How much is your Corvette monthly payment?

[donalds]

Zero- benefit of being retired and having a 401k

[sam-garcia]

Originally Posted by regguy1

Be a disciplined saver / max out tax advantaged options: IRA / 401K / Be careful with advisors (some) tend to steer you to high commission and high ongoing fee investments, over time this will erode much of your returns.
I highly recommend you watch this Frontline episode : "The Retirement Gamble" it will open your eyes to the importance of keeping investing costs low: http://www.pbs.org/wgbh/pages/frontl...rement-gamble/

Thank you for your help.

[bjhayes]

No payments... Wrote a check and drove it home.

[johnu]

Originally Posted by sam-garcia

Fast forward to now, I still am the proud, happy owner of my 2003 corvette 50th anniversary edition. There is days when I just stare at my car in disbelief asking myself how I pulled it off.
. On my salary I almost live paycheck to paycheck from bills and rent.
Thanks to everyone in advance.

Sam, congrats on living the Corvette dream. Don't forget the nights you dreamed about being able to purchase your first....don't forget that thrill and think you have to trade for something newer. Enjoy what you have.
I've been in straight commission sales for 30 years. If I don't work, I don't eat or pay for cars. I've owned my '81 for 24 years. I still think of the nights on the road traveling and being pissed because of all the work I do and I did not have the money together to swing a deal. (I put it on a charge card).
I got everything paid off and learned a lesson about sleeping better when your bills are paid and the Vette has a full tank of gas. My dream then was to be debt free and not paying interest which sucks the life out of a paycheck.
I've never wanted a C4, 5 or 6. My '81 is everything I needed. Insurance is $250 a year, plates are $35.00. Add for gas and this is a cheap hobby.

When the C7 arrived....it grew on me slowly. I realized this is the first new Vette I would like to own and fulfill the fantasy I had about visiting the Museum and driving home a souvenir. I asked my childhood buddy (we both owned C3's in the late 70's) if he was game for a Museum delivery on a pair of C7's? He took delivery of his the day before I asked.....he was hooked again after 25 years without one!

I've been blessed with a great understanding wife and the money was available to treat myself to an early retirement gift. I'm keeping the C3 because I still love it and it represents a dream that came true for me 24 years ago.

Sam, dreams are what motivate us. Don't lose yours. In terms of saving and investing. Start now if you have not already. I sold my first C3 to fund an IRA when they were introduced. It was that move back when I was 25 years old that paved the way to be able the buy a C7 30 years later.

[Alter E. Goh]

My payment is zero for my C7.

[jackka]

Originally Posted by sam-garcia

Is anyone out there willing to give some advice on investing/saving/earning lots of money and or sharing what you do for a living?

Excuse my naiveness, a corvette had always been my dream car since the age of 5 when my older sister pointed one out to me. At the age of 22 everyone thought I was crazy when I finally let it be known that I was 100% to buying one before I turned 23. No one supported me, not my mother, not my girlfriend at the time, family, co workers, no one. At the time, it was my last year in college and I worked at a pizza restaurant making around $600 a month.

After about a month of searching for the one I had envisioned for myself ( 5th gen, black interior and exterior, stick shift, heads up display, less than 80,000 miles and under $18,000 I finally came across it. Less than a week later, I drove it home with $6,000 down and monthly payments including gap set at $348 with a simple interest loan of 8%.

The finance guy insisted he pulled off a miracle for me as no one wanted to finance a 22 year old working at a restaurant etc etc.

Fast forward to now, I still am the proud, happy owner of my 2003 corvette 50th anniversary edition. There is days when I just stare at my car in disbelief asking myself how I pulled it off.
I joined Teach For America in 2014 and they relocated me from California to North Las Vegas, Nevada to be a middle school special education teacher. As a first year teacher, my salary is exactly $34,684 before taxes. I still owe a little over $10,000 on my car but already I have been setting my sights on the c7 corvette. On my salary I almost live paycheck to paycheck from bills and rent.

My question is if anyone out there is willing to share their story with me. What do you do for a living? Where do you invest your money? Is anyone willing to reach out and teach me how to invest, or how to earn more money by other means etc.

Thanks to everyone in advance.

Hey Sam, I was in your shoes maybe 10 years ago wondering about the same things. And while I'm no millionaire, I am much better off than most of my friends the same age and will probably reach a net worth of a million USD before I'm 40. (Not that I think net worth is all that important; I believe cash flow is more important.)

Even though I'm not "rich" or an "expert", I guess I can tell you some things that I wish I had known earlier in my life.

