Corvette Z06 Forum banner

1 - 20 of 24 Posts

·
Registered
Joined
·
7 Posts
Discussion Starter · #1 ·
I am a 20 year old college student here in Abilene, Tx. I have always wanted a Z, and when I graduate here in about a year, and go out and get a real job, I will probably start looking. So my question is, without getting too personal, how do you know when it is time to start looking (financially)? How much do I need to be pulling down per year to finance say a $40,000 '04 Z06, while balancing a mortgage payment of around $350 and a wife who likes to spend $$$, and all of the other payments that come every month? Whenever I see someone around here driving a Corvette Z06 or coupe, it is usually and older woman/dude or a young militaryman/woman... I know for alot of people, buying a Corvette displays some sort of status, that "They've made it." But I really don't wanna wait til I'm 30's, 40's, 50's to enjoy it, I want it here in my 20's...

That's alot of jabbering... Anyone have any input?
Jason
 

·
Registered
Joined
·
509 Posts
Ok...my 2 cents. First finish your education and get your career started. Then figure out your family plans as far as having children. A lot depends on your income and security at your job. If you make good bucks you have more options. Also make sure you put away for your retirement. Dont forget to plan for your kids education. After all that if you still have some disposable income, go for it. Not having kids leaves you with more options.

Second option...dump your money spending wife, live in a reasonably priced apartment, buy your Z and live like there is no tomorrow. :cheers:
 

·
Registered
Joined
·
39 Posts
My opinion is as long as you own your own home already and can afford the payment/insurance...No problem..

You may want to look into an 02 Z instead of a newer 04..You can pick up a super clean low mile ZO6 for not much more than a new Honda accord..

I am 29 and if you don't get it now,you won't get it until your one of those older guys/gals..

Once the kids come you buy them toys, not yourself toys..

I have no kids yet and my payments on my 01 QS ZO6 with 12k miles is 200 a month less than my fiances gas guzzling SUV..

Go for it,your only young once,don't waste it :zboobie:
 

·
Registered
Joined
·
11,339 Posts
there are a lot of younger people that drive Z06's, I am only 22 and I drive one:rofl:

ok ok I am NOT 22, but I had my first vette at 25, so go for it if you can afford it!

you can find a nice '01Z06 for around $30K or even just get in a '98 coupe for under $20K:thumb:

wow 20 and married? any kids? you have a handful!
 

·
Registered
Joined
·
1,023 Posts
I respect that you are young and don't wanna wait. Who does? But before you go and blow a lot of money on a Z, I would make sure I was putting at least 10-15% away into my 401k. You should also have a nest egg of cash just in case something happens (2-3 months take home salary). As others have suggested, buy an 02 or 03 Z and save $5-7k. Just my .02...
 

·
Registered
Joined
·
1,279 Posts
Age has nothing to do with it just money :p
 

·
Registered
Joined
·
5,190 Posts
When you get to a point that none of your practical needs will be affected, then it's time to buy toys.
 

·
Registered
Joined
·
17,744 Posts
Cave Man said:
When you get to a point that none of your practical needs will be affected, then it's time to buy toys.
This is not probably what you wanted to hear, but it's good advice. :cheers:
 

·
Registered
Joined
·
104 Posts
same boat

HI Jason,
Im kind of in the same boat as your are. Im only 22, just graduated in december from UCF. I'm pretty fortunate in that the man i work for is very generous. I have worked for him the last 3 years part time helping him run his businesses. He pays well and gives me bonuses everytime he gets a large sum of money in from a closed deal.

I'm looking to buy a new 04 in the next week or so. But i would not be buying it if i did not have the money to pay off, or a majority of my student loans and any credit card bills. I know that student loans are low interest, but i have always hated the idea of having debt because you never know whats going to happen.
 

·
Registered
Joined
·
415 Posts
Cave Man said:
When you get to a point that none of your practical needs will be affected, then it's time to buy toys.
This illustrates a good point. A Z06 (or any vette) is a toy pure and simple. As long as you don't forget that one fact...you'll know when.
 

·
Registered
Joined
·
1,311 Posts
bigbay00 said:
HI Jason,
Im kind of in the same boat as your are. Im only 22, just graduated in december from UCF. I'm pretty fortunate in that the man i work for is very generous. I have worked for him the last 3 years part time helping him run his businesses. He pays well and gives me bonuses everytime he gets a large sum of money in from a closed deal.

I'm looking to buy a new 04 in the next week or so. But i would not be buying it if i did not have the money to pay off, or a majority of my student loans and any credit card bills. I know that student loans are low interest, but i have always hated the idea of having debt because you never know whats going to happen.
Your right you never know what's going to happen so why dump say 12 grand on paying off a student loan and have nothing in the bank, then get laid off and have nothing for the rent or morgage :) Keep your cash when you can and I bet the 12 grand would last a while till you found a new job that works for you and not just a job that will pay your current monthly bills.
But anyway back to the point, I'm 29 I had an 01 Z cause it was what I could afford. I got a good deal on an 04 and picked that up this year. You can buy the vette when you can afford to take care of the family even with the vette payment. Only you can really answer the question though. Good luck
Brian
 

·
Registered
Joined
·
104 Posts
good point

Red death makes a very good point that i did not mention in my post. Having a reserve in case of an emergency is an excellent idea. Once you have that you can start putting money towards other bills.

