[Ant]

As I'm sure some of you remember, months back I was dead set on getting a 2016 Camaro. I've been dying for a "medium blue" Camaro ever since I had my 2010 Aqua Blue Metallic, and when I saw the redesigned 2016 in Hyper Blue, I had my mind set on it.

I asked for advice on here, and a lot of you recommended that I don't get the car. I'm 26, still living at home, and I really didn't have the money, but I REALLY wanted the car. I was contemplating doing a balloon loan on a 2LT/RS that was about $7k off sticker price.

I ended up not doing that, but instead leasing a 2017 1LT/RS in October. I planned on putting down $2500 (which I would have from selling the 04 VW Jetta I had at the time) and maybe a little more for first month's payment, taxes, etc.

Long story short, I came out of the finance room putting down $5600 total for a 39-month lease at $368 a month with 15k miles per year. When I realized I had done the math wrong and I had to put so much money down, I panicked and tried to get out of the transaction but I was told it was too late.

I paid off $2000 of the $5600 I put down when I sold my Jetta, and I've been making my monthly payments. I love the car, but I'm wondering if I should just have someone take over the lease and get into a more affordable, economic car.

I don't make that much, so the payments combined with gas are a bit tougher than I expected. I'm also paying back student loans and things like that. I have someone who is interested in taking the lease, but I would hate to know that I just threw down $5600 and I'm giving the car away after only having it for 7 months. But on the reverse side, I can finance a $10,000 certified pre-owned Jetta, Civic, Mazda, etc and only pay $200 per month and save a little on insurance and probably a lot more on gas.

I'm also waiting to hear back from a job interview I went on, which will be my first "real" job since graduating last year. The starting salary is $60k, which I'm sure would make my life easier with the Camaro, financially.

Do you think it's worth it to give my Camaro to someone else and save by getting a cheaper car? Or should I just keep it at this point?

[zeekle]

you probably need to be driving the cheapest (Total cost of ownership)thing you can get your hands on. A camaro is not that.

If you are having trouble putting gas in the thing you are spending too much on your car. Consider the cost of the the down payment on the lease to be a good lesson.

[Ant]

Originally Posted by zeekle

you probably need to be driving the cheapest (Total cost of ownership)thing you can get your hands on. A camaro is not that.

If you are having trouble putting gas in the thing you are spending too much on your car. Consider the cost of the the down payment on the lease to be a good lesson.

I'm not really having trouble putting gas in it, it was just one of "pluses" I've thought of when considering getting something cheaper.

[Android42019]

Well, if $ is the problem, sad to say it but these cars are not fuel economic compared to those others listed. Personally, I would hate to lose what I put down but if you're struggling then I'd have to say bye bye to Camaro....FOR NOW.....once you've saved up enough and/or payed off the cheaper vehicle, go for an SS! Then you'd have a daily that's paid for and good on gas, and Camaro for weekends!

[jdasnt3]

I would also be asking the advice of your closest friends and family. Very few of us, if any, actually know you and your situation personally. That is an excellent write up, so if that is the most accurate assessment of the situation, based on your post we most likely would vote "yes" to get out of the car. But most of the people on this forum also voted against getting the car in the first place, so what we say doesn't matter. Trust those closest to you.

[freddyD]

your first mistake was getting this car with student loans in your face.I never liked leasing a car.Yes the down money is a throwaway you will never get back.and at the end of lease where are you?Back to square one!Bills always come first,toys later.Just my2 cents.

[Ant]

Originally Posted by jdasnt3

I would also be asking the advice of your closest friends and family. Very few of us, if any, actually know you and your situation personally. That is an excellent write up, so if that is the most accurate assessment of the situation, based on your post we most likely would vote "yes" to get out of the car. But most of the people on this forum also voted against getting the car in the first place, so what we say doesn't matter. Trust those closest to you.

I hear ya. My friends are telling me to get rid of it, my family thinks I should keep it, or at least wait until I find out if I got this new job before deciding.

[qcman]

Originally Posted by Ant

I hear ya. My friends are telling me to get rid of it, my family thinks I should keep it, or at least wait until I find out if I got this new job before deciding.

Fingers crossed for you getting that new job. It sounds like that alone could really change your fortunes so my advice FWIW would be to wait and see if you get the job and then decide. Hopefully you can holdout a little longer while that plays out.

[dpevans]

You can release the car. There are companies out there that specialize in it. You can also sell the car and pay it off but the way they write up leases you will never get enough to pay the whole total. Another option, move to get a better paying job. There are places right now looking for people to work and it can't be cheap living in NY.

[LuvMI]

Do which ever brings you less stress. You're young and got plenty of time to grow (providing no one trips and falls on the nuke button). Besides, Gen8 maybe just for you.

[JR91]

You still live at home, so if your able to pay all of your bills, I would keep the car and continue searching for a new job. Hopefully, you will get a job offer sooner rather than later.

[Spartan268]

I would wait out and see if you can get that job. If you get that 60K salary job that would put you in the green and you can continue on. If not then best bet is to release the car

[maraging]

Ditch the car. Hopefully you learned a good lesson. Dont be house or car poor, it sucks.

[Ant]

Originally Posted by dpevans

You can release the car. There are companies out there that specialize in it. You can also sell the car and pay it off but the way they write up leases you will never get enough to pay the whole total. Another option, move to get a better paying job. There are places right now looking for people to work and it can't be cheap living in NY.

I put the car up yesterday on Craigslist and someone came to look at it. They said if I want to get rid of it, they will take it.

But yeah, maybe I will just wait to see if I get this new job.