Probably should've got the Porsche, but depending on when you paid the money everyone isn't in a bad situation. The people that paid $40k-$50k over i feel for them but people that paid $20k or less over before May of 2022 seem to be in the same position as all the C7 owners who bought cars with $6k rebates 2 years later. Many people forget before the pandemic many new car buyers were always upside down until payment 42 in their car loans.
I guess, but truthfully life is too short! We all realize that at different times in our life. Owning this car has introduced me to several people that lost their life shortly after ownership or lost a loved one that wanted to own one but was waiting for the market to shift. In the end they left this world with a smile and memories or the money they was being conservative with in the bank. If it's not going to make me struggle to live and I can afford it, I will choose happiness and living my life to my fullest every time, put your hand on your heart, feel your heart beat and remember the next one isn't promised
I sold my 2021 for over MSRP back in 2022, best decision I ever made. Sell it now, you will lose even more the longer you wait. Your bumper to bumper warranty is over also, and the powertrain warranty will be over shortly. Their is so many of these on the road, now, It is a common car now.
So true, but the one thing I have going for it is I also got a $0 deductible warranty that covers the car for 84 mos up to 86k miles. So for the most part I'm not to concerned about repair cost when it comes to covered items, but just looking at where the market has settled on the C7 I believe I'm less than 6 months from that curve where regardless of what happens I will never be upside down again, but I believe I can still loose up to another $12k-$15k of equity over the next 3 years.
NEVER pay over MSRP. Don't be duped into the new shiny object everyone is selling; just wait you'll get it cheaper. It's called self-control. Any money you put into a car that goes toward extras/mods you WILL NOT get back. Don't buy unless you pay for it outright or pay it off within 6 months. If you can't do that it means you CAN'T afford it. The question you have to ask yourself is, "Where will you be financially in 30 years?" Buying cars you can't afford over MSRP will not put a roof over your head, food on the table, and financial security when it really counts the most. I've owned Corvettes most of my adult life. I own a C3 and C5. Yes, they are older cars, but I enjoy them just the same. They are paid for, and I bought them for far less than they were originally.
I appreciate the advice and I'm sure some people believe in that philosophy, at the same time you can't base your situation for everyone. just because someone chooses to buy something with credit doesn't mean they can 't afford it. Just because you prefer to buy used items that you can own out right in six months doesn't mean its the smartest purchase you can make. Just because someone doesn't pay off their purchase in six months doesn't mean they can't afford it. Paying a car note doesn't mean you gone be homeless and can't put food on your table. The funny thing is only a people that exchange their time for money focus on how much something cost and how spending that money affects their future over a time line. When you make money passively, from your own creativity and investments, you tend to understand things cost what they cost. If you want something you create another income source or stream to pay for it. I'm not here to share with you financial strategies and opportunities that will help you gain time freedom, financial freedom and personal freedom. A person with a million dollars in debt is richer than a person with a million dollars in the bank 99% of the time. The person in debt typically understand you other peoples money and let your own money work for you; and help create more streams of income instead of spending large amounts of cash on a single purchase. If i can make 15% a year on my own money why would i care about spending the banks at 2.9%?
@@ICNVDE When I payoff something early, the bank isn't getting their interest from me. In turn, I have now recouped what I was paying toward principal and interest (P&I) and added back toward income I can re-invest. I am not going to finance and payoff something that ends up with negative value. Thus, what I payoff either remains neutral or increases in value. In your video, you indicated you traded in a car that was 6K upside down. That was applied to your Vette which, at the time, was overvalued. Now you are hoping to sell or trade in with the hope of breaking even, or rolling the remaining debt into another purchase. But your logic is based on "it cost what it cost," so you justify it by creating another income source or stream to pay for it. That added income source likely results in some kind of effort or time, so you are sacrificing more time to earn more money, to pay for something that is overvalued. In this scenario you neither earn money or save time. I think in terms of net worth. The total liquidity of all assets (financial investments, cash, and physical possessions, e.g., cars, houses) minus liabilities (debt). A person with a million dollars in debt is indebted to someone 100% of the time. A person with a million dollars in the bank without debt is free and is beholden to no one 100% of the time. I choose freedom. Anyway, good conversation and I wish you success. Also, the color of your Vette is my favorite for the C8s. Though often maligned by others, I like that color when paired with a natural dipped interior.
