Is It Worth Financing a Corvette Now if You Can’t Pay Cash?
With interest rates on the high side, would you finance a Corvette right now, or simply wait until you have the cash to buy one outright?
Automobiles are one of the largest financial purchases one can make – save for a house – and that has only become more true over the past few years as average transaction pricing has risen to historic highs. Big sticker prices also mean big monthly payments, even for those with great credit, but when we factor in interest rates, those payments continue to swell. In fact, these days, the percentage of monthly automotive finance payments of more than $1,000 is higher than ever, and with interest rates remaining high, many are extending their terms in an effort to bring that number down, too. All of this raised an interesting question in the CorvetteForum forums recently, too – with rates so high right now, is it worth it to finance a Corvette if you can’t afford to pay cash for it?
This question was posed by reefer27, who admitted that they don’t have the money to pay cash for a Corvette, so they’re looking to see if their proposed finance deal makes sense. “So my deal would be $930 a month with a trade at $15k equity for 72 months,” they wrote. “The car is $69k plus tax and tags. What are others’ payments like? It’s a 2020 C8 with 2LT, Z51, mag ride, front lift, G2 seats, with 10k miles.”
As one would imagine, many chime in to caution the original poster that now may not exactly be the best time to finance anything big – and that includes a Corvette. “Your money your choice, but if you can’t afford to pay cash, then with the current high interest rate and rapidly falling C8 prices I would suggest you save up more,” said Cerulean.
Others suggest going with something a bit more affordable rather than making such a huge financial commitment, then perhaps revisiting a Corvette purchase later on, which isn’t bad advice either. “Never buy a toy that you couldn’t pay for with cash. If you have limited cash, find a cheaper toy,” said DaveDMW. “There are plenty of fun to drive cars that are more affordable. Buy a Miata or Toyota 86, save up your money, and buy a Corvette when doing so won’t put you in a financial bind. No car is that important,” added Red Mist Rulz.
Of course, there are other alternatives to owning a Corvette that could cost a bit less in terms of monthly payments, and come with a fresh warranty, to boot. “Or lease new with $5K down, $899 per month, and then buy out the lease when rates drop, or look for new again with what I hope will be lower rates in a few years,” said BandDirector. And of course, there are plenty of proponents of just going out and spending your money how you please. “I posted in a different thread that you don’t want to be the richest guy in the cemetery. You can’t take it with you. If it’s going to bring you pleasure just do it. You wont regret it,” said Bluehinder.
This is obviously a question that many people face on a regular basis, and it’s also one that’s certain to stir up debate. After all, we all know that now isn’t exactly the best time to finance a new vehicle, but then again, it’s also impossible to predict what the future will hold with much certainty, either. Thus, we’re curious to hear what you think – should the OP go ahead and finance their Corvette, or would it be better to buy something cheaper, lease a new one, or wait and save up the cash to buy it outright? Head over here and join in on this fascinating discussion!
Join the Corvette Forums now!
