The new 2014 Corvette Stingray looks absolutely amazing, and has sports car enthusiasts eager for more. For a lot of people, actually getting behind the wheel of one of these mean machines is just a dream, but for some with a sizable income, the dream could become a reality.
For those who would like to buy a new Corvette, there’s no doubt it will cost a pretty penny seeing as a first production model sold at auction for upwards of $1 million. So how much would you pay every month if you got an auto loan for the 2014 Corvette Stingray?
The New 2014 C7 Corvette Is Here
Though 2013 isn’t over, it’s not too soon to get excited about the 2014 Corvette Stingray, also known as the C7.
The car, which was unveiled at the 2013 Detroit Auto Show, has already been deemed the best model-over-model change in decades. Why? Not only is it gorgeous to look at, but it packs some impressive features:
- 6.2-liter LT1 pushrod V8 engine
- 450 horsepower / 450 pound-feet of torque
- 0-60 in less than four seconds
The 2014 Corvette comes in either the six-speed automatic or new seven-speed Tremec TR6070 manual gearbox, and the EPA rating is at 21 MPG city/highway.
Can You Afford an Auto Loan on the Corvette C7?
So now you’re probably asking yourself whether you can afford to get your hands on one. Let’s take a look at what you might pay if you financed the 2014 Corvette with a 20 percent down payment and a good credit score:
Edmunds.com is estimating that the vehicle will cost in the ballpark of $54,000 — a bit more than the base 2013 Corvette coupe 1LT and around the same price as the Ford Shelby GT500.
Auto loan rates today reach as low as 1.75% APR for individuals with good credit. If you provide a 20 percent down payment, you’re left financing $43,200.
Using the GoBankingRates Auto Loan Payment Calculator, if you finance for five years, you’re looking at an average payment of $752.48 per month.
Now, let’s say you stretch the payments out for six years. Your cost will drop down to $632.48 — more affordable, but still costly.
The 2014 Corvette Stingray could be considered affordable by some, but mainly individuals who bring in enough income to cover rent/mortgage payments and other major costs with plenty leftover. There’s no doubt that this car will be a thrill to drive, but before signing on the dotted line, it’s best to be sure you can truly afford its high price tag.