Can you really afford a $70k Corvette Stingray?

[flvette]

Louis, here's my advice. Get life insurance, disability insurance, and *anything else* you can to prevent a huge loss for your family if something happens to you. If you feel that your family will be well taken-care of in case of disability or passing, then I think it's OK to buy some toys for yourself. But don't race your Vette and crash it, and end up unemployed and broke.

[OldJedi]

Some advise from an old fart, retired and working again:
Enjoy your family and especially your kids. They will grow up so fast and you do not want to regret that you did not spend more time with them. Be their friend and confidant but always be the dad they need and rely on to teach them life's lessons. Love your wife and be her best friend and she will always be your best friend as well. Bring her flowers from time to time for no reason and remember to talk through the problems that will arise. Buy the car that will join the family together. Corvettes have always been part of my family's life. I have pictures of my wife and I leaving the church as a newly married couple in our 73. Pictures of the kids sitting in several different Vettes with big smiles on their faces. Pictures of the family in several Corvettes in many different places that we visited over the years. For us, the Vette is more of a way of life than just a car. The memories my wife and kids share with me and the Corvettes that helped take us there. Buy the Vette as a memory maker and an endeared vehicle that helps bond the family together, Corvettes are much more than just a car, it becomes a way of life and makes your life better because of it.

[RiCorvette]

Sacto?!

Guess we'll have to wait until you visit your GuadaLaHabra Office for those Beers..

Personally, I'd wait until '15 or '16 to make sure the inevitable bugs are worked out of the New Build... that's if you want it NEW.
Otherwise you can get a used '14 for a few thousand $$$ less by then.

[ec1990]

Nobody can decide for you. It's all about what you're comfortable with spending. Personally I have no kids, budget money like crazy and choose to spend my disposable income towards cars instead of other things.

[showstopper]

Don't second guess yourself now. You are too far into it.

[jackka]

This seems like the kind of question that has no right answer.

But I know that whichever choice you make, the smart thing to do is to embrace and enjoy the positive side of your decision. Don't let the smaller thing you ultimately chose against drag you down the rest of your life. If you decide to have no regrets about your decision, either one becomes the right decision. Make the happiness outweigh the regret, and chances are you will find a way to permanently eliminate the regret.

Conviction, not wisdom

I personally am an optimist and this allows me to enjoy life more, not having to hold back on anything out of fear. It coincidentally makes me more a more resourceful and creative person since I have to somehow still make it work and thinking this way often allows me to achieve more.

[ec1990]

Originally Posted by jackka

This seems like the kind of question that has no right answer.

But I know that whichever choice you make, the smart thing to do is to embrace and enjoy the positive side of your decision. Don't let the smaller thing you ultimately chose against drag you down the rest of your life. If you decide to have no regrets about your decision, either one becomes the right decision. Make the happiness outweigh the regret, and chances are you will find a way to permanently eliminate the regret.

Conviction, not wisdom

I personally am an optimist and this allows me to enjoy life more, not having to hold back on anything out of fear. It coincidentally makes me more a more resourceful and creative person since I have to somehow still make it work and thinking this way often allows me to achieve more.

Agreed. Personally I take the route of enjoying more now at the expense at saving less for later. I understand the other route people take but this is the choice I've decided to make and I prefer it, everything within reason and never putting well being at risk.

[sebljo]

Spending almost 20 percent of your net worth to buy a non appreciating asset makes poor business sense. As a businessman you know that. Yes, it's a fun car, but hardly a necessity. You are still young with years of earning power ahead of you. Your priority must be your family. Why stack a big car payment, insurance payment, property tax payment etc on top of all the rest? Be cool for now. Your time will come. Good luck.

[Louis White Law]

Originally Posted by sebljo

Spending almost 20 percent of your net worth to buy a non appreciating asset makes poor business sense. As a businessman you know that. Yes, it's a fun car, but hardly a necessity. You are still young with years of earning power ahead of you. Your priority must be your family. Why stack a big car payment, insurance payment, property tax payment etc on top of all the rest? Be cool for now. Your time will come. Good luck.

