While I'm still relatively new to the "Mustachian Way" and a non-slacker Gen-Xer, I have to say that having a huge car payment has never once appealed to me. The New Corvette or new whatever - for that matter, all seem to be exceedingly expensive. (Maybe I've gotten spoiled by not having had a car payment for years) What sort of terms would you need to have a "reasonable payment" on $60k?
I know a lady who insists on a new Escalade every few years. Her payment was down to somewhere around $700... I mentioned that it seemed a bit steep and she agreed so she downsized to a Lexus truck... (um, ok)
Another guy I know bought one of the fancy S Class Benzes when they came out. He liked to brag that his payment was $1500 a month! I don't know about you guys but I don't think I could bear the thought of parting with that sort of dough for a car payment..
Now, don't get me wrong, I think the corvette is an engineering marvel. Lots of the new stuff is. However, the recent stuff is so good that the super-expensive new stuff is a non starter for me. AND I'm a car guy. I have 6 in my fleet. (yeah, I know, I'm working on it)... But, why would I buy an impractical (ie: 2 seat) corvette for $60k or any other new car for that price when there's so many decent used ones. Heck, you can buy find decent used "luxury" cars for a fraction of their original prices... (Land Rover, Porsche, Benz, BMW) I'm talking under $25k!
These days I dd a 97 Honda Civic. It has 115hp. It rides like crap, it handles like crap and isn't all that pretty either. However, it's paid for, it's reliable, it gets awesome mpg (38-43 depending on the loose nut behind the wheel) and I can take it anywhere and not worry about it. I'd love to be back into a "newer" car, some thing powerful and stylish with handling and all the goodies but, these days I've grown really fond of driving past the gas station.
One of these days...