[Mr. Wyndham]

Originally Posted by DenverTaco07

Does my post sound judgemental, I apologize if that is the case? maybe for the 0 - 50K range. Maybe it's my age, but 65K for a car is some serious coin.

Really though, I'd love to know the details of someone making 50K and buying this car - hard to imagine FOR ME outside of having lots of cash and little to no other debt - I suppose that there are many that can do it.

I never could do that, shoot, to date the most expensive car I ever purchased was a 2013 Honda Pilot EX-L (i think like $33K)

BTW, I believe this car (in terms of it's awesomeness) is one that you can keep for 20 years. It is a toy for me, midlife crisis type one may say.

It came off that way, just a little. No offense taken, I'm a big boy. Besides, I'm used to bucking the trend/expectations.

I bought my first Camaro at age 22...it was a 2012 ZL1, brand new ordered from the Tom Henry Chevy. None of my family/friends thought I could do it. But I spent most of my college years working when I wasn't in class, and saved up enough $$ to pay down half the car when I bought it. Then I traded it and my little Cobalt in on a 2014 1LE with all the goodies...and now I'm ready to do it again. Both of those cars had incredible down payments that made the monthly cost little worse than a mid-level Malibu...this time around I'll be financing most of it, only because I'd rather stay liquid with a new house among my assets, now.

But even I know this buy-a-new-car-every-three-years habit isn't sustainable for me. I wish it were I'll be buying a 2018 ZL1, and plan to pay it off fully before even thinking about replacing it again. Even then, I hope to drive it for 6-8 years as a daily driver.

The way I look at it...I don't drink (much), I don't smoke, I don't gamble, and I don't buy a lot of electronic doohickies. I have no student loans, my house is within my means, and I don't have any kids. The Camaro is my hobby (racing, tinkering), my child, and my vise.

[LesBaer]

If the OP is looking at this strictly from a financial perspective, it makes no sense to make this determination until you know what the residual value on the lease will be. There are calculators and formulas that you can use to plug in your cost of borrowing and the lease terms so you can see how much $10k worth of car actually costs you in the proposed lease terms vs. your cost of capital (what it could be earning if you pay cash) or loan. We won't know the residual for a long time, then you need to look at interest ratess at that time. Usually - but not always - if you have the cash up front to buy, it's better to buy.

There are also a ton of people out there that leased cars over the last few years that are all coming off lease now. It's impacted new car purchases, so I wouldn't expect any great lease offers on this.

[GoneBoy]

Originally Posted by Mr. Wyndham

It came off that way, just a little. No offense taken, I'm a big boy. Besides, I'm used to bucking the trend/expectations.

I bought my first Camaro at age 22...it was a 2012 ZL1, brand new ordered from the Tom Henry Chevy. None of my family/friends thought I could do it. But I spent most of my college years working when I wasn't in class, and saved up enough $$ to pay down half the car when I bought it. Then I traded it and my little Cobalt in on a 2014 1LE with all the goodies...and now I'm ready to do it again. Both of those cars had incredible down payments that made the monthly cost little worse than a mid-level Malibu...this time around I'll be financing most of it, only because I'd rather stay liquid with a new house among my assets, now.

But even I know this buy-a-new-car-every-three-years habit isn't sustainable for me. I wish it were I'll be buying a 2018 ZL1, and plan to pay it off fully before even thinking about replacing it again. Even then, I hope to drive it for 6-8 years as a daily driver.

The way I look at it...I don't drink (much), I don't smoke, I don't gamble, and I don't buy a lot of electronic doohickies. I have no student loans, my house is within my means, and I don't have any kids. The Camaro is my hobby (racing, tinkering), my child, and my vise.

I tip my hat to you boss for how you purchased your 2012 zl1. In this day an age of entitlement and immediate gratification, it's satisfying to see some still believe in good ol fashioned grinding-it-out hard work.

Enjoy your financial autonomy now because marriage and especially kids....game changers.

[LesBaer]

Originally Posted by GoneBoy

I tip my hat to you boss for how you purchased your 2012 zl1. In this day an age of entitlement and immediate gratification, it's satisfying to see some still believe in good ol fashioned grinding-it-out hard work.

