Chasing dream cars

FordMoCo21

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Gotta disagree.

Prices are not coming down. Here's why.

Yes, Covid constrained supply and for those still employed and with money - gave them more money as they couldn't spend money on travel and eating out.

Interest rates are retarded low. I'm sure you can get a 72/m loan at 3.8% for a Viper.

If the bubble pops what's going to happen is even if people need to dump their Vipers, it may drive $10k off the price but interest rates maybe +8-11% by then.

Second, if OP pays $100k for one, and in 3 years needs to panic sell for $85k same day cash when listing it..... That's $5k/yr which is still better then buying a $40k Mustang GT.

With all new super sports cars ending up EV, Hybrid and Automatic - the Gen V is going to hold a special spot for everyone.

The only risk the OP runs is his hero not living up to the hype or putting himself in a phone pole.
True I can imagine we're getting to a point where rare, V8/V10 gas cars will start holding value really well or even appreciating, with all the EV pipeline coming. Typically in the past it would be best to wait for newer sports cars to come out, and watch the older ones drop in value some. But with this EV vs. Gas factor going on it may not be the same deal going forward.
 

Rocket254

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Gotta disagree.

Prices are not coming down. Here's why.

Yes, Covid constrained supply and for those still employed and with money - gave them more money as they couldn't spend money on travel and eating out.

Interest rates are retarded low. I'm sure you can get a 72/m loan at 3.8% for a Viper.

If the bubble pops what's going to happen is even if people need to dump their Vipers, it may drive $10k off the price but interest rates maybe +8-11% by then.

Second, if OP pays $100k for one, and in 3 years needs to panic sell for $85k same day cash when listing it..... That's $5k/yr which is still better then buying a $40k Mustang GT.

With all new super sports cars ending up EV, Hybrid and Automatic - the Gen V is going to hold a special spot for everyone.

The only risk the OP runs is his hero not living up to the hype or putting himself in a phone pole.

I guess I am at the point where I need to share some more details to be convinced this is feasible. Local credit union is currently offering 72mo/2.25% loans which is stupidly cheap. (60 month loans are only a tick lower but at this rate, it really doesn't matter as much).

  • Fiancée and I combined gross about 205K/yr
  • No credit card debt
  • 275K Mortgage @ 30yr/2.75%
  • 60mo/0% loan on a 2017 RAV4 for her that has about 12K left on
  • My beater Ranger and 08 GT/CS have long been paid off.
  • Cash: 120K (This includes her 100K house proceeds and money to cover our elopement trip to Canada/honeymoon. I've been slowly index investing cash)
  • Taxable Investments (Fidelity Brokerage/Crypto Accounts): 98K
  • 401k/Roth/ESOP: 575K
Yet like I mentioned in the OP, I'm hanging up on the potential missed investment opportunity cost. That said, I am not the type to try to pay cash for everything, especially with these interest rates. My heart may be set on a Gen V but really any cherry car from a Gen 2-5 would scratch that itch. Obviously that is a decision within itself but that gives me a workable range from 55K to ~100K or so. I really just can't fathom spending that kind of money on a car. My 08 mustang is the most expensive vehicle I've owned and it was a staggering 21K used.
 
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Rocket254

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True I can imagine we're getting to a point where rare, V8/V10 gas cars will start holding value really well or even appreciating, with all the EV pipeline coming. Typically in the past it would be best to wait for newer sports cars to come out, and watch the older ones drop in value some. But with this EV vs. Gas factor going on it may not be the same deal going forward.

I just noticed your sig. Show me some GT500/3V goodness. This is my 08...

HknhoKZ.jpg
 

Adower

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I guess I am at the point where I need to share some more details to be convinced this is feasible. Local credit union is currently offering 72mo/2.25% loans which is stupidly cheap. (60 month loans are only a tick lower but at this rate, it really doesn't matter as much).

  • Fiancée and I combined gross about 205K/yr
  • No credit card debt
  • 60mo/0% loan on a 2017 RAV4 for her that has about 12K left on
  • My beater Ranger and 08 GT/CS have long been paid off.
  • Retirement accounts are tracking well towards our goals.
  • Cash: 120K (This includes her 100K house proceeds and money to cover our elopement trip to Canada/honeymoon. I've been slowly index investing cash)
  • Taxable Investments (Fidelity Brokerage/Crypto Accounts): 98K
Yet like I mentioned in the OP, I'm hanging up on the potential missed investment opportunity cost. That said, I am not the type to try to pay cash for everything, especially with these interest rates. My heart may be set on a Gen V but really any cherry car from a Gen 2-5 would scratch that itch. Obviously that is a decision within itself but that gives me a workable range from 55K to ~100K or so. I really just can't fathom spending that kind of money on a car. My 08 mustang is the most expensive vehicle I've owned and it was a staggering 21K used.

