Silverado2469

iTrader: (1)

Okay a little background. Im 22. I have a decent job. ~37k a year. Not grwat but here in cali. And right now thats pretty good. But anyways. I have a 2001 silverado. 5.3l. Its lowered. (Attacged pictures blue is tape not apart of the truck)

I have 3500 saved up. Starting january 14th im working 60 hours a week. And in 1 mo th ill have another 3500. So 7k saved. Taxes coming. Back will be a little over 1k. So thats 8k. I owe 3k on my truck. I want to do 1 of 2 things.

1. I will be doing a 6.0 4l80e swap. I had a guy going to do it at a shop. But after talking to him I decided not to because he didnt seem all that talented with these swaps. My dads a certified mechanic. Been building cars for 28+ years. And I trust him. Im also pretty handy with tools. And have done a couple motor rebuilds. Never a v8 though. ill put about 5k into my truck. With a cammed 6.0. Stock 4l80e. And ill do a custom 9" rear end. Or possibly a 12 bolt. Car will be a daily driver. With track days at least 2 times a month.


2nd option-

I save the 3500 I have now, 3500 I get with overtime. And 1k from taxes. Take my truck in amd trade it in. With 8k cash. And buy a used 05-07 base model vette with the ls2. For about 20-25k.

Guess theres a 3rd option. Rebuild the 5.3l. And build the 60e. And put a turbo on it.

Im so torn corvettes or my like all time fav car. But I love my truck. But damn. A corvette!!! Lol. Idfk. What do you guys think? Id add a pole system but idk how. Thanks for the help deciding guys.

slaterdump

iTrader: (1)

If it was me I would do option #1. It'd be pretty cool to do the swap with your dad, makes it more 'yours' you know? That and it's something you don't see every day. And having a car payment sucks.

RPM WS6

iTrader: (3)

Unless you need a truck for the basic truck sort of features (4x4, open bed, payload/towing capacity), I would most certainly go with the C6 option as my preferred choice.

Having said that, I do not do car payments, so if you can't pay cash for the C6 then it's a toy you don't need IMO. But this all depends on how you choose to manage your finances. Perhaps you'd have enough to get a C5 for cash, with your savings and truck trade in? I would look at that option, if you really want a Corvette.

GMTheOnlyWay1

iTrader: (1)

I would go with option #2 Especially if you've always wanted a vette. Personally I think it would just be a lot more fun to drive in general.

Silverado2469

iTrader: (1)

I make a car payment now. My truck is 180 a month. If I put 5k down on 20k. It would be twice that. Payments don't scare me. Nor would I ever be able to pay cash for 20+k lol. I don't need the 4x4. Which my truck is btw. I do agree. With the guy above you. My truck is unique. And it turns heads now imagine it with 400whp. ( my goal with the swap) would have a nice lopy idle. Run 12's in a truck. That's awesome. But a c6 vette. Damn they are sexy.... lol. .

RPM WS6

iTrader: (3)

I had a car payment too, at your age. I quickly discovered that once you get into that cycle, it rarely ends, and [extra] debt for toys really makes no sense at all. Payments DO scare me now, because I see how much money is lost taking that route. You might be surprised at how quickly your cash multiples when you remove luxury debt and stop paying interest for things, especially things that you don't need. Avoiding interest payments will increase your purchasing power exponentially over the long term. Honestly, if I were in your position, I would use that expected cash to pay off the loan on your truck before considering anything else.

Anyway, not to turn this into a lesson on finances and budget, but I thought it was worth the time to explain my input, since you initially asked for opinions and mentioned your financial situation.

If all of this was really enough to make you happy, then you wouldn't be asking the question in the first place. But given the financial situation, I would say to keep your truck.

rcerex

I'd pay off the truck so you're free of that and then start building it. You'll have time to get a vette later and you don't want to get upside down on your loans.

Silverado2469

iTrader: (1)

Ya I know your right. Lol. I really should pay my truck off put a new motor trans in it since its at 160k. Lol but the more I look at corvettes. (Only the c6. 05 or newer. The c5's just dont attract me like the c6. If I cant get a c6 I wouldnt do it. I def. Agree that payments suck. And I brought up my finances just because I figure if I mentioned im 22. People would think I was some mcdonalds worker. Lol. I appreciate your opinion. And a finance lesson is not a bad thing at all. I do appreciate it. I may not listen like I should but I do appreciate it hahaha.

