franco10

Awesome! That is extremely cool, how long did you keep the corvette for? How did you manage the pull it off? 40% down, finance for 4 years?

franco10

Wise words!

franco10

HAHAHAH that was good!!!

franco10

Will do! No marriage until i get that c8 Corvette and that dream job!

IAIA

Y'know what??? I'm changing my mind about you. You're way ahead of where MOST of us were at your age in both education and finances. You work hard, don't play all that much, and are on a super track for success. You have your own business (aerial photography), will become a realtor in a few months, are studying to be an aerospace engineer (that will probably design space ships, send them to Mars, and stake a real estate claim for land there...but not without first taking aerial shots of the surface to find the ideal view-location...LOL), and have begun your grad studies while an undergrad??? Are you kidding me??? KUDOS, young Franco. GO BUY A CORVETTE and enjoy!!

51 stovebolt

There are 2 sides to this extreme, depend on rich parents to pay for the car or wait until you are 50 to get one. As I see it you seem to be very level headed (or dad would be giving you the opportunity) you will be in debt for the rest of your life one way or the other. Control is the key. Enjoy toys early, don't worry about being set for life at this age but prepare for it , it takes time. There are different philosophy's on this but mine is not how long you are here but enjoy the time that you are here !!! Luckily I have had this same talk with my son. do you have x-amount of dollars for a rainy day? do you have investments ? is your 401 maxed out ? Then go enjoy life, but don't be careless. Many of us aren't fortunate enough to have the option at your age, but most of us made it happen anyway. Good luck and be smart, I stress to my kids AS LONG AS YOU HAVE A PLAN. And that plan does not have to be my plan !!!!!

franco10

lol thanks! but like you said previous, I should wait more and see what the future holds. I won't pull the trigger early and I will avoid having children like the plague lol (till in my late 20s early 30s).

franco10

I read that you should have at least 6 months to 1 year on an emergency fund, I am slowly building that up. My Roth isn't maxed out yet because I am saving more on that 20% down payment for a rental property. No current investments, only what I own on that Roth. I do love what you said about a plan. My realistic plan was to wait till 23 because I would be in better shape, and thanks to the positive feedback I've received, I will continue on my original plan. I really thought about getting a used 2016 corvette for 40k and putting 20k down and financing the rest for a term of 60-72 months. But then all the money I saved for that future 20% down on a house would banish and I would lose the opportunity of getting an investment home. Thanks once again!

Landru

When your ship comes in, have graduated, accepted a solid position /w good $?
Spend that first few checks buying your father something really nice, more than a steak dinner.
Make it something he w/couldn't do while raising you & any other siblings, only you'd know what that is.
He sounds like a great guy who imparted all the best on a fine son.

AORoads

Y'see this guy's post above? Do it. Follow it to the "T". He is right. And your parents deserve a lot of credit. A LOT. (PS if it were me, I'd include your mother in that, too)

Somewhat similar to IAIA a few posts above, I'm changing my mind, too. But I'm changing my view of, and about people in your age range that haven't got a clue about next year, ten years from now, etc.---and don't care even when it's explained to them and they agree with the new info they've heard. Which really means to some extent no one in their family "coached" them.

You've had it. You are not only lucky, but fortunate. And that's why the big reward and thank you goes to them---your parents---no matter how little or how much they have done to help you onto the right path. From what you've written it is more than just a minimal amount of support, guidance and counsel. I applaud you, and your parents!!! Really.

franco10

Already planned! he always wanted an Audi Q7 so that will be the first thing I will get him (: I owe my parents everything, especially my father.

IAIA

Whoaa!! You just went 0-to-60 in 2.5 seconds between a steak dinner and a >$50,000 car. I think Landru was thinking more like a cool vacation or a high-end big-screen or a new set of golf clubs, etc.. But hey, more power to you. Your heart is in the right place! (btw when you become a multi-millionaire, don't forget about your Corvette Forum buddies!! LOL)

Skid Row Joe

No disrespect meant, but you're not able understand what I wrote, so you're FOS. My niece graduated at the top of her class every year since K through undergraduate. #1.
She graduated at the top of her class in Economics from a Jesuit college. She was the #1 intern in her internship class at Ameritrade. She has saved $25K, in her savings account while she was in undergraduate school.
At her Jesuit Law School, she graduated in the top
20% - with honors. It was $125K value, FULL SCHOLARSHIP. The hundreds of thousands of dollars a year is earning potential based on her past and present achievement,, as her goal. She was just licensed to practice law by the State Bar Association 7-weeks ago. Give some credit, instead of droning about your backassward, back East bullsh8t.