Is the 98k your total savings for retirement? If so, I’d say you should concentrate there first.
 

9397SVTs

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Probably not what you want to hear, but I think you should put $110k on your house and make paying it off your top priority.

You're 34 yrs old. You have plenty of time to find the right car. Once the house is paid for, you'll have increased your monthly cash flow. By doing this, you'll be in a better position to own that dream car that you can afford to buy.

Another benefit to waiting is that you will discover if the Viper is the be all, end all car you want, or not.

Don't allow low rates to get you to go into debt. Pay cash and enjoy that satisfaction, along with finally having the true car of your dreams.
 

DSG2003Mach1

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I guess I am at the point where I need to share some more details to be convinced this is feasible. Local credit union is currently offering 72mo/2.25% loans which is stupidly cheap. (60 month loans are only a tick lower but at this rate, it really doesn't matter as much).

  • Fiancée and I combined gross about 205K/yr
  • No credit card debt
  • 60mo/0% loan on a 2017 RAV4 for her that has about 12K left on
  • My beater Ranger and 08 GT/CS have long been paid off.
  • Retirement accounts are tracking well towards our goals.
  • Cash: 120K (This includes her 100K house proceeds and money to cover our elopement trip to Canada/honeymoon. I've been slowly index investing cash)
  • Taxable Investments (Fidelity Brokerage/Crypto Accounts): 98K
Yet like I mentioned in the OP, I'm hanging up on the potential missed investment opportunity cost. That said, I am not the type to try to pay cash for everything, especially with these interest rates. My heart may be set on a Gen V but really any cherry car from a Gen 2-5 would scratch that itch. Obviously that is a decision within itself but that gives me a workable range from 55K to ~100K or so. I really just can't fathom spending that kind of money on a car. My 08 mustang is the most expensive vehicle I've owned and it was a staggering 21K used.

sounds like you're pretty well set up there, I would say finance the Viper at that rate for 72 and pay it down faster. Invest the cash you would have spent and should be able to top that interest expense. That 2.25% isn't going to be some huge amount down the road. As mentioned it's a Viper, don't run it into the ground and even the downside on selling it should be damned close to break even in the worst case scenario.
 

13COBRA

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1. Buy a Gen III Viper for <$50k. They won't depreciate as bad as a $50k GT350, then in a year or two you can decide if you still want a Gen V.
2. Buy a Gen V now. Prices aren't going down, and have SUBSTANTIALLY increased in the last year.
3. Buy a MY21 GT500 from me.
 

TK1299

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This one in particular really hits hard. I am a little afraid of the possibility that ownership isn't everything I imagined it to be. Maybe "Don't ever meet your heroes" applies to cars as well.

if everyone was afraid to be let down by their heroes, then why are there hero’s to begin with?
 

Rocket254

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1. Buy a Gen III Viper for <$50k. They won't depreciate as bad as a $50k GT350, then in a year or two you can decide if you still want a Gen V.
2. Buy a Gen V now. Prices aren't going down, and have SUBSTANTIALLY increased in the last year.
3. Buy a MY21 GT500 from me.

Ah, not a Gen III Vert guy :) I have strongly considered looking for an 06 and sending it to Calvo/A&C/Nth for some heads/cam goodness but if I'm committing that kind of mod money, I start looking at Gen IVs

The skyrocket that is the Gen V price has been the reason I started opening up my search. The original GTS was, like most car guys my age, the poster on the bedroom wall and the nostalgia adds a lot of value there.

I'll get back to you on that GT500. I think my second dream car would probably be a white/blue stripe 07-09 GT500. I've always loved that car.
 

13COBRA

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Ah, not a Gen III Vert guy :) I have strongly considered looking for an 06 and sending it to Calvo/A&C/Nth for some heads/cam goodness but if I'm committing that kind of mod money, I start looking at Gen IVs

The skyrocket that is the Gen V price has been the reason I started opening up my search. The original GTS was, like most car guys my age, the poster on the bedroom wall and the nostalgia adds a lot of value there.

I'll get back to you on that GT500. I think my second dream car would probably be a white/blue stripe 07-09 GT500. I've always loved that car.

I'm not a huge fan of verts either.

