Financing a Z
Intermediate
Joined: Mar 2019
Posts: 28
Likes: 37
So if you borrow 100%, say $130,000 for 7 years at 6%, your payments will be $1,899 per month. At the end of the term, your interest paid will be $29,525. The car may be worth 40% of MSRP (just a guess, maybe less). So you will have paid $130,000 plus $29,585 for a total of $159,585. Say the car is worth $52,000, so you will have lost $107,585. That’s a lot of change, you better of had a lot of fun. These are big boy toys, so just be aware. Now, if you have the cash in an investment account on the side, then you could probably erase most of the interest or even make the interest negative depending on your risk profile and market performance. Nevertheless, the depreciation is real regardless. So have fun with it if you’re going to buy one as you will pay handsomely for the time you own it. Just simple economics.
Thread Starter
Le Mans Master
Joined: Jun 2005
Posts: 5,037
Likes: 520
From: Texas
So if you borrow 100%, say $130,000 for 7 years at 6%, your payments will be $1,899 per month. At the end of the term, your interest paid will be $29,525. The car may be worth 40% of MSRP (just a guess, maybe less). So you will have paid $130,000 plus $29,585 for a total of $159,585. Say the car is worth $52,000, so you will have lost $107,585. That’s a lot of change, you better of had a lot of fun. These are big boy toys, so just be aware. Now, if you have the cash in an investment account on the side, then you could probably erase most of the interest or even make the interest negative depending on your risk profile and market performance. Nevertheless, the depreciation is real regardless. So have fun with it if you’re going to buy one as you will pay handsomely for the time you own it. Just simple economics.
And yes, track time is also a exercise in wasteful spending as the skills gained are only useful on the track. Still fun 😊
Drifting
Joined: Nov 2002
Posts: 1,691
Likes: 202
From: Loveland, CO
I've tried to do business with USAA twice in the past on loans and they were terrible. They sure do like to push those commercials and marketing though.
Navy Federal financed my C8Z at full price no questions asked at a lower rate than I could find anywhere else. Used them almost exclusively on auto loans since my time in service and never had any issues.
Navy Federal financed my C8Z at full price no questions asked at a lower rate than I could find anywhere else. Used them almost exclusively on auto loans since my time in service and never had any issues.
Ralph
Cruising
Joined: Nov 2024
Posts: 14
Likes: 23
From: PA
DM me if you need assistance looking for financing. I'm in the automotive financing business and can answer any questions you might have.
Racer
Joined: Dec 2014
Posts: 327
Likes: 240
2024 C8 of the Year Finalist - Unmodified
You may be right, and I always pay cash for all my toys. But another way to look at it is if this car's buyers were limited only to those who require no financing, sales volume would likely fall. Maybe enough move it from a lower priced "mass-produced" car toward the more "limited production" price category of Ferrari, Lamborghini and others. Don't think very many of us would welcome that kind of price tag on a Corvette so as far as I'm concerned, the more the merrier no matter how you choose to pay for it!
Race Director
Joined: Jul 2018
Posts: 10,587
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From: San Antonio, TX/Mahopac, NY
2026 Restomod of the Year Winner
2024 Corvette of the Year Finalist - Modified
2024 Corvette of the Year Finalist - Unmodified
2023 C7 of the Year Winner - Modified
I retired from USAA in 2017. They are not what they were under Gen. Joe Robles.
NFCU is much better about auto loans and they accept all services now.
NFCU is much better about auto loans and they accept all services now.
Drifting
Joined: Nov 2002
Posts: 1,691
Likes: 202
From: Loveland, CO
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Drifting
Joined: Dec 2016
Posts: 1,704
Likes: 577
Most of us don't keep these cars full-term so it's best to use other ppl's money. I would never pay cash for a car. Personally, I am usually out of my toys after 2 years or sooner...depending on what's available and I shop for deals.
Racer
Joined: Mar 2006
Posts: 260
Likes: 157
You are not kidding. I've been on an msrp list for years with stingray chevy, but I was looking at the lightly used market with cars having around 1500 miles, 3lz front lift, going for 120k. I think i'll wait a little bit and let the dust settle before getting into one.
Instructor
Joined: May 2018
Posts: 168
Likes: 87
From: Port saint Lucie FL
You are not kidding. I've been on an msrp list for years with stingray chevy, but I was looking at the lightly used market with cars having around 1500 miles, 3lz front lift, going for 120k. I think i'll wait a little bit and let the dust settle before getting into one.
Instructor
Joined: May 2018
Posts: 168
Likes: 87
From: Port saint Lucie FL
You could always take a separate loan for the 20% you need to. Personal, home equity, from your 401 if you have one....
Definitely not what I would do but I don't have any way of getting a 10% return on my cash so I paid 90% of mine up front. My cash works for me by not paying interest on the entire amount.
Definitely not what I would do but I don't have any way of getting a 10% return on my cash so I paid 90% of mine up front. My cash works for me by not paying interest on the entire amount.
Racer
Joined: Mar 2006
Posts: 260
Likes: 157
I live in FL, but I check autotempest country wide. If I buy out of state it's an excuse to go on a vacation. Got the stingray from MM in 22 and drove it back home. Good trip.
Instructor
Joined: May 2018
Posts: 168
Likes: 87
From: Port saint Lucie FL
I bought mine for msrp 2 months ago but did get 55k for my C7 GS so depending how you look at the numbers one could say I got a couple k off msrp. My msrp was 142 and im fairly certain my car wont drop below 120 retail value for a few years.
Safety Car
Joined: Jun 2006
Posts: 4,007
Likes: 1,488
From: Ashland, OH
You could always take a separate loan for the 20% you need to. Personal, home equity, from your 401 if you have one....
Definitely not what I would do but I don't have any way of getting a 10% return on my cash so I paid 90% of mine up front. My cash works for me by not paying interest on the entire amount.
Definitely not what I would do but I don't have any way of getting a 10% return on my cash so I paid 90% of mine up front. My cash works for me by not paying interest on the entire amount.
Instructor
Joined: May 2018
Posts: 168
Likes: 87
From: Port saint Lucie FL
Burning Brakes
Joined: Jun 2020
Posts: 1,206
Likes: 1,394
He said build equity on a Z06? and he paid 10k over MSRP????! Z06s prices are dropping... If he even tried selling his car right now, he's wont even get nearly MSRP. He's already lost 20k right there pretty much.