You'll regret it every day if you buy the Vette. Especially just a C5 model.
I'm like you are as far as not financing anything that I consider a "toy", but if I had known about PenFed credit union before I plunked down the cash for my car, I would have financed it. They were (maybe still are) offer used car loans for something like 2% interest up to 60 or 72 months. As much as I hate payments, for paying 2% interest, I probably would have gone that route and kept my cash for other opportunities could come along. Depending on where their rates are when I buy something new, I will probably go with them in the future.
For that "cheap" of money and the amount you seem to be able to set aside each month to go towards your "Viper fund", I would put what you've got down on your dream car. I'm not sure where you live, but if your driving season is already coming to close anyway, hold off until Jan or so and prices will probably be at the lowest point of the year.
It's good to know about penfed, I might resort to them if I get desperate while trying to save the money. Ideally though I'd rather not owe anyone, you just never know when things are going to change, if I were to lose my job it would be terrible to be in debt. I guess I can wait a little longer...
I'd like to know what you do for a living where you can accumulate $21,000 in 6 to 9 months. Man, I am so outclassed on this forum.
I'm a software developer. I do make very good money but I don't think more than other professionals. I think that what allows me to save money this quickly is that I was born on a family with very very limited financial resources. I had really though times when growing up in Mexico. Somedays there would be money for food some days not. I have always being of the saving type when it comes to getting what I want. I once spend two years saving the few pesos I got here and there to buy a sony walkman I really wanted, three or four years to get my first set of weights, even walk 12 miles to highschool twice a day for months instead of taking the bus to be able to take my girlfriend out to the movies...
I gave all I had to my education got me a internships in the states for a company located in Austin, Texas and finally a job offer for my current job a couple of years later. So after all those hard times you give someone like me a very decent salary and we can do wonders with it. But it's because I don't mind not having things that other people dim necessary. My collegues for example say they never have enough money to do this or that and we most likely make the same amount of money. The trick is that I limit my self a lot and prioritize my expenses... and right now viper is very very high in my list. But I could live on a nicer place, I don't have a nice TV, have crapy cell phone with the cheapest plan, I don't even have a phone at home, I almost never go to restaurants, etc, etc...
Sorry for the long answer here but I felt just telling what I do for a living would not explain how's that I'm able to save money...
If you are only 1 year away from your "dream car" ... stay the course
Yes, the vette would probably be fun, but it isn't what you really want ... if you can't show some discipline for this short range goal, you're going to have problems down the road.
Actually when I decided that I would get my self a nice car as a reward for my hard work all I wanted was a C5 corvette convertible... I always liked the viper better and I could only imagine what it would be like to drive a car with a huge menazing V10 with enough torque to make most of his drivers get in trouble real fast... but it seemed like a nearly impossible and very impractical dream so I convinced my self the corvette was the way to go. Then one day I saw a viper in person and I was hook (pictures/video don't make the car justice). It makes any vette look ugly and common. And although I know it will most likely take the rest of my natural life to even come close to learn how to drive the car near to its limits, the idea of the power is still for some unexplicable reason very, very apealing.
I do see your point on having the discipline but there are things you probably don't know. I've been postponing getting what I want for a long time... I first needed to pay my scholarship credit for colleged off and make sure my mom would not miss a meal ever again. Make most of my wife dreams come true, etc. I think it's time for me to get something for my self after more than ten years of working hard, it was me who work his ass off (+ a huge amount of luck) to be where I'm today and I'm just getting desperate near the goal. All I'm saying is this hasn't really been a short term goal I just happen to be a year or two closer to the goal at this point.
Quit playing the stock market. Find your Viper. Put downpayment that you have left and finance the rest. Enjoy!
Yeah I wish I'd have not gotten desperate and try to make fast money. I guess I learned my lesson the hard way. I think I will stick to not doing financing though... the value of the car will keep decreasing while I make the rest of the money and I'm still young. It's not like I one year or two would make a huge difference when looking back to my life as an old man. It's just hard...
Save up and pay it all off at once. It took me over a year but I am so happy to have it paid for.
Will do and congrats... I hope one day not so far in the future I will be able to give someone else the same advice.
Agreed, DON'T deviate from your original plan. You will enjoy it even more, knowing the extra sacrifice it took. Financing a toy is foolish.
OK I just hope it's all worth it at the end.
what camfab said and i'll add, a C5 vette is going to be a big disappointment if you had your heart set on a viper. wait, save, buy.
and if you buy the C5, you will lose more money, making it harder to pay for the viper.
