[Milliwatt Rob]

We have had a fairly popular topic dealing with the advisability of buying a Stingray, or any expensive automobile, at a young age. And we had one about whether somebody was too old to buy a Stingray. Well, here is a different issue:

I am 67 years old, recently retired, expecting a small inheritance that may take some time to be realized (it involves selling a farm), and still have a reasonable part time income, so I am not yet drawing from my retirement accounts. I am waiting until age 70 to begin drawing Social Security. No dependents, live in a nice house in a fantastic location with a small mortgage that will soon be paid off. I have a small percentage interest in a business that may be sold in a few years. In other words, on paper, and in my head, I can afford a $75K car for cash at this point in my life, with no change to my life style. Indeed, I feel stock market rich. If I wanted to, I could place an order today.

But what nags at me is, the economy could collapse, people in my family tend to be long lived, and outliving my retirement savings would not be good. Its the only thing that makes me feel "guilty". Anybody else dealt with these issues? The other thought is, buy the car and use the money, before the next market collapse takes it all away.

 

[Curahee]

If you're going to lose sleep over it, don't do it; or, at least, take some time making your decision. But, take it from me--the C-7 sure is a heck of a lot of fun.

We have had a fairly popular topic dealing with the advisability of buying a Stingray, or any expensive automobile, at a young age. And we had one about whether somebody was too old to buy a Stingray. Well, here is a different issue:

I am 67 years old, recently retired, expecting a small inheritance that may take some time to be realized (it involves selling a farm), and still have a reasonable part time income, so I am not yet drawing from my retirement accounts. I am waiting until age 70 to begin drawing Social Security. No dependents, live in a nice house in a fantastic location with a small mortgage that will soon be paid off. I have a small percentage interest in a business that may be sold in a few years. In other words, on paper, and in my head, I can afford a $75K car for cash at this point in my life, with no change to my life style. Indeed, I feel stock market rich. If I wanted to, I could place an order today.

But what nags at me is, the economy could collapse, people in my family tend to be long lived, and outliving my retirement savings would not be good. Its the only thing that makes me feel "guilty". Anybody else dealt with these issues? The other thought is, buy the car and use the money, before the next market collapse takes it all away.

 

[regguy1]

Look on the bright side, when your time comes you could be buried in the Corvette and drive it for eternity......

This guy did his thing: Ohio man buried riding his 1967 Harley-Davidson motorcycle in extra-large grave  - NY Daily News

 

[CBRGRY14]

Buy the car. Worst case, you drive it 5 years and then decide you need the money. Sell it for $50K and you had a nice lease of about $5K a year (and all the enjoyment that goes along with it!). Sounds like your financial situation can handle a $25K disbursement fairly easily.

 

[MRACER]

I am 69- retired and consider my 2014 Z51 conv't an END OF LIFE CRISIS! lol I had numerous other reasons for immaturity throughout my life and now that I am past my "best before date" I couldn't be happier with my decision- Must admit my wife pushed me in this direction as I loved looking at the C7 but was not sure I needed one--Now that I have it I can't keep from racking up the miles. Sadly, my family was not well off and no inheritances came my way- my kids will just have to deal with a used car in their inheritance when I die. Enjoy the experience, it's a good one. I am sure you had a few bad ones over your 67 years.

 

[rdslon01]

Rob, I had never heard someone say that it "nags" at them that people in their family tend to live a long time. What a great problem to have!

I don't know if this is any help or not, but, from a guy in his thirties, I also think in terms of retirement when I think about purchasing the car. My thoughts include: how much longer will I need to work to reach retirement if I buy this car? Given how much my net worth increases per year, in the grand scheme of things, the increase is not too long to delay retirement.

On the other hand, if I knew I had a terminal disease, I would go today and buy one off a showroom floor, and also today pull the trigger on one built exactly the way I want it, trade for the second one in two or three months when it arrives, and then trade that one for a Z06 when that arrives. Actually, no, on second thought, I would not trade any of them. I would give each of the two StingRays to one of my two brothers as I disposed of them, and then drive the Z06 until the terminal illness took me away, and my wife could sell the Z06 for whatever she could get out of it.

Nevertheless, I completely understand the desire to be conservatively cautious while planning for the unknown future. When the Z06 arrives, I probably will have to look the other direction and wince as I hand the check over.

We have had a fairly popular topic dealing with the advisability of buying a Stingray, or any expensive automobile, at a young age. And we had one about whether somebody was too old to buy a Stingray. Well, here is a different issue:

I am 67 years old, recently retired, expecting a small inheritance that may take some time to be realized (it involves selling a farm), and still have a reasonable part time income, so I am not yet drawing from my retirement accounts. I am waiting until age 70 to begin drawing Social Security. No dependents, live in a nice house in a fantastic location with a small mortgage that will soon be paid off. I have a small percentage interest in a business that may be sold in a few years. In other words, on paper, and in my head, I can afford a $75K car for cash at this point in my life, with no change to my life style. Indeed, I feel stock market rich. If I wanted to, I could place an order today.

But what nags at me is, the economy could collapse, people in my family tend to be long lived, and outliving my retirement savings would not be good. Its the only thing that makes me feel "guilty". Anybody else dealt with these issues? The other thought is, buy the car and use the money, before the next market collapse takes it all away.

 

[Tpalmst]

Don't go to your grave regretting you didn't do it. As the person previous mentioned sell it after 5 years. Go for it!

