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Owning a relatively expensive and impractical car while paying rent isn’t wise. Why be paying on a depreciating asset as well as paying someone else’s mortgage? So from a financial point it isn’t a smart move. However cool it may seem.
You probably can afford it now, but at what cost? All of your monthly discretionary income will go to the car payment, insurance, maintenance, gas, tax, etc. Think about how much you have to compermise to own a Vett? How much is it going to effect your standard of living? After 6-7 years, you will have nothing to show for other than a used car that is worth 20k or less.
Save, invest, insure your financial prosperity, then treat yourself with something expensive as a Corvette. There are plenty of cars for less than half of the cost, that are very fun to drive.
Mathmatically it is unwise to drive a corvette at your age lol.
Everyones circumstances is different. I was in a lot worse shape than you finacially but was hellbent on buying a corvette 4 years ago. Had 0 intentions of buying a corvette either till i saw the c7.
if you have long term plans and you are able to put that corvette into the equation while continuing towards your goal, I say go for it. Do you know how good it feels to drive the c7 at a young age opposed to driving it at the age of 60 no offense to some of yall Some will give advice with good intentions and some is just flat out hating. Youll know the types. The oh his parents must be rich or he must be a spoiled brat. These are just haters that are jealous they couldnt buy one in thier younger years.
I say if you know what you want in life and it wont hinder you, go for it. Most people will be happy for you including me and let you measure your success with the haters.
In short,you need to prioritize. For example,I've been married twice. Raised 4 kids with second wife .Own our first house at 27. Larger house at 30. First new performance car at 40. First Vette at 49. You can only decide if a Corvette at this stage of your life is worth draining a savings account. I say dipping into ,yes but not draining. Good Luck.
Wanted one for years.I remember a C5Z New in the showroom.Sat their dreaming.Set a Goal.Met my wife.Priorities changed.1st Baby hit me with another change.
Bang,Wow like a Sledgehammer to the head.Sold my Fairly new harley.
Kids moved out,well one left.He is in and out.
40YRS.Vetteless.Then used C5 Paid cash.Sold it.Waited...
That Magical C7 Was produced,Holy Crap had to have.Waited till the GS.
As you age and get cramps.This hurts,that don't.People around you arn't here anymore.
You come up with those two very special words...Even at your age...**** it...
Do what you want.If you wait like i did a C7 Will probably worth your sales tax bill now.
So as with many people here the corvette is my dream car.
I am 24 no debt , making 57k a year (before taxes).
Renting an apartment for ~1100/month
Saving about 1000-1500/month depending on how frugal I am,
I was thinking for my 25th birthday, at the end of the year to buy(finance) a couple year old Corvette. If I save really hard this year I could have around 20k cash, and my current cars worth around 8 in trade,(according to kbb)
Was thinking about a used one around 45-50
Best case means I would only have to finance 17.
Now that being said, it would wipe out all of my savings, and it would take me longer to build back up because it would probably cut my monthly savings in half with payments and insurance increases
So I would still be living in my tiny apartment, but I'd have my dream car.
I know the responsible thing is to save for a house, but the best way I can run that puts me around 29-30 before I can build back up to afford the car, and that's a long time to wait.
What do you guys think?
You're the wrong age to buy this car. You need to wait until you're 65 at least. Don't worry the next 41 years will go by fast. Hopefully, you'll still be in good health but if not I'm sure GM will make sure the 2060 (I'm assuming C14) will at least have enough room for your fold up walker. Or you can always get one on those attachments mounted on the back of the car for your electric scooter if needed.
In the meantime, it's required that you conform to societies expectations. You must get married, buy a needlessly large/expensive house, have kids, & drive a boring mini-van for the next 20 years. Besides, the quicker you get married the quicker you can get your 1st divorce out of the way. No exceptions! You will conform!
Most of the people on here haven't been 25 in a millennia.
Many also think tomorrow is guaranteed.
If you can pay for it responsibly, just do it. Will you remember investing your money or a Corvette on your death bed?
YOLO.
You're the wrong age to buy this car. You need to wait until you're 65 at least. Don't worry the next 41 years will go by fast. Hopefully, you'll still be in good health but if not I'm sure GM will make sure the 2060 (I'm assuming C14) will at least have enough room for your fold up walker. Or you can always get one on those attachments mounted on the back of the car for your electric scooter if needed.
In the meantime, it's required that you conform to societies expectations. You must get married, buy a needlessly large/expensive house, have kids, & drive a boring mini-van for the next 20 years. Besides, the quicker you get married the quicker you can get your 1st divorce out of the way. No exceptions! You will conform!
My God I couldn't have said it better myself! So much truth!
First time you have to buy tires for your car, the honeymoon will be over, and reality will set in. The little guy on your shoulder will be saying exactly what your gut told you prior to buying it. And, if you have to come to a forum to ask the initial question that started this tread, your gut's already telling you what to do.
First time you have to buy tires for your car, the honeymoon will be over, and reality will set in. The little guy on your shoulder will be saying exactly what your gut told you prior to buying it. And, if you have to come to a forum to ask the initial question that started this tread, your gut's already telling you what to do.
Bought my c7 4 years ago at 24. Havent bought new tires yet. no dam reality check for me.
Correct answer, I think. You can get very satisfying Corvettes for not a lot of money, and not compromise other financial aspects of your life. (These cars can run to very high mileage with simple maintenance, their drive trains are so under-stressed in everyday use. Just do your due diligence regarding specific model years and features.)
Money invested in a tax-deferred stock fund while you're in your 20s will have decades to grow, and by the time you retire you won't be rich, but people who haven't invested will think that you're rich.
01-18-2019, 03:30 PM
Some will give advice with good intentions and some is just flat out hating. Youll know the types. The oh his parents must be rich or he must be a spoiled brat. These are just haters that are jealous they couldnt buy one in thier younger years.
no dam reality check for me.