I'm not sure if I would say the C5 would be such a big disappointment. It's a nice car at a much cheaper price that has already depreciated as much as it will probably will in the short term. I think it will be worth almost as much two years from now. The corvette would make a very nice daily driver and has it's advantages (doesn't attract as much attention so I can leave unattended, better for DD, easier to drive, nice exhaust note, etc). However after reading all of the comments in here and not seeing a single one in favor of going with the corvette temporarily I'm leaning towards waiting just because I don't want to skip on the chance of having the oportunity to own what I think it's the most amazing car in the face of the earth. Some people would rather have a Ford GT, a Ferrari, or a lambo but for me the SRT10 is it, if priced equally I would still chose the viper and if you are like me, you know there are very few occasions in life where you can get what you really consider to be the best thing out there.
Tony,
As some have pointed out, there are 08s out there for less than you are suggesting is your target price. The true value of VCA "brotherhood" may help you reach your goals earlier than you expect. Keep an eye on our classifieds, autotrader, cars.com, ebay, etc.. and when you see something that looks interesting (be alert, as there are many scams... if it's too good to be true.....), find a local VCA member that is willing to give it a thorough inspection.
Also, keep in mind that if your anxiousness gets the best of you (and your wallet hasn't hit the mark yet), there are plenty of gen3 SRT-10 verts available with very low mileage, and obviously a significantly lower selling price (with all the uniqueness of a Viper... and with performance that will clearly outshine a C5... and even most C6 Corvettes).
I'm all for getting a good deal. Hopefully that will be the case but we'll see. Even though I'm still far away of getting my viper I do check all the sites you mentioned plus a few other almost daily. I've consider going with a gen 3 but my favorite color "venom red" was not available. My second favorite color didn't go to production until 2005 so they are very closely priced to gen4's so there is no point of getting it instead of the gen4 I would get a better transmission, bigger displacement and handful of extra horsepower. So unfortunately it doesn't really seem gen3s are an option.
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I've got an 08 Venom Red Convertible. Trust me. You will not regret waiting to get what you really want. Prices will likely come down in the next year as the new Gen V is introduced. Resist the temptation to settle.
Cincy
What a beautiful piece of art you got there. I get exited just from seeing that picture. I haven't feel that way about anything for a long long time. One day...hopefully sooner than later.
Those pangs of regret will hit big the first time you pull into a local car show and there are ten of your exact same Vette already there.
Part of the fun of having a Viper is the unique-ness. Doesn't exist with vettes. They are everywhere.
I know... That's not the main reason I want the viper. Although I have to agree the fact they are so uncommon give a certain degree of extra coolness. Their rarity sometimes will work against you though.
I'm like you in that I don't go into debt for items like cars, but if you can find cheap money out there, like a very low percentage loan that can be paid off early without penalty...then put what you have down and finance the rest.
I'd think about that possibility if I later decide I don't want to wait any longer or if an amazing deal presents before I save enough.
I assume your are either making pretty good money, or living for free. I would suggest financing the car, or buying a GTS
.
So you played the stock market and lost a bit. You now know what your money is worth correct? Would you tie up your money for 3-5 years at 3 1/2% interestest? My guess is NO. I understand you don't like making payments, owing money, or paying interest but it just make sense in your case. If you finance the car and pay it off in a year like your set to do you will only end up paying around 1-3K in interest and finance fees anyways???? Your willing to loose by putting into the stock market with is almost a sure bet most do lose.
Just buy the dang car!!!
Funny... Unfortunately not living for free. I really never thought I would loss so much money in the stock market but this was my first time playing wall street... Ohh well at least I learned a few things...
buy it now, you'll enjoy it enough you dont care about writing that check every month.
It's not about writing the checks I've no problems with that. It's about security and piece of mind really. But I might consider going that route depending on the circumstances.
tony the cool man has to be selling drugs! i could never save 36 k in 10 years let alone in 10 months$$$$
no not selling drugs at all... Just think if you can pay monthly to pay your debt plus interest you could be able to save the money as well. Saving is just not as easy for everyone.
bite the bullet and buy the Viper. If you can save so much money for a hobby, you can do the same thing with a car note, just pay it off in 9 months like you planned.
Right just there is the unknown future factor when you go that route. But who knows I might do it under certain circumstances.
Wow I really got tired of replying, I guess English not being my primary language makes it harder. Thanks to everyone for your points of view. Honestly I'm surprised there was not a single comment of favor of getting the corvette while I make enough money I didn't thought it was such a bad idea. I was also surprised so many people in here were amazed by my confidence in my ability to save money I mean people in here own vipers. I'm pretty sure many people in here make a lot more money than I do. But I really appreciate everyone for taking the time to tell me their opinions, as in any situation third party perspective does help make better decisions. I've decided to wait and continue saving. Hopefully it will all be worth at the end.
, which as of today will cost me anything between 57000 and 65000, and I'd like to pay cash for it, I don't like financing, owing money or paying interest. 
