OK guys, need an intervention....

[psuro]

actually, more like a "carvention".....

I have a 2007 Corvette and a couple of Harleys. To be honest, don't really ride one of the bikes and am ready to sell it. I also have a Kia Optima I use as my daily driver. I also have another bike that I do ride and enjoy. So I am keeping that.

I really like the new 2017 Vette, but with spending money on work around the house, I am not in a position to purchase.

So, here is what I want to do, and need someone to talk some sense into me:

I want to sell one of the Harleys and the Vette, and use the money to lease a new Vette, possibly even a Z06. I don't own my own business, and so there is no tax advantage for me. I realize that leasing is only a short term, and in a couple years, I either have to give it back or buy it. The upside is that I will never break the mileage limits on the lease agreements.

Talk me out of this, so I don't do something stupid. There is no need for me to get a new car, other than I just want a new car. The current Vette and both bikes run well.

And don't talk to me about a Camaro, or Miata, or a Hemi - it's not going to work. If I am going to spend money on a new toy, it's going to be Vette.

So, - talk some sense into me so I don't do stupid things with my money.

MassimoManca - no comments about sports cars - not interested in hearing it.

 

[Zenophile]

actually, more like a "carvention".....

I have a 2007 Corvette and a couple of Harleys. To be honest, don't really ride one of the bikes and am ready to sell it. I also have a Kia Optima I use as my daily driver. I also have another bike that I do ride and enjoy. So I am keeping that.

I really like the new 2017 Vette, but with spending money on work around the house, I am not in a position to purchase.

So, here is what I want to do, and need someone to talk some sense into me:

I want to sell one of the Harleys and the Vette, and use the money to lease a new Vette, possibly even a Z06. I don't own my own business, and so there is no tax advantage for me. I realize that leasing is only a short term, and in a couple years, I either have to give it back or buy it. The upside is that I will never break the mileage limits on the lease agreements.

Talk me out of this, so I don't do something stupid. There is no need for me to get a new car, other than I just want a new car. The current Vette and both bikes run well.

And don't talk to me about a Camaro, or Miata, or a Hemi - it's not going to work. If I am going to spend money on a new toy, it's going to be Vette.

So, - talk some sense into me so I don't do stupid things with my money.

MassimoManca - no comments about sports cars - not interested in hearing it.

Do it.

 

[Woodpecker]

Buy a boat

 

[sluggo72]

FWIW it sounds like a plan to me. This situation is almost why they invented leasing. If possible though I would try to hold on as much of the cash you get from your sales and not put it on the lease, but each situation is different. If you love the car, you can either buy, walk away or get a newer model at lease end. The older I get, the more I realize you only go around once, you might as well enjoy what you enjoy while you can.

 

[BobPSU92]

Buy a boat

A bigger boat.

 

[psuro]

THESE. ARE. NOT. THE. RESPONSES. I. NEED. TO. HEAR.!!!!!!

 

[bxle]

Whatever you do, don't cut your boat cleaning budget.

 

[psuro]

Buy a boat

No.

 

[Statewise]

Might want to consider how this is going to affect your EZ Passes.

 

[androcles]

..."and four to go!"...

 

[Obliviax]

PSURO...rich people problems!

Here is my advice...

New cars are the worst investment in the world. But there is a better work around. If you graph the price of cars, in general, they bottom out at around 17-20 years of age and then start to appreciate. So, a 2000 or 2001 car is at the bottom rung. Here is a 2002 Aston Martin Vantage for $56,000 that has less than 13,000 miles. And here's the best part: buy it and drive it for ten years and you won't lose a penny. In fact, you'll probably make money.

 

[marisa45]

Do not by a boat.....trust me on that one.

If you really love the Vette, buy it, even if you're going through some mid-life crisis or something.

I always wanted a Porsche 911, so I leased one for the hell of it and it worked out just fine. Kept it in the garage in the winters and never drove it on a rainy day. Best $700 a month I ever spent.

 

[psuro]

PSURO...rich people problems!

Here is my advice...

New cars are the worst investment in the world. But there is a better work around. If you graph the price of cars, in general, they bottom out at around 17-20 years of age and then start to appreciate. So, a 2000 or 2001 car is at the bottom rung. Here is a 2002 Aston Martin Vantage for $56,000 that has less than 13,000 miles. And here's the best part: buy it and drive it for ten years and you won't lose a penny. In fact, you'll probably make money.

Well, that would help me with my James Bond fantasy life I live.

But....nooo.....I want you guys to talk me out of doing stupid things with my money.

