Talk me out of buying a 30k sports car (as a third car)

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Topic Author
Maverick3320
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Talk me out of buying a 30k sports car (as a third car)

Post by Maverick3320 »

Age: 43, married (happily!), two kids (4 and 2). Family income of 280k/yr, family expenses 80k/yr, and family net worth of 1.5M (300k real estate, 400k taxable). Pensions of roughly 100k, indexed to inflation.

A few days back I saw a red 2010 C6 Corvette for sale in a driveway on a country road and thought it was absolutely beautiful. I talked to the owner and they are the second owners and have all maintenance records. I ran the VIN through a few online services and the car comes back clean, as best I can tell. Six speed manual, 3LT package 48k miles, asking 30k. The owner volunteered that the price was negotiable without me asking.

Reading more about C6s, they seem to be quite reliable and after a few years, don't depreciate all that much. I live in snow country, so realistically I would probably only drive the car six months out of the year. I don't have any other "toys" other than a $2000 laptop - no boats, second houses, etc.

I called our insurance company and said full coverage would be $66/month to add the C6. If I get more serious about the purchase I will pay to have a mechanic inspect the vehicle first. My wife is surprisingly open to the purchase and we have a three car garage so I don't think I'd have to pay for storage. I would also probably purchase a car cover and a new head unit that is Android auto/Apple Carplay compatible.

So: what am I missing? I've looked around at other options such as the Miata, Mustang Ecoboost, BMW Z4, Mercedes SLK 350, Jaguar F-Type, and all of them seem to have good arguments in their favor as well. I like the C6 better than the above options but I have to admit I'm a little wary of the Corvette stigma, even if I don't fit the stereotype.
david99
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by david99 »

Well, you can definitely afford it.
bombcar
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by bombcar »

Financially you can do it no question.

It's more of a personal question as to if this is a midlife crisis vehicle, and if something untoward could come of it. That's a discussion for a close friend, the type who would slap you for doing something silly.

A quick check seems the price is reasonable - https://www.edmunds.com/chevrolet/corvette/2010/

Is it old enough to be registered as a collectable/etc?
FrugalConservative
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by FrugalConservative »

Is this a serious question?

270K income
Seven figure networth
And 100K in pension

SMH
randybobandy
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by randybobandy »

Go for it, enjoy.

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CRC_Volunteer
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by CRC_Volunteer »

Many years ago when I first moved to where I currently live, there was a stunning blond driving a candy apple red Vette with a vanity plate spelling " Trophy Wife".

As for putting on a collectable or antique plate on the car, there are reduced taxes, but restrictions on how many miles the vehicle can be driven. I would put standard plates on the vehicle and enjoy driving it...
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by White Coat Investor »

Maverick3320 wrote: Wed Jun 05, 2024 9:19 am Age: 43, married (happily!), two kids (4 and 2). Family income of 280k/yr, family expenses 80k/yr, and family net worth of 1.5M (300k real estate, 400k taxable). Pensions of roughly 100k, indexed to inflation.

A few days back I saw a red 2010 C6 Corvette for sale in a driveway on a country road and thought it was absolutely beautiful. I talked to the owner and they are the second owners and have all maintenance records. I ran the VIN through a few online services and the car comes back clean, as best I can tell. Six speed manual, 3LT package 48k miles, asking 30k. The owner volunteered that the price was negotiable without me asking.

Reading more about C6s, they seem to be quite reliable and after a few years, don't depreciate all that much. I live in snow country, so realistically I would probably only drive the car six months out of the year. I don't have any other "toys" other than a $2000 laptop - no boats, second houses, etc.

I called our insurance company and said full coverage would be $66/month to add the C6. If I get more serious about the purchase I will pay to have a mechanic inspect the vehicle first. My wife is surprisingly open to the purchase and we have a three car garage so I don't think I'd have to pay for storage. I would also probably purchase a car cover and a new head unit that is Android auto/Apple Carplay compatible.

