Income to afford C8 Z06
03-25-2022, 08:21 AM
#1
Instructor
Thread Starter
Income to afford C8 Z06
For all the financial education aficionados out there:
In your view, what is the annual gross income and/or net worth required to be able to justify a C8 Z06 purchase?
:-)
In your view, what is the annual gross income and/or net worth required to be able to justify a C8 Z06 purchase?
:-)
The following users liked this post:
PHILLIP YOUNG (08-18-2022)
Popular Reply
03-25-2022, 09:19 AM
Le Mans Master
Member Since: Feb 2001
Location: West "By God" Virginia
Posts: 6,721
Received 340 Likes
on
145 Posts
CI 7-8-9-10 Veteran
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
03-25-2022, 08:24 AM
#2
If your approved for the loan you should buy it, thus as little as possible. Income not as relevant as debt.
The following 20 users liked this post by oaktreebc:
555ctsv (03-25-2022),
Allen_B (04-03-2022),
at7000ft (09-03-2022),
BillY2KFRC (03-29-2022),
blue_bomber697 (03-25-2022),
and 15 others liked this post.
The following 5 users liked this post by 555ctsv:
KOTYKB (07-21-2022),
Propspinner (03-25-2022),
Racingswh (03-25-2022),
Tactical-Speed (03-27-2022),
thrilled (03-26-2022)
The following 9 users liked this post by CAlexio:
ArmchairArchitect (03-25-2022),
BlueSteel07 (04-08-2022),
Cintel7 (08-20-2022),
DANZ06 (04-04-2022),
DZ06252 (04-07-2022),
and 4 others liked this post.
03-25-2022, 08:40 AM
#5
Le Mans Master
Personally, Vettes are toys, and I don't take out loans for toys. That said, you need to take a good look at your monthly expenses and see how much disposable income you have, and how much you want to tie up for X years in car payments. As mentioned above, income isn't really relevant. How much of that income you're spending is.
HTH, and have a good one,
Mike
The following 6 users liked this post by VetteDrmr:
1Natalie (03-29-2022),
ArmchairArchitect (03-25-2022),
AustinVetter (07-21-2022),
FreddyG (07-22-2022),
JBJ (03-27-2022),
and 1 others liked this post.
03-25-2022, 08:43 AM
#6
Race Director
Member Since: Jul 2007
Location: Texas Hill Country
Posts: 10,764
Received 2,384 Likes
on
1,240 Posts
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
The following 4 users liked this post by Higgs Boson:
03-25-2022, 08:50 AM
#7
There isn’t a single income the equates to “affording” anything. Debt, savings, interest rates, etc all factor in. But here’s a way to look at it that might be useful. The average income in America is about $51k per year, and the average car transaction is around $34k, so the average annual income is 1.5x the average purchase price. Let’s say the average Z06 comes in around $115k after some options, that equates to an average income of $172k.
The following 4 users liked this post by IdahoZ:
03-25-2022, 09:06 AM
#8
$1,000,000 - obviously 😂
03-25-2022, 09:19 AM
#9
Le Mans Master
Member Since: Feb 2001
Location: West "By God" Virginia
Posts: 6,721
Received 340 Likes
on
145 Posts
CI 7-8-9-10 Veteran
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
The following 71 users liked this post by cmb396:
$Bill (07-20-2022),
1Natalie (03-29-2022),
555ctsv (03-25-2022),
7Corvette5 (03-27-2022),
Anthony F (07-22-2022),
and 66 others liked this post.
The following 17 users liked this post by warhawkmcdniel:
555ctsv (03-25-2022),
BLUE1972 (03-25-2022),
Cintel7 (08-20-2022),
corvettekent (04-07-2022),
FreddyG (07-22-2022),
and 12 others liked this post.
03-25-2022, 09:54 AM
#11
Race Director
Member Since: Nov 2017
Location: Prosper TX/Austin TX
Posts: 11,233
Received 9,141 Likes
on
4,394 Posts
2020 C6 of the Year Winner - Modified
Financial advice is about as valuable as anyone telling you what color shirt you should wear today.
