[doc7000]

I understand that you really like the car and it would be cool at your point in life to drive the car. However a 84 month loan is probably too big of a price just to get the cool car that you want, if things do not work out you will lose the car and the winner would be who buys it second hand. You will be the one liable for the depreciation.....

The only way I would say go for it is if you know for sure you will want to keep the car for that long and if you could get a 0% loan for the car. If you have to pay any bit of interest you will benefit from a shorter loan length, others wise **** it go for 20 years lol.

[Ant]

Originally Posted by 6th Gen SS

If u pay it off in 3.5 yrs, work hard to move up in income in the next 3 yrs, start paying rent, save 3-5 grand emergency fund, and u move out within a couple yrs to an appt. - go ahead.

This can help establish credit which will help in future housing (apartment or home loans) and with employment screening.

You want to enjoy the impractical cars now bc many young people find that once they can comfortably afford this kind of purchase they may find themselves unable to indulge --i.e. You wake up and you're age 28, saving for a ring, wedding/honeymoon, house down payment, furniture, minivans and babies. Believe me- it sneaks up on you really fast.

Enjoy life- time is never guaranteed.

It's a balance between living for now and saving for tomorrow because at your age u can put away 4-600 a month and retire a multimillionaire by 60 yrs old.

If u do get it, plz be responsible and rep ur age group well

What trim are looking to buy?

Well, I am 26 now and I am single, so I don't see marriage and babies anywhere in the near future lol. It took me a while to get my degree, because I took time off of school and changed majors a couple of times. The car I'm looking to get is a fully-loaded 2LT/RS.

Maybe now that there are additional incentives on the car, I can get a better deal on a lease. I want my payments under $400, and last month they were telling me I would need to put down $4200 to get to that payment.

If I could do a 3-year lease at around $375 a month with $2500-$3000 or so down, I'd be happy. I don't know if that's doable though. Alternatively, I could do a 4-year balloon loan for $326 a month with a balloon of $17,851 at the end.

[BigGuy81]

Originally Posted by Ant

Well, I am 26 now and I am single, so I don't see marriage and babies anywhere in the near future lol. It took me a while to get my degree, because I took time off of school and changed majors a couple of times. The car I'm looking to get is a fully-loaded 2LT/RS.

Maybe now that there are additional incentives on the car, I can get a better deal on a lease. I want my payments under $400, and last month they were telling me I would need to put down $4200 to get to that payment.

If I could do a 3-year lease at around $375 a month with $2500-$3000 or so down, I'd be happy. I don't know if that's doable though. Alternatively, I could do a 4-year balloon loan for $326 a month with a balloon of $17,851 at the end.

Or you could, you know, not make a horrible financial decision.

[shaffe]

Don't do it. You said you changed majors a few times in college, why? What if you want to change cars in a few years, your going to be stuck with that Camaro for a long time.

Is your current full time position even in your field?

[Thor142]

Buy the car, DON'T GET MARRIED AND DON'T HAVE KIDS you'll be fine.

[Glen e]

Somebody please tell him it's just a wonderful idea. Or he'll go start another thread asking the same type of questions , until He gets somebody who agrees with him. The die is cast.....

[17SSfifty]

Don't do it for 84 months! 60 is a stretch but 84??? NooooYou are just dragging the note out for a cheaper monthly payment. I would wait or find a good used/program camaro somewhere else.

[Obzen]

Originally Posted by Glen e

Somebody please tell him it's just a wonderful idea. Or he'll go start another thread asking the same type of questions , until He gets somebody who agrees with him. The die is cast.....

You should totally do it. Enjoy your new car.

VROOM VROOM

[Raven87]

Look, you have to have priorities and realistic ones at that.

Yes, a shiny new 6th Gen Camaro sounds great, looks great, smells great, etc. And getting a low payment you can live with now seems like it might work for you.

But let me tell you this - LIFE CHANGES when you think no change is coming.

You have an income that is commission based. You are working two jobs and still living at home. You do not pay any rent now and buy 'most' of your own food.

But what happens IF that goes into the dumpster? What if you do meet your dream girl? What happens if you do get someone pregnant? What happens IF, IF, IF?

If you cannot support yourself 100% right now - have your own place that you are paying for, paying all your own utilities, and saving at least 10% or more of each paycheck for an emergency fund - you need to buy a cheaper car.

Because you never know when your current lifestyle/job or family events will change so drastically that the LAST thing you want hanging over your head is an 7 year car loan on a car that will lose at least another 20% in value (off of what you paid for it) once you drive it off the lot.

Be patient and just wait until you are completely self sufficient or at least have such a great income that you can afford to pay your parents rent, cover all your bills, put money away, and STILL have cash left over to play that will cover entertainment and travel, plus a car payment.

It does not sound like you are remotely close to that right now.

[KenH.]

At 2.99 if it gets you in the car you want with the payment you want go for it. Relatively speaking you are paying a lot of interest and you will be upside down on the car for at least 4 years.

[shaffe]

Originally Posted by Raven87

Look, you have to have priorities and realistic ones at that.

Yes, a shiny new 6th Gen Camaro sounds great, looks great, smells great, etc. And getting a low payment you can live with now seems like it might work for you.

But let me tell you this - LIFE CHANGES when you think no change is coming.

You have an income that is commission based. You are working two jobs and still living at home. You do not pay any rent now and buy 'most' of your own food.

But what happens IF that goes into the dumpster? What if you do meet your dream girl? What happens if you do get someone pregnant? What happens IF, IF, IF?

If you cannot support yourself 100% right now - have your own place that you are paying for, paying all your own utilities, and saving at least 10% or more of each paycheck for an emergency fund - you need to buy a cheaper car.

Because you never know when your current lifestyle/job or family events will change so drastically that the LAST thing you want hanging over your head is an 7 year car loan on a car that will lose at least another 20% in value (off of what you paid for it) once you drive it off the lot.

Be patient and just wait until you are completely self sufficient or at least have such a great income that you can afford to pay your parents rent, cover all your bills, put money away, and STILL have cash left over to play that will cover entertainment and travel, plus a car payment.

It does not sound like you are remotely close to that right now.

This ^

[Ant]

I've decided against the 84-month loan. I am still thinking about getting the car, but doing a PenFed Payment Saver (balloon) loan for 36 or 48 months. Depending on the final price of the car and which term I choose, my payment would be somewhere between $300-$375 per month and then I would probably just trade it in or sell it at the end.

After reading much of the comments in here though, I am leaning toward not getting the car at all. I bought a used 2004 Volkswagen Jetta for $2,000 with 89,000 miles on it a month or so ago to drive so that I will have no payment once my current lease is up (I have one payment left). I saw this Camaro deal and have been obsessing over it because it's my dream car. But I'll probably hold off.

[Homer2]

damn. logic won

[Ant]

Originally Posted by Homer2

damn. logic won

Now I really won't have to worry about meeting someone and starting a family driving my 2004 Jetta!