CAMARO6 - View Single Post - 16SS to a 17-18 ZL1

Need4Camaro · 04-28-2019, 07:04 PM

I personally wouldn't do it. I've traded cars too fast before and it just leads to more weight you have to carry and when you get used to the car and it's no longer 'new' to you, you will begin realizing it was not a financially wise move in the future. Also dont forget that you are looking at a USED ZL1 (which you will incur depreciation and also the warranty will not last as long) while taking a hike on the payments. Remember in car ownership, the financing is only HALF of the true cost of owning the vehicle, you still have to replace tires (much more expensive on a ZL1 than an SS), take a hit on fuel mileage (a pretty significant and one) and eventually maintainence.

The SS offers more than enough on the street. You're going to increase your financial obligations while gaining almost nothing for street use.

You're young and the thought of the ZL1 may excite you but trust me one day you will look back and realize how much you could have saved or allocated to other areas of your life. For 425 monthly you have a beast as is.

One of the biggest mistakes people make when buying cars is 'oh I need to make this deal happen right now' or 'I need to purchase right now' when they have a perfectly fine car... The ZL1 isnt going anywhere. Use patience and WAIT until it's a better financial move rather than taking on large payments like that. Trust me...you do NOT want a $625 car payment.

Edit: Also from what it sounds, you really dont have a down payment. Your down payment is only going toward paying off your negative equity in your SS, NOTHING is going toward financing the ZL1.. you are eating a $54k loan with no down payment toward the loan amount and even some negative equity left over. Not a wise move. You really intend to carry that for 5+ years when anything can happen in life? Even if you trade out later you will take a huge hit and would have to settle for something like a Cruze to just balance out of the negative equity. It's not a good idea... you are just re-accruing negative equity and it's also unlikely you will be able to get GAP insurance on it so if it gets totaled by you or someone else runs into you, SOL.

For right now if the itch is just too strong for you, I'd just start doing mild mods to the SS and focus mainly on paying it down or paying it off.

04-28-2019, 07:04 PM	#16
Need4Camaro Drives: '17 Camaro 2SS & '99 Camaro Z28 Join Date: Feb 2014 Location: Austin, TX Posts: 1,972	I personally wouldn't do it. I've traded cars too fast before and it just leads to more weight you have to carry and when you get used to the car and it's no longer 'new' to you, you will begin realizing it was not a financially wise move in the future. Also dont forget that you are looking at a USED ZL1 (which you will incur depreciation and also the warranty will not last as long) while taking a hike on the payments. Remember in car ownership, the financing is only HALF of the true cost of owning the vehicle, you still have to replace tires (much more expensive on a ZL1 than an SS), take a hit on fuel mileage (a pretty significant and one) and eventually maintainence. The SS offers more than enough on the street. You're going to increase your financial obligations while gaining almost nothing for street use. You're young and the thought of the ZL1 may excite you but trust me one day you will look back and realize how much you could have saved or allocated to other areas of your life. For 425 monthly you have a beast as is. One of the biggest mistakes people make when buying cars is 'oh I need to make this deal happen right now' or 'I need to purchase right now' when they have a perfectly fine car... The ZL1 isnt going anywhere. Use patience and WAIT until it's a better financial move rather than taking on large payments like that. Trust me...you do NOT want a $625 car payment. Edit: Also from what it sounds, you really dont have a down payment. Your down payment is only going toward paying off your negative equity in your SS, NOTHING is going toward financing the ZL1.. you are eating a $54k loan with no down payment toward the loan amount and even some negative equity left over. Not a wise move. You really intend to carry that for 5+ years when anything can happen in life? Even if you trade out later you will take a huge hit and would have to settle for something like a Cruze to just balance out of the negative equity. It's not a good idea... you are just re-accruing negative equity and it's also unlikely you will be able to get GAP insurance on it so if it gets totaled by you or someone else runs into you, SOL. For right now if the itch is just too strong for you, I'd just start doing mild mods to the SS and focus mainly on paying it down or paying it off.