[GTIanZ28]

Originally Posted by Dr. Love2

Not sure what the motives of the OP are, but...


Some of us are just older, which means insurance is super cheap and we have paid up most of our debts. We have done our times in junky pieces of crap. I even had a boss of mine ask me if I was ever going to drive a car with a muffler to which I replied, "I had a muffler, but it fell off on the way to work."

Time to splurge. Kids are older, don't need back seats, and we have already invested and spent our times in sedans and SUVs. Time to live a little and enjoy the perks of growing older. Not a brag fest. Just a reality of what's to come if you are level headed and prioritize well.

Wife and I just hit 40 and this is the right answer afaic.

Only difference for us is that we skipped the children and have a couple Boston Terriers instead.

The only splurging is that I broke my rule of buying slightly used to avoid initial depreciation. I've always lived by the "let someone else eat the loss" rule.

I bet most of the pre-order folk here are financially capable of buying most any car they want.

[GTIanZ28]

Originally Posted by samsumon

You're wrong. This is me being transparent and answering my own personal question. I ask because I wanted to get a feel for my community. This entire time I thought I was talking to guys making 400k a year . This just further pushes in my mind that we are all hard working folks who manage their income well enough to pursue our hobbies .. But I also wanted to make sure that yes, I can buy this car and not beat myself over because "I could have or should have invested "...

I like that response.

Some people understand that we can't take anything with us - and that life is short. One must live a little. Getting into any type of financial hardship for a car is of course stupid. But, if a camaro fits within the finances and won't eat into savings then by all means live a little.

Edit: in reality the camaro isn't even an expensive vehicle. Even the 2SS is far cheaper than a lot of the "crap" we see on the road today. $80k SUV's and run of the mill $65k Audi/BMW/Mercedes/Cadillac sedans.

Edit #2: I just priced out a Loaded F150 to $55,000.

[samsumon]

Thanks,

Another reason is because all the financial forums and my own financial industry working friends live by rules and percentages. Don't buy this if it's more than 7% this and that.. It's knowing that coming here and asking for advice, I'm probably getting others who somewhat swim the same water as me... It means that I get advice because it's thought out advice, not just people with more money than they know, so they just spend it like no other...

In no way was this me showing off my income, which while I do admit is high for my age, in retrospect is peanuts in the world... But if a forum where it seems it's mostly older gentleman all say "I followed these rules" then maybe I should look for them for advice and not go of on childish sprees...

[priusowners]

At "invoice" (dealer needed an allotment filled) HELL YEAH!
1SS sunroof M6 NPP MRC blue velvet pearl rally ss caps black tie
premium mats white bolsters $40,171
Putting 28,600 down--rest loan ($15K--God bless Philadelphia's
8% sales tax)
I'm early retired--$$ from 2 years saving while still working
(put out feelers to 6 dealers--3 actually wanted to sell a 2016, not
a gen5--2 came through--2nd best was $42K)

[ScratchAce]

This will be a third vehicle for my wife and I. Both in our mid-late 40's and kids are out of the house, so this is a "fun" purchase.


We want a nice car that we can finally enjoy, while also being somewhat value minded. We realize that most car purchases will depreciate, but we have always looked at cars that hold there value better than others while fitting our lifestyle. I've had six Jeeps because here in Colorado they do pretty well value-wise.


The Camaro has also had a nice track record as far as value is concerned....
http://bit.ly/1YLguNl

[rayhawk]

I have read many of the "how much car can you afford articles", the OP is right that they always try and view it as an investment, which is silly. Yes, it is a depreciating asset, but most likely you need a car anyway. IMO you really need to compare the amount of depreciation the car will have over the time you plan to keep it to some other more practical option such as spending 10k on an older vehicle, and driving it to the end of its useful life for example.

So if the Camaro is expected to lose 20k in 5 years and the practical option is to lose 10k over the same period, can you afford the extra 2k per year?

Of course, I say that but my cheap ass keeps making excuses not to buy a new car.

[LilAndyG23]

Wow. I make 46k a year and feel like a broke bum around here. But I'm young (25) and I know it will come in time. When I started making 46k it felt like I hit the powerball. But I still have an 89 Chevy pick up. Sucks and it's painful but u gotta do what u gotta do for a while. Wish I was single and could live in a camper and have a nice Silverado and camaro. But the truth is... I can't afford either one anytime soon but I want them so bad. :(

[VividPsychosis]

Well, I am certainly living beyond my means to have my dream.
Currently a 5th year doctoral student. Traded in my collectors 02 Z28 with 18k miles in mint condition for my 2016. Only making 18k. I am mortgaging my future because I believe that next year my salary will be around 70k and it won't matter. Just more motivation to get my shit done! Ah...scary. Perhaps I should start a crowd fund, Camaros for students edition?

Would anyone donate to a Clinical Psychologist that has spent the last 3 years working full-time for free, helping the mentally ill?

[EE7]

If anyone has to think about whether or not they can afford it than in reality they can't. On another note these are bad ass machines and life is most definitely too short so have fun.

[fastball]

Good job, never been married, no kids.

That's how you afford nice toys

[LesBaer]

Wow this thread took off. All I have left to say is look at what's happened to the jobs market and income levels of the general public, then look at how much more people are spending on cars. The auto industry's bubble is going to burst eventually...I just hope we don't end up in bigger trouble (again). People just don't understand what it means to be able to afford something vs. being able to buy something. Then factor in an emotional and unnecessary purchase like a sports car and here we are. This purchase is a splurge for everyone, regardless of what you make. There's no way to justify it.

[RealG]

Originally Posted by samsumon

You're wrong. This is me being transparent and answering my own personal question. I ask because I wanted to get a feel for my community. This entire time I thought I was talking to guys making 400k a year . This just further pushes in my mind that we are all hard working folks who manage their income well enough to pursue our hobbies .. But I also wanted to make sure that yes, I can buy this car and not beat myself over because "I could have or should have invested "...

Totally agree and glad you started this thread, I think it's very interesting. It makes me feel like I kind of fit in more.

[brutusvk]

Middle class civil servants, had my own dog training business years ago. Lived cheap and drove older cars. Live in a moderate house. Debt free except for the mortgage. Saved until we could fix it up and build a shop in the backyard. In my mid 40s. No kids. Only 4 dogs and 2 cats as our kids. Using some of our retirement cash to buy the car. Been a car nut forever.

[LesBaer]

Originally Posted by RealG

Totally agree and glad you started this thread, I think it's very interesting. It makes me feel like I kind of fit in more.

I'm sorry, but if all you're looking at is what you make vs. the cost of the car, you're just fooling yourself. Everyone is in a different position in life with different expenditures.

You should be looking at your own situation and determining what you won't be able to do because you bought this car. The answer should be saving that $. If you can't still save enough for your own purposes ON TOP of the $ you need to meet your obligations, you have no business buying a highly depreciating sports car. That's just a fact of life whether you want to deal with it or not.

Life doesn't give you an exception because you love sports cars. You have to pay to play. If you can't afford it, we'll see your car on autotrader in a couple years and you'll be wining about how much you paid for it vs. what you're getting offered vs. how much you still owe. That's going to happen no matter what we all say. If you want to let someone talk you into and make yourself feel better, go nuts.

At the end of the day you're (by you I mean whoever, not this specific guy) the one holding the bag and are responsible for yourself. If you can't make this decision, you shouldn't be buying anything.