Since I've joined this board, I've seen alot of guys sellin off their cars in order to cut costs and become more responsible... Just recently, I've decided to do the same and as some of you know, I've been putting bits and pieces from my car up for sale in order to bring her back to stock and sell. I've located a 2003 Z06 blk/blk with 1,500 miles for $39k that I'm pretty sure I'm going to move on. My payments will but cut down to nothing with the move. Just wondering if I'm makin the right move? I absolutely love the lines of the C5 vettes, especially in black. I guess for me, it's time to grow up and start putting my money away into things that will earn me more money, rather than continually put it into things where I won't see it again... Last year was waaayyyy too many vacations, waaayyy too many parties, a little too much in the car, and not enough into investments and such. Sorry for the long post, but I figure you guys are a pretty sensible group of guys otherwise you wouldn't be where you are right now... Think I'm makin the right move?

Thanks

Ed

 

just curious why dont you cut down on the parties and the vacations instead?

that what i did ..

for me a corvette cant compare to a porsche, the power is awe inspiring in the vette, but the porsche is way ahead in the fit, the finish, the handling and the panache...

 

Ed,
I am personally not a huge fan of vette's so this will be my somewhat biased opinion. Your 996 is absolutely tight. It is an eye catching, well put together (by you, when you optioined it out) car, that in my opinion is twice the car as a C5. I can completely understand the "becoming more respoinsible part" but unless you are in hard financial trouble you should keep it. My industry has also taken large hits in the past 8-10 months but as you know, it will always come back up. I really think you will miss your 996 and regret selling it when things are back to normal.
Good luck with whatever you decide to do.
My.2c
Regards,
Luis

 

[QUOTE]Originally posted by 02barebones996
[B]jusrt curious why dont you cut down on the parties and teh vacations instead?

Yes, less cross country rallies, more nights at home watching The Apprentice.

 

Hey Ed,
Don't tell me you're 'Growing Up'?!

 

will u be happy in the Vette forum?

 

Putting aside the whole Porsche vs. Vette question, I think you have to ask yourself what is your car really worth against what the Vette will cost you. Let's say your car is worth $59k, is the difference in the payments between the two cars (less than $400/month over 5 years) really going to make that much of a difference. As the others have said, maybe you should vacation and party less. If you did, you could probably save enough to keep the Porsche.

On the other hand, I think there are a lot of guys on these forums that for whatever reasons are in way over their heads in payments. My personal philosophy is if owning the car does not force you to live your life differently (for example - you can still afford to take vacations or party), then you're fine. If not, by all means sell the car.

 

Recently heard of a guy in the Bimmer forums getting the same Vett..... You'll beat yourself later.... I vote on X-ing out the parties for now.....

-Eli

 

Let me ask you, if you had the title in your hands would you still sell it?
Thats why I paid for my '99, I didn't want anymore payments.

 

Hey Ed,

I did the same 3 years ago, sold the '96 993 C2 and flipped the equity into a down payment on a second home. I didn't miss the Porsche until the following Spring, then I missed it badly and waited another year to move into the 996 C2 Cab. The second home has since appreciated by approx $100k.

It appears that you would potentially trade one depreciating asset for another based on improving your monthly payments. It's your choice but not one I would make. I would also ask yourself what the vette will be worth in 3 years or so.

I would also remind you that you're living in one of the hottest real estate markets in the US.

Good luck, keep us posted. Dave.

 

Getting more funds into real estate isn't a bad idea. If you temporarily recoup funds from toys and partying, put it into real estate that appreciates, re-fi after a value increase and roll enough overage into the loan to include another car--you can amortize the interest and purchase cost of the car over 30yrs, sell it in just a few years and overall have taken less of a hit on the car and have equity in an appreciating property to show for it. Sounds like a smart idea to me, but really, the temporary car replacement doesn't even need to be a Z06. You could get a late 90s Boxster, have plenty of fun and spend 1/2 the price of the Z06 if you shop it well. What is it, 6 grand for a Boxster crate motor, worst case scenario? Get it inspected well, and maybe even get an ext warranty. Low risk, lower cost, still have Porsche fun. My $.01 (I'm saving the other $.01 for upgrades).

(Btw, I owned a mod'd C5, so I'm not down on Vettes, it's just that if you're really serious about the real estate investment, I'd keep your car budget even lower--and, if that's the case, you're in Boxster territory. A good fun car especially for the summer. Not a drag race car, but damn good for everything else.)

 

dude jsut buy another property with no down... putting 50k in a property is not gonna help u in the monthly payments.. keep the car.. and dotn party as much... lol...

but if the monthly payment for the car is lclose to 30-50% of your income,. then i would sellit.. then get in over your head...

 

A house appreciates (generally ...)
A Porsche depreciates
A Vette depreciates like a brick, all the way to the bottom.

If I were to get a Vette, I'd get one that already took the biggest hit, because it's gonna end up on sale for 5k at some point...

edit - forgot to mention I do believe it is the right thing to do. This being said (and I am nowhere near being informed sufficiently about this), RE prices seem to be going up and up and up ... no one here scared they would drop? If it is indeed cyclic, I'd drive the Porsche, party like an animal and travel until RE prices have dropped. Then, sell the Porsche.

 

Thanks for the comment guys! and yes, Dave, I am kinda growin up

I went the Boxster route a few years back and had a 2.7. Great car, but it just didn't quite "do" it for me.

As far as the C5 z06 goes, it was a tough decision for me when I was buying the 996 as to whether I really wanted the 996 or the Z06. Obviously I went with the 996. I put a pretty good amount of money down on the 996, so when I get rid of it for the Z, my payments will be substantially lower for me, and I think that the extra money can go into other directions for me. I'm still fairly young (29) and I've definately had my fun the past few years. i just figure that the next couple of years I'll do what I should have done a few years ago. No worries, I've owned Porsches before, and I'll own Porsches again... depending on how the 997 TT looks

 

You should really change your signature after this thread