If you received say $10k from the lottery, or wherever, i would not automatically put it all towards a student loan leaving my account with $200.

Also, if you wont be looking to buy a new Z until a year from now, prices will probably drop a bit making it a little easier for ya
 

·
Registered
Joined
·
928 Posts
Just looking through your original posting, and trying to get an idea of how you are living. First noticing the mortgage of only $350.00 / Mo, that is not a very large mortgage, so I'm guessing it's not a large house. Your wife likes to spend $$$, that means in a few short years, maybe less she will want a larger home, with all the amenities. Children if they come along, will take a huge chunk of your salary, whatever it ends up being, plus don't forget the finer things in life such as food, clothing, cable TV, insurance, utilities etc.
You will need to be putting away at least 10% of your gross income, and increase that amount every time you get a pay raise, otherwise by the time you retire, you won't be able to have a Corvette at all, much less a retirement life.
Now, all that said, if you can honestly say that you can have a Corvette because you can afford it, and the increasing cost of your lifestyle, then go for it. Otherwise you may become one of the many we read about that have lost their job, need to sell their Vette to make ends meet, and take a beating on the sale because they are upside down on the payments.
To answer your original question, how much does one need to make to afford a Corvette, the latest figures I saw was based on new Corvette owners, the nominal annual income was about $110,000.00 annual. However, depending on many other factors, one can probably afford one on 50 to 75 K/annual, and still have time and money left to enjoy the car.
I hope that maybe this helped you sort things out. :cheers:

vettepilot
 

·
Registered
Joined
·
174 Posts
seriously, dude if you are whining on a forum about buying a car, and when should you be ready to buy such a car, either your pandering or you're a ***. its a f'ing car. get a job.
 

·
Registered
Joined
·
7 Posts
Discussion Starter · #15 ·
Wow, Stang....
Where did you get the whining part from?
A little harsh don't you think? I was just wanted input from Vette owners... If you read my post, I am still in college, and I do have a part time job... It's not like I can go out and start my career with a 3/4 finished degree, and I surely can't go get a vette with my p/t job...
 

·
Registered
Joined
·
174 Posts
yes, my friend i was harsh. i apologize for that. but it is still just a car. if you wait your entire life to hear someone else tell you when it is time for you to make a decision, you have already missed the boat. why do you want a Z06? i want a Porsche. i have since i was about 10 years old. i have driven a 914 in the rain for maybe 4 miles. really stiff clutch is all i remember. brother go with what feels right. screw what the world thinks, or god forbid something you heard or read somewhere. nothing personal jason. good luck with whatever you choose to do.
 

·
Registered
Joined
·
7 Posts
Discussion Starter · #17 ·
I did not come on here and ask people to make decisions for me, I am a big boy and can do that for myself :thumb:, I just wanted to know what other people are doing that may be or have been in the same situation. To me, my first Z06 will not just be a car, it will mean much more than that to me :z: . I mean hell, I would almost be willing to give up my '72 for a Z06, and for anyone that knows me, that's saying alot.



Thanks for your .02 :thumb:
Jason
 

·
Registered
Joined
·
174 Posts
nice chevy dude. i would work harder to keep it and then buy a Z06. but see, i speak from hindsight as i am old, and you, you silly sob have your entire life in front of you. it is still just a car. mine sits in the garage covered in pine pollen and fithy inside. see i don't have the time i would like to clean it. youth is wasted on the young, brother, here's drinkin' to you.
 

·
Registered
Joined
·
77 Posts
Jason72g said:
I did not come on here and ask people to make decisions for me, I am a big boy and can do that for myself :thumb:, I just wanted to know what other people are doing that may be or have been in the same situation. To me, my first Z06 will not just be a car, it will mean much more than that to me :z: . I mean hell, I would almost be willing to give up my '72 for a Z06, and for anyone that knows me, that's saying alot.



Thanks for your .02 :thumb:
Jason
Hi Jason -

Nice truck :guiness:

A few of the above posts are right on track. Make sure your future is funded, and make sure your present is funded.

Also, look for a nice used Corvette. I truly think there are enough players out there that buy a Corvette and then fuss and worry over it for three agonizing years, trying mercilously to keep anyone from farting in it...You know the type. Let them save you a nice C5 and then sell it to you for $10K les than they paid. :usa: :yeadog:

A Corvette is not something a man starting a new family can normally justify - two seaters and motorcycles seem to disappear when bassinettes and huggies show up on the scene. ;)

I amthe wrong person to ask, though. I say buy one yesterday if you can. :D

best regards -

mqqn
 

·
Registered
Joined
·
1,311 Posts
I figure you were just looking for some advice from people who have at least gone down a similar road you are looking to go down. I'm only 29 bought my first vette at 27 and wouldn't have done a thing diff. I could do a lot with the money I spend on the car but you gotta spend some money at some point, just make sure you can take care of loved ones first :)
Have fun
brian
 
1 - 20 of 24 Posts
Top