 

[mark13]

I bought my first and only Corvette last October, C7 Stingray Night Race Blue with 7-speed manual. I had waited 50 years since first falling in love with the original Sting Ray in 1963. I had the cash, the exciting new C7 was announced with great reviews, and I figured I am not getting any younger, who knows what might happen to me in the future; so I decided to have a mid-life celebration and fulfill my childhood dreams. I picked it up Oct. 26 from Rick Conti, and it turned out to be one of the best decisions I ever made. Great car, and I am delighted every time I get behind the wheel and fire it up. Go for it and enjoy!

 

[thedrakester]

I am soon to be 69. I have ordered a 2015 Stingray. Some of my friends and family are happy for me, some are not. Things are not going to get any better for us older folks. I have told the unhappy ones they are going to have to deal with it.

I have always wanted a Vette, and I've never had one, it's time now. I haven't been this excited about something for a long time.

The car has just shipped, it won't be long now.

No regrets here

 

[TNSQUIRE]

Every one of us is on borrowed time and none of us is getting out of this alive. I happen to have a career that allows me to retire at 55 with a comfortable pension and my goal was to purchase a new car when I retired. Then I saw the C7 so I pulled the trigger 2 years sooner than I expected. Now I will cross into retirement in style. Regrets?? NONE!

 

[tmcternan]

Rob, we only go around one time. Earlier in our lives we live from paycheck to paycheck and can't afford to perhaps buy that new car, settling for used cars perhaps a couple of years old. Cloth interiors rather than leather. Hell, I recall just ten years ago driving a stripped down second hand '89 Chevy S-10 pick-up that didn't even have air conditioning. I'm 67 as well and have been retired for four years now. I look back at all the sacrifices over the years and all those times of settling for something other than what I really would have preferred and came to the conclusion, why not? I worked hard my entire life putting others before myself, so maybe it's my turn for a change..... And if you decide to go for it, don't compromise on the options.... If you want leather, GET LEATHER. If you want to 3LT package, GO FOR IT! At 67 and retired, you worked for it and you deserve it. At times, our own minds can be our own worst enemies. We can talk ourselves out of things as quickly as we talk ourselves into things. None of us know how long we have and quite frankly, we're in the autumn years of our lives, so go for it!

 

[c7pilot]

I also am pretty careful financially and have trouble to justify driving a $75K car, but read a lot of financial newsletters that say the stock market is expected to crash in the near future and also the dollar devalue so perhaps having funds in something that gives joy as well as has intrinsic value is the way to go. I have ordered a 2015 Coupe, Crystal Red, A8, Chrome wheels, NPP, 2LT, Nav. Being 84 is also a good reason since the clock is ticking.

 

[rdslon01]

I also am pretty careful financially and have trouble to justify driving a $75K car, but read a lot of financial newsletters that say the stock market is expected to crash in the near future and also the dollar devalue so perhaps having funds in something that gives joy as well as has intrinsic value is the way to go. I have ordered a 2015 Coupe, Crystal Red, A8, Chrome wheels, NPP, 2LT, Nav. Being 84 is also a good reason since the clock is ticking.

That sounds very wise in many ways.

 

[Racer_X]

Nice reading personal experiences - makes me feel better that i am not the only one! Middle age here - would love to pull the trigger on this soon but have same concerns as prev posters - is it "fair" to the family to tie up this amount of money? Well you only live once as they say... Most of us probably grew up with parents, grandparents "from the old country" that had nothing.. scraped and saved. I guess thats where the guilt comes from? Spend the money or put it in a 401K? Spend the money or add to the college fund? This is a very personal decision as in a lot of cases its a very personal purchase. Anyways, thanks for all the insights.

PS: I wonder - do you think over at the "Porsche Forum" they are debating on whether or not to spend $100K??

 

[Milliwatt Rob]

Thanks for the insights, folks. Yes, I think I will buy the car, and tell myself that it is better to spend $75K on a car than to lose it in a stock market correction.

 

[Ret9580]

Every one of us is on borrowed time and none of us is getting out of this alive. I happen to have a career that allows me to retire at 55 with a comfortable pension and my goal was to purchase a new car when I retired. Then I saw the C7 so I pulled the trigger 2 years sooner than I expected. Now I will cross into retirement in style. Regrets?? NONE!

Ditto that career! Got out at 53 five years ago, haven't worked since.

 

[johnu]

Rob,
Buy the sucker!!!!
The last thing you want to do is sit in a nursing home thinking about all the shoulda, coulda, woulda's in your life.
I debated the same thing recently to the point I got shingles from all the stressing over it. I picked up mine up July 15th from the museum.

 

[Buckeye4]

Thanks for the insights, folks. Yes, I think I will buy the car, and tell myself that it is better to spend $75K on a car than to lose it in a stock market correction.

Good for you! I am 72 and this is my third Vette and likely my last so I am enjoying every mile with a big smile!

 

[2vette2]

One thing to consider. There are some really good interest rates (car loans)out there at the moment. Look at what your earning on the funds invested versus what you will pay on a car loan. Maybe using $75,000 of you own money versus using the bank's money makes for sense. Maybe it doesn't. Each individual's position will be different, but I chose the car loan rather than take money out of my investments.

 

[acrosport]

I am also 67 years old, just turned last Monday. I am still working, plan on it until I am 70 years. Its a nice easy job, only work when i want. Anyway sounds to me like you have been successful in your life and your plans are working out OK. I'd go for it, if the market crashes you can always sell the car, you will have enjoyed the car while you had it.