Aug 25, 2019
374
666
Edmonton
VetteCoins
11,709
Car
2015 2LT Z51
Province
AB
Hi guys. I have been lurking here and posting a few questions to you all recently, in anticipation of pulling the trigger on a 2015 Z51 I have been looking at. I was in the dealership Wednesday, and they contacted me the next day with what I figured was a very acceptable offer, so I have tentatively put a deposit down on it just to hold it for me. The price, including all fees and GST, with a 2 year extended GM warranty would be $57,500. The sticker price on the lot was at about $56,900, so I think this is very reasonable. My dilemma is that this will clean my bank account out completely, and I do worry what the future holds in regards to unforeseen expenses. I was so excited but nervous when we had reached a deal at this price, but after having a really restless sleep last night, with that on my mind. I do wonder if I am being ridiculous by considering this purchase at all. I have loved and wanted a Corvette of my own ever since I was a kid (I’m 55 now). I’m at a point in my life where I can afford it the most, but still struggle spending that much on a weekend toy that will sit 6 months a year.
Any thoughts or advice would be greatly appreciated.
Thanks.
Dale.
 
Dale, seriously if you are happy and confident with the car just go for it. Seems to me that other "financial issues" will always pop up but somehow we seem to manage them.

Enjoy your new Corvette, stop fretting and get driving. Who cares if the hot water heater is leaking and furnace does not work. The smile will overcome all.

Don't forget to wave.
 
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If this purchase cleans you out completely then maybe this is not the right time for you to purchase. Another alternative is to look at a new 2019 base model in dealer inventory and then take advantage of the GM financing plan. That way you get the best of both, you get a new Vette and keep critical cash in your account. In fact if you wisely and safely invest your principal the interest you earn will almost cover the interest you pay on the loan and you still have the security of knowing you have ready access to funds if you need it.
 
Completely agree with this, you could even put a large amount down but still leave some cash for your comfort. Depending on model/options, a 2019 isn't far off of that 2015

If this purchase cleans you out completely then maybe this is not the right time for you to purchase. Another alternative is to look at a new 2019 base model in dealer inventory and then take advantage of the GM financing plan. That way you get the best of both, you get a new Vette and keep critical cash in your account. In fact if you wisely and safely invest your principal the interest you earn will almost cover the interest you pay on the loan and you still have the security of knowing you have ready access to funds if you need it.
 
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I was 52 when I bought my 2015 C7, also a Z51. I agree, it's not a good investment and yes, it's expensive. My car sits in the garage 6 months a year and is also pretty much a weekend toy. It was a difficult decision ($80,00 new) but I thought if I don't do it now, then when. I'm still young enough to enjoy it and I worked for 32 years. I stopped trying to justify my purchase and just be happy.
I would see if the dealer is willing to finance the car, maybe put $10,000 or whatever you want down and finance the remainder OR see if the bank will give you a loan, whichever has a better interest. Sometimes the $500 or so monthly may be more palatable then forking out $60,000 all at once.
 
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So, it sounds as if you have some concerns about “no money in the bank”.

To me, thats a valid concern. It sounds like it may be to you as well.

IMHO, there’s no stress worse than financial stress. I wouldn’t clean out my savings for a car, ANY car. No matter how much I wanted it or for how long.

If you “just” want a corvette and not any particular year or body style, there are lots of good deals out there in the private market.

I dare say 25G would get you one heck of a nice corvette in C5/C6 models and leave a good 25-30G in your bank account.

Even if you have to put 5G worth of repairs into a 25G car, you still have 20-25G left in the bank.

It’s a personal choice as to which “playcar” a guy wants, but I know what I would do....not to mention: a car dealer is ALWAYS going to want more than the car is worth or that you could buy privately. There’s very likely LOTS of meat left on the bone for them at that 57G price tag so I woukdn’t feel one bit bad about beating them up more or just walking away. It’s just a Corvette after all, there’s literally thousands more of them out there to choose from.

I also notice your profile says “Alberta”. Given the current financial situation out there, I’m betting there’s lots of deals to be had on “luxury items” like a Corvette. I’d be beating that dealer up a lot more or taking my business elsewhere. There’s always a better deal to be had when a local economy is......er, “depressed”.