GOC

There are a lot of things to think about here. You are getting 5-6k every semester from scholarship, but don't you need that money to pay for school? It sounds like you might be penciling in this scholarship money for car payments.

If you start working to pay for maintenance, will you be able to maintain the scholarship requirements? I'm not sure what scholarship you have, but some academic based scholarships requires a certain level of grades to continue receiving.

As far as how long you should finance for and down payments etc., we can't really help you deciding that because we don't know the details of your financial situation along with your dad's. For example, what if you lose the scholarship for whatever reason, will your dad be willing to take over and is he able? Your dad will already be paying for your gas and insurance, which won't be cheap for an 18 yr old with a Vette.

Ultimately, you have to think about all that and see if all of that is really worth it to go through with for a car.

With that said, the Camaro is a very nice car for a 18 yr old college student. If I were you, I would keep that car and wait until I graduate, get a good job and buy a C8 when I can fully afford it with no hassle. Just my opinion, but it's your life, your decision.

Skid Row Joe

^^^^ More assumption/BS.
#1 No one has to wait until they're "50 to buy a Corvette" #2 No one has to "have rich parents to buy them a Corvette." #3. No one has to; "stay in debt the rest of their lives." I bought my 1st new Corvette @ 25. Paid cash. 2nd new Corvette @ 66. Paid cash. ALL my debts were liquidated including my home residence by age 50. Yes, my IRAs are maxed out every year. You're way out in the weeds lost somewhere. Lol!

AceG

I can sort of relate and have serveral pieces of advice. My mentality has changed since 2 years ago.

I was in your shoes kinda. I was 24 when I bought my first car. Not only was it new it was a corvette too. 2015 arctic white c7. I will admit, the high lasted a long time and to a certain extent its still there. I can only imagine what you are feeling at 18.

Do i regret buying the c7? Absolutely not.

Should i have bought thr c7? Absolutely not lol

It certainly drew a lot of attention which i would be lying if i said i didnt enjoy it. It was a great feeling. The car is amazing to look at, sounded amazing, was fast as hell.

what i learned in the past couple years from reading and experiencing the financial situations that came up and other peoples situations, is that frugality plays a major role in the success of an individual down the line. There is something also called instant gratification and delayed gratification. Successful people have mastered the latter while the poor prefer the instant. This is the same scenario here. It shows signs of whether that individual is on the road of success or leading another path.


The biggest advantage you have right now is time. You are incredibly young but if you insist on pulling the trigger there are serveral factors and tips you can follow to mitigate the damages.

1. Insurance and APR

your insurance will be sky high no question about it. You are very young with a high end sports car. You are automatically flagged. Interests rates are higher than a couple years ago. 3 years ago i got 0.9% at stellar credit. I can only assume you have little to no credit which is why you will need your dad to co sign which i STRONGLY urge you to NOT to do.

The alternative is to register the car in your fathers name so there isnt any complications. You are still responsible in making the payments and this will be an agreement for your father that he will condone the responsibilty of co signing without actually having to cosign. The rates and apr will be cheaper with this route. Lastly if you do not have a set plan in making these payments, I wouldnt reccommend you even thinking about getting it.

judging by your responses though, I think i know which route you will make. You sir, have a very bright future ahead of you.

franco10

This forum is amazing! I wasn't expecting soo much inputs and different perspectives, thank you for sharing your story and for helping me out!

IAIA

You're a Forum celebrity, dude! A real estate agent that flies around on his self-propelled aerospace rocket he designed during grad school that takes aerial photos of neighborhood roads and local topography so individuals can add bonus value to their home values based on the fun-factor of driving home in their vettes!