Nesch18

I am currently looking to get a ZR1. With my options I am going to have an MSRP of around 141k + 7% sales tax. I am only paying $750 rent a month and have about $2500-$3000 left after all bills and food. I will put 50k down on the car. Will I go overboard or will I be fine. I have excellent credit and zero debt. How big of a difference will be on the interest rate of a 72 month loan or 84 month?

MSG C5

I think it's a stretch for a couple of reasons. Even with $50K down, you're looking at a $100K loan after all the taxes, fees, etc. If you take out a low interest, 5-year loan, you're looking at around a $1700 month car payment that will take up over 50% of your remaining income.

You also mention that you rent so depending on your life goals, I would try to secure home ownership prior to a $150K sports car. There are many, less expensive Corvette alternatives that will give a lot of bang for the buck both new and slightly used that may be a better choice.

Also, if you're not renting a house with a garage, I would hate to park a ZR1 outside.

Nesch18

I got a garage. I am not looking to buy a home since I am traveling a lot for work. Not interested in upkeeping the house and I am not getting kids. I have a 401k for retirement.

Thank you you for your input. Trying to reconsider but it’s not going to be easy :-)

Vernon

Sounds like you qualify to pay the monthly carrying costs (principal, interest, and insurance) but should you?
Do you have cash reserves to pay for the car outright if your financial situation changes negatively? The vehicle is a depreciating asset. How will you feel 6 years from now when your vehicle is worth less?

Are other investments for your future in place, building and secure?

For me, a purchase of this type is with discretionary funds that are not needed for any other wants or necessities.

There is great appeal to purchase a car of this type but it is expensive.

Hope it works out well for you!👍

Snorman

Internet car forums aren't a good place to ask for financial advice.
S.

OnPoint

Pick up a new '17 or '18 Z06 from a forum dealer for half that amount, and have 90% of the performance and not have to stretch yourself near as much to get it - - - which equals being able to actually drive it and enjoy it.

Nesch18

I think those advices were very reasonable.

UnhandledException

Dont do it my friend. You will thank me one day.

Nesch18

How much more money down would you guys suggest? I also could wait and get a 2020 if they still make it. That should mean 30k more down at least. In the past five years I always had extra income(10-15k after taxes) in overtime what is not included in the 2500-3000. I also get per diem $50 a day while on the road. And I am traveling at least 100 Days a year what is another 5k of income. That would mean about 80-90k down by the 2020 model year. Would that still be steep?

thehulk

Man **** no. I was 23 years old making 200k a year. I did the **** you're talking about, except i bought an airplane and a corvette... airplanes hold their value WAY better then a car. Still lost my ***.

Buy an already built C6 and go fast for less then the down payment you're considering, and if you decide to sell it, it wont depreciate much, if at all.

rob62

Buy a house. Not a vette..............Yet.

vetteb_96C

Insurance is going to be outrageous. Make sure to factor that in.

I have perfect driving record, credit, 48 yrs old. Some companies will not insure my 2013 ZR1. Here in Michigan I pay ALOT.

sTz

x100

N4Speed

I agree with OnPoint. Get a Z06, enjoy it for couple of years and who knows maybe in 2 years, ZR1 pricing follows the same discount model as the current Z06, get one then.

sweedjeff

Financial advisors say take what you make, 20-25% of that should be how much car you can afford.
I could buy a brand new c7 but I won't, lol.

If you making at least 500-750K you can probably afford the ZR1.

DaveFerrari458

^^^^

Most people buying these cars live in expensive homes, take lavish vacations, eat well, dress well and have plenty in retirement and making over half a million a year. Based on OP's logic he can consider a Bentley as well if he makes a couple of thousand more a month.

IMO no ones car payment should be higher (or even close to) than their mortgage or rent. If he asks a financial advisor, he/she might recommend buying a car under $30K.

VooDooRob

To answer your original question, if you have to ask then no you cannot. Invest in yourself, build your wealth and when you can walk into a dealership and write a check paid in full it will all be worth it.

RS4EVA

buy bitcoin, not a house

Sub Driver

If you need someone else to tell you if you can afford a car something is wrong. I can't believe people do this, smh. A fool and his money...

ATC399

Troll...have a good laugh OP...