[Raven87]

Originally Posted by Ant

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

I know you are joking but in reality, you absolutely do NOT want the girl that only falls for you because of your car (or insert any other material item here).

The girl that wants to marry you for YOU and start a family with you BECAUSE you are you is THE girl you want.

Best of luck!

[Ant]

Originally Posted by Raven87

I know you are joking but in reality, you absolutely do NOT want the girl that only falls for you because of your car (or insert any other material item here).

The girl that wants to marry you for YOU and start a family with you BECAUSE you are you is THE girl you want.

Best of luck!

Yes, I am joking. Plus, I don't like girls anyway.

[MGD]

Oops, there is an opening for a can of worms, get ready.

[Raven87]

Originally Posted by Ant

Yes, I am joking. Plus, I don't like girls anyway.

What ever floats your boat.

Like Seinfeld always said, 'Not that there's anything wrong with that!'.

[Thor142]

Originally Posted by Raven87

What ever floats your boat.

Like Seinfeld always said, 'Not that there's anything wrong with that!'.

....and no unexpected children....

[Viper126]

Ant....
I understand the appeal of the Gen 6 and all the incentives make it very desirable. You've been given some very good advice from the members. Maybe if you really want a camaro you can pitiable pick up a set Gen 5 for a reasonable payment with a3 or 4 yr loan in your budget. This will give you opportunity to have something which has some equity.
I personally took an 84 month loan at 2.75% however, I'm older with a secure job in IT and I have plans to pay extra starting in 15 months. My wife and I also have two homes and one will be rented to build equity.
My suggestion. ?..
Start low and build yourself up. Figure out the important things in life. Necessity vs wants is the way to help decide.
You're young. At 26 you will need to start paying for health insurance next year. Building your own lifestyle without parents.
Hope that helps a bitb with your decision. Maybe if you wait just a bit longer the deals will be even better on a 2016 and you can do the 5yr loan. Do not do a lease at your age.

[datboi448]

Fresh out of college, job? Renting? Living with parents? Student loans? Health insurance? If all these were taken care of and I could do payments every other week then yes I would take that loan. Only take a long term loan if you have the financial stability to pay it off well far ahead of schedule. I saved up enough to need a loan less than 10k for 24 months @ 2.33% for my current car. With my budget I have been following I'll be able to afford my ZL1 order without a trade in. Patience pays off in the long run.

[DisturbedSS]

Originally Posted by Ant

So, I'm a new college graduate that's been DYING for a new Camaro. I can finally get a great deal on a stock one my dealer has, and it's pretty much the exact one I want and more.

I'm trying to keep my payments as low as possible and the only money I have to put down would be the $3500 toward the taxes. I don't have any extra to put down on the car itself.

For the sake of keeping payments low, I was thinking of doing an 84 month loan from PenFed at 2.99% APR and maybe refinancing in the future.

Bad idea or should I just go for it?

Always go for the longest term deal....why? Because you then have the option to pay additional principle on months where you have extra to do so and on months you are short, the payment is workable. Just takes a little discipline. 2.99% is a dirt cheap rate, however Ive had loans through Penfed and they are irritating in the fact if you DO want to pay additional principle, you need to call them to do it. Dark ages anyone? Try lightstream (suntrust bank)...Ive had great luck with them. Car loans are great because there is no fee to refi later...unlike the raping on a refi mortgage.

Avoid the extended warantee BS with the whole complex computer system parts spiel, its NOTHING but a profit generator for the dealerships and finance guys make a commission based on number of sold warantees, at what price they sell it at doesnt matter..all about quotas. If you buy a lemon, major issues will crop up well before 36 months and you have the factory warantee to fix it. You can always buy 3rd party extended warranties, well after the fact, if you change your mind later. You will most likely rip out warranted stock parts and upgrade anyways...we all do it.

I was a finance guy in a former life....hence my hatred of the above!

Dont ever settle for a car thats not quite what you want, because you will always be wanting that something else later and it will cost you big time. Hard to walk away when you REALLY want a Camaro, but the color and interior is 3rd choice. Sounds like you have the "one" picked out however.

Regardless, do what makes you happy...you'll love the car. Seriously...when I graduated college, was driving a stock, POS, 90s gutless Mustang with Louvers! YOU will be living large Mr college grad.

[Zeke.Malvo]

Originally Posted by DisturbedSS

Another tip is NEVER buy a new model year car if you can get the previous years model new. 2017 vs 2016 Camaro difference is minimal and you can get a far better deal on a 16 - thats what I did. Saved 10%.

Yes and no. By buying the previous model year, the car has already depreciated about 10% as well.

[DisturbedSS]

Originally Posted by Raven87

I know you are joking but in reality, you absolutely do NOT want the girl that only falls for you because of your car (or insert any other material item here).

The girl that wants to marry you for YOU and start a family with you BECAUSE you are you is THE girl you want.

Best of luck!

Says the man driving a 2 seater, chick grabbing 60K Corvette instead of a reasonably priced "FAMILY" car.

Sorry...was too easy. Love the color btw. I had the same stingray but in Red and every girl at work wanted a joy ride...great ice breaker for a single guy.

[DisturbedSS]

Originally Posted by Zeke.Malvo

Yes and no. By buying the previous model year, the car has already depreciated about 10% as well.

True, but any car driven off the lot instantly drops 10% - newer the year, larger the depreciation %. If you keep the car for length of time, none of that matters really....hard as that is to do when new faster camaros keep rolling off the line!

My goal is to keep adding performance parts every couple years to help squish the urge to trade up.

[Zeke.Malvo]

Originally Posted by DisturbedSS

True, but any car driven off the lot instantly drops 10% - newer the year, larger the depreciation %. If you keep the car for length of time, none of that matters really....hard as that is to do when new faster camaros keep rolling off the line!

My goal is to keep adding performance parts every couple years to help squish the urge to trade up.

Right. But with a new '16, you get the double whammy of off the lot depreciation AND depreciation of it being one model year old.

[DisturbedSS]

Originally Posted by Zeke.Malvo

Right. But with a new '16, you get the double whammy of off the lot depreciation AND depreciation of it being one model year old.

Your only way around the depreciation -somewhat- is private sale. Hard to find buyers at elevated prices though.

You need to post a pick of the 69 Mach1, absolutely my fav mustang model...seriously jealous. If I had better mechanical skills, that would be "the one". You do the resto on it?

[ULTRAZLS1]

Originally Posted by Zeke.Malvo

Right. But with a new '16, you get the double whammy of off the lot depreciation AND depreciation of it being one model year old.

Not really that bad if you get one for 20% off or more. I paid less than any I seen are asking for used right now. I could re sell my car I'm about to pick up this weekend and almost make money on it if I tried.

Those with good credit looking for 84 month loan nationwide has the best rates in the country from what I could find. Apply all online you can have your money in a half hour. The dealership I went to the person had been financing people for 30 years and couldn't beat it.

I got 2.74% for 84 months. My credit score is 832. Only added a few hundred over a 72 to total price of loan. I'll never be upside down considering the crazy deal I got and my down payment. That and I've never went full term on a loan. I just needed a lower payment right now till my trucks payed off. After that the SS will be payed off in short order. Having a lower payment and fitting something into the current situation can be a better option than a higher payment at times for budgeting reasons.
84 month not a bad idea depending on the situation and if you know what you're doing etc imo