So: what am I missing? I've looked around at other options such as the Miata, Mustang Ecoboost, BMW Z4, Mercedes SLK 350, Jaguar F-Type, and all of them seem to have good arguments in their favor as well. I like the C6 better than the above options but I have to admit I'm a little wary of the Corvette stigma, even if I don't fit the stereotype.
You can afford this. Why do you want us to talk you out of buying it instead of into buying it?
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Turkey Lurkey
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Turkey Lurkey »

Sounds eminently doable and hopefully lots of fun. But if you buy it, won't you have to change your username?
runner3081
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by runner3081 »

Consider collector/stated value car insurance. May be cheaper.
bombcar
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by bombcar »

CRC_Volunteer wrote: Wed Jun 05, 2024 9:33 am As for putting on a collectable or antique plate on the car, there are reduced taxes, but restrictions on how many miles the vehicle can be driven. I would put standard plates on the vehicle and enjoy driving it...
It varies from state to state, and may affect insurance, too. Around where I am the vehicle just can't be driven "regularly" which is interpreted as commuting, etc.
SubPar
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by SubPar »

The C6 platform is great both from a chassis and engine/powertrain perspective. I'm not a big domestic car guy (tend to gravitate towards zee Germans), but I'd be all over a C6 Z06 were I to find one for a deal. Regardless of whether this is a Z06, which it doesn't sound like, will be fun to tool around in!

I won't be talking you out of it...quite the contrary. Happy motoring!
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Maverick3320
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Maverick3320 »

bombcar wrote: Wed Jun 05, 2024 9:22 am Financially you can do it no question.

It's more of a personal question as to if this is a midlife crisis vehicle, and if something untoward could come of it. That's a discussion for a close friend, the type who would slap you for doing something silly.

A quick check seems the price is reasonable - https://www.edmunds.com/chevrolet/corvette/2010/

Is it old enough to be registered as a collectable/etc?
I don't think it's a midlife crisis vehicle. I'm happily married, love my kids, I'm in good shape - no health issues, etc. My job can be stressful but I do enjoy it. I'm certainly not looking for a vehicle to pick up women or show off! But do people that are going through mid-life crises know that they are going through mid-life crises?

I'm not sure about registering it as a collectible - would that provide any benefits?
cmr79
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by cmr79 »

bombcar wrote: Wed Jun 05, 2024 9:22 am Financially you can do it no question.

It's more of a personal question as to if this is a midlife crisis vehicle, and if something untoward could come of it. That's a discussion for a close friend, the type who would slap you for doing something silly.

A quick check seems the price is reasonable - https://www.edmunds.com/chevrolet/corvette/2010/

Is it old enough to be registered as a collectable/etc?
As far as I am aware, no state allows registration of any vehicle as a classic/antique/collectable if the vehicle is under 20 years old. My state is 25 years; some are higher.
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Maverick3320
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Maverick3320 »

White Coat Investor wrote: Wed Jun 05, 2024 9:34 am
Maverick3320 wrote: Wed Jun 05, 2024 9:19 am Age: 43, married (happily!), two kids (4 and 2). Family income of 280k/yr, family expenses 80k/yr, and family net worth of 1.5M (300k real estate, 400k taxable). Pensions of roughly 100k, indexed to inflation.

A few days back I saw a red 2010 C6 Corvette for sale in a driveway on a country road and thought it was absolutely beautiful. I talked to the owner and they are the second owners and have all maintenance records. I ran the VIN through a few online services and the car comes back clean, as best I can tell. Six speed manual, 3LT package 48k miles, asking 30k. The owner volunteered that the price was negotiable without me asking.

Reading more about C6s, they seem to be quite reliable and after a few years, don't depreciate all that much. I live in snow country, so realistically I would probably only drive the car six months out of the year. I don't have any other "toys" other than a $2000 laptop - no boats, second houses, etc.

I called our insurance company and said full coverage would be $66/month to add the C6. If I get more serious about the purchase I will pay to have a mechanic inspect the vehicle first. My wife is surprisingly open to the purchase and we have a three car garage so I don't think I'd have to pay for storage. I would also probably purchase a car cover and a new head unit that is Android auto/Apple Carplay compatible.

So: what am I missing? I've looked around at other options such as the Miata, Mustang Ecoboost, BMW Z4, Mercedes SLK 350, Jaguar F-Type, and all of them seem to have good arguments in their favor as well. I like the C6 better than the above options but I have to admit I'm a little wary of the Corvette stigma, even if I don't fit the stereotype.
You can afford this. Why do you want us to talk you out of buying it instead of into buying it?
I'm really looking for a devil's advocate here. I personally think we can swing it financially with few issues, but I also wonder a bit at the potential reaction of in-laws or acquaintances.

I was also looking for any potential feedback on the C6 specifically - any potential issues with the model year, etc.
hoofaman
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by hoofaman »

Good decision overall, but regarding this particular car, I would recommend spending some time looking online first before buying one you happened to just drive past.

I'm not a Corvette owner so you might already know better than I do, but 30k seems really steep for a C6 when that's about the same price one would pay for a low miles limited production version C6 like a Z06
Hullmet
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Hullmet »

If you can afford it, do it.

