Why fool with the hassle of monthly payments if you can just pay cash for your hot new C7 Corvette?
Apparently that’s the philosophy followed by some 40.3 percent of recent Corvette buyers who shelled out cold hard cash for their cars.
That’s according to research done by the credit site Experian.
The report doesn’t say what period this covers, but they did say there were 32,000 new Corvette registrations during that time.
Only 56.9 percent of buyers had to finance their purchase.
By comparison, 79.3 percent of Camaro buyers are paying for their dream ride by the month, with another 7.3 percent resorting to leases. That means only 13.4 percent of Camaro buyers paid cash.
“With the Viper and the Corvette being on the higher end of the muscle cars reviewed, it’s not that surprising that a higher percentage of consumers paid for them in cash,” Melinda Zabritzki, Experian‘s senior director of automotive finance, says. “Our findings show that those buyers had the highest credit scores, which could indicate that they have more disposable income.”
With dealers like Kerbeck Corvette offering 1.99 percent financing, we wonder if it might make more financial sense to finance the Corvette and leave your money in your 401k?