afforded one (even after I had funded my kid's college, bought a house, etc.), and even though I LOVE cars, it was always such a mind blowing WASTE of money to put that much $ into a car. So when I finally did, it was after I had enough dough that it was well within my means in a way that it wasn't 10-20 years earlier.

The last point is that if we could only get say 900 more 20 year olds like this kid to buy a C7 annually, we could lower the mean C7 ownership age to <60 within 5 years. Think about it.

patentcad

OK, maybe that's fuzzy math and we'd really need like 9000 kids to do that annually to budge the numbers, but you get the concept.

patentcad

Get off my lawn.

Baltimoron

He bought used, so while it may help the community as a whole, Chevy wont care since they’re not actually moving more cars.

Soonere39

Right. This isn't a Dave Ramsey or investments forum. Its not a life coaching forum. Its about Corvettes and he is enthusiastic about his Corvette. Maybe for many of us its not the way we would handle our money, but he's not our kid and not our responsibility to make his payments.
My own kids (who ARE somewhat my concern) are at both extremes.
28 y/o Juco Dropout - self taught mobile app developer - has paid for all his own expenses since 18, including car insurance. Bought a brand new Focus ST and sunk $3000 of high performance tuning into it. He has nothing saved up.
25 y/o recently graduated with a Computer Science degree and has a solid job working for the State - is driving a 10 year old BMW with 145,000 miles on it. He did freelance web development work all through college and has about $40,000 saved up and plans to buy a duplex and live in half and rent out half before he buys a better car.
Both make about the same money.

Either way - if the kid is paying for his own car, he can do what he wants with it. So what if he's living at home with his parents paying insurance - if they aren't having to pay for college, thats a pretty good trade off.