I bought two luxury (non-sports) cars after a big share windfall. Made sure loans and mortgages all gone first, then kids college fund secured. After that, enough saved already so have not regretted the expense since.

Factor in related service/repair costs in your decision.
cmr79
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by cmr79 »

hoofaman wrote: Wed Jun 05, 2024 9:54 am Good decision overall, but regarding this particular car, I would recommend spending some time looking online first before buying one you happened to just drive past.

I'm not a Corvette owner so you might already know better than I do, but 30k seems really steep for a C6 when that's about the same price one would pay for a low miles limited production version C6 like a Z06
A quick online search suggests that a comparable Z06 would go for >$40k.
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by bombcar »

Maverick3320 wrote: Wed Jun 05, 2024 9:45 am I'm not sure about registering it as a collectible - would that provide any benefits?
It varies by state and insurance agency - where I'm located it's a vehicle 20 years old or older, in stock/restored condition, is road-legal, will not be operated in January without a temporary permit, and, if a truck, not used to haul more than 500 pounds (unless it is certain military vehicles).

Taking the above, you pay one time a double-registration fee, and then no more registration fees for the life of the vehicle.

And if you have those plates, insurance companies will sometimes give you much lower rates.
student
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by student »

Can I talk you in to buying the car? You can afford it.
SubPar
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by SubPar »

Maverick3320 wrote: Wed Jun 05, 2024 9:51 am
I'm really looking for a devil's advocate here. I personally think we can swing it financially with few issues, but I also wonder a bit at the potential reaction of in-laws or acquaintances.

I was also looking for any potential feedback on the C6 specifically - any potential issues with the model year, etc.
Tell them it's a 14-year-old car and that's more affordable than one might expect. It's a Corvette, not a Ferrari.

The LS series engines/drivetrains are simple, effective, and notoriously reliable with nothing but basic routine maintenance. If there are specific model year concerns, I'm not aware of them...but perhaps another car person with more specific knowledge of the LS3/C6 chassis can opine. GM put them in all sorts of vehicles for a long time, and people have been swapping LS engines into other non-GM chassis for decades. It's a pretty proven platform AFAIK.
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Svensk Anga »

Maverick3320 wrote: Wed Jun 05, 2024 9:19 am Age: 43, married (happily!), two kids (4 and 2). Family income of 280k/yr, family expenses 80k/yr, and family net worth of 1.5M (300k real estate, 400k taxable). Pensions of roughly 100k, indexed to inflation.

Well, I was 43, married, two kids when I bought my Miata. I still have it 22 years later and still don't want anything "better". I was not in as solid a financial position at the time as you are now. I am not the one to talk you out of it.

You might need a budget for speeding tickets though. (5 liter Mustang prior to the Miata.)
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Colorado Guy »

post deleted.

:D
Last edited by Colorado Guy on Wed Jun 12, 2024 7:05 pm, edited 1 time in total.
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by CRC_Volunteer »

I'm really looking for a devil's advocate here. I personally think we can swing it financially with few issues, but I also wonder a bit at the potential reaction of in-laws or acquaintances.
I would be more concerned of the kids wanting to drive the car when they get older.
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by KlangFool »

Maverick3320 wrote: Wed Jun 05, 2024 9:19 am Age: 43, married (happily!), two kids (4 and 2). Family income of 280k/yr, family expenses 80k/yr, and family net worth of 1.5M (300k real estate, 400k taxable). Pensions of roughly 100k, indexed to inflation.
Maverick3320,

"family expenses 80k/yr, "

This number may not be correct.

"Pensions of roughly 100k, indexed to inflation."

Is it vested? Aka, you can retired tomorrow and get this amount?

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Re: Talk me out of buying a 30k sports car (as a third car)

Post by sungold »

I'll try.

With kids 2 & 4 will you have time to drive it?
Can you trust yourself to not be stupid with a high performance machine?

Write a list of other things you can do with $30k and discuss with wife what best family choice is. Maybe she wants something not practical also?

I like cars and racing etc.. but driving on the road with today's culture of reduced driving standards, traffic and endless construction. Blah. I enjoy blowing $100 on a full night at the kart track when necessary.
Olemiss540
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Olemiss540 »

Have you driven one? Do you enjoy how it rides, drives, parks, stops, shifts more than the other options? Or is it just pretty and you may regret it after a few trips to the golf course?

The hunt is half the fun, so go drive toys, figure out what your goal is, set your budget, and then once you have picked a make/model/year range, buy the nicest one you can find in your budget.

