Jasmeenkm

Hey guys, im 27 yrs old and I have 60-70k saved in my bank. Im opening a franchise restaurant this year. Is it worth it to buy a brand new corvette? How much does it roughly cost to maintain it? I keep getting mixed opinions from my family. I have no debt and my fiance is willing to pitch in $1k per month. I loooove this car and its been on my mind for the past few years.

JoesC5

Most new business close within five years because the owners don't have the cash flow to keep it afloat. Hold off on an expensive new Corvette until your new business is on a sound solid foundation.

3 Z06ZR1

Plus being 27 and shooting for top car? Then like Joe said new business owner when do they have time to drive one?
That also would be a big expense then counting others to help. You may have an out with them and your stuck with the whole tab. Better be making over 150k a year unless your paying cash and then you better have ten times that amount. Buy stuff like this now on payments says you will always be in a hole. Going to a Z06 is 1/2 the cost and still is not cheap. That would be a better plan. Not sure you get insurance anyway for a ZR1 at 27. It would be high! Good luck!

sunsalem

Jasmeenkm,

Opening a business and keeping the lights on is a challenge big enough for anyone.
It always takes more money than first projections indicate.
So many different costs cannot or are not anticipated initially.

For what it's worth, I recommend keeping your savings as a "rainy day fund" in the event you might get a little short of cash until your business is a going, successful enterprise.
If it happens (hopefully) your beautiful Corvette will be waiting for you.

CliffB-99

ZR1, no. Stringray, yes.

Innovate

Do not do it, there is a time and place in life to spend $100k on a car. Due to my age I did not go out and purchase a $60k-$70k Z06 when I purchased my toy at 23. I did not feel like big payments. You on the other hand will have business to run as your only source of income. Even if your fiancé wants to do it, it is still an iffy thing. I would chill out for the first year of business to see where things stand, then evaluate your financial standing and go from there.

sTz

My advice is to never take financial advice from strangers on a car forum.

sweedjeff

Why not a c6? Unless making 4-5X what a car costs determines what you can afford really. 150k car you'll need to be making at least 600k. The people that say you can make 100k and can afford a 100k car are way off. See where you're at in a few years.

RedLS6

Wait until your business stabilizes.

elegant

There’s old and accurate basic financial rules about starting a business. Go into it figuring all your potential years’ costs; ignore all first year potential revenue; have 100% of your first year costs put aside before you open your business.

Do you have that much already saved/put aside? If not, do not even buy a Stingray.

moose.b3

Wait 3 years and ask yourself and your wife the same question. 3 years may seem like a long time, but it's really not.

LawrenceFromTorrance

So according to you he should not listen to the advice you just gave him

LawrenceFromTorrance

One can get a nearly new used Corvette still under warrantee for close to 1/2 its sticker price if you shop wisely. (I did)

sTz

Absolutey... or maybe he can just follow your advise, which was? Oh yeah, “shop wisely.” Thanks for reinforcing my comment JP Morgan

Edit: I think “rainy day fund” is the winner thus far

LawrenceFromTorrance

Actually it was more of an observation that would give him something to think about. No advice was given. Sorry if I hurt your feelings commenting on your oxymoron. It was really just a joke.

bikevette

He didn't give him Financial Advice, he gave him sound advice.

svtkeith

IMO if you have to ask if you can afford it...you can't.

thrilled

Comprise.Buy A used C7 for A couple of years and go from there.

CorvetteV

I wouldn't do that, I would put that money into the business first and buy a good resale valued Honda or something like that...

sTz

No hurt feelings, and hope the same with you. My comments were made in jest