After my CT scan monday i learned on tuesday that all of the surgery and drugs has worked...or seems to have. My scan's were complete and there's no evidence of cancer anywhere! Without a doubt some of the best newsI've gotten recently. However it's kicked off a decision that must be made...a very hard decision.
I've wanted a corvette for a long time and the prices right now are getting so attractive that it's becoming increasingly difficult to not take the leap. 07 Z06's are running in the high 40's to low 50's...talk about bang for your buck! I'm extremely tempted. but contrast that with my desire to go back to school and i've got quite a dilemma
Do i:
a) buy a Corvette
or
b) go back for a Masters in Economics
This question should be the entrance exam for school!
Here's my little list of pro's and con's along with an examination of the opportunity costs.
Corvette
Pro's
-Short term happiness will increase significantly. A want would be fulfilled.
-Although asset prices are under pressure, having my money in the bank (or cd's, or equities) isn't yielding very good returns. Putting it in a corvette won't be much worse..if any.
Con's
-Ownership will cost about 58k over 5 years. Borrowing costs are about 6% and banks are paying virtually nothing to me on my money so it hardly seems like the right time to borrow. That discrepency is too large
-I'd put about 15k down so i'll lose the interest on that over the next few years as well.
-Risk of future speeding tickets is...significant. Insurance costs may go up.
-my ability to save every month would be cut in half (roughly)
School
Pro's
-School is an investment in myself. Long term happiness will increase as my future job prospects are improved with this degree.
-Initial capital outlay is far less then with the car.
-Grants/loans can help reduce the costs. 0% loans may be available.
Con's
-Decreases ability to leave this area for about 2 years.
-No garauntee that it will improve my life or job prospects, it may be a waste.
-Avg. of 2 classes per week is a lot of time. I've got a good girl and a band that need my time too!
Pretty tough decision right? For someone considering a Masters in Economics this should perhaps be an easy exercise. If you look at the allocation of scarce resources and the potential for returns..it's a no brainer. Add in that there's far more downward pressure on corvette pricing then upward and it becomes even more difficult to make a major financial outlay...waiting could only help things. School should pay back the investment with dividends. But still....a red z06 would make me REALLY happy now. If i can finance school at 0% and delay payments till after i graduate that would spread the burden out over a later time period. hmm
After all this, my decision is...
....to wait. School's admission deadline isn't for a bit and i can't drive a 'Vette now anyway. So I'll wait and keep watching the prices for another few months. But really, why can't i just do both damnit!!!
Here's a few more Camaro pics!
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| 2008 Camaro Painting |
Posts
7 comments:
1. yay for corrigan being healthy!
2. sorry to hear about your dilemma
3. nerdy nerd almost-dr. fox says edumication is invaluable, and you seem to crave some mental stimulation so it sounds like a win-win from that perspective
4. motor head mel says vette's are pretty bad ass :-) you'd earn about 2600 cool points (though you have a lot of those in the bank)
good luck making your decision!
Dude, congrats on the cancer news.
Now on to the important stuff:
Why do you have to get on '07? Why not go a couple years older (like an '04 Z06), then the car's under $30k, and you could probably also afford school too.
Just a thought.
Oh yeah, and if you lived somewhere else, you could drive it 12 months a year. Like Grand Junction for example.
The Porsche is running well, and smiling in it's new garage.
I've given that some thought. The problem is the new z06's are so much better and have 100 more hp!
mel, if a new z06 got me 2600 cool points..what about one that's a bit older?
hmm... the car itself merits only some of the points, the other are discretionary based on my opinion of YOUR desire for the given car. since you've previously stated that the older Z06's are less attractive than the newer ones, well, i'd have to conclude that buying an older one simply to save cash would be a sell out, not to mention just lame!
sexy cars aren't supposed to be economical. and besides, buying the more pricey one doesn't exactly rule out grad school - they aren't mutually exclusive, you know?
so, in answer to the question, i suppose an older (2004-ish) Z06 would earn you like 5 cool points.
LOL
While I totally agree that the new z06 is better than the previous version (sorry can't call a 4 year old car "old"), it's hard to say you sold out by buying a 400hp vette. Especially when we're talking a difference of $20k for that extra 100hp.
No matter what you drive, you'll always want more, and there will always be someone that has more than you.
So it's kinda like it was at school, you could study for an hour and get C, two hours and get a B, or study for 6 hours and get an A. It's never a straight correlation. So you decide, 2 hours is good enough, and the other 4 would be better spent at the bar. Knowhuttamean?
Hober! The first rule of being a car dweeb is you can never have enough horsepower!
I went out and drove an 08 Z06 2 nights ago. HUGE Mistake.
Damnit.
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