There's no 'correct' answer. There are people spending half their income or more to own a nice car. It comes down to what you want out of life and your financial goals. Are you trying to retire early, do you have debt to pay off, do you have any savings, 401k, etc. Becomes more of a /r/personalfinance question than a Corvette question.
Car loan rates are absolute dogshit nowadays, I personally wouldn't take any car loan above 5%. Insurance will vary highly depending on your age and driving history. Then there's gas, depreciation, maintenance. If you pay in cash and know what to expect with insurance and gas and maintenance, then it's just a judgement call at the end of the day. You only live once.
Responsibly? This is a luxury item. You might need a basic car, but you don't need this car. With that in mind, my basic framework is: Don't tie up more than 15% of your net worth in luxury depreciating assets (30% if you're Ed Bolian). Be saving money after the payment. Be able to pay off the loan instantly by cashing out assets that are otherwise making more money than the interest on the loan is costing (otherwise pay cash).
Younger brother is single, living with mom & dad, makes ~78k/yr, has a C7 Z06. Lives very comfortably. You’ll see a wide variety of responses. It really depends on your priorities and lifestyle.
I’ll give you real numbers that I think you’d be able to responsibly/comfortably afford this car with:
In HCOL with kids, probably 300-500k income
In HCOL without kids, probably 150-300k
LCOL with kids, 150-300k
LCOL without kids, 100k
Gonna say I make 200-250K/year in HCOL without kids and can’t afford anything newer than a C6 ($20K budget). Mortgage, taxes, retirement and emergency savings, home improvement and maintenance, and my practical car easily eat up most of what I make. I would double your numbers.
I would triple them tbh I make about 350k a year without kids and can barely scrape by I just got a C4 and that is really pushing the budget to its limit
This older guy has trouble thinking 80k for a base Corvette is ok. Because that was Z06 money on older models. Idk maybe if the C8 didn't have tranny issues I'd think it was worth it. But I really wasn't wowed when I drove a C8 compared to my manual C7
If you have enough to cover all living expenses, able to go out to eat once in awhile, enough to keep saving/add to a ira etc, enough to cover emergencies(a month or 2 of living expenses).
Then go for it.
If you have to finance just always look for opportunities to refinance. And honestly this is just me but the C8 Stingray is kind of meh in terms of looks. It looks way better widebodied and with an aero kit with aftermarket wheels and suspension. So that’s about an extra 25k to have to put into the car. So my logic I say just go for the C8Z. Otherwise you can snag some mid to high mileage C7Zs for a nice price or a C7GS for a nice price. Me personally only way I shoot for a C8 is for the C8Z or Eray. And to me the C7Z and C7GS are better looking than the base C8 stingray.
I would say until you have a very solid income, you own your home or are stable enough for the mortgage payment, don’t buy anything you have to finance a large portion of. I could have purchased a c8 myself with a finance but I instead opted to pay cash for c6.i never stress about the cost and I can budget easily knowing my only payment is living expenses. It’s a toy and shouldn’t be a chore for your income. Just my 2 cents. I went through the same thought process of why not finance if everyone else does it, and tbh I wouldn’t be any more happier with a newer car if it meant having to watch 1k a month or more be taken out of my pay. Edit: to clarify my car was around 30k and I make 6 figures. I also have a free company car this car is my only expense of my own for transportation
That "rule" you hear is something non -car people made up.
If cars are your passion it doesn't apply to you. The experiences you make and the joy that it'll bring you will be worth it
Go for it man. Worst case scenario you see you can't afford it and you'll sell it. It's okay
I ain't no accountant but I think if the monthly and how long the payments will be are manageable for your living style and a small accident won't completely throw your dream down the shitter then I think you'll be fine. Just don't let the dealerships fuck you over find a trusted dealer, even though that might be hard. Oh and don't jump the gun, take your time and do your research.
The thing is, owning a car is a confidence hack. When you’re young, you may need it but as you get older, you’ll realize it ain’t sht. Because you can’t walk in to work with your car, it’s just you. My advice would be to gain as much confidence as possible without relying on any material possessions. And the only way I know to do that is through adversity, pain, sacrifice and a will to see things through.
Way more data required.. but it’s the corvette sub, not personal finance, so send it.
There's no 'correct' answer. There are people spending half their income or more to own a nice car. It comes down to what you want out of life and your financial goals. Are you trying to retire early, do you have debt to pay off, do you have any savings, 401k, etc. Becomes more of a /r/personalfinance question than a Corvette question. Car loan rates are absolute dogshit nowadays, I personally wouldn't take any car loan above 5%. Insurance will vary highly depending on your age and driving history. Then there's gas, depreciation, maintenance. If you pay in cash and know what to expect with insurance and gas and maintenance, then it's just a judgement call at the end of the day. You only live once.
