Youngest Stingray Owner?
01-12-2019, 07:07 PM
#81
24 when i bought my c7 new. This was 4 years ago. I still have the car. Loooooving it. Also east coast. I couldnt swing a z06 at that time otherwise i would lol.
I am 28 now and if I had a choice to do it over again, i probably wouldnt buy the c7 as my first car. Do i regret it? No i dont. As I grew older and became more financial literate, I learned how to manage my finances a lot better, embraced frugality and most importantly to be humble.
congrats on your new car. It is a world of fun. May you enjoy it in good health.
Also from the east coast nyc.
I am 28 now and if I had a choice to do it over again, i probably wouldnt buy the c7 as my first car. Do i regret it? No i dont. As I grew older and became more financial literate, I learned how to manage my finances a lot better, embraced frugality and most importantly to be humble.
congrats on your new car. It is a world of fun. May you enjoy it in good health.
Also from the east coast nyc.
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jonparks (01-13-2019)
01-12-2019, 07:37 PM
#82
One thing that nobody has mentioned is that buying a relatively expensive car when you are young is a huge opportunity cost, and it becomes less so as you get older. There are plenty of career fields that would let someone in their 20's afford nice cars, but most of the people who are smart enough to get into those fields understand compounding interest and how much a $55k purchase is actually worth, if you had instead invested that money in the market for a few years. If you can hold off on buying it for even 10 years (and your 30's is plenty young enough to buy a Corvette) your money would have more than doubled with normal investments. If you can wait until you are the average Corvette buyer's age, your inital money would be a factor of 8 larger! So to buy a corvette in your 50's, you would only need to put roughly $7k in the market and wait. If you buy a corvette in your 50's, life and health are a lot less certain, and your opportunity cost is certainly decreased. You never know how much longer you will live, so certainly strike a balance as you see fit, but I think if you asked most people if they could have a corvette when they were 25 OR a corvette in their 40's and a fully funded retirement, for the same amount of money, they would wait a little while on the corvette and get the fully funded retirement too.
The other reason why is because lots of young people who are making their careers are moving around a lot and traveling to get experience, and they don't want to subject their cars to the abuse that that lifestyle comes with (airport parking lots, long periods of parking, etc.)
When I was 22 I came back from my first deployment the C7 had just been announced and I had the cash in hand to buy, and I wanted one so bad, I even emailed back and forth with Criswell. I have probably lost out on some fun since I didn't buy, but I left that money in the market and now it has more than doubled, I have used that money as collateral to secure loans on income producing properties, and now my wife and I are well on our way to financial independence. As Dave Ramsey says, you want to live like nobody else now, so you can live like nobody else later.
The other reason why is because lots of young people who are making their careers are moving around a lot and traveling to get experience, and they don't want to subject their cars to the abuse that that lifestyle comes with (airport parking lots, long periods of parking, etc.)
When I was 22 I came back from my first deployment the C7 had just been announced and I had the cash in hand to buy, and I wanted one so bad, I even emailed back and forth with Criswell. I have probably lost out on some fun since I didn't buy, but I left that money in the market and now it has more than doubled, I have used that money as collateral to secure loans on income producing properties, and now my wife and I are well on our way to financial independence. As Dave Ramsey says, you want to live like nobody else now, so you can live like nobody else later.
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jonparks (01-13-2019)
01-12-2019, 09:02 PM
#84
Melting Slicks
I am 28 now and if I had a choice to do it over again, i probably wouldnt buy the c7 as my first car. Do i regret it? No i dont. As I grew older and became more financial literate, I learned how to manage my finances a lot better, embraced frugality and most importantly to be humble.
01-12-2019, 09:25 PM
#85
I was 30 when I got my vette, granted it was not brand new. When I see it every day, it's a reminder to work hard and be grateful. I'm sure if you ask me my career you'd find it hard to believe I could afford one. especially a job left me with no student debt. I think there is definitely a balance of saving for the future, and living in the moment.
Last edited by CocoVette; 01-12-2019 at 09:26 PM.
01-13-2019, 08:41 AM
#86
Le Mans Master
01-13-2019, 10:16 AM
#88
Le Mans Master
