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2015 Corvette , On the edge
Old 01-02-2015, 10:40 AM   #1
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2015 Corvette , On the edge

Happy New Year.

Been saving money and socking it away. Have enough to ER but not going to happen in the next 5 years. Want to but a Corvette and can swing it, but can't break down the mental block of spending money on something I really do not need. For those who have been saving and been rather smart, is it impossible to break down and spend (splurge) on want and not need?

Crazy question, maybe ?
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Old 01-02-2015, 10:48 AM   #2
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No, not a crazy question IMO!

I think we have all faced this sort of dilemma. Usually what I do is a lot of introspection in order to try to figure out exactly WHY I want whatever-it-is. This often results in realizing that I want something else more.

Do you want the car more than anything else, such as possibly retiring a little earlier (or is that even possible)? How much earlier would it be, and is that worth it to you? Do you want the car because it would impress people? (Sometimes after retirement one doesn't even see the people that one formerly wished to impress.) Or would you want that car if you were the only human being left on the planet? Asking yourself questions like these can help to clarify (to yourself) why you want a Corvette.

If, after a whole lot of introspection and soul searching, you still think this is the best way to get personal satisfaction from your money, I'd say to go ahead and buy it. If you aren't absolutely sure, then I'd suggest delaying until you are.

Sure, you can splurge if you want a Corvette for the right reasons. Personally I have felt a bit of a "disconnect" when buying an expensive new car that I did not actually need, after all those years of saving. At the time, it didn't bother me any more than buying a pack of chewing gum except for one sharp pang of buyer's remorse, but that went away fast. In the long run it didn't bother me a bit either, because it was in my financial plan for years and because I knew this was what I genuinely wanted to do, not what society was pressuring me to do. I was happier with all aspects of the outcome, including both having the car, and having a smaller portfolio, than I would have been otherwise.
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Old 01-02-2015, 11:33 AM   #3
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It's not impossible. I have been LBYM most of my life. With OMY to go before ER, I have decided to splurge a little for few reasons. Reason #1 - once I RE, I don't believe I can splurge at will even if I have enough. Lifetime of LBYM have shaped my spending habit and it'd be very difficult to plop down any amount of money for "joy." ("toy," "trip" for those who are reading between the lines ). So, spend while you have your job. I have. Reason #2, I can't take the money with me when I croak. #3 - you only live once and life is short. Hmm, that counts as two. #4 - help economy, spread the wealth. #5 - Corvette (or other toys) looks too cool to ignore.
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Old 01-02-2015, 11:49 AM   #4
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It is OK to have a new car, or other luxuries, assuming you have other financial stuff in order. You state that you can ER now, but have 5 years to go until you actually retire. So enjoy the new Corvette.

LBYM does not mean you have to sacrifice on everything and not be able to have nicer or more than minimum. It means using sound financial practices and avoiding bad debt. You could interpret sound practices as doing the savings so you can have a new Corvette.
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Old 01-02-2015, 11:57 AM   #5
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Happy New Year.

Been saving money and socking it away. Have enough to ER but not going to happen in the next 5 years. Want to but a Corvette and can swing it, but can't break down the mental block of spending money on something I really do not need. For those who have been saving and been rather smart, is it impossible to break down and spend (splurge) on want and not need?

Crazy question, maybe ?
Far from a crazy question. I wanted a Corvette and temporarily had a mental block of spending money on something I didn't need. But I got over the block and bought a new Corvette in 2001. Glad I did. Still drive it all the time in summer.

Just set aside the $ from your portfolio and target it towards the Corvette purchase. And just do it. Life is short. Enjoy it.
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Old 01-02-2015, 12:22 PM   #6
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It's not a crazy question at all, it's expected, you wouldn't be ahead of (retirement) plan if you didn't hesitate before a splurge. Those who ask the question are a minority (though not at ER.org) and probably most likely to be able to afford a little splurge. The people who fear "splurging" are usually ahead of plan, and sadly, the reverse often holds true (only 28% will even consider saving more for retirement).

If you're ahead of plan (by your own measure), there's nothing wrong with considering a splurge. But before a big splurge, we almost always wait a few weeks or months to make sure the desire doesn't go away on it's own. If we still want to splurge, we go ahead. Our last big splurge took us at least a year to push the button, but we haven't looked back.

If after a waiting period (may already be past for the OP), save a little extra, but go ahead with the Corvette, pay cash, and enjoy it.

It's always a balance between living for today and preparing for tomorrow, isn't it? That never goes away that I know of, you just find your own balance, and that will probably change over many years. Even the most frugal here splurge on some things. They just keep the balance between saving for the future vs instant gratification focused on the former. It's never all or nothing...