I'll be up front with you, its not an if my goal is to move this car by Feb 1, 2025. My struggle right now is just finding the car/making the decision on what to buy next .
True, but just because something costs more doesn't mean you don't buy it if you want it. More people buy over priced water than people spend extra on cars. But because society deems it acceptable people don't complain. I can buy water from the grocery store atr36 bottles for $5, that's $0.14 a bottle. It's sold in most vending machines for a $1 at gas stations for $1.25, most out door venues $2, at the airport for $2.35, arenas and concerts for $3.50 and people just pay it. But if you spend extra to buy a car no one has and you want to enjoy now and you can afford it, it's a problem and people want to tell you that you're irresponsible. All I say is find a budget that works for you and live your life to the fullest, you can't take any of it with you and you can only accumulate it to give to someone else when you gone who will never appreciate it like you because they didn't work to get it.
I completely agree, but when you sit in facebook groups and listen to people Justify the addons and $2500-$5000 corvette prep frees..... you realize everyone doesn't comprehend why they sholdn't make those deals.
if you buy an new car the depreciation over it's first three years is where your going to lose the most money. in the case of c8 35-45% value reduction. if your going through cars once every three years it is better to buy a car that is 4-5 years old and not lose that money.
That's typically what I do and why I was originally looking at 2017 & 2018 R8's, 911s and the NSX when I decided to buy this car. I went out side my norm because the market for the car shot up so crazy and even with my add ons when i drove off the lot i still had just under $6800 of equity in the car.
@@ICNVDE I've gone through the same thing with my 2023 Z06, I'm second owner and it had 75 miles on it when i bought it. first owner paid through the nose and I got it for 167, when they announced the ZR1 I was worried that it would kill this car. but it's looking like it will start out double the price of a base Z06. so while it's still depreciating only time will tell how much money I will really lose. Love the car, don't love the loss in value. but it is the nature of the game.
@@PaulFosterrebuilds the Z06 shifted much quicker than I believed it would and the only thing that kept me from owning one was the interest rates buying it used. I kept getting 8.9 and 9.9 rate quotes for 72-84 months and i only wanted a 136k spec car and everything i was getting offered was a $148k and above MSRP. So my thoughts was look for another car to play with for 2 years and come back to the Z06. Now the cars are selling at more affordable pricing but I really want to see how everything adjusts with the Z06 next year. My desire is a car with an all red interior or a white 70th anniversary edition.
Yeah I was about to do something crazy if the numbers would've plaid out right. But the interest rate made the monthly payment $2385 and the monthly insurance was $365...paying close to $3k for one car seemed absurd, well I'm not their just yet
If you owe $66,000. You must have put hardly nothing down on it. The key to buying cars is putting substantial money down. Then you can pay it off early. Have a paid for car with 100% equity. You have lost major money. It is not the blessing you think it is. Also at the end of the day you are carless. And when you do putchase again you will still be in major debt. Also you are buying a depreciating asset.
