Need some advice

[Jay 02 TA ws6]

OK guys, I am pretty close to pulling the trigger on the Z06 deal. But I am really struggling with whether or not it's a wise thing to do...

The Z06 is stickered at $34.9K. It's a 2003, red, black interior, mint condition, bone stock, with 15.7K miles. My friend at a different dealership says those cars are going dealer-to-dealer in auctions for $33.5K.

The dealerhsip offered me $16K trade-in on my WS6.

I have talked them up to $17K on my trade in, and down to $33.9K (only $400 above dealer auction) on the Z06. At a 4.5% interest rate for 60 months my payment would be $497. That is EXACTLY what my payment is on the Trans Am.

Sounds great, but here is the catch... I only owe $7600 on the Trans Am. At the rate that I am paying it down, that's only another 6 months or so and then I will own it FREE AND CLEAR.

Do I really want to put myself back to a $28,000 loan amount for another 5 years??? I'm relatively comfortable with the payment, but I will be moving out of my mom's house and into a place of my own soon... rent would be at least $500 a month. The Cavalier is $150 a month, insurance between the two cars is about $200 a month. Then there is gas, food, cable, cell phone, etc...

I'm single so I have no one else to suppport, but that would still strap me pretty tight. I know what the "sensible" decision is here... but let's face it, of us would be driving the cars we are if we always did the "sensible" thing...

*sigh*... I'm not sure what I am going to do. I know what I WANT to do... hehehehe...

What do you guys think?

[RyanB58]

Wait on the Z06, pay off the WS6. Do not rent until your car is paid off. Then you will have $1000 a month that you could put toward a decent home. Buying a home is the wisest decision someone could make. Once you have a home and a decent pay check, then go for the Z06. A few years ago I thought I would buy all the cool toys (Boat, Truck, Motorcycles(3), Jet Skiis, Car, etc.). I was cool for a while till I had just enough $ to make payments on time. Now I wised up and got rid of all but my car and MX Bike. Hopefully by summer I can have the TA paid and buy a house. My advise is do not waste $ renting, you may as well burn your money then.

[Jay 02 TA ws6]

Wait on the Z06, pay off the WS6. Do not rent until your car is paid off. Then you will have $1000 a month that you could put toward a decent home. Buying a home is the wisest decision someone could make. Once you have a home and a decent pay check, then go for the Z06. A few years ago I thought I would buy all the cool toys (Boat, Truck, Motorcycles(3), Jet Skiis, Car, etc.). I was cool for a while till I had just enough $ to make payments on time. Now I wised up and got rid of all but my car and MX Bike. Hopefully by summer I can have the TA paid and buy a house. My advise is do not waste $ renting, you may as well burn your money then.

I'm in the mortgage industry. For me, at this point in my life, buying a home would be a mistake.

It's only a good investment if you are planning on living there for at least a couple years. My life is so day-to-day right now that I could honestly see myself moving in 6 months time. In that case... after closing costs, taxes, insurance on the home... I'll come out on the losing end big time. Renting is far less permanent, and makes much more sense for me at this point in my life.

I know how good of an investment a home can be, and I can't wait to jump on that train... but I'm not settled down enough for that yet.

[DeWynter]

Well I guess it really comes down to either free and clear or dept and a better car. If your looking at only paying 450ish per month for the Z06 I would say if I was in your situation It would be hard for me to say no! renting is crappy, but if you move alot then there is no use in having a house. Only thing I dislike about the corvette is tha fact that you have to use the passenger seat as storage But im sure I could get used to it.

[Joe 1320]

What do you guys think?

You aren't going to like what I tell you. Pay off the T/A and stick with it. Having been down that road before, you will end up paying more than you think. Insurance is mucho higher, repair parts and mods are waaayyy more. Not having a car payment will make your life so much easier than buying up to another depreciating item. The only plus is that Vettes typically hold a higher resale value than an f-body, but you've already lost that advantage by the other costs of ownership incurred. Jay, I've done it too many times in the past. This time around I resisted the urge, paid off my T/A and have been glad ever since. No it's not quite like having a vette, but there is plenty of time in the future to find a good deal. I will also never buy another vette from a dealer, there are too many deals to be had from individuals who need to get out of one badly and will take a loss. I'll bet with patience, you could get the same car from a private owner somewhere down the road for well under $30K.