Personally I would rather ring out a light weight low power toy around the curves on the street than a heavier, low slung, torque monster from light to light but that's entirely personal preference.

Now my ZL1 hunts on track, but if I didn't race it, I would probably have a Boxster instead....
Last edited by Olemiss540 on Wed Jun 05, 2024 11:03 am, edited 1 time in total.
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bombcar
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by bombcar »

That's a real serious sit-down question you need to have with yourself, and be super honest.

If you already "drive a bit over the limit" in your current vehicle, you may be buying a cop-magnet, or worse, a death-trap mobile.

Do you have a track nearby that allows street cars? Do you want to drive the 'vette as a normal car or do you want to push some limits? Do you or are you ever tempted to "drive back from the bar" or worse?

Is it too much car to handle? Would you take defensive driving courses around high-powered vehicles? Many, many people who decide to ride motorbikes start out with way more bike than they can handle; it's harder to do with a car but a 'vette may do it.

Would some other high-performance vehicle be more fun for the family? I'm thinking something like a drop-top mustang (though those are apparently cheap as free) which has seats the kids could sit in. Of course, my kids think accelerating in a minivan is "driving super super fast" so results may vary.
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Maverick3320
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Maverick3320 »

KlangFool wrote: Wed Jun 05, 2024 10:42 am
Maverick3320 wrote: Wed Jun 05, 2024 9:19 am Age: 43, married (happily!), two kids (4 and 2). Family income of 280k/yr, family expenses 80k/yr, and family net worth of 1.5M (300k real estate, 400k taxable). Pensions of roughly 100k, indexed to inflation.
Maverick3320,

"family expenses 80k/yr, "

This number may not be correct.

"Pensions of roughly 100k, indexed to inflation."

Is it vested? Aka, you can retired tomorrow and get this amount?

KlangFool
Well, I ballparked the expenses. Here are the big pieces:

Mortage: 26,400
Cars: 0
Childcare: 15,000
Insurance/Utilities/cell: 2400
Food: 10,000
Travel: 5,000
Clothes/haircuts/shopping/other: 5,000

That comes out to about 65k, I figured another 15k would cover saving for future cars and future house expenses.

Mine is a military pension that vests in five years; barring something serious happening, I'm on track to retire. My wife works for the state university healthcare system and her pensions technically vests after five years, but her figure is based on her working there for another twelve years or so. I don't really foresee either of us losing our jobs or either system anywhere.
er999
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by er999 »

Perhaps shop around first before buying that one. Corvettes aren’t particularly rare and that is a 14 year old car. A lot of people find part of the fun is doing the research. I don’t know the market but it’s possible that the easily accessible car near you at $30k isn’t a good value but maybe it is. You can definitely do a lower offer since you can pay cash. It shouldn’t be too hard to rent a Corvette either so maybe rent for a few days and make sure you are still interested.

I’d also post on a car enthusiast website to get more info on what type of things to look for. Obviously you can afford the car — no loan needed with $400k in taxable and likely won’t have crazy running costs compared to something like a Ferrari. Your reported expenses are low at $80k for a family compared to your income.

You can probably drive it to work and use it like a normal car for 6 months out of the year if you want to. Might be worth thinking about what else you want to use the car for and if the $30k could be spent on something more fun.

It is a two seater so you can’t do pickup with kids, and obviously can’t take the family out together. Would the $30k be better spend on family trips or a toy for the whole family like a boat or snowmobiles? Do you want to leave the family behind and go on a drive yourself in the weekend? People need downtime and okay to do that but I’d think through more how you’d use it.
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Rocky Mtn Man »

Maverick3320 wrote: Wed Jun 05, 2024 9:19 am I have to admit I'm a little wary of the Corvette stigma, even if I don't fit the stereotype.
There’s a great freedom that comes when you stop caring what strangers think about you.

Enjoy the car!

If you don’t like it in 5 years, then sell it. You’ll get most of your money back.
KlangFool
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by KlangFool »

Maverick3320 wrote: Wed Jun 05, 2024 11:04 am
Well, I ballparked the expenses. Here are the big pieces:

Mortage: 26,400
Cars: 0
Childcare: 15,000
Insurance/Utilities/cell: 2400
Food: 10,000
Travel: 5,000
Clothes/haircuts/shopping/other: 5,000

That comes out to about 65k, I figured another 15k would cover saving for future cars and future house expenses.
Maverick3320,

As per my observation, bottom up (adding up all the expenses) tend to understate the actual expense. Given your actual net worth and gross income, this number does not make sense.

