When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.
As I told young folks who were looking at my Grand Sport at the one car show it will go to (I usually take my Street Rod) sure you can afford it, it’s the American Way!
Work your butt off to get enough down payment so the bank will lend you the rest. That will keep you working to pay it off! May even need to volunteer for overtime or get a second part time job. Could start your own part time Internet business.
That way you’ll contribute more to FICA (SS and Medicare Tax.) Total ~15%, you pay a bit less than half and the company a bit more!
As I told young folks who were looking at my Grand Sport at the one car show it will go to (I usually take my Street Rod) sure you can afford it, it’s the American Way!
Work your butt off to get enough down payment so the bank will lend you the rest. That will keep you working to pay it off! May even need to volunteer for overtime or get a second part time job. Could start your own part time Internet business.
That way you’ll contribute more to FICA (SS and Medicare Tax.) Total ~15%, you pay a bit less than half and the company a bit more!
Someone has to help us old folk!
I see you are from SC, what car show? That is true about the American way, I will probably "American way" myself into a C6Z or C7Z later this year. I have my detailing side-business to help pay for it!
Detailing a perfect extra business to keep you in "toys." At 75 I have a part time internet business and still consult, keeps me in mine!
When I finished my Street Rod would go to "Run to the Sun" at Myrtle Beach! Now I just take the Vette to look! Currently limit Shows to the annual festivals in Darlington and Florence. I will also go to some local shows in the summer. Enjoy meeting the other car folk and talking to kids to encourage them getting into the hobby!
If you come to any of those look me up!
No room for a rear seat with a set back 8.2 Liter big block and tubs so built a sound wall!
Fellow in Sumter did the interior, no longer in business. Note the headliner and flame door panel armrest! Both were a surprise and all at a fixed price!
@JerryU I will do! I will have to look at some shows down that way, I have my current show car getting prepped for this year ('13 Boss) and would love to come to some. There are not many around Sumter lol.
Detailing is a great way to make some extra money! I have some C7 jobs coming up down near Charleston coming up and I hope to make enough to save for a 'Vette! Let me know if you need anything detailing-wise! (mods erase if this is not legal).
Good looking street rod! I also like to meet and talk to other car guys, it is always fun and a good time.
“Affording” is a relative term and a very personal decision.
Have your cake and eat it too. Wait a few years and buy one on the used market for 30-40% less...or get a used low miles Z06 that will inevitably get dumped when the ZR1 comes out.
Whatever you do, don't let the “for” or “against” crowd on this forum sway your decision. You’re the one who will have to live with it. Just my $.02
There’s nothing wrong with spending a little extra money while you are young and have no obligations.
When I was in college, I had friends who traveled all over the world. I didn’t really care about travel. I wanted a fast car, so I bought a Camaro SS and made the monthly payments with various odd jobs that I had.
According to some of the guys on this forum, you shouldn’t spend money on toys until you are completely financially independent and have a few mil stashed away in the bank for retirement. I was never that type of person. However, I always kept my spending within reason. Conceivably, I could have made enough money in college working odd jobs to afford a Corvette Z06, but realistically, I knew I could afford the Camaro without having to strain myself making the payments and keeping up with the ownership expenses.
If I was in your shoes, I would follow the very good advice that others have given you. Buy a Z06, even a brand new Z06. Put 20% to 30% down on it, and enjoy it. The payment and ownership expenses won’t hang you out to dry, and you’ll be more apt to enjoy the car and your chosen lifestyle without being strapped for cash.
For some people, financial security is important, and they obsess over stuffing money away. When they die, their kids spend it. There is nothing wrong with enjoying what you have, as long as you are responsible about it.
There’s nothing wrong with spending a little extra money while you are young and have no obligations.
When I was in college, I had friends who traveled all over the world. I didn’t really care about travel. I wanted a fast car, so I bought a Camaro SS and made the monthly payments with various odd jobs that I had.
According to some of the guys on this forum, you shouldn’t spend money on toys until you are completely financially independent and have a few mil stashed away in the bank for retirement. I was never that type of person. However, I always kept my spending within reason. Conceivably, I could have made enough money in college working odd jobs to afford a Corvette Z06, but realistically, I knew I could afford the Camaro without having to strain myself making the payments and keeping up with the ownership expenses.