I wonder if you watched the entire video, or are you making assumptions about the purchase price of the vehicle. The car MSRP was $88k add $15k over MSRP and know up front I'm in one of the worst taxed areas in the country. I carried over $6k negative equity from the previous car and put down the difference in taxes from my out of state purchase which was around $7600. So the car was purchased well into six figures. Everyone has a different strategy for buying a car, typically I stay liquid and focus on staying under the cars value and keeping as much money in my hands as possible to invest. It also allows me to throw money at a new purchase when I'm ready to get out of a car. When I drove off the lot, Statefarm said if I totaled the car they would cut a check for $116k. When I bought the car I had equity! I've only paid one car off my entire life and I learned then it was the dumbest decision I made. I paid $41k over 6 years for a car that MSRP was $30k, and worth $5k at the end of the loan. So i stopped focusing on 1 car and made the decision if I'm willing to pay $41k over 6 years how many cars can i enjoy during that window without going over that budget. As a result, the next 6 year window i owned 4 cars typically 3 at the same time for 2 years and I enjoyed my ownership experience better. Like you said, most cars are depreciating asset why would i want to own it and take all the depreciation of it? I typically buy cars within 2-5 years old so i can get a feel for the depreciation of it and I change cars every 2-3 years. This Corvette C8 is the 3rd longest ownership of any vehicle I had my entire life and many people were surprised i kept it this long. If the interest rates wouldn't have jumped up from 4.3% to 9.9% it would've been gone before 2023. Now Frank, we can argue all day long about was it the right decision, but the blessing is positioning. How many people can bury $21k in a car and over the course of 4 years and walk away from it at any point with putting $1k-$3k dollars down? You say I'm careless but I'm smart, I enjoyed my car for 4 years, because of the time line I acquired the car I built a youtube channel off it, host several events, sell merchandise, met some nice people that helped me expand my portfolio and make money with some through business opportunities i would've never been able to partake in. My Corvette was a strategic purchase when I made it and it has opened so many doors for me through out my ownership. I attend so many corvette shows, car meets and events each year; I look at my peers, the countless people I meet and chat with all the time to gauge my answer. Many people waited for the price to come down and bought the car when it was called common by so many or the market was flooded. They don't have my experience and can't even understand what it was like. But many people purchased cars from used car dealers, paid nicely equipped 2LT MSRP money for their cars and their monthly payments are $1340 - $1810 because of the current interest rates the last 2 years. Not to mention those paying even more because they got stuck with mandated dealer fees between $2k-$5k. For my ownership majority of my money went to principle while theirs goes towards interest. I invested my extra money and continued to earn an average 18.2% growth rate each year. And what you fail to understand is when I go to my next car regardless of how you rate the purchase; I'm using money that was created from funds to buy my 1st corvette in 2016. So all I focus on is the payments and I have $74k in my allotted budget for the next 4 years to play with. At the end of the day, my purchase isn't the money pit you think it was and even with out all the extra benefits I gained from the ownership of the car. When I look at what people are paying today to become a new owner of this car, which is what I based this video on. What I paid to own my car when no one really had it is almost identical in what many people pay today in monthly payments, but I had a more exclusive / red carpet ownership experience. Which to me was worth every penny I paid then vs waiting to pay it now.
Depends on which aspect you are looking at. When I purchase a car i tend to make a decision "over the next 6 years I'm willing to pay physically $100k on a car no more than $1400 a month. To me it's more about the monthly payment than anything else. I'll drive a nice low end car today to drive something outrageous next. Or drive something outrageous first and down grade to something respectable for a few months and regroup. For example, I'll buy a used C7 1 year old and pay $1215 for 2 years 8 months. I put $1400 every month into my car note account and let automatic payments pull out the car notes. With 40 months left i have $61,120 to spend on a car with $5920 cash on hand. Now i can pay $1528 a month over the next 40 months on a car and I never went outside my budget. So now i purchase a used S550 Coupe for 30 months at $1285 a month, now I have $9370 cash on hand and $22,570 to spend over 10 months. Well now I re-evaluate and say $134k is the most I'm willing to spend over the next 84 months with $1600 a month being the max I'll pay. Then the cycle restarts for me. There is strategy involved but I'm not gone dive into it now. When I compare was it a bad decision to buy a car today vs what I paid in 2020 I look at the same out of pocket scenario. I bought my car with $7600 out of pocket carrying over $6000 negative equity. The same equipped car in a 2024 model costs over $7500.00 today remember you could get a base C8 for $60k. Rebates just came out but even still most dealers aren't giving $7500 off. Looking at a used 2024 3LT car similarly equipped with less than 500 miles, they are selling for MSRP. Based off quotes i received from my credit union to buy a car today using my same situation. And when I look at what people have told me they were paying this year from cars they purchased this year without my negative equity; the monthly payments are about the same if not worse. And in most situations I have a better deal, my car has PPF, an additional 4 years 50k mile (86k mile) warranty with $0 deductible and came with a car cover and trickle charger. Monthly Payment vs Monthly payment is what I primarily look at but the value matters as welI.