Ps: I recently bought a C4 convertable with the Z52 package (I’m 54, but in NS). After correcting a few things PO’s had messed up over the years, I’m in to it for about 12-13G, including purchase, taxes, registration, insurance, etc. Not everyone likes a C4 though. I’m good with that. Keeps the orices down for bargain hunters like myself. Never be an overly “valuable” car, but I bought it to use, not to make money.....;)
 
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Hi guys. I have been lurking here and posting a few questions to you all recently, in anticipation of pulling the trigger on a 2015 Z51 I have been looking at. I was in the dealership Wednesday, and they contacted me the next day with what I figured was a very acceptable offer, so I have tentatively put a deposit down on it just to hold it for me. The price, including all fees and GST, with a 2 year extended GM warranty would be $57,500. The sticker price on the lot was at about $56,900, so I think this is very reasonable. My dilemma is that this will clean my bank account out completely, and I do worry what the future holds in regards to unforeseen expenses. I was so excited but nervous when we had reached a deal at this price, but after having a really restless sleep last night, with that on my mind. I do wonder if I am being ridiculous by considering this purchase at all. I have loved and wanted a Corvette of my own ever since I was a kid (I’m 55 now). I’m at a point in my life where I can afford it the most, but still struggle spending that much on a weekend toy that will sit 6 months a year.
Any thoughts or advice would be greatly appreciated.
Thanks.
Dale.

Dale as irresponsible as I have been abusing my bank account buying corvettes over the last few years, I have to agree that cleaning out your bank account is not a good plan.
My decision to buy the first corvette was made a long time ago but it had to be done without a commitment of every $ I had. Ya... it was hard to wait and get the cars I wanted and not “what I could afford” but worth the wait.
So.... you want a C7, and that’s a smart choice as although the other generations are fantastic they are not a C7. Thus my quick move from a 13 C6Z to a 15 C7Z. Expensive lesson I learned.
So yes... definitely consider what the guys are saying and finance the hell out of a new one and take advantage of the best financing you can find. This time of year the deals are going to start just getting better on C7s.
I expect you don’t want to clean out your bank account and deal with the worry of life throwing you a curveball needing some money. This would definitely take the fun out of it. Sure you could sell the car but these cars do not sell well in the winter and likely you would really be dissatisfied with the fast cash sale price.

So ya... my opinion is that you have worked your ass off and deserve the car. So put a comfortable down payment on the best deal you can find on the one your like. (remember to get the one you want as wishing later sucks)
Once you have it and drive it, all your anxiety will be gone as man these cars are fantastic. The feeling driving a new corvette removes all the crap from your day and replaces it with pure joy... and a bit of heathy fear now and then. Plus you will have money in the bank and not be stressing over that.

Go for it Man. You’ve earned it. 👍👍
 
Hi guys. I have been lurking here and posting a few questions to you all recently, in anticipation of pulling the trigger on a 2015 Z51 I have been looking at. I was in the dealership Wednesday, and they contacted me the next day with what I figured was a very acceptable offer, so I have tentatively put a deposit down on it just to hold it for me. The price, including all fees and GST, with a 2 year extended GM warranty would be $57,500. The sticker price on the lot was at about $56,900, so I think this is very reasonable. My dilemma is that this will clean my bank account out completely, and I do worry what the future holds in regards to unforeseen expenses. I was so excited but nervous when we had reached a deal at this price, but after having a really restless sleep last night, with that on my mind. I do wonder if I am being ridiculous by considering this purchase at all. I have loved and wanted a Corvette of my own ever since I was a kid (I’m 55 now). I’m at a point in my life where I can afford it the most, but still struggle spending that much on a weekend toy that will sit 6 months a year.
Any thoughts or advice would be greatly appreciated.
Thanks.
Dale.
Keeping some cash on hand is smart. Figure out what you can afford in payments opposed to how much cash on hand you want to keep and finance the rest. If you own your home, keep the cash you want to keep on hand, take out a line of credit for the rest. Pay it down monthly if you like but there's no obligation to pay it down if you need to spend your cash on unexpected expenses.

My advice is if you want the car, buy the car. You will love it and if it sits in the garage 6 months of the year, you can do like me and go out and have coffee with it every morning from November to May.... with a big smile on your face knowing that it's gorgeous and it's yours.
 
Keeping some cash on hand is smart. Figure out what you can afford in payments opposed to how much cash on hand you want to keep and finance the rest. If you own your home, keep the cash you want to keep on hand, take out a line of credit for the rest. Pay it down monthly if you like but there's no obligation to pay it down if you need to spend your cash on unexpected expenses.

