I think I'm going to buy a Corvette

[yottabit]

I've been struggling to find a car I'm really happy with and torn between having a daily driver and a separate project car or buying a fun car to commute on.

I don't mind driving used crappy cars as commuters and I already have one that I can continue to drive. I recently bought a newer Mazda 3 (not speed) and have been kind of disappointed in it. I've been looking at selling it and getting something like a WRX or BRZ (along with the Mustang, Genesis)

I came really close to buying a G35, and all kinds of other crap

All in all I just don't think any car I can afford new is going to meet all my criteria for fun. Anything in the $25-30k range is disappointing to me in some way

Plus, the way vehicles depreciate so much in the first few years, financially it makes sense for me to rack up miles on a beater car and have a high value car that I don't really drive as much.

And I've always dreamed of owning a Corvette.

I've always been telling myself that once used C6 Vette prices dropped into the 20k range I would go after one, and today driving by a dealership I saw a Maroon C6 Vette for 21k. Now granted it was an automatic with 100k miles on it it still really shocked me to see it at that price point. It was religiously maintained and had Z06 wheels. And talking to the sales manager I learned a lot.

I'm not afraid of high mileage cars, and I know the LS2 motors are fricken reliable. And from talking to him lower mileage C6 like something with 60-70k miles in a 6MT version go for around $25/26k currently

I guess I never realized they are already this affordable! I would never buy a BRZ knowing that I can get twice the horsepower and better handling for the same price in the used market through the Corvette. And the removable/clear roof practically gives me a boner.

So my plan is to sell the Mazda 3, drive my Saturn into the ground, and put a hefty down payment on a C6 Vette next year or so. Does anyone see a good reason to talk to me out of it?

The 'Vette is a car I can see myself owning for the rest of my life and driving on Weekends/Special occasions etc. I think I could get a lot of longevity out of it. And knowing that if I need some extra power heads/cam and a tune will get me more than I'd ever want is reassuring.

Living in New England it would have to be restricted to solely summers, but that really goes for any nice car, and this kind of forces me into having a beater car anyways.

The only thing I'm scared of is I'm 23 and I have no idea what the insurance payments will look like. I may need to wait until I'm 25 just because of that. I'd only really be looking for basic liability + comprehensive though. I suppose I'll call my insurance and get a quote.

Financially I understand it's a pretty silly decision at this stage of my life, but I make pretty decent money and there's a huge void in my life for my passion for cars. The girlfriend is OK with the idea and I already have some pretty good long term investments going on. What do you think???

EDIT: An additional factor is that there are so many grandpa's that buy these cars, it's really not hard to find one you know hasn't been beaten on. Much harder to say that for any more attainable sports car

 

[AdamK47]

100K is a lot of miles for a C6. Most are low mileage. My 07 has 5800 miles on it after a little over 5 years. I think it's finally broken in.

 

[yottabit]

100K is a lot of miles for a C6. Most are low mileage. My 07 has 5800 miles on it after a little over 5 years. I think it's finally broken in.

yeah, I definitely wouldn't buy that one (plus I need a manual!)

But what the dealer mentioned about being able to get one with 60k-70k miles in 6MT for $25k was more what I was thinking

 

[kevman]

If you are going for a c6 , opt for the 08+ with the LS3.

I have an 08 myself and I was close to getting a g37 coupe at the time I bought it. no complaints whatsoever.

 

[RockinZ28]

Why not go private? I've seen C6 vettes for $24-26k with under 30k miles. They have the 5 year transferable warranty too right? Know the z06's do.

 

[Doppel]

The main drawback of your plan is that you're spending $25k + higher insurance + higher repairs per mile on a completely impractical toy. That is all the corvette is, a toy, if you have to have another car as a DD (and you do, particularly in your case).

Only you can answer whether $25k on a toy is ok for you or not.

Is owning a Corvette REALLY your dream car? If so, you should know that chances are that it will be harder to get one in the future than now. Once you have a wife and kids this will be an all but impossible dream that you will never realize. Case in point look at all the family men you know and what they are driving. In many cases cars slower/more boring than when they were younger and "poorer". Two factors: 1) No spare money, 2) They simply don't care anymore; believe it or not but most guys who are driving these boring cars are ok with it as they have moved onto other things of interest (e.g. kids).

This is all anecdotal in my head but for the most part it seems like performance cars are owned by old bastards and young guys who are stretching their budgets. Guys in their 30's and into 40's have no money left anymore thanks to the kids.

If you blow $25k on a corvette and two years later it becomes an absurd expense you could still sell it for $20k, it's hardly the end of the world, and you will have owned a car faster than most have ever been in .

