So I cant afford a new c8 or to pay cash
#41
Honestly it’s not worth it to strap yourself to almost a thousand bucks a month in payments. Wait until you get the insurance bill. Buy some NVDIA and Apple stock today and wait four years. Sam
The following 4 users liked this post by Samuel Clemens:
#42
Racer
You don't need to know his personal situation to know that he'd get a better interest rate on a new car over a 2020.
Get the car you want with the terms that make sense to you is the point.
#43
Instructor
My 15 yr old son purchased a Jeep Wrangler for $12k. He saved up nearly every cent he received for birthdays, holidays, chores, and got a job on his 14th b-day making $12/hour. Worked weekends, school breaks, and Summer. Corvettes in 1973 weren't that expensive, so I think it's believable.
#44
Pro
However, he does have a line that is pure genius, which is, "Act your wage."
#45
Pro
#46
Don’t get caught up in the hype. It is only a car you don’t have to have. When I was first starting out I got caught up in the same mind set and after buying my first Corvette I really couldn’t afford it. That purchase helped change my life forever. I started saving and investing rather than having to have the newest and best. I quit making car payments. If I couldn’t pay cash I didn’t need the new car. Sam
#47
Burning Brakes
It's your money, you work for that money.......A Corvette is just a toy, not a must have. If you can afford $930 a month, and afford all of the other sh$t that life throws at you, then do it........ One thing I have learned is life is WAY too short. Live it if you can
#48
$$$
I took Dave's advice or at least lived those principals early in life, now in early 60's have a couple paid off houses, don't have to work and plenty of money to live a fabulous life. I don't want to sound like I'm all that as I bet most on here live the same way, we are an older group. Decisions made now follow you for years. With that said, it's all relative. If I'm clearing 10-15000 a month a 900 car payment aint nothing but a thing. I know it's necessary sometimes but I hate financing a depreciating asset. But I love loaning my money to those who do!
Last edited by Dale06; 05-02-2024 at 10:30 AM.
The following users liked this post:
RC81 (05-03-2024)
#49
Safety Car
Member Since: Dec 1999
Location: Virginia Beach, VA & Port Charlotte, FL (snowbird)
Posts: 4,440
Received 1,128 Likes
on
598 Posts
OP, it's a 2020 and unless it has a transferable GMPP (GM Protection Plan) in force I wouldn't touch it with a ten foot pole. While your B2B warranty is long gone you still probably have around a year left on your drivetrain warranty, depending on mileage. After that make sure you have $20K+ laying around for a DCT replacement if it fails.
#50
Safety Car
Even when young I never had more than a 2 year payment.......6 years is kind of nuts. As others have said, if you can't pay for a toy cash, you shouldn't buy it. I bought my first used Vette at age 41, and through buying and selling over 20 years bought my first new one at 58, cash. 4 years latter I moved into a C8, cash.
If young, forget investing in cars and invest in the stock market! Time is your friend, and enemy!
If young, forget investing in cars and invest in the stock market! Time is your friend, and enemy!
#51
Safety Car
Even when young I never had more than a 2 year payment.......6 years is kind of nuts. As others have said, if you can't pay for a toy cash, you shouldn't buy it. I bought my first used Vette at age 41, and through buying and selling over 20 years bought my first new one at 58, cash. 4 years latter I moved into a C8, cash.
If young, forget investing in cars and invest in the stock market! Time is your friend, and enemy!
If young, forget investing in cars and invest in the stock market! Time is your friend, and enemy!
So in theory, person "A" could have financed the C8 for 48 months and roughly paid the bank the same amount monthly as it took person "B" to save up the amount in their savings account. Person A is out enjoying their C8 while person B is saving their money.
Again, everyone goes about their life differently.
So in 2020 I needed a new daily driver. I got 0% interest for 84 months, yes 84 months. Of course I fianaced the car, why wouldn't I. But the cash people would be like, don't finance a car it's stupid, pay cash. Why not take advantage of 0% interest.
#52
Race Director
Member Since: Nov 2017
Location: Prosper TX/Austin TX
Posts: 11,154
Received 9,096 Likes
on
4,374 Posts
2020 C6 of the Year Winner - Modified
New Corvettes cost ~$5k in 1973. My example was illustrating how a teenager could save up enough $ to purchase their own car at 18 years of age. In my son's case he saved up enough by age 14 to buy a $12k vehicle. Nobody in this thread claimed an 18-year-old was paying cash for a 2020 Corvette.