If you want to feel better, be glad you don't want a new boat, horse, airplane, etc...
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Old 01-02-2015, 01:07 PM   #7
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Your subject line says "2015" but there are still "2014" at a lot of dealers and they're offering pretty good discounts. I love our 2014. We buy cars/trucks because we enjoy them. As you've said, you can afford it. What color is on your "want" list. We got Crystal Red, Kalahari interior and black top. Our friends just picked up a 2015 Z06 Velocity Yellow. Didn't think I'd like the yellow but it doesn't look half bad with all the black accents.
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Old 01-02-2015, 01:16 PM   #8
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The only "big spending" we do is on travel, not things.
So I sometimes face the same issue on whether to splurge on business class for a long flight. We can afford it, but it still puts my stomach in a knot when I see the price difference.

Still, we do it more often than not, and we're always glad we did.
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Old 01-02-2015, 01:23 PM   #9
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Not a crazy question, especially since you already have enough to ER anytime you want to. Go for it, what else are you working for?

At age 58 I bought an expensive toy in large part because I figured (correctly, it turned out) that it might be the last chance I had to do so before health issues removed the choice.
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Old 01-02-2015, 01:53 PM   #10
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I don't think anyone could ever really justify "needing" a car like that.

So my first question is, What color?
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Old 01-02-2015, 02:07 PM   #11
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But I did "need" mine to get to/from work. At least that's the story I used at the time
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Old 01-02-2015, 02:12 PM   #12
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40-50 years ago a Vette was my dream car but could not afford one so I settled for a lesser sports car (Austin Healy 3000). Now that I can afford to buy one or two of them, the desire is not there. Maybe I now lack a necessary amount of testosterone...
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Old 01-02-2015, 02:15 PM   #13
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Always loved the looks of the Vette but hated how they ride, stiff suspension, etc., reminded me of a log wagon.
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Old 01-02-2015, 02:31 PM   #14
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IF you've got the future planned for and getting it funded, then sure, splurge once in awhile! What's the point of money if you're not going to enjoy some of it?
I just bought a new Honda dirt bike; it'll join my BMW Sport Touring motorcycle in the garage. Did I need it or just want it? I'm convinced I need it for my soul!
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Old 01-02-2015, 02:37 PM   #15
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The Dude is correct !
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Old 01-02-2015, 03:00 PM   #16
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Maybe I now lack a necessary amount of testosterone...

.... er, I think you can buy that too.
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Old 01-02-2015, 03:02 PM   #17
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But I did "need" mine to get to/from work. At least that's the story I used at the time
I had a 1965 Vette Sting Ray roadster in 1973 (Glen green, white leather interior, 365 HP 327, 4 speed trans). I had the need (transportation) and the testosterone too.

I wish I had both back again....

OP...go for it. You won't have any regrets!
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Old 01-02-2015, 03:20 PM   #18
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I had a 1965 Vette Sting Ray roadster in 1973 (Glen green, white leather interior, 365 HP 327, 4 speed trans). I had the need (transportation) and the testosterone too.

I wish I had both back again....

OP...go for it. You won't have any regrets!
One of my excoworkers has a 65. He is the 2nd owner - bought it around 1968 or so when he got home from Vietnam. Real nice car. I'd trade mine for a 65 in a heartbeat. I know about the testosterone deal also - I used to have some in 2001 when I bought mine. Drove it several times over 150mph. Now I might hit 75 mph on occasion.
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Old 01-02-2015, 03:29 PM   #19
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Not a crazy question at all. (IMO) You only go this way once.

I've had several Vettes over the past ~15 years or so. (Currently a Z51 C6) I was thinking of getting the new Z06 C7 this year but I've been hearing of some very early model problems with the car so I'll probably hold off a while, or maybe just go with a base C7. (e.g. check out this horror story: First 2015 Chevy Corvette Z06 Engine Destroyed With Just 891 Miles On The Clock

Also, if you are not a member of the Corvette forum you might want to think about joining. (you can learn a lot there) But be aware that the members of that forum have more passion and opinions about their cars than members here do about LBYM, 4% withdrawal rates, what stocks to buy, etc.

Home - Corvetteforum

As far as a high cost "toy" , I just keep reminding myself that I get an average of 26 to 27 MPG's with the car, which is a lot better than anything else I drive.
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Old 01-02-2015, 03:35 PM   #20
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I bought my Corvette in 1988. I didn't keep it very long (a couple of years) as I finally had enough after the third time that it was broken into (once at my office, twice when I was at a hotel). Financially, it didn't really make a lot of sense of course. But, I've never regretted having had that car.
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