Had one idea, but then Z51
09-22-2018, 07:49 AM
#1
Pro
Thread Starter
Had one idea, but then Z51
Whats up vette community,
I can't belive what I've run across. I purchased my 2017 z51 2lt with mag ride last december for $61K. The MSRP was $73K which was a great deal I thought. When I purchased it I was coming out of some rough times financially so my credit was in the rebuilding phase. I got to the point where I was just about to refinance my car next month and was gonna improve about 8% on my rate and save some money. Just on a whim I got on the internet and seen a 2017 grandsport 3lt with the z07 package, MSRP $93K with $30.5K in rebates. The car is being sold for $62.4K. I contacted the dealer and my credit union, my note will be about $100 cheaper than what I'm paying now. I cant wait to pick up this car monday!
I can't belive what I've run across. I purchased my 2017 z51 2lt with mag ride last december for $61K. The MSRP was $73K which was a great deal I thought. When I purchased it I was coming out of some rough times financially so my credit was in the rebuilding phase. I got to the point where I was just about to refinance my car next month and was gonna improve about 8% on my rate and save some money. Just on a whim I got on the internet and seen a 2017 grandsport 3lt with the z07 package, MSRP $93K with $30.5K in rebates. The car is being sold for $62.4K. I contacted the dealer and my credit union, my note will be about $100 cheaper than what I'm paying now. I cant wait to pick up this car monday!
Last edited by samwint77; 09-22-2018 at 07:54 AM. Reason: add attachment
09-22-2018, 10:19 AM
#2
Le Mans Master
Wow if you improved your rate by 8% what was your original rate. Your finance charges must be astronomical.
09-22-2018, 10:27 AM
#3
Team Owner
You could probably just refi your current loan and do even better than the $100. Don't have to buy a new car to do that.
09-22-2018, 10:51 AM
#4
Burning Brakes
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Obviously, we don't know your entire life story here but there are some red flags for me. As someone who believes a good credit score is very important, I think I'd take the above advice and just refinance your current.car until things get straightened out for you. I can't even imagine having a car loan at 8%, yet alone trying to reduce it by that much.
Last edited by Sconn; 09-22-2018 at 10:52 AM.
09-22-2018, 11:31 AM
#5
Burning Brakes
Does that $100 of savings include the negative equity from rolling over the Z51? If not that’s definitely something I’d look at. I can’t imagine they’d give you more than 45 for the current car, and it sounds like your interest rate was astronomical so I can’t see you having paid off that much over the past year.
Only you know your financial situation so only you truly know if it’s a good idea or not. The GS is a great car and I love mine, but I don’t think better enough than a Z51 to put myself in a hole for trading in a car so soon I’m still paying off.
Only you know your financial situation so only you truly know if it’s a good idea or not. The GS is a great car and I love mine, but I don’t think better enough than a Z51 to put myself in a hole for trading in a car so soon I’m still paying off.
09-22-2018, 11:35 AM
#6
Pro
Thread Starter
Obviously, we don't know your entire life story here but there are some red flags for me. As someone who believes a good credit score is very important, I think I'd take the above advice and just refinance your current.car until things get straightened out for you. I can't even imagine having a car loan at 8%, yet alone trying to reduce it by that much.
Does that $100 of savings include the negative equity from rolling over the Z51? If not that’s definitely something I’d look at. I can’t imagine they’d give you more than 45 for the current car, and it sounds like your interest rate was astronomical so I can’t see you having paid off that much over the past year.
Only you know your financial situation so only you truly know if it’s a good idea or not. The GS is a great car and I love mine, but I don’t think better enough than a Z51 to put myself in a hole for trading in a car so soon I’m still paying off.
Only you know your financial situation so only you truly know if it’s a good idea or not. The GS is a great car and I love mine, but I don’t think better enough than a Z51 to put myself in a hole for trading in a car so soon I’m still paying off.
Lets just say my credit score was 200 points lower at this time last year. Financed a car for my sons mother, (bad idea), flooded home (wich ironically flooded the car I financed her and totaled it, woohoo), and oil field layoffs in 2016. My finances aren't astronomical, just hit a storm in life and got through it. I'm actually better off now than before. God is good!
Last edited by Steve Garrett; 09-23-2018 at 12:54 AM. Reason: Merged Posts-please use the Multi-Quote button in the lower right hand corner (the middle icon) to make your responses to multiple people look like this!
09-22-2018, 11:44 AM
#7
Burning Brakes
Well at 11% you actually weren’t as bad as I assumed, I’ve heard horror stories of guys paying 24% on late model BMWs and Benzs and it sounded like that’s what might be happening here.