Where the hell is Art, Lar, BJF and the rest of the "Council of Elders" of this board to provide guidance and direction when I need it most?

 

[Ten Thousan Marbles]

Sell it all off except for the driver and put the cash in a retirement fund. You will thank me much later, God willing.

I can officially join the Council of Elders, I guess. I retire at end of business tomorrow.

 

[psuro]

Sell it all off except for the driver and put the cash in a retirement fund. You will thank me much later.

Value.

 

[artsandletters]

actually, more like a "carvention".....

I have a 2007 Corvette and a couple of Harleys. To be honest, don't really ride one of the bikes and am ready to sell it. I also have a Kia Optima I use as my daily driver. I also have another bike that I do ride and enjoy. So I am keeping that.

I really like the new 2017 Vette, but with spending money on work around the house, I am not in a position to purchase.

So, here is what I want to do, and need someone to talk some sense into me:

I want to sell one of the Harleys and the Vette, and use the money to lease a new Vette, possibly even a Z06. I don't own my own business, and so there is no tax advantage for me. I realize that leasing is only a short term, and in a couple years, I either have to give it back or buy it. The upside is that I will never break the mileage limits on the lease agreements.

Talk me out of this, so I don't do something stupid. There is no need for me to get a new car, other than I just want a new car. The current Vette and both bikes run well.

And don't talk to me about a Camaro, or Miata, or a Hemi - it's not going to work. If I am going to spend money on a new toy, it's going to be Vette.

So, - talk some sense into me so I don't do stupid things with my money.

MassimoManca - no comments about sports cars - not interested in hearing it.

I saw the '17 Vette recently. I think it's hideous looking. Hope that helps.

At the end of the lease you are minus two Vettes, one bike and the lease money.

 

[lionroar88]

Ro - I would do it. My wife loves BMWs and we have a 5-Series that she bought for business use (when she is going to client sites, or driving clients around - very rare), does not drive it in the snow, and in the 3 years she's had it I think she has put 10,000 miles on it. She also bought it with the intent of driving it on long trips, we now use my Durango for those trips because it has more trunk space and rear-seat entertainment system for the kids. When she gets rid of it in a couple years I am going to suggest that she lease a 6-Series convertible because that is her dream... so why not?

If you have the money and the means, then why the hell not enjoy life the way you want to? Go for it!!!!!

 

[Art]

Well, that would help me with my James Bond fantasy life I live.

But....nooo.....I want you guys to talk me out of doing stupid things with my money.

Where the hell is Art, Lar, BJF and the rest of the "Council of Elders" of this board to provide guidance and direction when I need it most?

Ask yourself a simple question: can you afford it? The answer to that resolves your dilemma. Just remember that as you get older your toys become more expensive.

 

[CF LION]

I probably shouldn't respond because my perspective on life has changed a lot over the past year. I was always cautious by nature but am more apt to throw caution to the wind now. Been looking at used M5's, lake houses, etc.

Sorry, I know that didn't help.

 

[palehorse]

Look at Cadillac's new lease program. $1500.00/ month and you can change into a new vehicle/model every 3 weeks. It would almost be like having a whole fleet of vehicles at your disposal.

 

[Obliviax]

Well, that would help me with my James Bond fantasy life I live.

But....nooo.....I want you guys to talk me out of doing stupid things with my money.

Where the hell is Art, Lar, BJF and the rest of the "Council of Elders" of this board to provide guidance and direction when I need it most?

Ha! That's the point...its not a stupid thing because it won't cost you anything in the end. You spend the $56k, but you get it back when you sell the car. Unlike a new or leased 2017 vette, where the money is gone.

 

[Peetz Pool Boy]

actually, more like a "carvention".....

I have a 2007 Corvette and a couple of Harleys. To be honest, don't really ride one of the bikes and am ready to sell it. I also have a Kia Optima I use as my daily driver. I also have another bike that I do ride and enjoy. So I am keeping that.

I really like the new 2017 Vette, but with spending money on work around the house, I am not in a position to purchase.

So, here is what I want to do, and need someone to talk some sense into me:

I want to sell one of the Harleys and the Vette, and use the money to lease a new Vette, possibly even a Z06. I don't own my own business, and so there is no tax advantage for me. I realize that leasing is only a short term, and in a couple years, I either have to give it back or buy it. The upside is that I will never break the mileage limits on the lease agreements.

Talk me out of this, so I don't do something stupid. There is no need for me to get a new car, other than I just want a new car. The current Vette and both bikes run well.