#53
Safety Car
Cool story... did it take you 4 years to save up the money to pay cash for the C8? But honestly it doesn't matter how long it took you. To each their own.
So in theory, person "A" could have financed the C8 for 48 months and roughly paid the bank the same amount monthly as it took person "B" to save up the amount in their savings account. Person A is out enjoying their C8 while person B is saving their money.
Again, everyone goes about their life differently.
So in 2020 I needed a new daily driver. I got 0% interest for 84 months, yes 84 months. Of course I fianaced the car, why wouldn't I. But the cash people would be like, don't finance a car it's stupid, pay cash. Why not take advantage of 0% interest.
So in theory, person "A" could have financed the C8 for 48 months and roughly paid the bank the same amount monthly as it took person "B" to save up the amount in their savings account. Person A is out enjoying their C8 while person B is saving their money.
Again, everyone goes about their life differently.
So in 2020 I needed a new daily driver. I got 0% interest for 84 months, yes 84 months. Of course I fianaced the car, why wouldn't I. But the cash people would be like, don't finance a car it's stupid, pay cash. Why not take advantage of 0% interest.
#54
The posts quoted said the individual bought his first Corvette in 1973 at age 18 and paid cash. To which another responded that an 18-yr-old couldn't afford to pay cash for a Corvette unless his parents bought it for him.
New Corvettes cost ~$5k in 1973. My example was illustrating how a teenager could save up enough $ to purchase their own car at 18 years of age. In my son's case he saved up enough by age 14 to buy a $12k vehicle. Nobody in this thread claimed an 18-year-old was paying cash for a 2020 Corvette.
New Corvettes cost ~$5k in 1973. My example was illustrating how a teenager could save up enough $ to purchase their own car at 18 years of age. In my son's case he saved up enough by age 14 to buy a $12k vehicle. Nobody in this thread claimed an 18-year-old was paying cash for a 2020 Corvette.
I didn't mean to start a pizzin' contest. Like many others have posted - It's foolish to finance a depreciated asset.
The following 3 users liked this post by oldboomer54:
#55
Burning Brakes
My 15 yr old son purchased a Jeep Wrangler for $12k. He saved up nearly every cent he received for birthdays, holidays, chores, and got a job on his 14th b-day making $12/hour. Worked weekends, school breaks, and Summer. Corvettes in 1973 weren't that expensive, so I think it's believable.
The following users liked this post:
mefly2 (05-02-2024)
#56
Melting Slicks
this boomer mentality is tired and shows how many people poorly manage money. The last decade has been basically free financing/money, while the stock market has returned 20% a year.
You saved $3k in interest by not financing and paying cash, but lost out on $60k in returns over 3 years by not having that “cash payment” in the market
You saved $3k in interest by not financing and paying cash, but lost out on $60k in returns over 3 years by not having that “cash payment” in the market
#57
Burning Brakes
Life it’s short and everyone situation it’s different, in my case I was on my own at the age of 18 and like everyone else had bills to pay and I love cars so the only way to afford them at my age was to finance them can you imagine going and paying cash for a 89 Supra that was close to 30k lol but I had 2 of them at different times I had so many great cars in my life and enjoy every single one, was that a good economic investment? Absolutely not but would I do it all over? Absolutely 0 regrets and although buying a sport car when you are young could be a bad economic investment it is a great emotional investment because the memories I have with them are priceless
Last edited by hyprsprt; 05-02-2024 at 12:37 PM.
The following 2 users liked this post by hyprsprt:
jbc1995fb (05-02-2024),
StfDrmsRMadeOf (05-02-2024)
#58
Who in their right mind finances a toy that they can't afford for 72 months? Answer-The husband of the woman who puts her breast augmentation surgery on a credit card.
The following users liked this post:
kkuo12887 (05-05-2024)
#59
Drifting
Member Since: Apr 2013
Location: Big Sky Country, Montana
Posts: 1,781
Received 364 Likes
on
217 Posts
OP, it's a 2020 and unless it has a transferable GMPP (GM Protection Plan) in force I wouldn't touch it with a ten foot pole. While your B2B warranty is long gone you still probably have around a year left on your drivetrain warranty, depending on mileage. After that make sure you have $20K+ laying around for a DCT replacement if it fails.
#60
Instructor
It would be faster to build wealth with debts. For $100k no debt investment you make you could be investing $500k-$1million by leveraging debt. I’ll keep my money tied up in investments and take a loan for my toys thank you.