If I was in your shoes, I would follow the very good advice that others have given you. Buy a Z06, even a brand new Z06. Put 20% to 30% down on it, and enjoy it. The payment and ownership expenses won’t hang you out to dry, and you’ll be more apt to enjoy the car and your chosen lifestyle without being strapped for cash.
For some people, financial security is important, and they obsess over stuffing money away. When they die, their kids spend it. There is nothing wrong with enjoying what you have, as long as you are responsible about it.
This is why I cannot decide on a used C6Z or a new C7Z lol.
There’s nothing wrong with spending a little extra money while you are young and have no obligations.
When I was in college, I had friends who traveled all over the world. I didn’t really care about travel. I wanted a fast car, so I bought a Camaro SS and made the monthly payments with various odd jobs that I had.
According to some of the guys on this forum, you shouldn’t spend money on toys until you are completely financially independent and have a few mil stashed away in the bank for retirement. I was never that type of person. However, I always kept my spending within reason. Conceivably, I could have made enough money in college working odd jobs to afford a Corvette Z06, but realistically, I knew I could afford the Camaro without having to strain myself making the payments and keeping up with the ownership expenses.
If I was in your shoes, I would follow the very good advice that others have given you. Buy a Z06, even a brand new Z06. Put 20% to 30% down on it, and enjoy it. The payment and ownership expenses won’t hang you out to dry, and you’ll be more apt to enjoy the car and your chosen lifestyle without being strapped for cash.
For some people, financial security is important, and they obsess over stuffing money away. When they die, their kids spend it. There is nothing wrong with enjoying what you have, as long as you are responsible about it.
How does one in college make a $500+ (guessing it's around a 2002 year camaro) payment, while affording to pay for housing/rent, food, utilities, etc. I saw bartenders making $300+ a night in Boston, but I was getting $12/ hr doing security, lol. I know no one these days can afford a camaro ss while in college, unless their parents pay for it. You need to be making at least 150K to really afford those. I guess I am just being really conservative and don't want to buy a corvette right now until we are ready to have a 'fun car'.
How does one in college make a $500+ (guessing it's around a 2002 year camaro) payment, while affording to pay for housing/rent, food, utilities, etc. I saw bartenders making $300+ a night in Boston, but I was getting $12/ hr doing security, lol. I know no one these days can afford a camaro ss while in college, unless their parents pay for it. You need to be making at least 150K to really afford those. I guess I am just being really conservative and don't want to buy a corvette right now until we are ready to have a 'fun car'.
Well, it was a 1998 Camaro SS. I still have it. I paid $18,500 for it in 2001, put $6500 down and the payments were $250 a month for 5 years. I worked at a car dealer during the summer and worked as a resident advisor during the school year. It was a piece of cake to save the money for the payments and expenses over the summer. Any other money I made went towards other living expenses.
For any asking this question:
1) Know you interest rate for financing.
(There are many only payment calculators to answer the monthly payment amount)
2) DMV fees don't forget these...in Calif can be $50 a month or more. An additional monthly cost.
3) Insurance fees don't forget these...can be $100 a month or more. An additional monthly cost.
4) Tires. Set of replacement tires are near $2000. Howe long will they last? A note to consider maintenance costs per month in your calculations.
I think as many mentioned above, if you have to ask you cannot afford it.
Best to look toward the used market...maybe some other special edition or even a Callaway (?)
How does one in college make a $500+ (guessing it's around a 2002 year camaro) payment, while affording to pay for housing/rent, food, utilities, etc. I saw bartenders making $300+ a night in Boston, but I was getting $12/ hr doing security, lol. I know no one these days can afford a camaro ss while in college, unless their parents pay for it. You need to be making at least 150K to really afford those. I guess I am just being really conservative and don't want to buy a corvette right now until we are ready to have a 'fun car'.
depends where you live. some places 150k is like 50k in Louisiana or Texas or similar cheap places to live. housing, state income tax, personal property tax, etc not to mention whether you contribute to 401k, flex spending accounts, have insurance on a family or yourself, etc.....the paycheck disappears pretty fast for many people.
depends where you live. some places 150k is like 50k in Louisiana or Texas or similar cheap places to live. housing, state income tax, personal property tax, etc not to mention whether you contribute to 401k, flex spending accounts, have insurance on a family or yourself, etc.....the paycheck disappears pretty fast for many people.