Please use the following to validate your expense.

A) What is your 2023 gross income?

B) What is your 2023 annual savings/investment?

C) What is your 2023 taxes (Federal, State, Social Security, Medicare)?

D) What is your 2023 annual expense?

Gross Income = Annual Expense + Annual Savings/Investment + Taxes.

Annual expense = Gross Income - Annual Savings/Investment - Taxes

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Maverick3320
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Maverick3320 »

sungold wrote: Wed Jun 05, 2024 10:54 am I'll try.

With kids 2 & 4 will you have time to drive it?
Can you trust yourself to not be stupid with a high performance machine?

Write a list of other things you can do with $30k and discuss with wife what best family choice is. Maybe she wants something not practical also?

I like cars and racing etc.. but driving on the road with today's culture of reduced driving standards, traffic and endless construction. Blah. I enjoy blowing $100 on a full night at the kart track when necessary.
Good questions. Time is a factor, but I think I could drive 8-10 days a month in the nice weather months. Can I trust myself: yes, I believe so. I treat my stuff pretty well and I don't anticipate any crazy stunts in the car. The conversation with the wife happens daily, but point taken.
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Maverick3320
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Maverick3320 »

Olemiss540 wrote: Wed Jun 05, 2024 10:57 am Have you driven one? Do you enjoy how it rides, drives, parks, stops, shifts more than the other options? Or is it just pretty and you may regret it after a few trips to the golf course?

The hunt is half the fun, so go drive toys, figure out what your goal is, set your budget, and then once you have picked a make/model/year range, buy the nicest one you can find in your budget.

Personally I would rather ring out a light weight low power toy around the curves on the street than a heavier, low slung, torque monster from light to light but that's entirely personal preference.

Now my ZL1 hunts on track, but if I didn't race it, I would probably have a Boxster instead....
Understood on all. I am intrigued by smaller, well-handling cars: Miata, BMW M2, MB SLK, etc. I looked at Honda S2000s and really like them as well but they've appreciated a lot in price lately.

I could see myself eventually taking some professional driving lessons, but I don't intend to ever race the C6 if I bought it. It would strictly be a cruiser.
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Maverick3320
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Maverick3320 »

er999 wrote: Wed Jun 05, 2024 11:12 am Perhaps shop around first before buying that one. Corvettes aren’t particularly rare and that is a 14 year old car. A lot of people find part of the fun is doing the research. I don’t know the market but it’s possible that the easily accessible car near you at $30k isn’t a good value but maybe it is. You can definitely do a lower offer since you can pay cash. It shouldn’t be too hard to rent a Corvette either so maybe rent for a few days and make sure you are still interested.

I’d also post on a car enthusiast website to get more info on what type of things to look for. Obviously you can afford the car — no loan needed with $400k in taxable and likely won’t have crazy running costs compared to something like a Ferrari. Your reported expenses are low at $80k for a family compared to your income.

You can probably drive it to work and use it like a normal car for 6 months out of the year if you want to. Might be worth thinking about what else you want to use the car for and if the $30k could be spent on something more fun.

It is a two seater so you can’t do pickup with kids, and obviously can’t take the family out together. Would the $30k be better spend on family trips or a toy for the whole family like a boat or snowmobiles? Do you want to leave the family behind and go on a drive yourself in the weekend? People need downtime and okay to do that but I’d think through more how you’d use it.
Good points. Since seeing the Corvette I have been checking prices elsewhere. Cargurus in particular says that 30k for the vehicle is "average", and I have found others nationwide that are 1-2k cheaper. However, I'd also have to fly to those cars or pay to have them shipped here. The seller also did offer up that the price was negotiable without me asking.

The 30k could probably be spent more practically elsewhere, but we don't do big trips at the moment (kids are too young) and the smaller 3-4 day flights to Arizona and Florida are already in the budget. We've talked about a boat but my wife is actually opposed to one, as both sets of parents live on lakes within driving distance - and a decent boat would likely be quite a bit more expensive than a C6, from what I can tell. Several sets of friends have boats as well in the local area. We don't snowmobile at all; nothing against it, but around here, a lot of snowmobilers simply drive from bar to bar and I think that may even be more dangerous than having a C6 as a third car. My dad is getting older and lives 3 hours away, and he's somewhat of a hermit, so I try to visit him once a month. I also would probably drive it to work occasionally (although I'm wary of co-worker judgement) and on those days, I don't pick up or drop off the kids from daycare.
lomarica01
Posts: 279
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by lomarica01 »