 

[Zivic]

Is owning a Corvette REALLY your dream car? .

^^^ this right there...

if it comes down to owning someone elses used and abused 60-80k+ miles vette or a brand new BRZ, or some other new comparable car, I definitely wouldn't go for the vette.

If I were to get a vette, it would be at least a C6 Z06, very low miles, and would have to find the right deal on it. Vettes are kind of like mustangs. You can have the most bad@ss one, say the very C6 Z06, and you are still grouped in the the crapper, base model with auto trans that billy red-neck drives

 

[thedarkwolf]

Look at how much tires cost . Planning to do anything with the car other than drive it around on weekends autox/track days? Do you own a house yet?

 

[nerp]

I wouldn't touch a high mileage vette like that. For the same money you can get a nicely restored classic of some kind. Not a Cobra, but something cool.

 

[yottabit]

Only you can answer whether $25k on a toy is ok for you or not.

Is owning a Corvette REALLY your dream car? If so, you should know that chances are that it will be harder to get one in the future than now. Once you have a wife and kids this will be an all but impossible dream that you will never realize. Case in point look at all the family men you know and what they are driving. In many cases cars slower/more boring than when they were younger and "poorer". Two factors: 1) No spare money, 2) They simply don't care anymore; believe it or not but most guys who are driving these boring cars are ok with it as they have moved onto other things of interest (e.g. kids).

You point out a lot of my reasons for thinking this, and particularly that it's not really a bad investment if I do need to get rid of it later. The way these cars retain there values is crazy and I don't plan on putting a ton of miles on it.

About going private party, for some reason in my area private party is always listed much higher. Like I've never seen a Corvette below $30k on craigslist. I checked Autotrader though and did find some really good deals a few hundred miles away (A 2006 Vette with 14k miles for $25k!)

I don't see how 60-70k is beaten on and worn out if it was driven by a Grandpa on Sundays. What exactly do you think is going to go wrong on the car after 60k miles?

Maybe it's because I'm not a typical consumer, but I love buying higher mileage cars that have been taken care of. They are cheap and still have plenty of life left in them. If you know what you are doing it is easy to make sure you don't get a money pit.

Buying a Z06 would cost an arm and a leg an the LS3 is only a marginal benefit to me. I'm fine with a base model and if it has some miles on it.

I respect people's opinions about the financial risk but if you can point out some things I should be worried about about high mileage vettes that would be more helpful. Just because you don't often see them with high mileage doesn't mean it's a bad buy. I mean it's got a pushrod V8, 6 speed manual, and simple suspensions components (I won't buy one with magnetic suspension) so what's really going to go wrong with it?

I'd be much more worried buying a used GTR or something with miles on it with all the technology that's crammed in it

A set of stock run flats for a Vette is about $3600 I believe, which is ridiculous because i'd never buy run flats again. On Discount Tire direct they have have great tires for < $1k

$25k for a toy does sound ridiculous, but I've blown a ton of money over the past years on things that haven't been worth it or haven't lasted. Now I'm really hunkering down and curbing my expenses to save and I wouldn't feel bad about having something nice to show for it.

 

[yottabit]

Maybe another thing I should mention is I plan on gradually building this car and turning it into a monster someday. So as long as it doesn't have any messed up chassis or suspension damage for an accident, flood damage or rust and it drives OK I'll be fine. Some day I expect to have replaced just about every component on it. Visions of a 1000+ hp turbo build in my head. But that's the whole idea, I wouldn't need to rush it, I can enjoy the stock Vette for as long as I want

 

[yottabit]

I wouldn't touch a high mileage vette like that. For the same money you can get a nicely restored classic of some kind. Not a Cobra, but something cool.

Believe me I thought about it,

but then I would have a toy that:

Handles terribly in comparison
Likely has terrible power in comparison
Is way less safe
Much harder (and more expensive) to get parts for

The beautiful thing about the Corvette is that while there's a handful of really expensive parts a lot of them really aren't
that bad

Can anyone deny that there's nothing more performance potent you can buy even used for $20-$25k than a Corvette?

 

[yottabit]

Is owning a Corvette REALLY your dream car?

I've realized that every single sporty car I've ever considered buying has been a compromise because I couldn't afford a Corvette. a C6 Z06 is probably my true dream car, but a plain jane C6 is a fine stepping stone

If so, you should know that chances are that it will be harder to get one in the future than now.