Maybe so, but I think it's a little erroneous especially as a blanket statement and for a 4th Gen F-Body that was $30k at most. You could easily buy one on a $40k/yr salary.
Maybe so, but I think it's a little erroneous especially as a blanket statement and for a 4th Gen F-Body that was $30k at most. You could easily buy one on a $40k/yr salary.
No way. Unless you put stuff on a cc that you can't even pay off. Here's the real numbers. 40K
After taxes 28,000. That's 70% take home, pretty normal.
That's $2,333/ month.
1000- rent/ mortgage(if you live in the south).
580- car payment over 5 years including interest for a 30k car.
400- food, if single.
200- utilities.
100- phone.
That leaves you with $53 to save up for all those mods that you need to buy one eBay. This person should not spend more than 10k for a car imo.
Either I'm just really cheap, or right in the way you should think and spend your money on a toy. This(Corvette) is not a dd for most people. This is how I do it, take your income, divide by 4(some advisors think 5) and that's what you should spend on a car(s).
Seeing that money saver loan thread a while back made me realize this is how a lot of people on here can 'afford' a new corvette. Heck, I'd be able to ' afford ' a new Z06 if i used that.
We could afford a used corvette, but then finances would be a little tight, and I don't like that. Already have a boat, so need to wait a few more years before we get the other toy!
Maybe so, but I think it's a little erroneous especially as a blanket statement and for a 4th Gen F-Body that was $30k at most. You could easily buy one on a $40k/yr salary.
30k in 1998 is 45k today just based on inflation, brother. time passes fast doesn't it?
you can buy an SS today for 38k minus discounts. even a 2SS is 42k, cheaper than that 4th gen.
today's camaro is a better deal, a better car, better tech, better performance, etc. they don't build 'em like they used to, right? Right.....today you get A LOT more for your money.
I sure hope you aren't making the same amount today you were in 1998.
30k in 1998 is 45k today just based on inflation, brother. time passes fast doesn't it?
you can buy an SS today for 38k minus discounts. even a 2SS is 42k, cheaper than that 4th gen.
today's camaro is a better deal, a better car, better tech, better performance, etc. they don't build 'em like they used to, right? Right.....today you get A LOT more for your money.
I sure hope you aren't making the same amount today you were in 1998.
Considering I was 16 and making minimum wage, I should hope not.
But $30k was for an SS. Z-28s were in the low to mid-20s depending on options.
No way. Unless you put stuff on a cc that you can't even pay off. Here's the real numbers. 40K
After taxes 28,000. That's 70% take home, pretty normal.
That's $2,333/ month.
1000- rent/ mortgage(if you live in the south).
580- car payment over 5 years including interest for a 30k car.
400- food, if single.
200- utilities.
100- phone.
That leaves you with $53 to save up for all those mods that you need to buy one eBay. This person should not spend more than 10k for a car imo.
Either I'm just really cheap, or right in the way you should think and spend your money on a toy. This(Corvette) is not a dd for most people. This is how I do it, take your income, divide by 4(some advisors think 5) and that's what you should spend on a car(s).
Seeing that money saver loan thread a while back made me realize this is how a lot of people on here can 'afford' a new corvette. Heck, I'd be able to ' afford ' a new Z06 if i used that.
We could afford a used corvette, but then finances would be a little tight, and I don't like that. Already have a boat, so need to wait a few more years before we get the other toy!
Depends on if you rent/own. In 2003-05, my rent for a 1 BR apartment was $580/mo. Utilites were ~100-150 depending on time of year.
I could have easily afforded an F-body. I owned a GTO and was making $45k/yr.
When you're young and single, you can make money go a long way.
01-08-2018, 02:17 PM
