Income to afford C8 Z06
Popular Reply
Mar 25, 2022, 09:19 AM
Le Mans Master
Joined: Feb 2001
Posts: 6,777
Likes: 358
From: West "By God" Virginia
CI 7-8-9-10 Veteran
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
Le Mans Master
Joined: Dec 2000
Posts: 9,918
Likes: 1,880
From: Hot Springs AR
Personally, Vettes are toys, and I don't take out loans for toys. That said, you need to take a good look at your monthly expenses and see how much disposable income you have, and how much you want to tie up for X years in car payments. As mentioned above, income isn't really relevant. How much of that income you're spending is.
HTH, and have a good one,
Mike
Race Director
Joined: Jul 2007
Posts: 10,961
Likes: 2,643
From: Texas Hill Country
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
Instructor
Joined: Dec 2021
Posts: 168
Likes: 377
There isn’t a single income the equates to “affording” anything. Debt, savings, interest rates, etc all factor in. But here’s a way to look at it that might be useful. The average income in America is about $51k per year, and the average car transaction is around $34k, so the average annual income is 1.5x the average purchase price. Let’s say the average Z06 comes in around $115k after some options, that equates to an average income of $172k.
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Le Mans Master
Joined: Feb 2001
Posts: 6,777
Likes: 358
From: West "By God" Virginia
CI 7-8-9-10 Veteran
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
Race Director
Joined: Nov 2017
Posts: 12,759
Likes: 10,657
From: Prosper TX/Austin TX
2020 C6 of the Year Winner - Modified
Financial advice is about as valuable as anyone telling you what color shirt you should wear today.
Some people spend their lives saving for that one day in the distant future when they’ll be able to do x, or buy y, or travel to z, then that day never comes.
Do what you want to do with your money when you want to do it.
Some people spend their lives saving for that one day in the distant future when they’ll be able to do x, or buy y, or travel to z, then that day never comes.
Do what you want to do with your money when you want to do it.
Burning Brakes
Joined: Sep 2015
Posts: 1,174
Likes: 824
From: Dallas Texas
Melting Slicks
Joined: Feb 2005
Posts: 3,290
Likes: 996
From: CA
And I would say it is a lot more complicated than that. Are you married? Kids? Mortgage? Debt? Net worth? The real problem is we do not know how long we are going to live. Thus, we do not know how much retirement we need or how much time we have to enjoy life. It is all a balancing act.
Burning Brakes
Joined: Apr 2021
Posts: 1,071
Likes: 1,247
From: MD/DC/NoVA
I'd say a $ amount of income isn't that good of a figure, a better way would be keeping all the costs for all your vehicles, car+insurance+gas+maintenance etc within 10-20% of your take home pay. It's all going to depend on what you want to put down, if your house is paid off or not, etc. What good is a 400k income if they have 200k of student debt, $40k note on an SUV, don't own a home, and have two young kids. While someone else on $150k with no debts is taking home $8k a month and could easily finance a Z06 and keep the costs pretty low, especially if it's their only car or they have a paid-off beater as a second car.
Le Mans Master
Joined: Mar 2010
Posts: 7,052
Likes: 945
From: DFW TX
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
Hahahaha. 75K for every year you've been working!! You're only allowed to contribute $20,500 a year (before match)...
Man Higgs you have high standards for us all
Navigator
Joined: Aug 2021
Posts: 9
Likes: 19
From: Metro Detroit
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