Well I’m a total finiance guy, so I’d refinance and save the 300. The reason being is you’d be super upside down on that GS. Paying 81k plus interest is terrible for a car with a trade value in the mid 50s. I found my GS 3LT for the steal of a life time at 58k and while I’ve put some miles on it I can trade it for close to what I paid. I was quoted 54k on trade when I thought about getting a Viper a couple months ago. If something were to happen to you negatively financially you could get out of the Z51 for a much more minimal hit than the GS and what you’re gaining isn’t enough in my opinion to take that risk.
However, if it’s enough for you to take the risk by all means go for it and enjoy. It’s a hell of a car.
On more thought, why buy the GS and SC it when you could just get a Z06 for similar money and still be under warranty and all that?
Well I’m a total finiance guy, so I’d refinance and save the 300. The reason being is you’d be super upside down on that GS. Paying 81k plus interest is terrible for a car with a trade value in the mid 50s. I found my GS 3LT for the steal of a life time at 58k and while I’ve put some miles on it I can trade it for close to what I paid. I was quoted 54k on trade when I thought about getting a Viper a couple months ago. If something were to happen to you negatively financially you could get out of the Z51 for a much more minimal hit than the GS and what you’re gaining isn’t enough in my opinion to take that risk.
However, if it’s enough for you to take the risk by all means go for it and enjoy. It’s a hell of a car.
On more thought, why buy the GS and SC it when you could just get a Z06 for similar money and still be under warranty and all that?
Last edited by Steve Garrett; 09-23-2018 at 12:54 AM. Reason: Merged Posts
09-22-2018, 12:10 PM
#8
i feel your pain. Oil dropping from $40/barrel to $10/barrel left me with a house note, a car note and a pink slip from Schlumberger 1 week after the drop in oil prices. Not a hurricane, but coupled with the resolution trust liquidation of S&L real estate loans at the same time a house was just as unsaleable as if a hurricane hit it. (Condos went for $3K and houses for $5k at the RTC auctions, but 50% of Houston was out of work and couldn't afford that, good times) but you POR and it gets better. Congrats on your Black Beauty!
09-22-2018, 02:43 PM
#9
Race Director
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He just wants the new car. 
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frankb (09-22-2018)
09-22-2018, 05:50 PM
#12
Lets just say my credit score was 200 points lower at this time last year. Financed a car for my sons mother, (bad idea), flooded home (wich ironically flooded the car I financed her and totaled it, woohoo), and oil field layoffs in 2016. My finances aren't astronomical, just hit a storm in life and got through it. I'm actually better off now than before. God is good!
09-23-2018, 11:03 AM
#13
I realize this is car forum, but this is a TERRIBLE financial decision. Shocked anyone on this thread is applauding such an idiotic purchase. Cars are deprecating assets as soon as they leave the lot. No one buys a mass produced car as an investment. Honestly, it sounds like you can't afford the car. Just because someone will loan you the money to purchase something, doesn't mean you should.
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09-23-2018, 07:57 PM
#15
Melting Slicks
Member Since: Aug 2016
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What's with all the advice, OP said he picks it up tomorrow the 24th. So-o-o, I'm guessing too darn late unless he hasn't signed something. Good luck with whatever you do OP!
09-23-2018, 09:01 PM
#17
Burning Brakes
Whats up vette community,
I can't belive what I've run across. I purchased my 2017 z51 2lt with mag ride last december for $61K. The MSRP was $73K which was a great deal I thought. When I purchased it I was coming out of some rough times financially so my credit was in the rebuilding phase. I got to the point where I was just about to refinance my car next month and was gonna improve about 8% on my rate and save some money. Just on a whim I got on the internet and seen a 2017 grandsport 3lt with the z07 package, MSRP $93K with $30.5K in rebates. The car is being sold for $62.4K. I contacted the dealer and my credit union, my note will be about $100 cheaper than what I'm paying now. I cant wait to pick up this car monday!
I can't belive what I've run across. I purchased my 2017 z51 2lt with mag ride last december for $61K. The MSRP was $73K which was a great deal I thought. When I purchased it I was coming out of some rough times financially so my credit was in the rebuilding phase. I got to the point where I was just about to refinance my car next month and was gonna improve about 8% on my rate and save some money. Just on a whim I got on the internet and seen a 2017 grandsport 3lt with the z07 package, MSRP $93K with $30.5K in rebates. The car is being sold for $62.4K. I contacted the dealer and my credit union, my note will be about $100 cheaper than what I'm paying now. I cant wait to pick up this car monday!
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ratvet (06-13-2020)
09-23-2018, 10:24 PM
#20
Team Owner
Member Since: Aug 2007
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St. Jude Donor '11-'12-'13, '16-'17-'18
Good Lord.. I've got a 823 score and my CC's best is 3.49%......
Man, I gotta check around some more before my GS is built!
Man, I gotta check around some more before my GS is built!
Last edited by KenHorse; 09-23-2018 at 10:25 PM.