Paying Cash for your C8 Corvette?

[jthornton]

I've paid cash for every car I've bought for the last 25 years... even with 0% interest rate years ago I still paid cash just because I'm a cash on the barrel head kind of guy and hate monthly payments.

We built our house with our own two hands and after we moved in (semi finished basement) my wife asked who do you pay rent to? I told her just pay the lumber bill when it comes in each month and we are done.

JT

[OKCorvette]

Cash is king and I try not tp finance most purchases. If I do I hate paying each month so at some point I pay it off anyway.

[Thunder22]

Wrote checks for the last 4, will write a check for the next one.

[Top Off Action]

We paid cash for ours.

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

Always cash when it comes to cars. Especially a sports cars that is more a want than a need.

[John]

Many of us are aging up and at this point in our life, massive medical expenses even with great insurance can happen unexpectedly. Why we are already saving for our C9 EV daily driver (sure not getting rid of our C8 Z06). Stuff happens at the worst time and if we are financially at the edge at any point when older, NOT GOOD.

Sure it is understandable that when we are young, starting jobs/careers, buying a house, most of us having kids then that one has little choice of being financially very tight, but back then we drove a many year old low-option pick up and a diesel Rabbit to help pay the bills. No Corvette for us until kids’ college was paid for and we were doing great at work, built our own house with disposable cash so no monthly payments, and never took a super expensive vaca until it was easy to afford.

We sleep well as night because we still often decide “nah, we do not need that.”

Exception: Laughing at myself for we are going to spend a couple of hundred $ for Z06 mods this weekend during the Memorial Day sale.

[23RedMist]

Many of us are aging up and at this point in our life, massive medical expenses even with great insurance can happen unexpectedly. Why we are already saving for our C9 EV daily driver (sure not getting rid of our C8 Z06). Stuff happens at the worst time and if we are financially at the edge at any point when older, NOT GOOD.

Sure it is understandable that when we are young, starting jobs/careers, buying a house, most of us having kids then that one has little choice of being financially very tight, but back then we drove a many year old low-option pick up and a diesel Rabbit to help pay the bills. No Corvette for us until kids’ college was paid for and we were doing great at work, built our own house with disposable cash so no monthly payments, and never took a super expensive vaca until it was easy to afford.

We sleep well as night because we still often decide “nah, we do not need that.”

Exception: Laughing at myself for we are going to spend a couple of hundred $ for Z06 mods this weekend during the Memorial Day sale.

Oh this is so true, a couple of my grand children were here with us last night. This will be my first time even owning a Corvette, I've always wanted one, but decided to save it for these later years. I drove a Camaro V8 for a while, but it just didn't satisfy me. So I finally made the jump, and paying cash was my only option for this one. I am keeping it, and I'm gonna enjoy it. I do have other cars, but those will not give me the smiles my Vette can give. I'm blessed have a Military pension, and I have full medical as well. But times do get tough, the older ya get...things do happen like you said. So i plan to really enjoy this C8, and YES I'm already planning for the EV too lol.

[Milliwatt Rob]

After trade in of a 2015 Corvette that was fully paid off, I financed most of the remaining cost of my 2022 Z51 convertible with Bank of America. Interest rate was 2.44 percent for 60 months. This was in March 2022.

I could have paid cash by withdrawing it from my IRA. But I would have had to pay income tax on that withdrawal. So a loan at the low interest rate made more financial sense.

Today's interest rates are designed to suppress consumption. If today's interest rates keep you from spending so much on a car, they are having the effect the Federal Reserve intends.

[Milliwatt Rob]

Exception: Laughing at myself for we are going to spend a couple of hundred $ for Z06 mods this weekend during the Memorial Day sale.

One of my favorite sayings is, "There are no pockets in a burial shroud."

I want it to be a sad day when I die. I intend to die broke, and not being drained dry by a nursing home.

[Brian Kissel]

I'm paying cash as well.Currently my savings account is paying 4.85%. My Zora savings account should pay around $1000.00 in interest this month. Never know how long the rates will stay, so I'll take their money while I wait for my cars.

Regards Brian

[Nasty2ss]

Reading all these posts makes me think how blessed most of the people on here are. I too was able to pay cash for my Vette,but sometimes I feel guilty. I have friends my age that are struggling just to keep food and a roof over their head.I have worked hard over the years many times 7 days a week 12 hours a day,I final decided I'm getting my Vette.
I'm still working and tell my employees to sign up for the retirement plan I have , because before you know you'll be an old guy like me lol. Time does fly. Enjoy your cars everyone, but remember family first

[23RedMist]

After trade in of a 2015 Corvette that was fully paid off, I financed most of the remaining cost of my 2022 Z51 convertible with Bank of America. Interest rate was 2.44 percent for 60 months. This was in March 2022.

I could have paid cash by withdrawing it from my IRA. But I would have had to pay income tax on that withdrawal. So a loan at the low interest rate made more financial sense.

Today's interest rates are designed to suppress consumption. If today's interest rates keep you from spending so much on a car, they are having the effect the Federal Reserve intends.

That is a GREAT rate, for real. I probably would have done the same thing at the time. Honestly, if I could get a 2 or less, I might do it. But I want 0 to 1, my credit is excellent. But for now, it's cash for me. I got my house at 2% back in the day, so ya know I was happy. Most people were getting 5 or even 10 at that time.

[vetterss]

I retired in 2020 and some of the retirement funds were held out to cover my first C8. I stay within that allotted fund total and have paid cash for all 3 of my C8's.

[JB]

I retired in 2020 and some of the retirement funds were held out to cover my first C8. I stay within that allotted fund total and have paid cash for all 3 of my C8's.

Congrats on a well deserved retirement gift to yourself.

always fun to celebrate well.

[EasyLivin]

Half and Half for me... I get just as much pleasure looking at my Portfolio Balance as I do looking at my C8. Anyone can get 5%+ risk free in CD's today. People who locked in sub 3% mortgages and 2% car loans are literally laughing all the way to the bank. Even Mark Zuckerberg has a mortgage. NVDA is up 400% over the past year. I'll even buy furniture and appliances on 0% interest promotions just on principle. The only debt that bothers me would be people owing me money. I have single digit debt to income ratio and 835+ FICO as I'm sure many of you do too...so why not take advantage... The money you paid off your car with 2 or 3 years ago was worth at least 20% more back then compared to the today's money just based on inflation.

[23RedMist]

Half and Half for me... I get just as much pleasure looking at my Portfolio Balance as I do looking at my C8. Anyone can get 5%+ risk free in CD's today. People who locked in sub 3% mortgages and 2% car loans are literally laughing all the way to the bank. Even Mark Zuckerberg has a mortgage. NVDA is up 400% over the past year. I'll even buy furniture and appliances on 0% interest promotions just on principle. The only debt that bothers me would be people owing me money. I have single digit debt to income ratio and 835+ FICO as I'm sure many of you do too...so why not take advantage... The money you paid off your car with 2 or 3 years ago was worth at least 20% more back then compared to the today's money just based on inflation.

I'm right there with ya on the 2% mortgage lol, but some are saying we are paying MORE in the end over the people who are now buying at 5 to 10% on their homes. I see what they are trying to do, by stating we paid more for our homes back then. But I didn't, I got a discount on my NEW built back then, and I'm a VET. My home has doubled in value, and I don't see a how current buyers are winning. I have never gotten 0% on a car, the closest I've come is 1.79% even with my excellent credit. But I know it depends on the car offers at the time, and the car. If I could get 1% on my VET, I would finance it. But there are no offers, so it's cash for now. I have gotten 0% on nearly everything before, but not a car.