Paying Cash for your C8 Corvette?

[23RedMist]

I'm wondering how many of us here paid cash for their C8? I have great credit, but the rates are horrible right now. I don't know what they will be next month when my car is ready, and was hoping the FEDs would make some changes for those with excellent credit. However, my youngest son works in Finance...he said do not finance it, because the rates are not going down. I made the decision to just buy it outright as of now, but if the rates drop down again. I'll probably finance it. I normally get 2%, and I'm hearing that won't happen on a C8. Anyone here get a good rate or did you just buy it outright?

[bartruff]

I did...but that was in 2019 and it probably made sense to finance it at 3% or less when a monkey with a dart could get 10% in a REIT....I just do not like debt....today I am positive I could make a good deal with cash....on a used one.....I hate buying new cars when there are used ones available...

[mozart]

I paid cash for a 2023 C8. I was told the car became available because the person that ordered it had to back out of the deal. They were going to finance it and did not want the higher interest rates so they backed out/could no longer afford it. Who knows but that is what I was told.

Find out as an estimate of what you could get as a rate and do they charge loan origination fees and a prepayment penalty? I did a quick search and am seeing new car rates from 3.2% to 8% so all over the place.

Cash in the bank was doing little for me being eaten up by inflation so bought my first vette. Lots more fun than silver and gold coins/BTC/other inflation hedges.

[My1stVette]

I paid cash. Used the year+ wait time for MSRP at Criswell to save.

Don't expect the government to reward those with good credit. They just changed mortgage rules to penalize buyers who have good credit. My son and DIL are buying a house and got hit with this when they went for financing. Disgusting...

[Elwood]

My financial advisor told me to make a substantial down payment then finance the rest since the return on my investment accounts is much
higher than the current interest rates on car loans. Basically telling me that it would cost me less to use the banks money than my own.

[O-Tag]

I paid cash. I wouldn't take a loan on a depreciating asset, especially in this market. Interest rates are approaching return rates on investments so it doesn't make sense to finance just to invest the remainder. Whether we want to admit it or not, these cars will depreciate at some point. Like My1stVette I had plenty of time to save.

[Plentyfast]

The time (14 months) it took me to get my C8 gave me the time to save the Cash to buy it outright. 👏

[Abouttime]

We paid cash for ours.

Always try to follow my grandfather’s sage advice; “never borrow money for a depreciating asset.”

[Jetdriver]

Cash here too in 2020. I sold a '62 roadster to come up with it, but I just didn't want a monthly payment. I miss the '62, until I'm behind the wheel of the C8.

[Rod2020C8]

Cash is king especially in the current times we live

[JB]

I would imagine a great number of corvette buyers pay cash.

it’s fine if some prefer to finance yet in 45 years of buying new cars Ive never taken a loan for a car so I’m with many of you guys.

just write a check and have fun.

there are many many who feel they can make more money on investments rather than pay cash and I say that’s fine.

for many of us we don’t even need or want the extra investment income so we just pay cash.

lots of guys sold their early delivery c8 s for 20 grand over msrp and god bless them they ordered another one at msrp.

some corvette buyers did that as many as three different times and they made good money but had to go months and months to take delivery of their next new corvettes. I’d rather pass on extra cash and just enjoy daily driving this new sports car without interruption.

hard for many to comprehend but true.

no wrong choice for either choice…

just different opinions.

[MrAwesome]

I paid cash. Used the year+ wait time for MSRP at Criswell to save.

Don't expect the government to reward those with good credit. They just changed mortgage rules to penalize buyers who have good credit. My son and DIL are buying a house and got hit with this when they went for financing. Disgusting...

Same here - been using the wait to save cash for the (hopefully soon) C8 purchase. Ironically, took some profits in shares of TSLA and RACE to supplement the savings. My wife and I agreed long ago that we won’t buy anything that we cannot comfortably buy with cash.

[AlVette]

Last car payment I had was my 1975 Firebird. $100 a month. Paid it off in 7 months. Have not had a car payment since. Not a fan of payments

[MotorMouth]

60-80k in my area can net me 2-3 multi-unit properties with positive cash flow. I did a mix and paid a significant amount down but financed the remainder and used that to buy a property that covers my rate plus some of my payment. Everyone's situation will be different but I am a huge fan of leveraging "good" debt and also making your investments cover your luxuries as long as you re meeting and exceeding your financial goals.

[shiumai]

Paid cash for my 2020 C8 as well; same as the other cars we own.