An opportunity has presented itself.

I have a chance to purchase a 2004 silver Corvette (6-speed) with 32K miles on the speedometer. I have always liked these cars since since the change to the C5 body style.
Unfortunately, the dealership in AZ does not take any other trade other than, other Corvettes. This means I will have 2 car payments for at least a year. The mazda RX-8 (1 year left) and the Vette.

I qualified for the loan for the vehicle. Roughly $485 amonth for a 60 month purchase.

Do I move forward?

Background - It took me 6 months of searching (off and on) and I finally found one with the right miles and more importantly (6-speed). I view this as a chance to really go to the next level, but the wifey is a little concerned about 2 car payments.

Your feedback is appreciated!

 

Advice is make sure you can be ready for anything to hit the fan...**** tends to hit the fan pretty fast and go everywhere. The question is can you handle both payments and live normally till the 8 is payed off. Best of luck and either way you have a sweet car!

 

Getting the vette right now is a terrible financial idea. Wait another year and sell the 8 first. Low mileage Corvettes can't be that rare. Was silver part of your criteria? Because that seems to be a pretty common color for most cars, including corvettes.

Wait another year and throw the extra cash into a high interest CD fund. This will give you even more money to work with when looking for another vette instead of spending that money right now.

 

Never make a purchase based on emotions. This alone is telling me that you should wait.
Where's that dealer at?

 

I drove an '04 vette that my dealership could not sale. It was perfect, low miles, good price, just nobody wanted a Corvette at a Toyota dealership. It was going to go to auction and so I was able to buy it at cost. Killer deal and WAY below book. I drove it for a week and was over it. I actually did not like driving it more than my 8. The only thing I liked better was the power and it did get a few more stares than my 8 does. But that was not enough for me. I don't give a s#*t about how many stares I get and my ego is not stroked by driving something like that. I did keep thinking, "damn. I need to get this power into my 8." I let it go to auction.

 

We are in a recession now... anything can happen.

 

Vettes are a dime a dozen, and 32k miles really isn't even that low for a sports cars that's just a few years old.

At the very least, pay off your 8 before taking on another car payment... in a year from now, used vettes will be that much cheaper.

 

Well, I decided not to purchase the car.

I went by the dealership and took the Vette for another test drive. The Vette has some serious power!

Please understand, I was willing to cover the 2 car payments. I do not have kids and I have very little to no debt (besides the RX-8 car payment).
Truth be told, if something did come up unexpectedly, there would be NO room for error.

Holding off on this purchase, has just made me more eager to puchase a new car. I will continue to save $$$$.

The Vette is on my list, but I am also keeping my eye out for BMW 1 series and/or Infinite G37.
Will keep everyone posted!

 

Glad to hear the LS1 won over another driver.

Don't feel like the Corvette you're looking at is special, because it isn't. Don't get me wrong, they're amazing cars, but there are plenty more out there for you. It's too bad that you're going through a dealer since you will always pay more.

www.corvetteforum.com

Check out the C5 Corvettes for sale section and save yourself some money.

 

You are what some might call a compulsive buyer. Cars are a terrible investment. I can't imagine how much better I would feel if I was 1 year away from owning my 8. That's an extra $500 a month for me to throw into my IRA or into a CD fund.

 

eh, this decision is more micro economics not macro.

 

A compulsive buyer or a car enthusiast? When your love of cars exceeds your practicality (like me - not sure about the OP) you will want to take the opportunity to own/drive as many types as you desire in your lifetime. A car isn't an investment but every thing you buy doesn't have to be. When you buy a car you drive it, use it, enjoy it and that's that. I would feel much better if I was a year away from completely paying off my 8 because I know I could get something else, comfortably. Save for a while after the car's paid off, then get something? I have no patience. Good advice none the less if you can restrain yourself. I need work on that end. I can't even go up and test drive anything for this reason cause I'll be driving it home if I like it.