Let me know on the GT500.
 

GOTSVT?

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Sounds like you are in a great position financially at your age. (Better than 70% of that age bracket)
You seem very apprehensive however to spend that kind of money on a car.
Its a normal feeling, and you usually won't feel that anymore after the 10th or so car purchase.
Im sure @ArabianOak can back me up on this. :p
On a side note I still kick myself in the ass for not jumping on the chance to pickup a Viper T/A a few years back. I wished I had made the purchase.
The older you get, the quicker time will go by!
 

RedVenom48

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True I can imagine we're getting to a point where rare, V8/V10 gas cars will start holding value really well or even appreciating, with all the EV pipeline coming. Typically in the past it would be best to wait for newer sports cars to come out, and watch the older ones drop in value some. But with this EV vs. Gas factor going on it may not be the same deal going forward.
That's a good point.. whether EV sticks or not, gas powered sports cars are a hotter commodity right now because of it. Even with lack of new inventory driving used pricing up, people who want a pure driving car without electric are going to drive up values.
 

Tunedprt91

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this is your “dream car”, you have worked hard and can attain it. What in the hell did you work so hard for, sacrifice and make smart decisions if you can’t have a little bit of your own happiness?
This. I feel like we all work to put a roof over our heads and food on the table but that cant be all to life. I feel like as car enthusiast we do all this to get a little extra out of the deal. No way should you bust your ass and make smart decisions to get to this point and choke.

This one in particular really hits hard. I am a little afraid of the possibility that ownership isn't everything I imagined it to be. Maybe "Don't ever meet your heroes" applies to cars as well.

.

If you think like me it will be what you imagined. I just picked up my Gen V in November after trying to line things up for about two years and I cant see myself getting rid of it. Ive had my vettes and Cobra's but this car just hits you differently in every aspect of enjoyment. Like you mentioned earlier, ive never spent this kind of coin on a "toy" before myself so I did have a "should I do this" kind of thing going on when the time finally came to jump on one. For me though I had been looking at them for two years at least and had screen shots still in my phone from when I first started following them showing them $20k cheaper with the same miles.

I was hesitant because in my head im paying $20k more for the same thing but like I said I just wasnt ready at the time. Fast forward to November and the one just for me popped up for sale. I had never even sat in a Viper before we picked ours up but ill never forget starting her up for the first time and getting my first taste of V10 goodness. I say do it and you wont regret it!
 

FordMoCo21

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I just noticed your sig. Show me some GT500/3V goodness. This is my 08...

View attachment 1688137
That's a clean CS!

My 3v has been through so many iterations. It was a handling autox/bolt on setup/DD through college. Then it was boosted Paxton 2200 drag setup weekend warrior, now it's back to being a mild bolt on DD with a little less aggressive springs, but still handles well with koni yellows and some other things.

The GT500 is all straight line all the time, drag suspension, etc. It is way too unbalanced to even try to make handle and with close to 700ft/lbs instant tq, coming out of corners would be damn near a death wish.
 
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Ghost11

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"cheapskate that would make Fred Mertz proud.."

LOL.What a obscure name to choose....I remember that show.

I say buy it...Tomorrow isn't a guarantee for any one.
 

Dirks9901

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This is my opinion. We're around the same age as well to boot. My strategy when it comes to saving/spending/investing is moderation on all fronts.

Fact is you want to save and invest for the future. This is obviously important, however you are in your 30's and worked hard. Enjoy your life, because it is short.

Maybe its because I have had a record number of family members and friends die this past year or what (from there late 20's to mid 60's), and while I wasn't in ALL of their heads on their death bed (whether it was long or quick) I will bet money that they didn't say "I am really glad I contributed significantly more to my 401k instead of buying that dream car, going on that vacation, buying that fishing boat etc" In fact, for a couple, I know that to be 100% true.

I contribute an okay amount to my 401k, have a few outside investments/savings and did well on my first home to put down a good size down payment on our current home. My wife is fortunately is in the same boat and that made things a bit easer.

However enjoying our life is just as important as those things I mentioned. Within moderation. I bought a 14 GT500 last year. I could of easily invested that and it would be better served in the long run. I didn't. Because frankly I don't care and want to check off another thing that was a dream of mine. Same with my wife, she likes to travel. That is a priority a few times a year.

Like I said, life is short. Shorter than you think and you have no idea when it will end. Or when you can't do the things you wished you could of. Point is, live and enjoy your life within moderation. Investing in a happy/fulfilled life is just as important as stacking away money for the future.
 

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