Some people spend their lives saving for that one day in the distant future when they’ll be able to do x, or buy y, or travel to z, then that day never comes.
Do what you want to do with your money when you want to do it.
Some people spend their lives saving for that one day in the distant future when they’ll be able to do x, or buy y, or travel to z, then that day never comes.
Do what you want to do with your money when you want to do it.
The following 29 users liked this post by 555ctsv:
blb078 (04-11-2022),
BlueSteel07 (04-08-2022),
BTT (07-22-2022),
BuilderJames (07-21-2022),
Cintel7 (08-20-2022),
and 24 others liked this post.
The following 9 users liked this post by cmb396:
CPhelps (03-28-2022),
CSTYLE (07-22-2022),
Fishfryer527 (07-21-2022),
Jerray (03-25-2022),
LuckyCharmsYo (03-25-2022),
and 4 others liked this post.
03-25-2022, 11:04 AM
#15
Melting Slicks
And I would say it is a lot more complicated than that. Are you married? Kids? Mortgage? Debt? Net worth? The real problem is we do not know how long we are going to live. Thus, we do not know how much retirement we need or how much time we have to enjoy life. It is all a balancing act.
The following users liked this post:
2cnd Chance (03-25-2022)
03-25-2022, 11:17 AM
#16
Burning Brakes
It's not really how much you earn, but rather how much you can save... Investments aside, how much cash can you burn without feeling it.
The following 5 users liked this post by 416vette:
64drvr (03-25-2022),
corvettekent (04-07-2022),
NotScared (03-25-2022),
thrilled (07-21-2022),
^&right (07-24-2022)
03-25-2022, 11:28 AM
#17
Burning Brakes
I'd say a $ amount of income isn't that good of a figure, a better way would be keeping all the costs for all your vehicles, car+insurance+gas+maintenance etc within 10-20% of your take home pay. It's all going to depend on what you want to put down, if your house is paid off or not, etc. What good is a 400k income if they have 200k of student debt, $40k note on an SUV, don't own a home, and have two young kids. While someone else on $150k with no debts is taking home $8k a month and could easily finance a Z06 and keep the costs pretty low, especially if it's their only car or they have a paid-off beater as a second car.
The following 6 users liked this post by MattMD:
416vette (03-25-2022),
BlueSteel07 (04-08-2022),
FreddyG (07-22-2022),
Herpetologist (03-25-2022),
msm859 (03-25-2022),
and 1 others liked this post.
03-25-2022, 11:34 AM
#18
Le Mans Master
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
Hahahaha. 75K for every year you've been working!! You're only allowed to contribute $20,500 a year (before match)...
Man Higgs you have high standards for us all
The following 18 users liked this post by C7&7:
555ctsv (03-25-2022),
BIG REG (04-04-2022),
BluegrassMotorsport (03-30-2022),
BlueSteel07 (04-08-2022),
C8Z06frustrated (03-25-2022),
and 13 others liked this post.
03-25-2022, 11:41 AM
#19
I'm making about 80k a year(midwest). But I have no other debt, other than a mortgage locked at 2.875%. By the time I get my Z06, I'll be able to pay cash.
The following 4 users liked this post by Jerray:
03-25-2022, 11:44 AM
#20
Navigator
all of these are minimums that should be in place:
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
300k in checking/savings (cash)
75k in 401k for every year you have been working (600k if you are 30-32ish)
no debt except for possibly a mortgage, no credit card balance, nothing
other means of utilitarian transportation
and finally annual income of at least 250k depending on your monthly nut/cash flow situation
if you make 150k a year, have 50k in the bank and negative equity on one car you plan to trade then you would be making a mistake "getting approved" for a Z06.
now if you plan to flip the car before you make a payment then by all means, flip it and invest the profits.
(this is just what I think would be the necessary minimum to consider the Z06, not necessarily what it would take to buy one if you wanted to be car poor)
The following 14 users liked this post by jtpmonster:
BigVette427 (07-26-2022),
BlueSteel07 (04-08-2022),
BTT (07-22-2022),
Cintel7 (08-20-2022),
CSTYLE (07-22-2022),
and 9 others liked this post.