I only read a few posts but why would you want anyone to talk you out of it? Unless you are asking only about the specific year and model of car.
Sprucebark
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Sprucebark »

I grew up driving stick shift but haven’t driven one for years. My friend just bought a classic vw bus and he had me drive it. Rush hour traffic. I can still drive a stick no problem but it seems so horrible now. I hate constantly pushing on the clutch and inching forward only to stop again. I hate stopping when there is an incline and you try to start again without rolling back and hitting the person behind you or killing the engine. And if anyone is talking loudly or blasting the sound system it’s hard to hear the engine to know what’s going on. When you drive stick, you really need to hear the engine. If you are used to driving an automatic, you really need to consider if a stick shift is right for you. After an hour of driving the bus I thought I would never buy one of these!

Sometimes the dream is more fun than the reality.
chinchin
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by chinchin »

In that price range, I'd rather have a new Toyota GR86 / Subaru BRZ or a Volkswagen GTI.
not financial advice
fasteddie911
Posts: 485
Joined: Fri May 16, 2008 3:13 pm

Re: Talk me out of buying a 30k sports car (as a third car)

Post by fasteddie911 »

Buy what you want and ignore what anyone else thinks. You can afford it and even better you have garage space for it. I'm jealous.
CharlesDickens
Posts: 77
Joined: Fri Jan 08, 2021 5:44 pm

Re: Talk me out of buying a 30k sports car (as a third car)

Post by CharlesDickens »

I own a 2006 C6 coupe in 2LT trim (not 3LT). I bought it new in 2005. Early on, I had a recurring issue related to cruise control and brake/engine/traction control lights. After 3 or so trips to the shop, eventually they traced it to a brake wire that was rubbing against something, triggering the lights, and clicking off the cruise. A couple of years ago, a deer hit my rear quarter panel (replaced for around $1300). Then in 2023 I hit a rabbit at 80 mph on I88, causing $4k in damage. In terms of trouble, that's about it. I do my own oil changes and maintenance. It has been very economical and trouble free over 19 years. I paid around $45k and probably could sell it for $22k. I have not priced them in a while, but I would think that you could get yours for less than $30k. If it is a convertible, or a Grand Sport, or heavily optioned, then maybe more $, but I don't think that a 3LT commands much on a C6 at this point. I too put in a new head unit and cameras (myself). It was not the easiest installation. You have to dismantle part of the center console to get to the radio. The C6 has amazing storage capacity for a 2 seater. I can't fit my bike in there but almost anything else I need fits.

In terms of driving, it is a blast! My one word of advice is to keep the nannies on unless you really know what you are doing. I turned them off recently to check out the car's and my abilities; on a turn, I ended up in 3 different lanes (no cars, no harm, no foul). Now I keep them on at all times. I never regretted the purchase, and I am confident that you won't either. I still get compliments on it, and it is 19 years old!! I have my eyes on an Eray, but it would bring a tear to my eye to unload my C6.

Chew the seller down a little and then pull the trigger. You will love it.
CharlesDickens
Posts: 77
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by CharlesDickens »

Oh, and mine also is a manual. I am a big fan of manual shifts. Not so fun in bumper to bumper traffic, but when you get good at it and are on the open road, you feel more at one with the car. At least I do.
Topic Author
Maverick3320
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Maverick3320 »

KlangFool wrote: Wed Jun 05, 2024 11:23 am
Maverick3320 wrote: Wed Jun 05, 2024 11:04 am
Well, I ballparked the expenses. Here are the big pieces:

Mortage: 26,400
Cars: 0
Childcare: 15,000
Insurance/Utilities/cell: 2400
Food: 10,000
Travel: 5,000
Clothes/haircuts/shopping/other: 5,000

That comes out to about 65k, I figured another 15k would cover saving for future cars and future house expenses.
Maverick3320,

As per my observation, bottom up (adding up all the expenses) tend to understate the actual expense. Given your actual net worth and gross income, this number does not make sense.

Please use the following to validate your expense.

A) What is your 2023 gross income?

B) What is your 2023 annual savings/investment?

C) What is your 2023 taxes (Federal, State, Social Security, Medicare)?

D) What is your 2023 annual expense?

Gross Income = Annual Expense + Annual Savings/Investment + Taxes.

