What income would you recommend for purchasing a used 06 Z06?

[mdj89]

What income would you recommend for purchasing a used 06 Z06? What is the average income?

 

[BLACKDOG]

mdj89 - the questions, as you have asked them, aren't too far short from being impossible to answer.
As to what I would recommend ... PAY CASH. No loan, no interest, no BS. BUT, only you know what your personal financial situation is.
I don't see how "average income" even figures into this.
What might though, is YOUR INCOME, YOUR living expenses AND PRE-EXISTING debt obligations, etc.
There are too many unknown variables to give you any beneficial advise. Basically, you've submitted a blank credit application.

 

[Victory Red C6]

If you are questioning it, you probably don't have enough.

 

[mdj89]

Its not that I cant afford it, I was just curious what is the average income to afforde it? Lets say I make 50k a year, and have no debt, would I be able to afford it?

 

[BLACKDOG]

Its not that I cant afford it, I was just curious what is the average income to afforde it? Lets say I make 50k a year, and have no debt, would I be able to afford it?

$50K/year with no debt could be workable. BUT - start pricing '06 Z06's,or whatever you decide you'd like to try to get into.
You'll probably find a lot of them to price out at eBay.
Also just Google used corvrettes for sale and browse.
Once you've determined a price range, then it's off to your bank or credit union and get yourself pre-approved for a loan.
Then, go shopping !

 

[Yoda]

mdj,

Other things you need to consider along with purchase price

• Registration and Lic (Texas isn't bad I think it would be around $55 a year after the intial taxes :eek )
• Insurance (need to check with the finance, if financed, what their requirements are)
• Oil Changes/tires/general maintenance expense's (you can look up tire prices for the size required and Mobil One Oil)

I'm sure there are other things but those are what come to mind for now

It's the total package and there is more expense than just buying one all add up, esp. if you go through tires each year or 6 months.

Bottom line is how bad you want it and what your are willing to do to get one.

Good Luck
Bud

 

[twiget]

When it comes to buying cars, I have a rule. Never spend more on a car than you make in a year. At the rate I'm getting pay raises, I'll never make it to 250k/year for that Ferrari. :ugh

Jason

 

[NORTY]

You can afford the car if you pay for it in cash and don't miss the money at all.

 

[BLACK MOON]

You can afford the car if you pay for it in cash and don't miss the money at all.

My thoughts as well but if financing figure $1,500/ month for car and expenses. W/O warranty add another $500 to the budget.

 

[JBsC5]

The rule of thumb is that 26 weeks of your salary should be used to purchase a car....

So if a preowned c6 z06 can be purchased for 45 grand...theorically (SP) you should make 90 grand a year ...or so the story goes...

Of course if you have a mortgage payment etc...then the rule of thumb is 31 or 33 percent of your monthly income should be for the mortgage, car payment and credit card payment..(if you have one)

I hope this helps..yet I would mention that if your questioning your ability to buy a c6 Z06 which is a 75 thousand dollar car new...you might be better served with either a 20 grand c5 Z06 or a 30 grand preowned C6...(depending on year)

the C6 coupe has to be one of the all time best deals out there in the preowned market right now..

the 06 C6 Z06 is best around 45 g's and the 06 C6 Coupe is 30 grand...or there abouts..

if you want to go somewhere between the 06 coupe at 30 and the C6 Z06 at 45 grand...then look for an 08 C6 436hp Coupe..at 34/35 grand? That was a 50 grand msrp and now its 34/35 g's a year later..

I just saw an automatic C6 yellow coupe with 11 k miles in mint condition for 32500 ...if you want the link let me know..Its a hell of a deal if you want an automatic with 6 speed manual..(the owner has a Z06 and his wife had the yellow C6 automatic for a short period of time before she wanted out.. its a hell of a deal and if I needed or wanted an automatic it would be hard to pass up on..

 

[Gersh]

Don't do it?

Some good advice already given. I agree with Norty--pay cash that you can do without. If this will not work for you, here's a suggestion--look at a used 2002 Z06. Great car! I still miss my '02. Basically the C5 Z06 is as much fun as a C6 because it is geared lower than the C6 (and also lower than the C5 and C6 Coupe). It is not as fast as the C6 Z, but most of the time you won't notice it. Try one...
Gersh

 

[Gersh]

If you are questioning it, you probably don't have enough.
__________________
A male gynecologist is like an auto mechanic who has never owned a car. ~ Carrie P. Snow.

Actually a male gynecologist is generally more like an auto mechanic working on old, broken Fords, when he'd rather be driving a 'Vette!

 

[Red Vette]

I knew a guy back in 1966 that bought a C2 vert on credit and parked it in his garage for over two years because he could not afford the insurance and had no extra money for gas. Just sat in it and backed it out of the garage when he felt it needed starting. So if you can't drive it without enough money to live on or to meet other needs, you can't afford it. I agree with the previous advice given. I was wondering why you ask this question?
Barrett