Jim I have always agreed with philosophy but I also know things change with time. We were living in a different world situation when I made my purchase. I made a purchase based off my expected ownership term and how i anticipated the market to correct over 5 years. The real issue was i didn't expect to like the car as much as I did. I truly haven't found another sports or super car I like over what I get with the C8. Features and sound systems matter to me and there isn't really anything out there that offers an equivalent ownership experience. So i ended up in the car longer than I planned, I'm not upset I kept the car longer, nor has keeping it longer made it impossible for me to get out of it. In my honest opinion that's what all of this is really about because so many people believe and make comments that everyone that paid over MSRP for their car is buried in there car with tons of negative equity and for majority of us that's not the case.
Please show me where i can but a 2024 C8 for $20k-$30k under MSRP. I will go in carmax today and hand them $5k to walk away from this car and buy a $80k MSRP car for $50k today. It doesn't exist!!! Also the cheapest C8 on the market with a non salvaged title is a 2020 1LT with 36k miles for $54K, don't forget those cars started at $60k.
New, Highly optioned 3LT Stingrays have $10,000 off MSRP at the nations largest Corvette dealership. I haven’t seen any pricing lower than this on new cars.
@@jimsteinway695 I just looked at his website, the cars don't have prices listed it say inquire. The C8Z06 red HTC with a $139k price tag MSRP was $145k I reached out asking for prices on other cars and nothing is $30k less.
Thanks for the honesty man
Always!
I knew this was gonna happen. People paying over msrp for a base corvette is nuts. Coulda got a Porsche.
@ that time every car was over MSRP, including Porsche in CA.
@@SAVAGE8 true
Probably should've got the Porsche, but depending on when you paid the money everyone isn't in a bad situation. The people that paid $40k-$50k over i feel for them but people that paid $20k or less over before May of 2022 seem to be in the same position as all the C7 owners who bought cars with $6k rebates 2 years later. Many people forget before the pandemic many new car buyers were always upside down until payment 42 in their car loans.
@SAVAGE8 so true, but people quickly forget
Elon Musk said the Cybertruck would be 50k right??
Timing the market on a car, I would think it’s a bizarre thing.
Everything is worth what someone will pay for it and not everyone has the same purchasing power.
That's the truth!!!
Just HAD to have a new car.
Couldnt wait.
I guess, but truthfully life is too short! We all realize that at different times in our life. Owning this car has introduced me to several people that lost their life shortly after ownership or lost a loved one that wanted to own one but was waiting for the market to shift. In the end they left this world with a smile and memories or the money they was being conservative with in the bank. If it's not going to make me struggle to live and I can afford it, I will choose happiness and living my life to my fullest every time, put your hand on your heart, feel your heart beat and remember the next one isn't promised
I sold my 2021 for over MSRP back in 2022, best decision I ever made. Sell it now, you will lose even more the longer you wait. Your bumper to bumper warranty is over also, and the powertrain warranty will be over shortly. Their is so many of these on the road, now, It is a common car now.
So true, but the one thing I have going for it is I also got a $0 deductible warranty that covers the car for 84 mos up to 86k miles. So for the most part I'm not to concerned about repair cost when it comes to covered items, but just looking at where the market has settled on the C7 I believe I'm less than 6 months from that curve where regardless of what happens I will never be upside down again, but I believe I can still loose up to another $12k-$15k of equity over the next 3 years.
NEVER pay over MSRP. Don't be duped into the new shiny object everyone is selling; just wait you'll get it cheaper. It's called self-control. Any money you put into a car that goes toward extras/mods you WILL NOT get back. Don't buy unless you pay for it outright or pay it off within 6 months. If you can't do that it means you CAN'T afford it. The question you have to ask yourself is, "Where will you be financially in 30 years?" Buying cars you can't afford over MSRP will not put a roof over your head, food on the table, and financial security when it really counts the most. I've owned Corvettes most of my adult life. I own a C3 and C5. Yes, they are older cars, but I enjoy them just the same. They are paid for, and I bought them for far less than they were originally.
I appreciate the advice and I'm sure some people believe in that philosophy, at the same time you can't base your situation for everyone. just because someone chooses to buy something with credit doesn't mean they can 't afford it. Just because you prefer to buy used items that you can own out right in six months doesn't mean its the smartest purchase you can make. Just because someone doesn't pay off their purchase in six months doesn't mean they can't afford it. Paying a car note doesn't mean you gone be homeless and can't put food on your table.