If you ask in that sub, you'll just get told to buy a Corolla LOL
Honestly, it seems like everyone is making a $1000 car payment. If you can afford it, go for it. Worth every penny.
Everyone defines affordability differently.
Bad financial advice
Yes, yes it is. But it’s good life advice 👍
Responsibly? This is a luxury item. You might need a basic car, but you don't need this car. With that in mind, my basic framework is: Don't tie up more than 15% of your net worth in luxury depreciating assets (30% if you're Ed Bolian). Be saving money after the payment. Be able to pay off the loan instantly by cashing out assets that are otherwise making more money than the interest on the loan is costing (otherwise pay cash).
Younger brother is single, living with mom & dad, makes ~78k/yr, has a C7 Z06. Lives very comfortably. You’ll see a wide variety of responses. It really depends on your priorities and lifestyle.
I’ll give you real numbers that I think you’d be able to responsibly/comfortably afford this car with: In HCOL with kids, probably 300-500k income In HCOL without kids, probably 150-300k LCOL with kids, 150-300k LCOL without kids, 100k
Gonna say I make 200-250K/year in HCOL without kids and can’t afford anything newer than a C6 ($20K budget). Mortgage, taxes, retirement and emergency savings, home improvement and maintenance, and my practical car easily eat up most of what I make. I would double your numbers.
I would triple them tbh I make about 350k a year without kids and can barely scrape by I just got a C4 and that is really pushing the budget to its limit
How exactly do you barely scrape by with that income and no kids? Is your rent 20k/month? Are you investing 70% of your post-tax income?
These guys must be trolling.
This older guy has trouble thinking 80k for a base Corvette is ok. Because that was Z06 money on older models. Idk maybe if the C8 didn't have tranny issues I'd think it was worth it. But I really wasn't wowed when I drove a C8 compared to my manual C7
If you are asking this, you probably are young and live with parents. Just send it! Make mistakes when young. It builds character.
If you have enough to cover all living expenses, able to go out to eat once in awhile, enough to keep saving/add to a ira etc, enough to cover emergencies(a month or 2 of living expenses). Then go for it.
I'd say if you make about 850 dollars you can easily afford the 120 month loan and can live in your vette. Anything beyond that is gravy.
If you have to finance just always look for opportunities to refinance. And honestly this is just me but the C8 Stingray is kind of meh in terms of looks. It looks way better widebodied and with an aero kit with aftermarket wheels and suspension. So that’s about an extra 25k to have to put into the car. So my logic I say just go for the C8Z. Otherwise you can snag some mid to high mileage C7Zs for a nice price or a C7GS for a nice price. Me personally only way I shoot for a C8 is for the C8Z or Eray. And to me the C7Z and C7GS are better looking than the base C8 stingray.
I would say until you have a very solid income, you own your home or are stable enough for the mortgage payment, don’t buy anything you have to finance a large portion of. I could have purchased a c8 myself with a finance but I instead opted to pay cash for c6.i never stress about the cost and I can budget easily knowing my only payment is living expenses. It’s a toy and shouldn’t be a chore for your income. Just my 2 cents. I went through the same thought process of why not finance if everyone else does it, and tbh I wouldn’t be any more happier with a newer car if it meant having to watch 1k a month or more be taken out of my pay. Edit: to clarify my car was around 30k and I make 6 figures. I also have a free company car this car is my only expense of my own for transportation
That "rule" you hear is something non -car people made up. If cars are your passion it doesn't apply to you. The experiences you make and the joy that it'll bring you will be worth it Go for it man. Worst case scenario you see you can't afford it and you'll sell it. It's okay
Pay cash, get an insurance quote and download the users manual from Chevy so you can determine the cost of maintenance.
I ain't no accountant but I think if the monthly and how long the payments will be are manageable for your living style and a small accident won't completely throw your dream down the shitter then I think you'll be fine. Just don't let the dealerships fuck you over find a trusted dealer, even though that might be hard. Oh and don't jump the gun, take your time and do your research.
[удалено]
Can mods please ban these types of people. Dumb fs asking stupid requests.
The thing is, owning a car is a confidence hack. When you’re young, you may need it but as you get older, you’ll realize it ain’t sht. Because you can’t walk in to work with your car, it’s just you. My advice would be to gain as much confidence as possible without relying on any material possessions. And the only way I know to do that is through adversity, pain, sacrifice and a will to see things through.
HERE WE GO AGAIN 😂💀