Enjoy your financial autonomy now because marriage and especially kids....game changers.

That's true, they certainly are. Sometime it takes a whole lot more than just hard work though...this coming from a person whose been married, divorced, has a son with special needs, and spends 3k a month on mortgage and extra principle reduction. Divorce w/kids is the biggest game changer (depending on your state). If there's a huge income disparity between you and your wife, it won't matter what you alone make.

It's something no one wants to hear, but there's no way to justify buying something like this. I contribute my maximum to an IRA and 401k each year, make monthly principle reductions to my mortgage, and it still doesn't make any sense to even buy or lease another car, even paying cash without a loan. You buy something like this to make yourself happy.

[Hypertrophy]

I fall into the upper bracket of your poll. Nevertheless, the deal I made with my wife was that I could buy one if the monthly budget (expenses) did not change as a result of buying it. So I've been working on the side and saving for a few years now, and plan to put more than half down when I buy.

[ChefBorOzzy]

I make well in the upper range here and I don't even want to spend 40k on a car. Lol. That's even while living in Iowa where cost of living is low.

Next sports car I buy it will be one that I want to keep for the rest of my life which should be another good 50 years. Really don't like throwing money away on cars even though I love them. So, I really should hold out for a ZL1 if it's a lifer.

[Zeke.Malvo]

Originally Posted by DenverTaco07

Yeah, that's cool. Check it out:

Person A has a salary (aka income) of 75K a year as a contractor and get's no benefits and therefore has to pay out of his pocket for things like health care.

Person B has the same 75K salary but includes health care.

Person B makes more don't they?

I guess my point is, and I'm 40 years old so maybe my perspective is different from yours, but my point is that there are numerous other priorities people should have before buying such an impractical car such as a ZL1, and therefore one's income must be able to pay for things like: a mortgage on a nice house, saving for offspring's college, saving for retirement, good health care plan etc.

Do I sound as bad as I think I do?
To each their own, but I will be sweating bullets paying 65K for a car and I make well over your top range. Also notice that so far, all 8 folks have checked that same top range - I would hope that 99% do have that if they are planning to buy a ZL1.

Came across as a little harsh, but I agree with everything said.

[Whis]

Originally Posted by DenverTaco07

Yeah, that's cool. Check it out:

Person A has a salary (aka income) of 75K a year as a contractor and get's no benefits and therefore has to pay out of his pocket for things like health care.

Person B has the same 75K salary but includes health care.

Person B makes more don't they?

I guess my point is, and I'm 40 years old so maybe my perspective is different from yours, but my point is that there are numerous other priorities people should have before buying such an impractical car such as a ZL1, and therefore one's income must be able to pay for things like: a mortgage on a nice house, saving for offspring's college, saving for retirement, good health care plan etc.

Do I sound as bad as I think I do?

To each their own, but I will be sweating bullets paying 65K for a car and I make well over your top range. Also notice that so far, all 8 folks have checked that same top range - I would hope that 99% do have that if they are planning to buy a ZL1.

Job stability is another thing to factor in. Also, the size of your house does not matter, only what you owe on it and if you plan on keeping it or selling it. I bought my house for 15k less than what it was appraised for and it has only gained about 80k+ in value since then, as I am sure you are familiar with the insane real estate situations in CO.

I am in the 75-100k bracket and about a decade shy of 40. I agree with you on all other points but the main issue I Have, or anyone should have with buying anything and using a loan to pay for it, is income stability.

Do you like your job? How long have you been there? See yourself there still in 5 years or in at a comparable job? Do you HATE your current job and want to move on? All of these are questions people should ask themselves even if they could comfortably pay a loan off even in a two year span.

I guess I'm just trying to say if it doesn't FEEL right, even if you can make the numbers, don't do it. You will also have unusually successful people or those that just saved and saved and saved for the past ten years to buy something like this who will chime in with "muh cash payment in full" which is great and all but that is not the situation most people will be in for a car this expensive, or even the 1/2SS or 1LT.

