Buying a Corvette? (car insurance, vehicle, 2009, coupe)
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Please share your thoughts on the pros and cons of new vs. used vette purchase. Assume spending 50k or less.
Purpose: Fun. Won't be driving it a ton though so expect low annual mileage accrual and ownership for 10 years.
Also,
1. What does part-time insurance generally cost?
2. Depreciation, maintenance, other tips appreciated.
3. Deals? Cash vs. loan and are the running any specials
I'm sure I am missing something so throw your pennies in please.
Big topic! Offhand I can't see any reason to buy new, unless you are determined to have a specific color combination - most of the recent models had only 2 choices for engine, 2 choices for trans (Manual or Auto). You can find well-cared-for examples of any vintage.
Consider buying something that's just starting to appreciate, for less than 50K you have only a few cars not available in your budget.
You may not be considering older ones, but it's easier to get collector car insurance on them, something like Hagerty, they are looking for cars that are in excellent condition, are stored in a locked garage, and don't do daily drives to/from work. Something like a 69 to 72 car should appreciate if you take care of it, maintenance is about like the same year's vintage pickup trucks - an annual oil change and occasional tuneup is all that's needed. The older cars have essentially the same small or large block Chevy V-8 that came in all the other cars of that vintage. The small block in particular is just great, if you don't severely abuse it, they last forever, almost. And are not particularly hard or expensive to rebuild.
If you want something newer the C4 cars are great bargains. I personally like their looks better than the current C5 model, but I guess that's just me.
I personally would have one with a proper 6-speed, you'll pay more for the manual but will recover the $ on resale.
Actually the new 'vettes are IIRC selling pretty well, so GM is not inclined to discount them.
Like any other car, it costs less to buy it cash than any other way.
The more recent FI cars can be surprisingly economical to drive if you refrain from driving it like you stole it. The engine just loafs along even at 80-90 MPH, thus the high reliability and surprisingly good MPG.
Keith Martin has a good book out on "Collecting Corvettes" and now has Corvette Market Magazine, I read Sports Car Market every month.
Full disclosure - I have never owned a 'vette - but have a lot of friends that have, and read about them, if the right 'vette came along at the right price I might just have to get it.
A Corvette is more than just a vehicle purchase for many people, it's a lifestyle you're buying into. Tons of Corvette clubs and associations that you can join and do sunday drives with others who understand your passion about 'Vettes. I've wanted to buy a Corvette for many years but unfortunately other items take priority over a sports car and if I did ever buy a 'Vette, I'd buy new just because I truly want this vehicle to be "mine".
For $50K or less you can pretty much get anything except a newer Z06. A nice, low-mileage '05-'07 Corvette could easily be had for $35K-$40K unless you prefer the C5 body style which can be bought for around $25K-$30K with low miles and less than 5 years old. All depends what you like and the size of your wallet.
Check out digital corvettes . com. There's a ton of info. There's a brand new one on ebay now for $40,800.
A new car is never a good move because of depreciation. I'll personally take the hit, because atleast I'll know how the car is treated. If you plan to keep it for a LONG time, and have the money for a new one, who cares if it depreciates. Give yourself the treat, because life is too short.
Please share your thoughts on the pros and cons of new vs. used vette purchase. Assume spending 50k or less.
Purpose: Fun. Won't be driving it a ton though so expect low annual mileage accrual and ownership for 10 years.
GO FOR IT, Mathguy!
My recommendation would be to join one of the many Corvette Forums for more informed opinions. I know I have learned a great deal about my SSR since joining the SSR Forum and the special advice has been extremely valuable.
I've seen new C6s go for $45k new, so as long as you're okay with a non-new Z06 you have lots of choice. You said fun, but that's a wide category. Will this just be cruising? Day trips? Road trips? Autocross or track time? I'd look at C5s and newer for anything more than cruising as I think they are better cars and you get more for your money - the C6 is a great car and value.
The new Vettes with the LS3 engine and other revisions are terrific. I would not be interested in a C4, only a few C5s, but I really like the C6. Insurance is actually lower than on other performance cars and maintenance and depreciation costs better than average.
Why would you want a Corvette? Those things are a danger to everyone around them, they encourage bad driving, and they'll flip over at the sight of a kitten....
If you want to buy a new corvette make sure to buy at the end of any month (the dealers are trying to get up their numbers, better deals) and buy near the end of the year Sept.- Oct., because this is when the dealers and GM are trying to get push out all of the 2008's and bring in all of the 2009's.
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