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Old 09-25-2013, 12:42 AM   #1
Louis White Law
 
Drives: Torch Red C7 Z51 stingray
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Can you really afford a $70k Corvette Stingray?

In appealing to common financial wisdom notwithstanding my insane desire to purchase the C7, I wonder if purchasing my (status 3000) Z51 red stingray is a sound decision. I am 38 years old, married with two young girls (6&1). I own my own business, make above six figures, and my wife is a stay at home mom. In the last three years i have had incredible financial success but the market is changing for me such that i don't know what the future holds. My net worth is below $500k and my annual income could decrease in the next 2 years as I am self employed.

I want it. . .bad. I am a v8 American sports car guy and though late model Corvettes have failed to stir my loins, the new C7 was love at first sight. from the moment i saw the unveil I have been incessantly trolling for videos, articles and anything C7.

I have never purchased a new car before and am feeling a little bit of anxiety of the prospect of spending $70k when i still have a mortgage and other work related liabilities. I DON'T want to be 55 before I get my dream machine (no offense to the respected elders on this site, but it is you whom I am addressing).

My potential purchase of a C7 is a pure selfish act to appease my desire for HP, torque and overall bad-ass-ness. BUT, with it comes speeding tickets, higher insurance, maintenance costs, aftermarket upgrades , etc.

How can one know if they are ready to spend $70k on a luxury two seater sports car when they have a lot of ground to make toward retirement and financial security?

Do I have permission to pull the trigger?

How are you justifying your potential purchase of the new C7?

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Old 09-25-2013, 01:05 AM   #2
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Where in CA are you? Sounds like we are birds of a feather and could talk this over a beer or 10...
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Old 09-25-2013, 01:10 AM   #3
Louis White Law
 
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Sunny sacramento!
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Old 09-25-2013, 01:20 AM   #4
REVVIC
 
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Louis, I'm 68 and will be getting my yellow Z51 in about two weeks. This will be my forth Vette and seventh sports car since I was 22. I never had your income as a pastor and as a chaplain in the reserves. Yet, I afforded each car and enjoyed the emotional insanity of them all including a Delorean and a Pantera. Here's the logical key that keeps the irrationality in check, you can always sell it. Family first! When my son went to college, I drove my 94 3000GT another five years. Family first! Now the Vette. It's about priorities. My net worth is very good in spite of some speed bumps.
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Old 09-25-2013, 01:49 AM   #5
Glen e
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Got a good financial counselor?

He's the one to ask.......
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Old 09-25-2013, 03:03 AM   #6
Ciscokid
 
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Tuff decision, not an easy one. All I can say from my experience is when my kids were 6 and 1, I wouldn't have bought a corvette or any other sports car. I had my kids very young. I'm 44, kids are 23 and 21.
Family needs to stay prioritized, if you decide to move forward. You can always sell the Vette if you find yourself in financial duress.
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Old 09-25-2013, 07:17 AM   #7
bconley2384
 
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Are you serious?!? Man up. Buy that thing. Who cares if you don't pay for your kids college

My justification to my significant other is that I have to get my crazy car buying experiences out of the way before we have kids. Lolz

#YOLO
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Old 09-25-2013, 08:13 AM   #8
Nate GM
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You only live once! Keep in mind that you can always sell the car if you run into a financial problem. I would definitely buy it
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Old 09-25-2013, 08:37 AM   #9
bnall40
 
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Louis, you are refreshingly open and candid with your question ..... that only you can answer. For me it was always kids first and now my wife bride of 54 years and I are surrounded by kids and grandkids coming to visit often to ride in our boat and drive our Vette. (Yes, any kid that has a B avg or better drives the Vette when visiting). This is our MO and it started with a plan a long time ago. We love our life! And I might add ... we are the age group GM is trying to move away from!... Good luck GM! Bondurant here I come!
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Old 09-25-2013, 10:55 AM   #10
volsfan0911
 
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I'm not exactly approaching the C7 purchase with sound financial reasoning - it's much more of an emotional decision than a rational one. Can I afford one? Easily. Should I be spending that much money on a car? No. But having survived cancer last year, fu$k it, I'm doing it anyway. You only live once so I'm going to take advantage of still being around to enjoy it.

And, all things considered, a C7 should be relatively affordable to maintain. At least according to a lot of other similarly performing cars. GTR is $250 on an oil change I believe and transmission fluid runs $110 a quart X 10 quart capacity. Plus $250 an hour for labor from a GTR certified tech at the stealership. On a C6 GS? 10 quarts of Mobil 1 will set you back less than $100 and the filter is available at GMpartsdirect for under $10.
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Old 09-25-2013, 11:22 AM   #11
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Life is Short... Enjoy it to the MAX!!!
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Old 09-25-2013, 11:53 AM   #12
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Quote:
Originally Posted by Ka Razy View Post
Life is Short... Enjoy it to the MAX!!!
I agree, if you do not get one and you truly want one you will regret it. Especially every time you see one on the road.
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Old 09-25-2013, 01:13 PM   #13
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Louis

You need a motto,

You’re welcome to use mine!

We have but one life to live, we spend most of it providing for our families and our perspective time in the rocking chair. Too many people go through life and never stop to smell the roses; you never know what tomorrow brings, if you say someday I’ll do this that day will never come. Plan for the future the best you can but reward yourself today while you still can!
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Old 09-25-2013, 01:20 PM   #14
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If your wife picks up a $10 an hour job working part time there is the extra money you could use towards your car!!!
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