My advice is if you want the car, buy the car. You will love it and if it sits in the garage 6 months of the year, you can do like me and go out and have coffee with it every morning from November to May.... with a big smile on your face knowing that it's gorgeous and it's yours.

Eric you are totally right. Hanging out with the car and thinking of where you will drive it in the spring is way up there on the “feels good” scale too.
 
I agree with the above post ... except when the car is covered for the winter and you can't see it. At least I know it's there, under that winter coat, hibernating, waiting for spring.:bigyawn:
 
Play hardball ... these cars are not flying off the lot.
There is no way the previous owner got near that amount in trade.
$52,500 all in (max) and let them sweat out having it there into September
(your choice to add/include the warranty)

If no good, have the Manager present you with the bottom dollar and walk out.
See if they let you leave ...

If they do let you leave, call the manager next week and see if he can do better.
I know not everyone can do this ... but it's your $$$ ... and doing it politely/respectfully goes a long way too.

Ooops just realized Unfortunately the deposit has you showing them one of your cards.
Have the deposit returned. Then ask for the bottom dollar amount.


... if you have done the purchase already ... this will all be behind you once you are driving.

It's a lot of work but you will never regret it. I took 6 weeks to buy my first one.
My Wife took 3 months for hers. Yup ... we had patience ... love the Corvettes no differently
than anyone else.
 
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I agree on this. Get aggressive.

Another consideration is whether GM Canada will sweeten the incentives on 2019 Corvettes currently sitting in inventory in September. At best we have another 6 weeks of driving weather in Canada. I did a quick search on Autotrader.ca and found 356 new corvettes listed in Canada and 185 within 1000 km of Calgary still sitting on dealer lots. Many of them advertise 3.99% financing rate. There's even a yellow one at the Chevy farm in Edmonton.

With C8 deliveries starting in Q1 of 2020 both GM and all dealers should really want to get the current inventory down by a large percentage.
 
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... tidbit to add ... I had a brain-fart thinking I could trade up my 15000km 2016 Ray Z51 3LT for a 2019 3LZ ...
until I was insulted with a $42,500 "initial" trade in evaluation .... so trade-in values suck on a similar scale to the New Corvette Discounts.
So I am keeping my awesome Ray and bought a truck somewhere else instead.
 
Thanks for all the replies, folks. I do appreciate hearing from you all. I do feel like I did get a good deal, as I did indeed “walk out” on Tuesday, after they couldn’t reach my price. It was the next day that they contacted me with an offer that I countered, and eventually they agreed. I’m sure they are making money, but I don’t imagine that it is all that much (although you never know). When I say I would be cleaned out, that is just in my account, my wife and I have separate accounts, and she does indeed have money, but I do not want to put myself in a position where she would have to be relied upon to pay for some unfortunate issue with the house, or vehicles, etc.
I think my bank account will recover fairly quickly, however not to the amount of money I have at the moment.
First world problems......
The mind games continue.
Dale.
 
Thanks for all the replies, folks. I do appreciate hearing from you all. I do feel like I did get a good deal, as I did indeed “walk out” on Tuesday, after they couldn’t reach my price. It was the next day that they contacted me with an offer that I countered, and eventually they agreed. I’m sure they are making money, but I don’t imagine that it is all that much (although you never know). When I say I would be cleaned out, that is just in my account, my wife and I have separate accounts, and she does indeed have money, but I do not want to put myself in a position where she would have to be relied upon to pay for some unfortunate issue with the house, or vehicles, etc.
I think my bank account will recover fairly quickly, however not to the amount of money I have at the moment.
First world problems......
The mind games continue.
Dale.
... and there you go ... another Corvette Grin will be developing very soon in a drivers seat ... congrats
 
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I over financed a C2 back when I was young and impulsive. (20) I ended up hating the car. Did not have enough money left over at the end of the month to pay attention. It was a lesson learned. Listen to the posts above. Leave some of your cash in the bank.
 
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There is a lot of good advise here but the final decision is yours. I can tell you as a first time Corvette owner in 2016, I have not been able to wipe the smile off of my face since purchasing a Corvette.I am positive you will be elated with your purchase......
PS I traded my C6 on a C7 this spring..Both great cars...
 
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Hi guys. After much consideration and tossing and turning in bed trying to sleep, I finally said “Screw it”, and went and bought it today. I pick it up Monday. The description of these cars putting a smile on the drivers face was indeed accurate. They let me take it for a few hours, and I fell even more in love! I shall post some pictures after I pick it up next week.
Thank you all for chiming it.
Dale.
 
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