The funny thing is only a people that exchange their time for money focus on how much something cost and how spending that money affects their future over a time line. When you make money passively, from your own creativity and investments, you tend to understand things cost what they cost. If you want something you create another income source or stream to pay for it. I'm not here to share with you financial strategies and opportunities that will help you gain time freedom, financial freedom and personal freedom. A person with a million dollars in debt is richer than a person with a million dollars in the bank 99% of the time. The person in debt typically understand you other peoples money and let your own money work for you; and help create more streams of income instead of spending large amounts of cash on a single purchase. If i can make 15% a year on my own money why would i care about spending the banks at 2.9%?
@@ICNVDE When I payoff something early, the bank isn't getting their interest from me. In turn, I have now recouped what I was paying toward principal and interest (P&I) and added back toward income I can re-invest. I am not going to finance and payoff something that ends up with negative value. Thus, what I payoff either remains neutral or increases in value. In your video, you indicated you traded in a car that was 6K upside down. That was applied to your Vette which, at the time, was overvalued. Now you are hoping to sell or trade in with the hope of breaking even, or rolling the remaining debt into another purchase. But your logic is based on "it cost what it cost," so you justify it by creating another income source or stream to pay for it. That added income source likely results in some kind of effort or time, so you are sacrificing more time to earn more money, to pay for something that is overvalued. In this scenario you neither earn money or save time. I think in terms of net worth. The total liquidity of all assets (financial investments, cash, and physical possessions, e.g., cars, houses) minus liabilities (debt). A person with a million dollars in debt is indebted to someone 100% of the time. A person with a million dollars in the bank without debt is free and is beholden to no one 100% of the time. I choose freedom. Anyway, good conversation and I wish you success. Also, the color of your Vette is my favorite for the C8s. Though often maligned by others, I like that color when paired with a natural dipped interior.
If you decide to sell your car oneday, please let us know first. I am looking for C8 as well. Also great video btw. Thanks for the explanation.
I'll be up front with you, its not an if my goal is to move this car by Feb 1, 2025. My struggle right now is just finding the car/making the decision on what to buy next .
It's called mark up,use your head for more than a hat rack.
True, but just because something costs more doesn't mean you don't buy it if you want it. More people buy over priced water than people spend extra on cars. But because society deems it acceptable people don't complain.
I can buy water from the grocery store atr36 bottles for $5, that's $0.14 a bottle. It's sold in most vending machines for a $1 at gas stations for $1.25, most out door venues $2, at the airport for $2.35, arenas and concerts for $3.50 and people just pay it. But if you spend extra to buy a car no one has and you want to enjoy now and you can afford it, it's a problem and people want to tell you that you're irresponsible. All I say is find a budget that works for you and live your life to the fullest, you can't take any of it with you and you can only accumulate it to give to someone else when you gone who will never appreciate it like you because they didn't work to get it.
15:57 Hard to believe the interest rate on my 2022 C8 was 2.39%. All hell has broken loose since then.
It's crazy that there are people with C8s paying 11% on 83K paying $1600 a month
Never ever buy any car from a dealership that has add-ons.
I completely agree, but when you sit in facebook groups and listen to people Justify the addons and $2500-$5000 corvette prep frees..... you realize everyone doesn't comprehend why they sholdn't make those deals.
if you buy an new car the depreciation over it's first three years is where your going to lose the most money. in the case of c8 35-45% value reduction. if your going through cars once every three years it is better to buy a car that is 4-5 years old and not lose that money.
That's typically what I do and why I was originally looking at 2017 & 2018 R8's, 911s and the NSX when I decided to buy this car. I went out side my norm because the market for the car shot up so crazy and even with my add ons when i drove off the lot i still had just under $6800 of equity in the car.
@@ICNVDE I've gone through the same thing with my 2023 Z06, I'm second owner and it had 75 miles on it when i bought it. first owner paid through the nose and I got it for 167, when they announced the ZR1 I was worried that it would kill this car. but it's looking like it will start out double the price of a base Z06. so while it's still depreciating only time will tell how much money I will really lose. Love the car, don't love the loss in value. but it is the nature of the game.
