Sorry for the delay, busy day.
Quote:
Originally Posted by RollaMo
You can't go by what MSRP was.
What did you actually pay for the car when purchased new?
One of the reasons for higher than expected depreciation, is because when the actual new car selling prices goes down (incentives, good deals, etc) that also affects the value of all the used cars down the line.
Most new cars today will depreciate faster than you can pay on them for the first 2 or 3 years.
And it wouldn't be a very smart move on your part to get that 84 month financing on that 2SS your wanting.
Yes, the payments will be less. The car will still depreciate, but with those slightly smaller payments you will not be keeping up with the depreciation.
3 or 4 years into your 7 year loan, you will own more on the car than it's worth.
Everyone wants a smaller payment.
But it comes at a price!
|
&
Quote:
Originally Posted by Kise
my exact thoughts.
you will owe more until about 30% of term left on the loan. I bought my 2ss fully loaded new for 40 in cash which saved tons on interest but when I went to look at the zl1 1le four months later they offered me 27k with 3k miles on it. it was better to just keep it for the depreciation it had.
getting a longer term may be better for your situation/pockets but in the end you will spend around 1/3 of the cars value just in interest and be half way through the loan and still owe 10k more than the car is worth.
they are damn fun cars and expensive
|
&
Quote:
Originally Posted by crysalis_01
No one should, in good financial sense, make an auto loan for longer than 48 months.
Sometimes it sucks having to wait a bit longer, but if you can't make 48 happen (max), then work on saving up capital. Dealing with a faulted vehicle, your 1LT, sucks but bite that bullet and make the smarter decision, not a hasty one.
|
Understood. Admittedly the way I bought my 1LT V6 wasn't the smartest. I wanted the car and had the money at the time and traded in while I was still upside down on my 15 Model V6.. I was impatient. Have the payments themselves been hurting me? No, I was working two jobs until January (was making 6 figures) and I've paid them up a bit over a year in advance and killed about 2 years of my car loan of the original 72 months. (2 years were killed because I did a hell of a dent in the interest) I wouldn't have attempted this if I was making less money though.
As for the 84 month loan? I should note that I intend on paying WELL in advance. I definitely don't want to hold a loan for 84 months, its just mainly for a comfort net that I won't risk being penalized should anything happen that I like the lower payments, that and it makes financing other things easier as they will see that my monthly expenses are low in my debt to income ratio.
Quote:
Originally Posted by red_johnny
Why not get a used 2SS?
|
&
Quote:
Originally Posted by shaffe
He mentioned rebates and special 84 month financing. That says new to me
|
I have been considering this as well and it may be the route I actually pursue, the only reason I havent throttled on it because I'm seeing rebates on these cars comparable to the used prices with maybe like $3k difference ($3k more for a new model with rebates.)
Quote:
Originally Posted by Deputy Dog
Whats faster? the 99 z/28 or the v6?
|
99 Z28 will still take my 1LT V6. When my MAF fowled out my Z28 took a nose dive in power and I couldnt figure out what was wrong for a long time till I took the airbox off and found this:
That was my SLP LID, cracked and fowled my MAF...While it was misfiring my V6 probably could have beaten it pretty decently.. now that its running healthy again the Z28 will probably destroy it. The 1LT V6 however can surprise me and at times I do question as to whether it can run with my LS1.. I would vouch to say it PROBABLY can, but I don't think it can beat it.
Quote:
Originally Posted by qcman
Its funny I went 84 months on my 2013 SS because I don't like to have a high payment that I must be required to make each month. But the loans are open so what I do is slam them down with extra cash when I have it... Kind of best of both worlds. Paid the car off in 26 months instead of the 84 I signed with no penalties.... But I was never stressed about making a high payment I didn't wish to make at a given time.
OP tough call I'd say. I wouldn't be buying another Camaro until someone agreed to fix the problems with the one I have first though...
|
Quote:
Originally Posted by LuvMI
+1.
|
Since we're on that subject...
...GM (not the Chevy dealer, but actual GM) gave me a call today but I missed it, in the voice message they noted that they are considering the option to buy my 1LT V6 back from me and they emailed me a crapton of paper work that I've been filling out. I need to go to the DMV tomorrow but if they give an approval to buy it back, I will let them have it and move on... I may even not get another car right away either.. not sure on it.