09-29-2013, 01:03 PM | #29 |
Drives: 2010 RS/SS Join Date: Jul 2009
Location: USA
Posts: 3,442
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I am in the same predicament as the past two post. We spend out lives thinking about what is right, what is wrong. When do you just draw the line and just enjoy your life? The way I look at is, if the food is on the table, the bills are being paid for, college funds, retirement etc. We should be good.
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09-29-2013, 05:33 PM | #30 |
Drives: 2010 Shelby GT500 - Subaru LegacyGT Join Date: Aug 2009
Location: Bergen County, NJ
Posts: 69
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I am putting my order in for a 6spd auto CGM 3LT with Z51 + Mag Shocks+Perf Exh and Kalahari and Carbon interior within 6 months. And I will trade in my 2010 GT500 ..
Just want to save a little bit more. And it is not like I cannot afford it right now. but I just want to have just a small(er) loan. With approx 20K down and the GT500 that I don't owe anything on as a trade. Cars never make financial sense. But anything can happen anytime in life. Don't go thru life "un-explored" .. Since 2006 I have had an E46 M3, 06 GTO, 07 Roush 427R, 10 IOM 2SS/RS Camaro and now the Grabber Blue Shelby... and very soon a 14 Stingray .. Cars are my passion. If you can, like myself easily afford it. Do It. Go for it .. |
09-29-2013, 05:57 PM | #31 |
Drives: Porsche 911 Join Date: Sep 2013
Location: San Francisco
Posts: 2
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All the usual financial planning advice applies when it comes to a vehicle purchase. Here's my usual checklist of things I've taken into account before ordering the Stingray.
First, you're a small business owner. Look to your California tax preparer for advice on possible usage/depreciation write-offs. Get a lease. Interest rates are still within points of all time lows. The lease also improves capital usage, defers sales tax and gives you fixed, known cost to exit should you need to liquidate. Looking at lease residuals gives you a very real check on depreciation for any given car. This $72K shiny toy will step off a ledge (or a cliff?) in terms of resale value once the dealers start have inventory and start discounting 2014's to make way for 2015's that will have new features and better reliability, quality, etc. In my opinion, at least in the way I balance the books, I consider buying a new model car as a decision to pay a high premium for that first year of driving. What you're paying today is not amortized over say five years, it's really a question of "Do I want to drive the new Stingray for 2014 or will I be happier being less of an early adopter, and getting a better deal between 6 and 12 months from now?" Negotiate a discount. It might be June before there's good discounting. Defer the purchase till spring or summer. Sacramento gets a "real" winter, even though it's brief, so buying today, or any time before about Feb is paying for a car to sit in the garage and be insured, etc. Spring is also the time to sell your present vehicle in an active market. Unless you're selling an SUV, even Northern California's brief, mild winter can slow down car sales. Personally, I love having a sports car to run through the Sierras and around Lake Tahoe on those crisp, sunny January days. But deferring the purchases brings advantages in purchase leverage, cash flow and things like having an extra quarter to plan and prepare. Sell your present vehicle privately. Get it in 100% condition, market it properly, get a decent price. Offset other indulgences. Find other aspects of your recreational life to take a trim. Easy things to cut are unhealthy habits (smoking, excessive and expensive food) and consumerism (aside from cars, of course, but things like luxury goods, electronics, non-essential subscriptions and services, paying others to do things you could do without detracting from your business operations and actual income generating vocational tasks.) Some sensible budgeting can help you do what I call "start now." My favorite budget tactic: "start now." If you figure the lease, insurance, gas, registration, maintenance adds up to $800 pcm, start putting that full amount away now. Be disciplined. After a few months, you've got a healthy and conscientious "rainy day" buffer so the car never becomes a financial headache. Keeping six months' payments in an interest bearing account will be readily accessible, but not at your fingertips to be used for other purposes, can mean the Vette is a joy and never a source of distress. With two kids, the Stingray is basically a motorcycle. There's not too many times you and your wife will get to ride together, so it's mostly you, alone, I assume. You only live once, and 38 is a lot, lot more fun than 48, so I say now is the time to enjoy some individual indulgences, in a sort of "carpe diem" sense, so long as you address all the above ideas, you can have the car and the first thing I'd suggest is a day at Sears or Thunderhill to enjoy the car beyond 70mph. : ) |
09-29-2013, 07:20 PM | #32 |
Drives: 2010 Shelby GT500 - Subaru LegacyGT Join Date: Aug 2009
Location: Bergen County, NJ
Posts: 69
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Oh I forgot to mention... After reading "flatcrank's" view and the excellent and detailed explanation..
