Juju2002

First off , let me say that I absolutely love my Stingray C7, but as i see more and more C8s up close , i have really grown to fall in love with em..

now , for being a 20 year old , i make good money , and im working towards my real estate license as well… so im torn… sell my C7 while the market is still high , drive a **** box for some months / year and wait for the C8s to drop?

i really would love to own a car that’s practically new , i see multiple 2LTs with extremely low mileage going for 90k now instead of 100k+


OR ,

Should i ride out my C7 , and just pay it off then use it as my downpayment for a C8 in a year or so ? Even if it means losing a couple thousand in value ?

449er

At 20 years old, I would just keep the C7.....Why get into 90k car payments ?

Big Lebowski

How long are we talking? If more than a year, I’d keep it.

The idea of “selling high” is a new and short term factor for cars. They ARE depreciating assets. Unless you are planning on buying a C8 within the next year, keep your C7 and enjoy. When you can trade it in for a loss, think of the weeks, months and years of driving you enjoyed.

Greg00Coupe

We lack too much information to help. As many here can say… . kids happen and a corvette did not work. Lot going to happen in your young life.

Personally, financially, at 20 you’re lucky to have a c7. I'd keep the c7, pay it off and plow money into a retirement strategy.

Focus on the most powerful financial fact, the power of compounding.

Rapid Z

JuJu I think you are getting some good advice here. At 20 your still a boi enjoy your C7 they are wonderful cars and wait and save a little longer to get your C8.

72vetteman

As a Realtor for 25 years this coming December, the market will change and perhaps has already started where you are. There are going to be times when you won't see a paycheck for months on end and you need to prepare for that. When I first got my real estate license, I had a mentor that had purchased investment properties and I followed his lead. Instead of buying "toys" I bought rental homes and I can tell you that it has paid dividends over these many years in the business. I can now say that I am completely debt free including all of my rentals, I own my home outright, I own several vehicles including a 22 Corvette without loans, I travel frequently when I want, and I have very few worries. If I were to give you advice, keep the C7 and take what you are earning while you can and invest. You are young and you will have many opportunities down the road to buy what you want for cash if you play your cards right. Good luck! Scott

Vetteman Jack

Very good advice here. I do not know what you are doing as far as a retirement strategy right now, but socking away a nice amount in a retirement portfolio is a good step towards financial security in the future. Enjoy your C7 for now and the C8 can come later.

CatSqueazer

I'm in a similar situation, but I actually decided to sell my C7 in anticipation for a C8. I was 20 when I bought my C7, and will be 22 here when my C8 gets delivered in a few months.

It completely depends on what "good money" is, and cost of living, and other debts. I am able to purchase my C8, pay my mortgage, and slam money into retirement at the same time. What happens if the market has a huge downturn, or a job is lost, or an emergency happens? Have you prepared for those scenarios?

I agree with what the others have said for the most part. Only you know your financial situation, and if you REALISTICALLY prepare while also having the C8, then go for it.

704set

Are you maxing out your retirement plan(s) every year? If not, keep the C7.

MattMD

So you wanna pay $90k for a $75k MSRP used 2LT and worried about losing a few thousand on C7 value. That $15k over MSRP is a guaranteed loss over time.

Just get on a waitlist for a new one and assess if you still want it and if still affordable in a year.

CatSqueazer

Exactly what I did. I got on a waitlist, waited 18 months, saved for the car during that time.

Juju2002

Some good points on here , sounds like hoping on the list may be the way to go , and hopefully if its meant to be then I’ll be ready to order one when my names called …

Just to address , I wouldn’t put my eggs all in the real estate basket , i would keep my current job that I’m working part time as my consistent income , while saving my big checks for bigger things.

One thing about me guys , is that since im not a lucky 20 year old with daddys money , i always do what it takes to get what i want . People thought i was crazy for saying i would get a C7 at 19 and i did.

but sounds like I’ll keep the car around for as long as i can , and wait on that waitlist , meanwhile I’ll bust my *** as always and see where I'm at when i get that call.

Avanti

Or... do as I do and keep 'em all!

golddog

Nobody is guaranteed tomorrow. It is nice to think about saving for retirement, but that day may never come. Enjoy your C7. If your goal is a C8, go for it. You seem to have a plan in place to accomplish this as well as planning for your future.

Zazaboo

If you know you are going to sell it eventually and get a C8 you may want to sell while values are still high. You are going to wait to get a C8 anyway and should be able to buy at MSRP or depending what happens with the economy get a small discount.

Morsecode

You probably missed the boat on selling for a profit anyways if you bought a year ago. I would just hang on to it and enjoy it. See how finances are in a year or two and then re-evaluate, C8 prices won't stay inflated forever.

Greg00Coupe

I hear that but I see wayyyyyy too many old people working menial jobs that I’m sure is not their choice. I’d not want to be at mcdondalds at 70 or 80 years old.

Kevin A Jones

You're very fortunate to have a C7 at such a young age, enjoy it for now. Wait until the C8s are more readably available at reasonable prices and get a low mileage one second hand. I will say they are an amazing sportscar.
I will sell you mine 2-3 years when my C8 Z06 arrives.

biackbenz

Assuming you're a normal 20 yr old guy. That hot girl is only impressed by your car for 10 minutes at most. Her next test is where can you afford to take her to dinner. Wine or beer? Steak or burgers? What kind of real estate do you live in? Fail those tests and you are alone on Friday night. Somewhere in real estate class you will be asked to evaluate potential investments. $100,000 down on an investment property will be much more lucrative than buying a car. Obviously I know everything about women and investing. I am also a scratch golfer and play guitar better than Leo Kottke or Tommy Emmanuel!

If you are already immensely wealthy then buy both and you sure don't need my sage advise.

If you are a 20 year old female a guy will be impressed with your c7 or 8 but he has other motives after after about 10 minutes. 15 if you let him drive it.

Dayamn I wish I was that smart 50 years ago. I'll make you a deal. Make me 20 years old agsin and you can have my c3 and the c8 I have on order.

Warp Ten

At 20 Years old, you should be spending money on Solar Panels and Wind Turbines... not the discus'ting, CO2 belching, Climate destroying, sea level rising, Hurricane developing, smog producing C8. OMG MAN.. what are you thinking????? DAAAAA