[Ant]

Originally Posted by shaffe

Ok that clears that up sorry if it came off as hostile.

Here is my advice, don't do it. I know how tempting it can be to make that first purchase you want right after getting out.

But if you are paying back your loans already(which could be a little, could be a lot) already have a car payment, phone bill, by your own food adding a good size car payment right now for 84 months probably is not the best idea. How long are you going to be able to live at home? Think about, you are going to have that payment until 2023. My advice is wait it out a bit longer.

No worries. Yeah, I'll probably wait. I don't plan on living at home forever and getting this car right now won't help me save for my own apartment lol.

[DenverTaco07]

Originally Posted by Ant

I think most people in their mid 20s like me would prefer someone to have their own place, but I think most people also don't look down on other 20-something year olds for living at home.

Things are a lot more expensive these days than when you were growing up, so most people are pretty understanding.

word - I think that is the sign of the times.

Good luck, get your Master's degree early while you can and then land that dream job, then you can get any car you want.

[TommyDuncan]

Another thing to consider is how much your insurance will go up if you get a ticket or two...or if you get in an accident.
For young people I know rates can double that quick.

[JoeAyalaM]

I would not finance any car for 84 months, it's too long IMO.

In the end it is up to you, if you have a secure income and you can afford it...

[DGthe3]

My advise? Wait. Build up your financial stability.

Save up some money for a bigger down payment. Set aside whatever it was that you were going to be making for the Camaro payment (plus the difference in insurance and gas from whatever you are now paying ... you did remember to include those in the costing of the Camaro, right?) and use that to build up a bigger down payment. In 6 months or a year (or whatever), you'll be able to take out a smaller loan for less time -saving yourself a lot of money in the long run.

On top of that, waiting lets you see how solid your job prospects are. Not much point in getting a 7 year loan if you don't know if you'll be looking for work 7 months from now. If things go well, you could be getting a raise or have built enough experience to get a better job elsewhere.

And keep in mind that if you can be approved for that loan right now in your current situation, you'll be able to do at least as well later too. Unless things get worse for you in that time, in which case you'll be glad you don't have an expensive car payment hanging over your head. And there will be deals to be had on 2017s next year, and deals on 2018s the year after that, and so on.

[shaffe]

Originally Posted by Ant

No worries. Yeah, I'll probably wait. I don't plan on living at home forever and getting this car right now won't help me save for my own apartment lol.

Thats a good idea. Speaking from experience when you have unexpected stuff come up and that big long car payment is staring at you every month it gets old real quick.

[megaphone]

Just graduated in may this year so I can also relate to what your going through. I graduated with no student loans by keeping my first car all throughout college while my friends were out getting new cars. It sucked and everyday I was more and more excited to get a new vehicle. After having my job (engineering) for only 2 months the promotion for 2016 Camaros came out and I found one that was exactly the way I wanted minus not having ceramic white interior (I'm gonna have the car for at least 5 years so I decided the black would be better choice in the end). Anyway I didn't have that much to put down and got a Apr of 2.29% for 72 months with navy federal. Between the car and insurance it's still below 1/4 of my take home salary. Is money tight right now? Yes. Should I have waited a little longer to save for a down payment? Yes. But screw it im single right now and it's one of the last times in while I can get something impractical. If you can find a good deal go with it

[Red Chief]

Originally Posted by Ant

No worries. Yeah, I'll probably wait. I don't plan on living at home forever and getting this car right now won't help me save for my own apartment lol.

I bought my 2012 Camaro new when I lived in an apartment. I regretted that because some lowlifes there put a few scratches on it over the years. Having a good place to park a car that you love is important.

On the loan bit, I refinanced from a 60 month to a 72 month term on that car. Because of that I was able to put enough away to get a home loan and buy a house last year.

The net result of a longer term loan was I could pocket more of my monthly income and have the extra money in the bank if I needed it. I was never late paying a bill and I didn't go to work with any fear of losing my job. I wound up paying the balance off on my Camaro in exactly 4 years. The combination of the car loan and mortgage payment pushed my credit score up nearly 100 points to the low 800s.

A credit card can also help. Most banks offer 1% cash back on credit card purchases. Roll as many bills as you can to autopay from your credit card account and pay the balance down before the bank can hit you with interest. 1% may not sound like alot but just like a loan interest rate, it can add up over time.

Oh and get invested in 401k NOW instead waiting till your almost 40 like I did. Manage all that and you'll be looking at something better than a Camaro in your 30s.

[mr02Z/28]

First off I'd do the math right away ......... How much is this car going to cost at the end of 84 months ?????? I think 84 months is a long long time ....

[KLR ZL1]

Also make sure you get all the incentives since you are financing outside the dealer. I think the 20% off is still going on. OP make sure you ask.

[slick3]

I would hope most that would agree as I am not about to read 8 pages to tell you.

Bad Idea. Im 27. I know your situation as I didnt graduate long ago either. Save your pennies, get on your feet, debt first, then toys. Be at a job a few months preferably a year to make sure you like it and all that..

Best of luck but please dont take an 84 month loan out. Those are usually loans meant to trap you. Good habits are formed now!

[BrianL]

I can appreciate having the "wants". We all have them, but you have to stay within your means & look longer term. You still live at home & have college debt to pay off. I can attest being a parent of 2 now grown daughters, that if my kid graduated college (great), had a full time job (also great) but still lived at home & bought a new car vs. saving to get out on their own, I would be pissed about their priorities. And I would ask you to pay some rent at this stage of the game.

[nearwater]

I saved $20k when I was getting my first car back in 2002.
I've switched cars every 1.5 yrs since then and even after putting down more money when switching, I had nothing left on my 6th car when selling.

It's always a good idea to be smart with your financial decisions, and this 84-month loan doesn't seem like one.
But then again, you're the one making the decisions. Try to decide what's best for you after setting your priorities straight.
Good luck!

[Number 3]

Only if you are going to live in it and can write off the property taxes and interest.