And don't talk to me about a Camaro, or Miata, or a Hemi - it's not going to work. If I am going to spend money on a new toy, it's going to be Vette.

So, - talk some sense into me so I don't do stupid things with my money.

MassimoManca - no comments about sports cars - not interested in hearing it.

I would sell the extra Harley, but hold on to the C6 Vette. It is an absolute horrible time to be selling a Corvette right now (especially used) because the market is flooded with C6's and C7's. There are so many new C7's sitting on dealer lots that GM shut-down the Bowling Green plant for some time to help with the excess inventory problem.

Let's do the math. Assuming you bought the C6 for $50,000 and that you'd be lucky to sell it for $20,000 now, you will have realized $30,000 of depreciation over 10 years. Your average cost of ownership was $3,000 per year plus insurance, maintenance and fuel. Since you've already absorbed the majority of the depreciation "hit", each subsequent year of ownership is significantly less. Compare that with your annual cost of leasing....I'd be interested to see how the numbers compare.

I'm not fond of the C7's. The C8's, arriving later next year, are hotter than the girl in your sigpic.

http://www.caranddriver.com/photo-gallery/c8-in-2018-the-latest-on-the-mid-engine-chevrolet-corvette

 

[GregInPitt]

Ha! That's the point...its not a stupid thing because it won't cost you anything in the end. You spend the $56k, but you get it back when you sell the car. Unlike a new or leased 2017 vette, where the money is gone.

That's my position as well. Buy it. Or if you don't want to spend the price of a new 2017, wait a few months (while you drive the vette you have), get a good price for the bike, and plan out the PURCHASE of a demo or 1 year old 2017 vette later this summer.

 

[Obliviax]

That's my position as well. Buy it. Or if you don't want to spend the price of a new 2017, wait a few months (while you drive the vette you have), get a good price for the bike, and plan out the PURCHASE of a demo or 1 year old 2017 vette later this summer.

I bought a 1990 Mazda Miata in 2004 for $5,000. I sold it last year for $5,500. It is a fun little car that my daughter loved. I will be in the market for another car in a year or two. The Astin Martin, Jag, MB, Porche are all going to be considered. But I'll bet I make money on the transaction (or my heirs do) when it is all said and done.

Its like a house....invested properly, you will make money and get to enjoy it to boot. Its not a "buy", its an "invest".

 

[getmyjive11]

actually, more like a "carvention".....

I have a 2007 Corvette and a couple of Harleys. To be honest, don't really ride one of the bikes and am ready to sell it. I also have a Kia Optima I use as my daily driver. I also have another bike that I do ride and enjoy. So I am keeping that.

I really like the new 2017 Vette, but with spending money on work around the house, I am not in a position to purchase.

So, here is what I want to do, and need someone to talk some sense into me:

I want to sell one of the Harleys and the Vette, and use the money to lease a new Vette, possibly even a Z06. I don't own my own business, and so there is no tax advantage for me. I realize that leasing is only a short term, and in a couple years, I either have to give it back or buy it. The upside is that I will never break the mileage limits on the lease agreements.

Talk me out of this, so I don't do something stupid. There is no need for me to get a new car, other than I just want a new car. The current Vette and both bikes run well.

And don't talk to me about a Camaro, or Miata, or a Hemi - it's not going to work. If I am going to spend money on a new toy, it's going to be Vette.

So, - talk some sense into me so I don't do stupid things with my money.

MassimoManca - no comments about sports cars - not interested in hearing it.

It's your money, you should do with it whatever you want rational or not).

 

[psuro]

Ask yourself a simple question: can you afford it? The answer to that resolves your dilemma. Just remember that as you get older your toys become more expensive.

Balanced by the fact that the women I know get cheaper.

 

[ILLINOISLION]

Lease a boat!

 

[katchthis]

January/February is a great month to negotiate, buyers market, not a lot of credit worthy people wandering into FC Kerbeck et. al. to buy a Vette. It seems, You are financially in good shape. Free up money for home improvement, remember kitchens are the best bang for the buck. Put the least amount of money down. Only real downside is you kind of lost your sales tax credit when you trade in on a lease. Go for it.

 

[PSU Mike]

To the rescue. On the lease angle -- isn't it overpriced to you if you're not going to approach the mileage allowance? (I guess I should ask whether you'd sub some Vette miles for Optima miles?)

And if you did start driving it 10-12k a year, would you kick yourself if you decided to buy it later?