@@PaulFosterrebuilds the Z06 shifted much quicker than I believed it would and the only thing that kept me from owning one was the interest rates buying it used. I kept getting 8.9 and 9.9 rate quotes for 72-84 months and i only wanted a 136k spec car and everything i was getting offered was a $148k and above MSRP. So my thoughts was look for another car to play with for 2 years and come back to the Z06. Now the cars are selling at more affordable pricing but I really want to see how everything adjusts with the Z06 next year. My desire is a car with an all red interior or a white 70th anniversary edition.
Hindsight is 20/20 but bro that wraith. Whooooeeee. Baller
Yeah I was about to do something crazy if the numbers would've plaid out right. But the interest rate made the monthly payment $2385 and the monthly insurance was $365...paying close to $3k for one car seemed absurd, well I'm not their just yet
If you owe $66,000. You must have put hardly nothing down on it. The key to buying cars is putting substantial money down. Then you can pay it off early. Have a paid for car with 100% equity. You have lost major money. It is not the blessing you think it is. Also at the end of the day you are carless. And when you do putchase again you will still be in major debt. Also you are buying a depreciating asset.
I wonder if you watched the entire video, or are you making assumptions about the purchase price of the vehicle. The car MSRP was $88k add $15k over MSRP and know up front I'm in one of the worst taxed areas in the country. I carried over $6k negative equity from the previous car and put down the difference in taxes from my out of state purchase which was around $7600. So the car was purchased well into six figures.
Everyone has a different strategy for buying a car, typically I stay liquid and focus on staying under the cars value and keeping as much money in my hands as possible to invest. It also allows me to throw money at a new purchase when I'm ready to get out of a car. When I drove off the lot, Statefarm said if I totaled the car they would cut a check for $116k. When I bought the car I had equity! I've only paid one car off my entire life and I learned then it was the dumbest decision I made. I paid $41k over 6 years for a car that MSRP was $30k, and worth $5k at the end of the loan. So i stopped focusing on 1 car and made the decision if I'm willing to pay $41k over 6 years how many cars can i enjoy during that window without going over that budget. As a result, the next 6 year window i owned 4 cars typically 3 at the same time for 2 years and I enjoyed my ownership experience better.
Like you said, most cars are depreciating asset why would i want to own it and take all the depreciation of it? I typically buy cars within 2-5 years old so i can get a feel for the depreciation of it and I change cars every 2-3 years. This Corvette C8 is the 3rd longest ownership of any vehicle I had my entire life and many people were surprised i kept it this long. If the interest rates wouldn't have jumped up from 4.3% to 9.9% it would've been gone before 2023.
Now Frank, we can argue all day long about was it the right decision, but the blessing is positioning. How many people can bury $21k in a car and over the course of 4 years and walk away from it at any point with putting $1k-$3k dollars down? You say I'm careless but I'm smart, I enjoyed my car for 4 years, because of the time line I acquired the car I built a youtube channel off it, host several events, sell merchandise, met some nice people that helped me expand my portfolio and make money with some through business opportunities i would've never been able to partake in. My Corvette was a strategic purchase when I made it and it has opened so many doors for me through out my ownership.
I attend so many corvette shows, car meets and events each year; I look at my peers, the countless people I meet and chat with all the time to gauge my answer. Many people waited for the price to come down and bought the car when it was called common by so many or the market was flooded. They don't have my experience and can't even understand what it was like. But many people purchased cars from used car dealers, paid nicely equipped 2LT MSRP money for their cars and their monthly payments are $1340 - $1810 because of the current interest rates the last 2 years. Not to mention those paying even more because they got stuck with mandated dealer fees between $2k-$5k. For my ownership majority of my money went to principle while theirs goes towards interest. I invested my extra money and continued to earn an average 18.2% growth rate each year. And what you fail to understand is when I go to my next car regardless of how you rate the purchase; I'm using money that was created from funds to buy my 1st corvette in 2016. So all I focus on is the payments and I have $74k in my allotted budget for the next 4 years to play with.