00MaroonZ28

iTrader: (3)

Don't forget to take into consideration for insurance on a 22 y/o driving a Corvette. The truck would be cheaper in the longrun and more unique. Nothing like driving a truck. I'd drive my truck any day over my car. Like said above, payments suck. If you can pay something off, do it. I say the first option is the best.

LS1rob00

iTrader: (9)

C6

Kingc8r

iTrader: (21)

I've checked insurance for myself at 23,25,27 and now 30 on Corvettes and the quotes were always lower than on any other American made V8 muscle/sports car.

I say pay off the truck and keep it and buy another car. Trust me having 2 vehicles is always better than having one. Especially if you're modding your own vehicle.

What if it breaks? How will you get around. I recent;y found myself in this position and it sucked. I used to always have at least 3 cars at a time and now I don't lol. I'm definitely going to start working at getting at least 3+ cars so I don't have to worry about transportation.

I like both options for the truck. A turbo 5.3/6.0 4L80 would be the way to go. Or make the truck a nice cammed cruiser and buy the Vette for the go fast car.

Silverado2469

iTrader: (1)

I did a quote on a 2005 c6 vette. My insurance would be around 130. My truck is 119. 11$ isn't enough for me not to do the c6 just got the insurance. But that was a good thought. It sucks I know I should pay my truck off. And do that. But a c6. Ugh. Lol XD.

Silverado2469

iTrader: (1)

I could rebuild the 5.3l. Would cost me about 500-800. Have a brand new motor/trans for 1500 max. Could put a little cam in like a 218/222 560 lift. Make 330ish at the wheels. Pay the truck off. Put the rest in a savings. When I save 6-7k go down and by me a vette. I think out of all the ideas. This is the way to go. I don't want to wait. But this is probably the best potion... I guess I could do a mild cam 6.0. Im sure at a junk yard I could find a 6.0 for about 800. Put a small cam. And just do a little upgraded 60e. That would give me the best of both worlds with keeping my truck. And saving for a vette. Mmmm I did find the exact vette I want. Its blue. 6 speed manual. Ls2. 2005. 65k miles. Only 22k. If I put 5k down. Payment would be roughly 360$ a month. + 130. So about 500 a month for the vette. Its fully loaded. Super clean. So hard not to want it. Lol

slaterdump

iTrader: (1)

I would def stay with the truck. Its probably gonna be a bitch to find financing with a decent rate/terms for a 8-9 year old car. I'd keep the truck, pay it off, and save up so that you can buy a C6 with cash.

madmike9396

iTrader: (29)

Pay off your truck keep driving it the way it is for another 5 yrs and save your cash and then go buy you a nice vette if you still want one. Always plan for the future. even tho we may never see the future plan for it

RPM WS6

iTrader: (3)

Doubling your payment to get a luxury item that you don't need is the wrong move IMO. A C6 is nice, but what's more exciting to me is having vehicles that are paid off.

I especially wouldn't want a loan on a vehicle that isn't under warranty; payments plus repair costs is a real hassle, IMO.

Kingc8r

iTrader: (21)

I agree I think going forward I'll just buy older vehicles that I can pay for in cash. Having payments suck, even more so when they break down and you have to foot the bill...

Silverado2469

iTrader: (1)

I appreciate the advice guys. But after hearing "plan for the future" "although we may not see the future." Exactly the pount we may not see the future. Especially in my line of work. (Law enforcement) and im joining the marines in march. So I may not see the future and I want a corvette before I die. So im going to seriously look into the corvette. I found one for sale thats the exact color I want. Has the ls2 in it. Only 6ik miles. And in my price range. (For what I wanted to spend) if I cant get at least 7-8% interest. I probably wont do it. I do have a 720. Credit score. Bought my first car at 17. in my own name. So we will see. I really appreciate the advice guys. I should probably listen to your advice. But f it. Lol. Thank you guys. Honestly.

Bocefus

iTrader: (17)

Here's my worthless two cents...

I get your point, but it would be a mistake. If you are joining the Marines, then the last thing you should do is get into debt for a Corvette. You won't even be home much to drive it. What about storage? If you transfer it to your base, it will just get dinged up in a large parking lot. Just pay off your truck, keep it and save your money so you have it when you really need it. Don't worry about rebuilding it until it is ready for a rebuild. 160k is nothing for an LS engine if properly maintained. Think to the future. You will need money for essentials, bills, housing, etc.

Silverado2469

iTrader: (1)

Im joining reserves. And my storage qould be my garage. I paid off a couple bills. So I cleared up about 400 in bills that I was already paying. So im looking at it as im just replacing those bills with a cool car...