I grew up around drag racing at the old York US30 strip in the 70's. It's amazing I was able to shake the performance car bug - it has saved more money than anything.

How'd you like to buy my dad's original title '69 Chevelle (modified to the 450-500hp range) for a fraction of the cost? He's 73, and not likely to drive it again, and I'd need another garage slot to take it.

 

[Fayette_LION]

actually, more like a "carvention".....

I have a 2007 Corvette and a couple of Harleys. To be honest, don't really ride one of the bikes and am ready to sell it. I also have a Kia Optima I use as my daily driver. I also have another bike that I do ride and enjoy. So I am keeping that.

I really like the new 2017 Vette, but with spending money on work around the house, I am not in a position to purchase.

So, here is what I want to do, and need someone to talk some sense into me:

I want to sell one of the Harleys and the Vette, and use the money to lease a new Vette, possibly even a Z06. I don't own my own business, and so there is no tax advantage for me. I realize that leasing is only a short term, and in a couple years, I either have to give it back or buy it. The upside is that I will never break the mileage limits on the lease agreements.

Talk me out of this, so I don't do something stupid. There is no need for me to get a new car, other than I just want a new car. The current Vette and both bikes run well.

And don't talk to me about a Camaro, or Miata, or a Hemi - it's not going to work. If I am going to spend money on a new toy, it's going to be Vette.

So, - talk some sense into me so I don't do stupid things with my money.

MassimoManca - no comments about sports cars - not interested in hearing it.

I think you should buy a boat, there's plenty there to take up your time and dollars! : )

 

[roswelllion]

I saw the '17 Vette recently. I think it's hideous looking. Hope that helps.

At the end of the lease you are minus two Vettes, one bike and the lease money.

This. At the end of the lease you have to do it all over again. Unless the residual value is real high (might be with a Vette) consider 7 year financing. At least at the end you still own a Vette. I am not a car guy but worked in the industry with lot's of guys who were. The bug never leaves you. It isn't a mid lif crisis it is a whole life crisis. Enjoy!

 

[Obliviax]

To the rescue. On the lease angle -- isn't it overpriced to you if you're not going to approach the mileage allowance? (I guess I should ask whether you'd sub some Vette miles for Optima miles?)

And if you did start driving it 10-12k a year, would you kick yourself if you decided to buy it later?

I grew up around drag racing at the old York US30 strip in the 70's. It's amazing I was able to shake the performance car bug - it has saved more money than anything.

How'd you like to buy my dad's original title '69 Chevelle (modified to the 450-500hp range) for a fraction of the cost? He's 73, and not likely to drive it again, and I'd need another garage slot to take it.

That Chevelle, if mint condition, is worth ~ $30,000

 

[nitanee123]

To the rescue. On the lease angle -- isn't it overpriced to you if you're not going to approach the mileage allowance? (I guess I should ask whether you'd sub some Vette miles for Optima miles?)

And if you did start driving it 10-12k a year, would you kick yourself if you decided to buy it later?

I grew up around drag racing at the old York US30 strip in the 70's. It's amazing I was able to shake the performance car bug - it has saved more money than anything.

How'd you like to buy my dad's original title '69 Chevelle (modified to the 450-500hp range) for a fraction of the cost? He's 73, and not likely to drive it again, and I'd need another garage slot to take it.

What happened to all the Olds 442s? I went to a car show last year and there must have been a few hundred cars. Not one Olds.

 

[psuro]

To the rescue. On the lease angle -- isn't it overpriced to you if you're not going to approach the mileage allowance? (I guess I should ask whether you'd sub some Vette miles for Optima miles?)

And if you did start driving it 10-12k a year, would you kick yourself if you decided to buy it later?

I grew up around drag racing at the old York US30 strip in the 70's. It's amazing I was able to shake the performance car bug - it has saved more money than anything.

How'd you like to buy my dad's original title '69 Chevelle (modified to the 450-500hp range) for a fraction of the cost? He's 73, and not likely to drive it again, and I'd need another garage slot to take it.

The current Vette - drove an average of 3200 miles a year, based on odometer readings when I bought it and today. I really use it as a pleasure vehicle, although it has seen a couple of trips to State College.

Just looked at Conte's website, and he has a 2015 Slate grey convertible with a 7 speed stick shift. 14K miles. Nice looking ride. That actually might be a better deal for a purchase option.

 

[bjf1991]

actually, more like a "carvention".....

I have a 2007 Corvette and a couple of Harleys. To be honest, don't really ride one of the bikes and am ready to sell it. I also have a Kia Optima I use as my daily driver. I also have another bike that I do ride and enjoy. So I am keeping that.