Books and mentors who are actually rich themselves are probably your best sources of information. I started reading about investing/financial freedom/etc. with "Rich Dad Poor Dad" way back when and currently am reading "Money: Master the Game". And a lot of books in between. I found that books on the topic were generally worth their money and time and I would have started reading more on the topic earlier if I had known better.
Find mentors anywhere you can. It never hurts to humbly ask for advice and wisdom from more accomplished/older people. I found that learning from books is way faster than learning from your own experience and mistakes; and learning from good mentors is even faster than learning from books.

The bulk of your free time should be devoted to either increasing your income or increasing the return from your assets. The more free time you spend doing either, the quicker you will be rich. It's obvious, but I found it is actually really hard to commit to this day in and day out. This means spending all your time getting/doing whatever it is you need in order to go to a higher pay-grade in your current field, or switching to a better paying career, or growing a business that generates income. And spending your time researching better ways to get a return on your assets. For example, I have had money in stocks, ETFs and real estate property that can consistently generate rental income due to its conditions and location. The more you research about any specific vehicle, the more it will be an actual investment rather than a blind gamble. If I were starting all over from scratch, I would start by saving my money in an index fund until I am able to spot/afford/be proficient in other things that will offer me a safer or better return.

I've also found that growing your assets is not a linear journey but a more exponential one which means it is tougher in the beginning and easier once you get the ball rolling. This helps explain why many people can not even get off the ground and wallow in bad debt, which eats at their income and continues to make it harder to get anywhere financially. If you earn like your financial peers and spend like your financial peers, you will not someday suddenly be richer than your financial peers. You need to have a hardcore mindset about making more, spending less, and growing the resulting difference. If you decide to buy a C7, for example, you have to be aware of how much it is setting you back in terms of your financial goal.

In the end, I believe it's not so much about knowing some secret formula, but more about whether you have the grit to commit the time and effort it takes to develop yourself or your business and reach your goals. And that probably applies to more things in life than just personal finance or investing.

[Bandman]

I used to have a 99 vette coupe. I am so jealous of you all. Enjoy your rides!

[whiteknight79]

Got mine down to $618 per mo. Only put 11k down. 84 month loan @ 2.49%. Bought a used 2LT Z51 with 1,400 mi, basically new. I got lucky, this was a killer deal

[DAFFYDRUNK]

I got my C7 the old fashioned way. Saved for it and paid cash. Contemplated it for about 3 years, so definitely not an impulse buy. At first I wanted to do $10k down payment. Then I couldn't decide what car to get. Was thinking 996 or 997 Turbo actually. (still want some sort of 911) Next thing I know I have a home equity loan ready, but I'm in a position to pay cash. After I figured out a way to get about $8900 off MSRP on a '15 convertible I pulled the trigger.

[dlittle238]

I decided that no payments on a depreciating asset that we don't know the long term resale value on was the best way to go. So no payments for me. I got a great deal on my 3LT Z51 with Crystal Red Tint Coat paint, 8 spd auto, magnetic ride, carbon fiber dash, machined face wheels and glass top, for a little over $68k. It had less than 10 miles on the odometer when I picked it up after factor delivery.

[KaBoom1701]

Camaro V6 = $300-450
Camaro V8 = $500-600
Camaro ZL1 = $600-800
Camaro Z/28 = $800-1000
Stingray 3LT/2LT + Z51 = $1000-1200

Give or take a few dollars.

[wolfie5254]

'77 Corvette
'78 Corvette
'83 Porsche 944
'86 Porsche 944S2
'93 Corvette 40th. (Found my way back home)
'01 Corvette
'10 Corvette
'12 Corvette GS
'14 StingRay Convertible

$19,250.00 Down
$52,040.00 Financed @ 2.34% for 72-months = $775.38/mo.

Now if it would only stop raining in central PA so I can drive it.

[H2OStingray]

I pay $0 dollars a month because I had to trade it in

[smarmaro10]

I am 23 years old and a corvette has always been my dream car. I am in az and getting your hands on one at the time was a challenge so when I found my deal I jumped. I bought a 2014 lt1 stingray with 1100 miles on it. It was all black and had 19/20 in wheels with the pss tires on it that the original owner had done. I saw it pop up online at 10:30 pm and bought it at 8 am the next day.

I had a trade worth 19k and owed 8k so had 11k in equity. The car was 55k and I financed the car for 84 months @ $650 per month. After tax/title/license I now owe just a hint over 42k ( I over pay quite a bit .)

I love the car and it looks amazing. Wouldn't ever buy black again though lol as its quite the chore. To me at my age I find my money to be better off in investments and on hand for future investments or business purchases that continue to make me more money. Cash flow allows for payments such as this and still gives me buying power outside of a vehicle. This is what I drive everyday so it was no different than any other car payment on a dd.