..That I am single and 35 .. Which makes things easy for me. And .. Carpe Diem all .. |
09-29-2013, 08:48 PM | #33 | |
Drives: Black c6 Join Date: Sep 2013
Location: New Orleans
Posts: 2
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Quote:
My finance is almost a mirror to yours.....with the exception I only have one daughter....I worked hard my entire life to provide for my family, made every sacrifice imaginable .....budget for retirement and my child education....I watched people that don't save a dime spend rececklessly while I had to endure and build my asset and retirement up......but when I saw the C7, all that foundation went out the door....plus my wife told me that I deserve the car I want.....so if you work hard buy it, cause you don't know what tomorrow bring...plus owning a corvette is priceless.... |
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09-30-2013, 11:17 AM | #34 |
Drives: 2017 Corvette Grand Sport 3LT Join Date: Oct 2010
Location: Center of the known Universe
Posts: 863
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Small business owner? Putting your Advertising on the vehicle??
...I see a potential 'Promotion and Advertising' Write-off Although, with young kids, don't forget that Daddy-Taxi duties will inevitably come and a 2 seat sports cars will be a liability. |
10-02-2013, 06:07 PM | #35 |
I suppose my question is more logistical than financial. You can't transport both of your kids in this car, not to mention your wife. Is this going to create an issue? My kids and I enjoyed four seat convertibles while they were growing up.
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10-02-2013, 06:14 PM | #36 |
Drives: 1969 Corvair, 2018 Camaro T4 RS Join Date: Mar 2009
Location: Detroit Metropolitan Area
Posts: 2,881
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Porsche 911s have baxk seats, but to my knowledge no Corvette has had a backseat ay the moment it rolled of the assembly line.
What happened that we are discussing back seats in a Corvette? Laborsmith |
10-05-2013, 10:18 AM | #37 |
Drives: 2010 Black Camaro SS Stage 2 Join Date: Nov 2010
Location: Mclean VA
Posts: 604
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Why order it for 70K if you can't afford it? I'm planning on ordering mine at 58K just lessen the options if you want the car but can't afford 70K
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10-06-2013, 12:15 AM | #38 |
Drives: 2014 Stingray Join Date: Sep 2013
Location: Twin Cities, Minnesota
Posts: 22
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You also said your 38 years old with two kids, make above six figures, and your net worth is below $500k.
At 38, your net worth isn't as important as your yearly income to make this purchase. If you think your yearly income will be below $150K going forward, you better pass on this for now. If your making $150 to $250K, you'll have to see if your budget can afford it if you need a loan to buy this. If your making over $250K a year, you should be okay if the wife is not a big spender? The one's that say just sell it if you have too, plan on losing at least $10K if it comes to that. Good luck, but remember your family comes first. |
10-06-2013, 11:39 AM | #39 | |
Drives: Torch Red C7 Z51 stingray Join Date: Aug 2013
Location: California
Posts: 65
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Quote:
And thank you every one that has responded. Truly. I know I have a 80% chance or more of going through with the order. But still nervous about it despite the amount of saving and sound investing I've done in the last three years. I cut my cable bill by $60 killing HBO and other movie channels, stopped the monthly $100 auto-withdrawal at Massage Envy and trying to skimp here and there to make it all make sense. I also own a 2007 Chevy Tahoe LTZ for the wake board boat and business, and a 2006 Audi A3 for the wife and kids. So while having a two seat Vette is an absolute luxury, I have other family mobiles for different activities. Still a small part of me is saying don't do it!!!!! |
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10-08-2013, 09:22 AM | #40 |
Davenport Stage 5+
Drives: Camaro ZL1 & C7 Corvette 3LT Z51 Join Date: May 2012
Location: Alberta, Canada
Posts: 471
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don't feel bad, I just bought a ZL1 camaro and put nearly $20,000 in upgrades into the car over the summer, I just ordered a C7 (torch red) Z51 3LT all the bells and whistles... like everyone is saying here, you only live once...like you, I too make a good living and I always say, "I ain't taking all my money to my grave" I'm going to enjoy it while I can...I have my Modded ZL1 promised to my son...so, the C7 is my car to keep...plus, its the first year of the comeback...how cool is that.
Just do It! cheers!
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Davenport Motorsports stage 5+ 2013 ZL1 Camaro
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10-09-2013, 11:46 AM | #41 |
Drives: 1973 DeTomaso Pantera Join Date: Apr 2013
Location: San Diego
Posts: 12
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The only regret...
I ever had was selling my corvette, JUST BUY IT! I am patiently waiting for my
C7 to arrive, ordered in May |
10-09-2013, 09:12 PM | #42 |
Drives: E550 Coupe Join Date: Oct 2013
Location: Beverly Hills
Posts: 6
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Why not lease the car? If you own your own business the lease is a tax writeoff. Problem solved.
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