[blu byu]

Although we don't know a price yet, I'm confident most would assume $60k - $70k. Assume another $5k for tax, del., etc. I'm doing some math (assume 5 yr loan @ 5.0%?) and wonder how most will pay (finance, cash, combo?):

$70k 5 yrs @ 5.0% = $1,320/month ($5k down)
$60k 5 yrs @ 5.0% = $1,132/month ($15k down)
$50k = $943/month ($25k down)
$40k = $754/mo. ($35k down)
$30k = $566/mo. ($45k down)

Will those that can pay cash, not buy another hi-end vehicle? New Viper or used ferrari? Will those with little cash be able to afford the payment (plus insurance)?

Just wondering your thoughts...?
Thanks,

 

[l88Bastard]

im just going to start selling crack to supplement my income.

 

[PerforminNorman]

Depends on if rates are lower than what my investments are making.

 

[IT L GO]

Just write a check, a big rubber one :rofl:

 

[Zlicious]

Although we don't know a price yet, I'm confident most would assume $60k - $70k. Assume another $5k for tax, del., etc. I'm doing some math (assume 5 yr loan @ 5.0%?) and wonder how most will pay (finance, cash, combo?):

$70k 5 yrs @ 5.0% = $1,320/month ($5k down)
$60k 5 yrs @ 5.0% = $1,132/month ($15k down)
$50k = $943/month ($25k down)
$40k = $754/mo. ($35k down)
$30k = $566/mo. ($45k down)

Will those that can pay cash, not buy another hi-end vehicle? New Viper or used ferrari? Will those with little cash be able to afford the payment (plus insurance)?

Just wondering your thoughts...?
Thanks,

Man, thats a chunk of change... I dont know how I will be able to afford a car like that...good thing i am still living at home..:lol:

 

[blu byu]

Of course I don't know what programs will be offered for those that do finance payments (maybe longer than 5 years...). It will sure be nice to know the price and when the cars will be available for delivery. I'm on Rick's list @ Stanford and am waiting patiently..

 

[GNX Guy]

1st Rule for me is NEVER finance a Toy, its just basic finance. Never finance a depreciating asset. If you can't pay cash, you can't afford it.

Joe

 

[Kens06]

I'll take my time in finding a buyer for my Z.
I figure my payments shouldn't change much at all.
I'm not going to buy the first year again anyway, so I will know if it's worth the upgrade!!
I drove the C6 out at Firebird last weekend and I'm not impressed!
It's still a waiting game!!

Ken

 

[Kens06]

1st Rule for me is NEVER finance a Toy, its just basic finance. Never finance a depreciating asset. If you can't pay cash, you can't afford it.

Joe

Good policy Joe! :idea:
The problem with that idea is, if everyone used that mindset, the Corvette wouldn't exist :eyes:

Some Vettes are toys and some are the reason to go to work every morning :rofl: :rofl: :rofl:

Ken

 

[mcss383]

With one arm and one leg.

 

[Nat02Z06]

Whatever I can get for my '04 Z06, plus about $15K I have saved up will be my down payment. The rest I'll finance. Probably around $20K when the time comes.

 

[scotts]

Never finance a depreciating asset.
Joe

Very good rule. Also, never stretch the term of the loan longer than the life of the asset.
Oh, and I'm not sure how I will pay for mine. Less time on the forum and more time working is probably a good start. :lol:

 

[johniew398]

I sold my 02 Z in preparation already so I now have $75k set
aside in cash, not that it will cost that but with sales tax it could. I don't really mean like real cash, it's in a money market fund.

Hey Rick - if I write you a check now will you move me up on the list?

 

[RFC2]

im just going to start selling crack to supplement my income.

I am on the street corner right now. No takers.

Sold my 2004 z about 2 months ago but have already bought a grand national. :rofl:

For those who say they will never finance a depreciating asset, really need to come into the real world. I don't need to finance now, but when I was younger you bet i did. I would'nt have had some cool cars when i was young. Cars I financed:

65 vette (used)
85 mustang GT
87 grand national
96 cobra (leased)

Financing makes the world go round and allows people to drive cars they would not necessarily be able to. Now financing furniture or an appliance, thats a different story.

 

[curvesman]

Have 40K saved up,to the bank for the rest or GM :cheers: Could sell the 2000 c5 ragtop but will keep the rag top for sunny drives with the bride! :cheers:

 

[fgordon]

1st Rule for me is NEVER finance a Toy, its just basic finance. Never finance a depreciating asset. If you can't pay cash, you can't afford it.

Joe

That depends on your situation. A great solution is to borrow against deposits at 1.5% and keep your liquid assets. You can always refinance if you need to use the cash for an :roll: emergency.

 

[Grim Reaper]

Show me where you can borrow against deposits at 1.5%.

 

[Zippy]

I'll buy my next Vette like I always do...write a check. I don't like owing anyone anything.

 

[The DBK]

Depends on when it comes out, what the total is, and what I get for my 02 Z...

 

[355Spider]

1st Rule for me is NEVER finance a Toy, its just basic finance. Never finance a depreciating asset. If you can't pay cash, you can't afford it.

Joe

Or you can lease it, take all the cash you would have put into it and put it into a high yield fund and make more money off it. It just depends on whether you think you can invest and make more money than the interest of the car is.

I know many wealthy people and none of them pays cash for cars. They hold onto as much of their money as possible. Most of them lease vehicles which is what I do. You only payfor the depreciation of the car over the life of the lease and the leasing company is saddled with selling the car at the end of the lease.