This is another reason I want to make the purchase soon. I don't think this high HP stuff can last too long. Once a wimpy generation of Corvettes come out, I know the prices on C6s are going to skyrocket. Plus, it will be harder to find C6s with low mileage and I'm pretty confident they are going to be my favorite body style (we'll see if I eat my tongue when the C7 comes out but if it's really supposed to be completely different I'm good)

 

[Zivic]

I've realized that every single sporty car I've ever considered buying has been a compromise because I couldn't afford a Corvette. a C6 Z06 is probably my true dream car, but a plain jane C6 is a fine stepping stone



This is another reason I want to make the purchase soon. I don't think this high HP stuff can last too long. Once a wimpy generation of Corvettes come out, I know the prices on C6s are going to skyrocket. Plus, it will be harder to find C6s with low mileage and I'm pretty confident they are going to be my favorite body style (we'll see if I eat my tongue when the C7 comes out but if it's really supposed to be completely different I'm good)

you are 23, insurance will absolutely own you... I bet you will be looking at 300-500/month depending on specifics of what you buy and your driving...

high horsepower isn't going anywhere. if anything, we will be seeing bigger numbers, just attained in a less "traditional" way. You won't be seeing 7+ litre displacement, rather smaller displacement making better power. I don't see the recent year vettes sky rocketing in price. they are good bang for buck, but you raise the price and you lose that value performance. At that point, you start looking at other cars. I think the ZR1 is a good example. look at how more "attainable" that car has become since its release.

as far as abused at 60k+... not so much the motor, the LS motors should be pretty stout, but my experience with GM cars is that they are good for a couple years. after that, they are severe rattle boxes. and no grandpa that owned a vette is going to rack up 60k+ miles driving it on weekends, unless the owned the damn thing for 10-15 yrs.

if you are going to throw 25k at a "toy" look at a 818 factory five... If it were me, I'd track down an NSX.

IMHO you are really just chasing the boy's dream of owning a vette/big V8 power. I guess you don't realize, that at 23, you are about 1/2 to the actual point in your life you should be craving a vette.

 

[yottabit]

IMHO you are really just chasing the boy's dream of owning a vette/big V8 power. I guess you don't realize, that at 23, you are about 1/2 to the actual point in your life you should be craving a vette.

Well, I've never had a ticket or anything. On my Mazda 3 I pay $60 a month, on my Saturn I pay $30 a month. If I need to I'll wait until I'm 25 to get that insurance break as mentioned

Just because people drive Corvettes in their mid life crisis doesn't mean I can't enjoy one when I'm younger I don't want a true project car right now. Just something I can drive that has great handling and fun and reasonable maintenance costs. I don't care about rattles or the poor interior otherwise I wouldn't be looking at a Corvette.

Even before this I was toying around with the idea of buying a C5 Vette even though the C6 was my favorite, and now seeing they are in my price range I think I'll go for it.

Here's an interesting thread on LS1Tech thats an OP in a similar situation (but looking for a C5) and here's a post that pretty much sums up how I feel:

------------------------------------
#1
Getting a higher mileage Z06 is most likely getting a car with more potential issues. The owners of most Z06 cars use them for what they are intended, whereas you can get a babied regular C5 with auto that may be close to MINT and trouble free.

#2
Mileage doesn't matter if the car was taken care of. My C5 has 90k on it. I have owned it since 70k and the car was babied by myself and the previous onwer. More than likely a lower mile C5 will be taken care of as well just don't overlook the clean cars that have some miles on them that were driven like they were supposed to be. It will save you a few grand also
-------------------------------------

Really there's nothing that can replace it for me, I love the whole look and feel and the way they drive and the targa tops and the translucent roof, the pushbutton doors etc. I was just looking to see if there is a sound reason NOT to do it, and so far the only things I have seen are:

Insurance premiums (possibly)
Don't buy a beat on C6 (no kidding)
You're too young to own a corvette (QQ old people I have money too!)

 

[Gillbot]

100K is a lot of miles for a C6. Most are low mileage. My 07 has 5800 miles on it after a little over 5 years. I think it's finally broken in.

I don't fear higher mileage cars. Typically you can get replacement engines for really reasonable prices. So as long at the shell is mechanically sound, I wouldn't fear it. I would, however, look for better deals in the private sector first.

 

[jlee]

you are 23, insurance will absolutely own you... I bet you will be looking at 300-500/month depending on specifics of what you buy and your driving...

high horsepower isn't going anywhere. if anything, we will be seeing bigger numbers, just attained in a less "traditional" way. You won't be seeing 7+ litre displacement, rather smaller displacement making better power. I don't see the recent year vettes sky rocketing in price. they are good bang for buck, but you raise the price and you lose that value performance. At that point, you start looking at other cars. I think the ZR1 is a good example. look at how more "attainable" that car has become since its release.

as far as abused at 60k+... not so much the motor, the LS motors should be pretty stout, but my experience with GM cars is that they are good for a couple years. after that, they are severe rattle boxes. and no grandpa that owned a vette is going to rack up 60k+ miles driving it on weekends, unless the owned the damn thing for 10-15 yrs.

if you are going to throw 25k at a "toy" look at a 818 factory five... If it were me, I'd track down an NSX.