Annual expense = Gross Income - Annual Savings/Investment - Taxes

KlangFool
I guess I'm confused as to what number doesn't make any sense. We're both pretty frugal people so I don't think the 80k number is off the mark by much. We have a 3% 30 year fixed mortgage on house we bought for 400k. We cook most meals at home and don't go out often (maybe 1-2x a month). We travel a few times a year at a cost of probably 3,000 total. Our cars are paid for. I bought solar panels a few years back so our monthly utility bill is quite low. Neither of us has an expensive hobby - we both run outside, play basketball occasionally and our gym membership is $22/month. We both max our tax-advantaged space and both max our indidivual Roth IRAs each year. What "hidden expenses" are you anticipating that I'm not accurate on?

Or are you talking about income vs savings? If that's the case, both of us really only starting saving money in the last 9-10 years. My wife didn't finish her PhD until early 30s and my income went from basically zero as a college student in 2009, to around 50k in 2012, to 100k in 2017, to 140k today.

Regardless, I reached out to the CPA that does our taxes to try and answer all your inquiries more specifically.
tibbitts
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by tibbitts »

You can afford it, although I admit I don't know what the ongoing costs (insurance, registration, etc.) are. And I assume(?) you have appropriate storage space for the car. Maybe it comes down to how your use for the car will fit into a one-kid-at-a-time model, since more or less what you do with one you have to do with other (maybe two years later, but eventually.)
ensign_lee
Posts: 538
Joined: Fri Mar 12, 2010 9:03 am

Re: Talk me out of buying a 30k sports car (as a third car)

Post by ensign_lee »

I smile every time I get in my C7 vette. It's my DD. You can afford, go get it.

My only advice would be to spend a little extra and get a C7 instead of a C6, but if you already love the C6, all the better!
KlangFool
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by KlangFool »

Maverick3320 wrote: Wed Jun 05, 2024 12:15 pm
We both max our tax-advantaged space and both max our indidivual Roth IRAs each year.
Maverick3320,

What is this amount? Let's assume that it is 60K per year and the taxes on 280K = 90K, that means the expense = 280K - 90K - 60K = 130K.

Let's assume that your taxable savings = 30K, it means that your expense is 130K - 30K = 100K

"family net worth of 1.5M (300k real estate, 400k taxable)"

This means that your retirement accounts is around 1.5M - 700K = 800K. Taxable account = 400K.

At the high level and based on your net worth, it looks like your annual expense is around 100K to 120K per year.

"Regardless, I reached out to the CPA that does our taxes to try and answer all your inquiries more specifically."

You should have a copy of your 2023 Federal and State tax filing and you have the numbers. And, you can find your Social Security and Medicare taxes from your 2023 pay slips.

KlangFool
Last edited by KlangFool on Wed Jun 05, 2024 12:34 pm, edited 2 times in total.
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Valuethinker
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by Valuethinker »

Maverick3320 wrote: Wed Jun 05, 2024 9:51 am
White Coat Investor wrote: Wed Jun 05, 2024 9:34 am
Maverick3320 wrote: Wed Jun 05, 2024 9:19 am Age: 43, married (happily!), two kids (4 and 2). Family income of 280k/yr, family expenses 80k/yr, and family net worth of 1.5M (300k real estate, 400k taxable). Pensions of roughly 100k, indexed to inflation.

A few days back I saw a red 2010 C6 Corvette for sale in a driveway on a country road and thought it was absolutely beautiful. I talked to the owner and they are the second owners and have all maintenance records. I ran the VIN through a few online services and the car comes back clean, as best I can tell. Six speed manual, 3LT package 48k miles, asking 30k. The owner volunteered that the price was negotiable without me asking.

Reading more about C6s, they seem to be quite reliable and after a few years, don't depreciate all that much. I live in snow country, so realistically I would probably only drive the car six months out of the year. I don't have any other "toys" other than a $2000 laptop - no boats, second houses, etc.

I called our insurance company and said full coverage would be $66/month to add the C6. If I get more serious about the purchase I will pay to have a mechanic inspect the vehicle first. My wife is surprisingly open to the purchase and we have a three car garage so I don't think I'd have to pay for storage. I would also probably purchase a car cover and a new head unit that is Android auto/Apple Carplay compatible.

So: what am I missing? I've looked around at other options such as the Miata, Mustang Ecoboost, BMW Z4, Mercedes SLK 350, Jaguar F-Type, and all of them seem to have good arguments in their favor as well. I like the C6 better than the above options but I have to admit I'm a little wary of the Corvette stigma, even if I don't fit the stereotype.
You can afford this. Why do you want us to talk you out of buying it instead of into buying it?
I'm really looking for a devil's advocate here. I personally think we can swing it financially with few issues, but I also wonder a bit at the potential reaction of in-laws or acquaintances.