At the end of the day, my purchase isn't the money pit you think it was and even with out all the extra benefits I gained from the ownership of the car. When I look at what people are paying today to become a new owner of this car, which is what I based this video on. What I paid to own my car when no one really had it is almost identical in what many people pay today in monthly payments, but I had a more exclusive / red carpet ownership experience. Which to me was worth every penny I paid then vs waiting to pay it now.
Are you figuring in sales tax and lic plates and mortgage interest into total cost?
Depends on which aspect you are looking at. When I purchase a car i tend to make a decision "over the next 6 years I'm willing to pay physically $100k on a car no more than $1400 a month. To me it's more about the monthly payment than anything else. I'll drive a nice low end car today to drive something outrageous next. Or drive something outrageous first and down grade to something respectable for a few months and regroup. For example, I'll buy a used C7 1 year old and pay $1215 for 2 years 8 months. I put $1400 every month into my car note account and let automatic payments pull out the car notes. With 40 months left i have $61,120 to spend on a car with $5920 cash on hand. Now i can pay $1528 a month over the next 40 months on a car and I never went outside my budget. So now i purchase a used S550 Coupe for 30 months at $1285 a month, now I have $9370 cash on hand and $22,570 to spend over 10 months. Well now I re-evaluate and say $134k is the most I'm willing to spend over the next 84 months with $1600 a month being the max I'll pay. Then the cycle restarts for me. There is strategy involved but I'm not gone dive into it now.
When I compare was it a bad decision to buy a car today vs what I paid in 2020 I look at the same out of pocket scenario. I bought my car with $7600 out of pocket carrying over $6000 negative equity. The same equipped car in a 2024 model costs over $7500.00 today remember you could get a base C8 for $60k. Rebates just came out but even still most dealers aren't giving $7500 off. Looking at a used 2024 3LT car similarly equipped with less than 500 miles, they are selling for MSRP. Based off quotes i received from my credit union to buy a car today using my same situation. And when I look at what people have told me they were paying this year from cars they purchased this year without my negative equity; the monthly payments are about the same if not worse. And in most situations I have a better deal, my car has PPF, an additional 4 years 50k mile (86k mile) warranty with $0 deductible and came with a car cover and trickle charger. Monthly Payment vs Monthly payment is what I primarily look at but the value matters as welI.
if you not po critter... for paying over msrp.
MAKE AMERICA GREAT AGAIN 👍👍
Unless you KNOW the car holds its value for say 5-10 years never pay over ESPECIALLY an American car
Jim I have always agreed with philosophy but I also know things change with time. We were living in a different world situation when I made my purchase. I made a purchase based off my expected ownership term and how i anticipated the market to correct over 5 years. The real issue was i didn't expect to like the car as much as I did. I truly haven't found another sports or super car I like over what I get with the C8. Features and sound systems matter to me and there isn't really anything out there that offers an equivalent ownership experience. So i ended up in the car longer than I planned, I'm not upset I kept the car longer, nor has keeping it longer made it impossible for me to get out of it. In my honest opinion that's what all of this is really about because so many people believe and make comments that everyone that paid over MSRP for their car is buried in there car with tons of negative equity and for majority of us that's not the case.
You can buy the same car now for 20-30,000k under msrp
Please show me where i can but a 2024 C8 for $20k-$30k under MSRP. I will go in carmax today and hand them $5k to walk away from this car and buy a $80k MSRP car for $50k today. It doesn't exist!!! Also the cheapest C8 on the market with a non salvaged title is a 2020 1LT with 36k miles for $54K, don't forget those cars started at $60k.
Yea where, I would like to know also. Stop trying to be a smart ass because it ain't working.
New, Highly optioned 3LT Stingrays have $10,000 off MSRP at the nations largest Corvette dealership. I haven’t seen any pricing lower than this on new cars.
@ look at Graham rahals website he has new 23 24 Z06 cars 3LT 30,000 off MSRP. Little or no miles at all. Practically brand new
@@jimsteinway695 I just looked at his website, the cars don't have prices listed it say inquire. The C8Z06 red HTC with a $139k price tag MSRP was $145k I reached out asking for prices on other cars and nothing is $30k less.
8:02 That's "Bidenomics" for ya!!!
Who you telling