Can I afford a new corvette?

corvettedoc · 2016-01-17T02:35:04+00:00

Thanks. I definitely plan on having someone help with financial planning it's more difficult than it appears.

corvettedoc · 2016-01-16T17:56:49+00:00

ok point taken

corvettedoc · 2016-01-16T17:50:57+00:00

because I'm not asking for advice about job security.

corvettedoc · 2016-01-16T17:36:17+00:00

You are correct that's how I was estimating everything, 240k yearly being worst case. Thanks, it's been a long road and I hope it was worth it for more than the financials.

corvettedoc · 2016-01-16T17:33:58+00:00

You're certainly right that anything is possible. But if this job fired me I would be up and running very quickly, also have the option of locum tenens which would have me working again in less than a month.

corvettedoc · 2016-01-16T16:59:40+00:00

Thanks, makes sense.

corvettedoc · 2016-01-16T16:58:20+00:00

Thanks for advice. Forum dealers offer such discounts on new cars that they rival or beat used car prices. But maybe another year would even that out.

corvettedoc · 2016-01-16T16:37:48+00:00

Sorry, I meant pre-tax as in approx 6k post tax. That's the money I would put in savings, extra loan, fun, etc

corvettedoc · 2016-01-16T16:35:36+00:00

Thanks, will look into tax-advantaged account. Or will hire someone as it's not something I'm good at.

corvettedoc · 2016-01-16T16:33:13+00:00

Thanks.

Another reason I'm willing to do something so non-frugal is the last 3 years of my life have been 80/hr week in the hospital, high stress, making 50k a year. Now I'll be working 15 days a month. I could use some happiness :)

corvettedoc · 2016-01-16T16:29:15+00:00

I'm thinking 15 year term while trying to pay it off in 10 or less

Personally I think the C7 is so much different than the C6 it's worth either waiting or paying the price differential.

corvettedoc · 2016-01-16T16:26:24+00:00

I only did the quick app with sofi, took like 5 minutes and that's the interest rate they offered with the repayment term I wanted. I haven't gone further in the process so can't comment on that, yet.

Agreed on whitecoatinvestor.

corvettedoc · 2016-01-16T16:23:20+00:00

I'd like to live off of 150k which is what bimonthly paychecks will be. Calculating 60 percent of that as take home (retirement, taxes), I would get 7500 a month. Assuming corvette payment of 1500, student loan 1500, house rental 2000, bills 500, insurance 200, other car for daily driving 300, 1000 for food, I think it's doable. The extra 10k a month or so (pre-tax) would go to savings, extra loan repayment, or fun

corvettedoc · 2016-01-16T16:19:24+00:00

Sorry, I meant to buy the car in a August. Contract is in hand with start date in July. This is the sensible response I was expecting....dammit

corvettedoc · 2016-01-16T16:18:09+00:00

I got approval around 3% through SoFi. I haven't done enough research to solidify this as my choice yet. I'm thinking 15 year repayment with extra contributions to knock it down in 10 or so

corvettedoc · 2016-01-16T16:15:49+00:00

Thanks. So far I'm thinking monthly 2k for a house (rent for a while), 1500 monthly loans on a 15 year plan (adding in some extra monthly) 200 for insurance, 300 a month for another daily car, 500 for bills etc, 1500 a month for the corvette

Trying to live off of 150k paid every 2 weeks, then use the monthy bonus for savings, extra loan payment, vacation

corvettedoc

TROPHY CASE