Ouch! Thing is, I know this and your right. BUT . . .

[flvette]

Louis, I have one more thought. It's a piece of advice I got from my mom, and it stuck with me.

"If you can't afford to buy 2 of something, don't buy it."

Do you think you can afford to buy one Ferrari, but not two? Then wait until you can afford to buy two. Can't afford two fancy vacations instead of one? Same thing.

It's a financially responsible position because you become less likely to overspend.

[Fasttoys]

Tough call but remember tomorrow is never guaranteed. Everything I do I always have an exit plan, Make sure since its a depreciating asset if you had to get out of it how much will it cost you. My dad was a VP of a very large company, he saved all his money so when he was older he would buy the things he wanted. We lost him at 52 when I was 18. So I decided enjoy life and if I could afford it and wanted it I would buy it. We can all justify are actions just use logic not emotion when making a large purchase, If you do that you should be good. Since being married (2001) my wife and I have owned over 43 cars but then again we don't have kids WAIT she has me...

[solo40oz]

Sounds like you and I have similar thoughts running through our heads. Seems like people always joke about a Corvette being a mid life crisis car....I'm 37 and I want a C7 - so I guess I'm considering accelerating my mid life crisis

[Halo Super Cars]

I totally get where you're coming from. I think we're just about the same in the age, kids, job department. I've never had a car loan over 28k and never purchase a new car in my life till the c7. I usually wait a few months and find a used one with low miles if it's a newer model. There was something pretty scary about signing that paperwork and putting down the deposit, and thinking I just bought a $63k car! Took a bit for me to be ok with it. So, I get you.

I look at it this way, how bad could it really end up being. I mean we're talking $70k max here, not $300k. If things go south and you have to get out of it in a year or 2, how much are you really out? 20k at the absolute max? That's what 4-5% of your net worth. Not really going to cause anyone to miss any meals, or not be able to buy diapers. Being self employed we take way bigger risks almost daily that could have much larger effects on our families lives.

Is this a sound financial decision, of course not. But is the enjoyment you and your family get out of it, worth it. In my case, I'm going to say yes. However, if there is any question that this could put a burden on you financially, I would say it's not worth it. The fact that you know this is a poor decision financially, and second guessing yourself, makes me believe you can probably handle it. Not some idiot living in a 50k house he rents with a 70k car cause he's got just enough in his check to make the payment.

Originally Posted by sebljo

You are still young with years of earning power ahead of you.

Exactly why I would rather spend a little more now, when I should be able to make it up later. Again, the downside potential is pretty minimal on this car. It's not a Ferrari.

But hey, what do I know. I make stupid, emotional decisions when it comes to cars on a daily basis!!!

[Louis White Law]

Originally Posted by Halo Super Cars

I totally get where you're coming from. I think we're just about the same in the age, kids, job department. I've never had a car loan over 28k and never purchase a new car in my life till the c7. I usually wait a few months and find a used one with low miles if it's a newer model. There was something pretty scary about signing that paperwork and putting down the deposit, and thinking I just bought a $63k car! Took a bit for me to be ok with it. So, I get you.

I look at it this way, how bad could it really end up being. I mean we're talking $70k max here, not $300k. If things go south and you have to get out of it in a year or 2, how much are you really out? 20k at the absolute max? That's what 4-5% of your net worth. Not really going to cause anyone to miss any meals, or not be able to buy diapers. Being self employed we take way bigger risks almost daily that could have much larger effects on our families lives.

Is this a sound financial decision, of course not. But is the enjoyment you and your family get out of it, worth it. In my case, I'm going to say yes. However, if there is any question that this could put a burden on you financially, I would say it's not worth it. The fact that you know this is a poor decision financially, and second guessing yourself, makes me believe you can probably handle it. Not some idiot living in a 50k house he rents with a 70k car cause he's got just enough in his check to make the payment.



Exactly why I would rather spend a little more now, when I should be able to make it up later. Again, the downside potential is pretty minimal on this car. It's not a Ferrari.

But hey, what do I know. I make stupid, emotional decisions when it comes to cars on a daily basis!!!

This is my reasoning exactly!