Been there, done that, got the t-shirt, returned it for a full refund.

[Jay 02 TA ws6]

I appreciate the input on all but one account, Joe... insurance on the Vette is actually much cheaper. $1700 a year for me on the WS6... $1250 a year for me on the Vette.

Plus I store tham both in winters, which is like $20 a month during the icy months.

For the next 6 months or so, I am going to be paying significantly more if I keep the Trans Am than if I bought the Vette.

[Joe 1320]

I appreciate the input on all but one account, Joe... insurance on the Vette is actually much cheaper. $1700 a year for me on the WS6... $1250 a year for me on the Vette.

How? There is no way the insurance on a comparable year vette is less than an f-body. Something is not right here.........Somehow you must be getting raped on the WS6 insurance. Mine was less than $1100 a year for full coverage. Besides that, you missed a point. If the car is paid off, you won't need ANY insurance while it is in storage.

[DeWynter]

do you have private insurance in your state or state only insurance?

[Jay 02 TA ws6]

How? There is no way the insurance on a comparable year vette is less than an f-body. Something is not right here.........Somehow you must be getting raped on the WS6 insurance. Mine was less than $1100 a year for full coverage. Besides that, you missed a point. If the car is paid off, you won't need ANY insurance while it is in storage.

I would probably still want theft, fire insurance when it is stored... it's only $20 a month.

Think of the demographics of the f-body vs. Corvette drivers. How many f-bodies driven by teenagers end up wrapped around trees because of drinking and driving or racing? Or both?

The Vette also constantly wins JD Power quality studies which means less repairs. It viewed as a higher quality vehicle, with more responsible drivers. Those quotes came right from my insurance agent. It's possible she wasn't considering the Z06, but I can't imagine a Z06 is significantly more to insure than a base C5.

As for why it's $1700 a year on the Trans Am for me... I'm a 23 year old single male... that's why. When I hit 25, it'll drop to around $1100 or so I hope...

[Jay 02 TA ws6]

do you have private insurance in your state or state only insurance?

I don't know... I'm with AAA.

[The Old Man]

More responsable drivers??? Thats because they have sooo much money in the thing they can't afford to wreck it!!!

[raroZ28]

As for why it's $1700 a year on the Trans Am for me... I'm a 23 year old single male... that's why. When I hit 25, it'll drop to around $1100 or so I hope...

I'm with AAA, one year for me is 1800. You're older. Weird. I'm on my Grandma's policy though (switched to save mucho deniro, about 800 bucks), and she lives in Allen Park, I think that took it down a little, even though I'm in a really nice neighborhood in Dearborn.

I'm confused. Weren't you talking before about the TA payment killing you, and selling it for something cheaper, or just driving the cavalier full time? Quite an extreme going from full time cavy to Z06 man, what's up?

[Jay 02 TA ws6]

I'm with AAA, one year for me is 1800. You're older. Weird. I'm on my Grandma's policy though (switched to save mucho deniro, about 800 bucks), and she lives in Allen Park, I think that took it down a little, even though I'm in a really nice neighborhood in Dearborn.

I'm confused. Weren't you talking before about the TA payment killing you, and selling it for something cheaper, or just driving the cavalier full time? Quite an extreme going from full time cavy to Z06 man, what's up?

No, I was whining about the insurance on the Cavalier. It's too much to pay for insurance on a Cavalier, but it isn't killing me.

[fastTa]

How many f-bodies driven by teenagers end up wrapped around trees because of drinking and driving or racing? Or both?

The Vette also constantly wins JD Power quality studies which means less repairs. It viewed as a higher quality vehicle, with more responsible drivers. Those quotes came right from my insurance agent. It's possible she wasn't considering the Z06, but I can't imagine a Z06 is significantly more to insure than a base C5.

This is exactly why normally a y-body will have cheaper insurance than the f-body. Seems hard to believe just because of the nature of the 2 cars, but I also have recently looked into getting insurance here in TX on a 02 C5, and it was cheaper than what I am paying on my 97 LT1 TA.

[Joe 1320]

This is unreal. I am going to do some checking. My insurance went down when I went from my 95 ZR-1 to an 97 WS6.