[ST1LE]

Originally Posted by DenverTaco07

Let assume a 65K price tag.
Income being what exactly? someone with good benefits PLUS that listed income? My benefits alone cost my employer 25K a year, and that's not including any taxes, that's Healthcare, dental, paid leave, 401K, life insurance.

0 to 50K income....LOL.

at 50K, you'd better have a paid off house or living with mommy and daddy.

at 51 to 76K you'd better be single, small apartment no kids, no other debt.

at 76 to 100K, you'd better not have any kids, maybe mortgage on a small house and no other debt.

101K+...well, to me - that's absolute minimum to buy a 65K car for any person with a mortgage, wife, kid(s), i mean, that would be tough at that level. Unless that person likes a shitty house, no 401K, no investments, no saving for child's college, bad health care plan, then I suppose one could do it.

Of course, this is just my opinion.

Oh, and my current plan would be to buy one and keep it for....ever, maybe if things work out I can buy a future Z06 or something.

So spot on. I make 100K+ with zero debt and no mortgage, and I still get anxiety at the thought of paying $65K for a car. That is A LOT of money for a car. To each their own, if someone wants to stress and live paycheck to paycheck due to poor buying decisions, then that's their burden to bear.

[Lucely Engineered]

I feel that basing this solely on an income was not the best way to go about it. I believe someone who makes $65k a year could afford one as easily, as say someone who makes $150k a year. It's all about priorities.

Making $60k/yr
If you are single, no debt, other than the monthly mortgage of $900. Yet a fun car is a very important aspect of your life, sure you can afford a $65k car if you do it correctly.

Making $150k/yr
You could also be single with 3 children living in SoCal, renting for $2500/month.

There are just too many factors that play into this.

[Brutus2]

Originally Posted by LesBaer

That's true, they certainly are. Sometime it takes a whole lot more than just hard work though...this coming from a person whose been married, divorced, has a son with special needs, and spends 3k a month on mortgage and extra principle reduction. Divorce w/kids is the biggest game changer (depending on your state). If there's a huge income disparity between you and your wife, it won't matter what you alone make.

It's something no one wants to hear, but there's no way to justify buying something like this. I contribute my maximum to an IRA and 401k each year, make monthly principle reductions to my mortgage, and it still doesn't make any sense to even buy or lease another car, even paying cash without a loan. You buy something like this to make yourself happy.

Exactly, any car that doesn't maximize gas mileage and minimize maintenance and insurance costs makes no sense as a purchase unless its one of those RARE cars that will appreciate in value.

My household income is well above the top level posted here, my kids have moved out of the house .. it went against all my past experience to purchase even a new SS 1ss auto-8/NPP/Magride at 38K. If it werent for my wife telling me to "buy the car you have always wanted a sportscar", I would probably still be driving a 35+ mpg car.

In short, dont try to make purchasing this car ( or any car like it) an exercise in logic...its pure gluttony...own it and embrace it >

[GoneBoy]

Originally Posted by Brutus2

Exactly, any car that doesn't maximize gas mileage and minimize maintenance and insurance costs makes no sense as a purchase unless its one of those RARE cars that will appreciate in value.

My household income is well above the top level posted here, my kids have moved out of the house .. it went against all my past experience to purchase even a new SS 1ss auto-8/NPP/Magride at 38K. If it werent for my wife telling me to "buy the car you have always wanted a sportscar", I would probably still be driving a 35+ mpg car.

In short, dont try to make purchasing this car ( or any car like it) an exercise in logic...its pure gluttony...own it and embrace it >

So you're saying don't approach the wifey with the 'Hey baby, car prices are increasing at an astronomical rate, so I'm just buying our 7-month old his 16 years in advance. Its just good business.' excuse?

[IneedAZ]

I find it interesting that i see so many have voted they are going to buy one yet all i see are post by people that say they wont buy one even they are in the high bracket.

I for one still plan to get one. Sure things could come up between now and then, but that is my intent. I had thought about building another 67 or 69, but my issue is after my last 67 i dont have shops in the area i trust to take on the build and that build could easily exceed the cost of the ZL1.

[joehouse]

guys I spooke to one of the spokespeople at the new York international auto show, she said the car is going to be around the same price range, she said most likely 55-60k depending on options.