IMHO you are really just chasing the boy's dream of owning a vette/big V8 power. I guess you don't realize, that at 23, you are about 1/2 to the actual point in your life you should be craving a vette.

Who cares what he "should" want? I bought a CTS-V at 27...the average owner is what, 50-something? IDGAF what everybody else says I should or shouldn't want.

FWIW, insurance for an 08 Corvette coupe would cost me ~$73/mo on top of my current cars at 28/clean record. $500 comp, $1k collision, 50/100/50.

 

[leper84]

Don't get a c5..

You mentioned a Mustang in your OP, have you considered a slightly used 5.0 or did one of those not match up to what you're looking for?

 

[Zivic]

-------------------------------------

Really there's nothing that can replace it for me, I love the whole look and feel and the way they drive and the targa tops and the translucent roof, the pushbutton doors etc. I was just looking to see if there is a sound reason NOT to do it, and so far the only things I have seen are:

Insurance premiums (possibly)
Don't buy a beat on C6 (no kidding)
You're too young to own a corvette (QQ old people I have money too!)

Speaking from experience. I had a two door stratus I was paying 280/month on with a clean record at 24 yrs old. I can only imagine what a vette will run


You keep talking an auto.... it would be pretty disappointing to buy an auto. Dare I say it would lame?

So being able to buy a 25k car means you have money? The older guys are buying the 60k dollar vettes. I think a better perspective would be, do you have your own garage to put it in?

I don't think a corvette is a bad car, but if all you can afford is some higher mileage auto example, I say no way. Look at another car imho

 

[yottabit]

I just quote it out with Geico, to add the same coverage I have on my Mazda 3 (Liability & Comprehensive) on a 2005 Vette would raise my YEARLY premium by $264. I think I can deal with that. I have no clue why it's so low (my insurance has always been really low compared to my friends- maybe the perfect driving record?) Probably the key thing is I don't pay for collision, that's my own personal decision. If I crash my car into a light pole then I'm willing to accept that that's my fault.

I don't mean to keep bringing up the Auto vettes, to be clear I'm looking at a 6MT Vette with maybe 50-70k miles from a dealer, or potentially much lower miles (20-30k) private party if I can put all the cash up front

I kind of get where everyone is coming from now since the original example was for a 100k Auto, I shouldn't have been misleading. That just shocked me with it's low price (21k) to realize that decent mileage 6MT cars are actually affordable now ($25k)

I didn't mean to be bragging, it just kind of frustrates me because the mentality here is shared by a lot of my friends/family, I'm sure if I was talking about dropping $25k on a used STi everyone would be like "ZOMG MAKE SURE YOU GET ONE WITH A BIG TURBO!" but for some reason because it's a Corvette everyone thinks I'm too young.

To be honest it would be much more than just a "toy car" to me, it would be something I'd love to maintain and take care of and treat like a true classic

I don't have a garage yet, which is a major reason I don't have a project car right now. In a year or two I will be somewhere there is a garage, and that's when I plan on buying a second car.

 

[yottabit]

100K is a lot of miles for a C6. Most are low mileage. My 07 has 5800 miles on it after a little over 5 years. I think it's finally broken in.

You own a C6 Vette AND a GTO?? I'm jealous

 

[jlee]

Speaking from experience. I had a two door stratus I was paying 280/month on with a clean record at 24 yrs old. I can only imagine what a vette will run

Wow.

I paid $567 for a 6mo policy on 10/23/08. I was 24 with my '91 MR2 Turbo and an '05 Tundra. I don't remember what coverage I had on the MR2, but the Tundra was financed so it was full coverage.

 

[tfinch2]

Speaking from experience. I had a two door stratus I was paying 280/month on with a clean record at 24 yrs old. I can only imagine what a vette will run

WTF I paid a little more than that much every 6 months driving a 350z when I was 23.

 

[Zivic]

WTF I paid a little more than that much every 6 months driving a 350z when I was 23.

Tell me about it... only paid it for 8 months.... then I turned twenty five, bought a 350z and paid half that to insure both cars

 

[ponyo]

Buy what YOU want. If you want C6 Corvette, than get it. Don't let others tell you what cars they want and would buy. Tell them to buy their own car.

C6 is awesome car.