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So I own a 2013 Camaro LS and I've had it since 2015. I wanted to see if I could afford a 2016 Z51 1lt or 2lt. I need some advice, I saw a 2016 1lt for $40,000, I can a 5-10k down payment and finance the rest. Should my dad co-sign the loan? I go to college and it's free because of scholarships and I also receive 5000-6000 every semester from my scholarship money. I will have to work in order to maintain this beast, but I just want some expert opinion. My dad's credit score can get a 4-5% APR for 60 months. I already have some money saved for retirement on my self-directed Roth Ira. My dad says I can make the move, however what do you guys recommend. My parents will cover gas and insurance, all I have to worry about is the car payment and any extra. Should I wait till the C8 and see if the C7 corvette prices drop? How long should I finance for? What should be a reasonable down payment? Any cost that I should add?
I appreciate any input, thank you soooooooooo much! This the 2016 1lt Corvette with 28k miles
I bought a C3 vette during college...something I could pay cash for enjoy and tinker on. Once out of college...then finance what you can afford. That was my route...
I know there will be a ton of guys coming on here trying to talk you out of it but I won't. I will just say that in my experience, the prices on one generation of Corvette always drops significantly when the new one comes out. That's how I ended up getting great deals on my used C5 and C6, as I bought both of them just as the newer generation was coming out. I couldn't wait for the C8 to come out in order to get a C7 though, so I pulled the trigger earlier than I usually do and bought new this time. But I know that it's value will drop a lot when the C8 comes out (and I'm fine with that as this one's a long term keeper for me)
It sound like you have a great start on life. At 18 most people don't have a Roth IRA or know what they are. It sounds like your parents raised you right. Talk to them and see what they think. They know your and their financial situation better than anyone. Corvettes will be around for a long time, get your education and start your life. Don't burden your self with debt till you start your life and career.
I know I will be considered the old fuddy duddy, but I would not take on that debt while you are in college. For one thing, you stated you will have to get a job to "maintain this beast." A 2013 Camaro is a very nice car to own in college and if you can maintain your college without working and use that time to study it will pay off at graduation time. As a person who was a hiring manager for several year, I can tell you that grades do matter.
If you wait until you graduate, and you score a great job because of good grades, a Vette will be an easy buy.
Go ahead and hate me, but I think I am giving you the best advice I can.
It is not good financial decision to get yourself in debt at young age. Car like this comes with many other expenses and worries, and not just gas and insurance. Invest your money in stocks or real estate is better choice.
The thing is, you haven't proven you can make a living yet. If I'm reading this right, you'll graduate before the Vette is fully paid off. That means either you find a good job immediately or your Dad will wind up making the payments. You're obviously smart or you wouldn't have received those excellent scholarships, but there are a lot of smart guys working the minimum wage. Sometimes it takes a little while to get your break.
I bought a C3 vette during college...something I could pay cash for enjoy and tinker on. Once out of college...then finance what you can afford. That was my route...
Me too, except it was an old C1 at a time when they were cheap. Paid for it with cash from summer jobs. Two years after graduation bought a new 427 Vette - and paid cash for that too.
To the OP: rather than work to earn money to pay for the Vette, you'd be better off to work on your college education - get better grades, take more classes, graduate sooner, whatever. That's an investment in your future that will last forever.
I think you should wait until you are done with school before you put yourself into debt like this. You are extremely fortunate to have parents you do so much for you. I hope you appreciate that. I think you should stay in school as long as possible. I also believe 18 years old is too young to own a performance car like the Vette. You do seem mature beyond your years though. Do you and your parents a favor and wait until you are finished with your studies to purchase a Corvette. And when your ready to buy one make sure you know the entire history of the car before purchase. I would not buy a car that had been in an auction. I know people do, but I wouldn't. there are some good deals out there, but not all Vettes for sale are good deals. And if you see one that stands out because it's much cheaper price than similar cars, beware, as there's a reason it's cheaper than the others, and it's usually not a good reason. Good luck with your schooling keep up the good work
Lol crazy right, my parents actually sold an investment property and used some of the gains for the car so i was able to drive my car to and from school at 15.
thanks for the advice! I will be sticking to college and focusing on the bigger picture!
Last edited by Steve Garrett; 10-29-2018 at 09:39 PM.
Reason: Merged Posts
To the OP: rather than work to earn money to pay for the Vette, you'd be better off to work on your college education - get better grades, take more classes, graduate sooner, whatever. That's an investment in your future that will last forever.
Good advise above. Can I add go to graduate school? Even if you don't think you need it. Some day you will be glad you did.
You actually have a nice car to get you through college. I went from high school to the Air Force and was married to a 69' Charger. It was not reliable, got 9mpg and the insurance was sky high. My parents never paid for my car or insurance. So I was car poor all the time. But, I established my own credit which helped down the road. Save all you can now and once you get that good job you will have a decent amount of $$$$ saved to put down on a NICE C7. You will have time to research the C7 and will know exactly what you want. Plus your payments will be lower. And, you will really appreciate the car once you get it. Good luck!
Focus. Priorities are finishing school, finding a job/career and then settling down on your own. Break the financial dependency from your parents and support yourself as soon as possible. Then you can re-prioritize your wants and needs. If a car is your first priority, you will remain behind the power curve of life. Owning a Vette with little financial worries is so much sweeter than worrying about the next paycheck. Vettes have been around since 1953, they wont disappear any time soon.
10-29-2018, 03:03 PM
18 years old and need advice owning a Corvette