I was also looking for any potential feedback on the C6 specifically - any potential issues with the model year, etc.
Unless you are a lay pastor at your local church or something similar, I suspect your acquaintances will be, at most, amused. Laughs about mid-life crisis.

It does signal a degree of financial success, and so you may not wish to drive it to the company parking lot every day - or maybe you do. Depends on culture of where you live and work.

You can certainly afford this. We have people here asking about $100k cars - this one hardly counts.

Your in-laws?

- is this about your financial success? Then they should learn to deal with it

- about your financial probity? As long as your spouse agrees, I don't think any in-law gets a vote, to be honest. As long as your spouse has cast their vote

Normally I am Mr "buy a Toyota RAV4 hybrid" or "had you considered an EV?" but in this situation, you know, it's a car you like the look of, it's clean, it will probably amuse you for a few years.

None of us lives forever. And we tend to regret, in the long run, the opportunities we did not take advantage of, rather than the ones where we did and things didn't quite go right. You regret what you didn't do in life, when you had the opportunity.

There were things my father wished he had done, and he didn't take the chances he had to do them. He had plenty of money, at the end. Death waited for him, patiently, on a street corner he must have passed 10,000 times (literally) in his life. One day, Death found him, rode with him in the ambulance to the hospital, waited for the chaplain to read a prayer, and took him. His ashes now wait patiently for my mother to someday join him.

Death is waiting, with infinite patience, for the appointed day for each of us. It helps to check over your shoulder, sometimes, and notice him waiting.
Last edited by Valuethinker on Wed Jun 05, 2024 12:39 pm, edited 2 times in total.
snowday2022
Posts: 901
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Re: Talk me out of buying a 30k sports car (as a third car)

Post by snowday2022 »

You def can afford it but asked for people to try. I think it’s a waste of money but I’m not a car guy. I think there are better ways for ME to spend money to buy happiness. Since you are asking, the same may be true for you. You are well off enough though that you can just buy it and if you don’t find a lot of utility then sell.
Jack FFR1846
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Location: 26 miles, 385 yards west of Copley Square

Re: Talk me out of buying a 30k sports car (as a third car)

Post by Jack FFR1846 »

When I was very near your age, I bought a Factory Five Racing Cobra kit. My son was 3. I spent the winter nights building it in my garage. It went for its initial inspection in June of 2000. Second son adopted later that year. Once complete, I always had a booster seat in the passenger side and people at shows and cruise nights knew it was my car from that. I mean...how many Shelby Cobras do you see with a booster seat. The kids loved the car and yes, I could only drive one of them around at a time. They would "help" working on the car and such. I still have pictures of the car a the kid's T Ball game, at the big show in Worcester, MA. Would your kids feel cooler getting a ride with someone's mom in a mini van to the travel little league game or in a Corvette?

The Corvette is easy to get repaired. Parts are everywhere. All mechanics will know how to fix it. The Corvette club will be fun to do things you're interested in.

Why would you not buy this car? Can I talk you into some autocross time? Then graduate to the road course on the track?

That's my "talking you out of it".
Bogle: Smart Beta is stupid
Broken Man 1999
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Location: West coast of Florida, near Champa Bay !

Re: Talk me out of buying a 30k sports car (as a third car)

Post by Broken Man 1999 »

bombcar wrote: Wed Jun 05, 2024 9:22 am Financially you can do it no question.

It's more of a personal question as to if this is a midlife crisis vehicle, and if something untoward could come of it. That's a discussion for a close friend, the type who would slap you for doing something silly.

A quick check seems the price is reasonable - https://www.edmunds.com/chevrolet/corvette/2010/

Is it old enough to be registered as a collectable/etc?
If this activity is a midlife crisis, at least it won't cost you half of everything you own. $30K is a pittance.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
neko06
Posts: 106
Joined: Thu Aug 12, 2021 11:15 am

Re: Talk me out of buying a 30k sports car (as a third car)

Post by neko06 »

My friend owns a corvette and honestly I feel uneasy riding it in. The car is so low to the ground that it's hard to see around other vehicles on the road. I think it's a risk considering how crazy and clueless everyone drives these days. And that Americans are trending towards bigger SUVs and Trucks.

Also if your town's roads have lots of potholes it'll be uncomfortable. MY city does a poor job of road repair, so it would be a lot of dodging bumps in such a low profile car.
WhiteMaxima
Posts: 3476
Joined: Thu May 19, 2016 5:04 pm

Re: Talk me out of buying a 30k sports car (as a third car)

Post by WhiteMaxima »

Just buy it and use it daily. Life is short and enjoy your hard earned money.
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