I really like the new 2017 Vette, but with spending money on work around the house, I am not in a position to purchase.

So, here is what I want to do, and need someone to talk some sense into me:

I want to sell one of the Harleys and the Vette, and use the money to lease a new Vette, possibly even a Z06. I don't own my own business, and so there is no tax advantage for me. I realize that leasing is only a short term, and in a couple years, I either have to give it back or buy it. The upside is that I will never break the mileage limits on the lease agreements.

Talk me out of this, so I don't do something stupid. There is no need for me to get a new car, other than I just want a new car. The current Vette and both bikes run well.

And don't talk to me about a Camaro, or Miata, or a Hemi - it's not going to work. If I am going to spend money on a new toy, it's going to be Vette.

So, - talk some sense into me so I don't do stupid things with my money.

MassimoManca - no comments about sports cars - not interested in hearing it.

1 - You have no need for the 2017 Corvette
2 - If you do have some "mid-life crisis" void that needs to be filled w a "sports car".....you already have the 2007 Vette (not to mention, the Harley)
3 - From what you said, you are not "independently wealthy" enough that the purchase of the 2017 Vette could be considered a nominal expense



4 - Don't do it
All the other "considerations" are just noise

 

[Omar81]

Sell it all off except for the driver and put the cash in a retirement fund. You will thank me much later, God willing.

I can officially join the Council of Elders, I guess. I retire at end of business tomorrow.

I agree with Ten Thousand. I'm getting closer and closer to retirement, so I'm sure that affects my perspective. Also, I've never been much of a "car guy." I like new cars, but a few months after spending the money on a new car I realize (for the umpteenth time) that the new car gets me where I need to go, but so did the old one.
You are a car/motorcycle guy, so you come at it with a different perspective. However, if you keep one Harley and the older Corvette, you'll still have the fun vehicles to drive/ride, in addition to your daily ride. And you'll have the Harley money to either invest for retirement or to spend on other types of fun, whatever that may be (for me, it's travel experiences). Better yet, sell the older Corvette too, leaving you with a car that gets you where you need to go, a Harley for fun, and a bigger chunk of money for other things.

 

[NJPSU]

If you took the money you were going to spend on the Vette and invested it instead, how many months or years could you shave off your working career?

I don't know your financial situation but driving the Vette now means possibly working an extra year in your 50's or 60's.

Something to consider.

 

[psuro]

If you took the money you were going to spend on the Vette and invested it instead, how many months or years could you shave off your working career?

I don't know your financial situation but driving the Vette now means possibly working an extra year in your 50's or 60's.

Something to consider.

None. It did not affect my career timeframe.

 

[Cosmos]

THESE. ARE. NOT. THE. RESPONSES. I. NEED. TO. HEAR.!!!!!!

Dude as sluggo infers you only live once. Get off the crapper.

 

[anon_1eeb2b426hv3y]

actually, more like a "carvention".....

I have a 2007 Corvette and a couple of Harleys. To be honest, don't really ride one of the bikes and am ready to sell it. I also have a Kia Optima I use as my daily driver. I also have another bike that I do ride and enjoy. So I am keeping that.

I really like the new 2017 Vette, but with spending money on work around the house, I am not in a position to purchase.

So, here is what I want to do, and need someone to talk some sense into me:

I want to sell one of the Harleys and the Vette, and use the money to lease a new Vette, possibly even a Z06. I don't own my own business, and so there is no tax advantage for me. I realize that leasing is only a short term, and in a couple years, I either have to give it back or buy it. The upside is that I will never break the mileage limits on the lease agreements.

Talk me out of this, so I don't do something stupid. There is no need for me to get a new car, other than I just want a new car. The current Vette and both bikes run well.

And don't talk to me about a Camaro, or Miata, or a Hemi - it's not going to work. If I am going to spend money on a new toy, it's going to be Vette.

So, - talk some sense into me so I don't do stupid things with my money.

MassimoManca - no comments about sports cars - not interested in hearing it.

You own plenty of toys; sounds like some nice toys. If you want a new toy, buy one and have it be your toy. Don't give up a nice toy (or two) to throw money into borrowing someone else's toy, unless there's some damn good justification. I'm not reading that. And it sounds like you're not even going to get your money's worth in this bad deal, because you won't reach your mileage limits.

You seem like a reasonable enough guy. Now's a good time to make the smart move. I have a similar (yet very different) toy. Best part about it for me is IT'S MINE.