[Cherry]

Originally Posted by goproz

Thanks everyone! I've read every single post on the thread multiple times, thinking hard about what I'll do.

I am starting to lean towards the 2LT. I think a much smaller loan (2-3k for a 2LT) will be much less stressful and very manageable.

Something that's hard for me to stomach is that I would be paying 6k extra just for the v8! (assuming 2LT v6 is 25k and v8 is 31k with comparable miles) On top of that, more expensive gas with worse MPG with the v8!

However, when I eventually sell the car in aprox. 5 years time, I can get ~$2.5k back that I spent on the more expensive V8.

Computer Science internships pay quite well, but I wouldn't want to spend the majority of my earnings on a car loan.

SOMETHING that is very tough for me is that I will be holding onto this car for a long time. At this point in college, I think would be the hardest time for me to pay back the loan. But when I am working a Computer Science job in about 1.5-2.5 years from now, I may have wished I got the v8 because I would most likely be able to afford the payments with ease then. While I could get the v6 now and trade it for a v8 in 2-3 years, I would feel bad because I would be trading in something my parents got me for something better, and so soon.

I would like to thank everyone for all their responses. I loved checking the post numerous times a day and seeing all the opinions. I didn't think it would blow up this much! I still have 8 months time until the car will become required so that I can commute to whatever internship I get. So there is no rush, but I am really trying to plan everything out so I can narrow down what I'm looking for.

If anyone ever sees a great deal on a 2LT or 2SS hyper blue metallic, 2LT hot wheels edition, or any other great deal let me know!

As you guys can see, my thoughts are all over the place!

You’re too far from entering the job market be banking on having a job to cover payments. I’m a Software Engineer with a computer science degree that graduated a couple years ago so I know exactly where you’re coming from. Wait until you actually secure a job and work there a few months to a year so that you can get financially stable. I can’t think of a bigger waste of money/cause of stress than dealing with a car payment in college.

[ctrlz]

"What I'm really lookin' for is someone who's really practical AND thrifty!," said no hottie at the club EVER!
Just sayin'.

[Cherry]

Originally Posted by ctrlz

"What I'm really lookin' for is someone who's really practical AND thrifty!," said no hottie at the club EVER!
Just sayin'.

Lol I don’t think any girl has been interested in a Camaro at any club that isn’t actually a bowling alley or next to a trailer park in the last 30 years

[Mov Ov3r]

Originally Posted by Cherry

Lol I don’t think any girl has been interested in a Camaro at any club that isn’t actually a bowling alley or next to a trailer park in the last 30 years

+1

[GearheadSS]

Originally Posted by hakuna_matata

Get the V8 stop listening to the adults who couldnt get such a great car when they were your age. I'm in college I have the v8 get the v8

lol Slow down there, kiddo.

I've probably had more cars than you've had years on this planet. I had sports cars in high school, college and pretty much throughout my entire 27 years of driving.

The advice from us ADULTS is coming from years of experience and wisdom. Hopefully you'll be able see that one day.

[KirkH]

Originally Posted by GearheadSS

lol Slow down there, kiddo.

I've probably had more cars than you've had years on this planet. I had sports cars in high school, college and pretty much throughout my entire 27 years of driving.

The advice from us ADULTS is coming from years of experience and wisdom. Hopefully you'll be able see that one day.

Hahaha kids who have to have everything NOW!

What these young guys don't understand is that having a Camaro at 21 is fun but retiring at 50 years old and driving a Camaro is WAY better!

[Cherry]

Originally Posted by KirkH

Hahaha kids who have to have everything NOW!

What these young guys don't understand is that having a Camaro at 21 is fun but retiring at 50 years old and driving a Camaro is WAY better!

I bought my Camaro at 23 I also have a 401k, roth IRA, and other savings stashed away and growing. If you play your cards right you can have your cake and eat it too, but spending $20k+ on a 4 cylinder Camaro in college is idiotic imo.

[KirkH]

Originally Posted by Cherry

I bought my Camaro at 23 I also have a 401k, roth IRA, and other savings stashed away and growing. If you play your cards right you can have your cake and eat it too, but spending $20k+ on a 4 cylinder Camaro in college is idiotic imo.

One big emergency (medical, legal, etc.) can change your financial life so quickly. I know this from my wife having breast cancer.

A Camaro is not an expensive car, so it's not that tough to swing a new car when you are young, but financially, it's a big waste of $500/month that should go to savings for education/training/certification, kid's college, house down payment, emergency fund, etc.

The OP is in the IT business (which I retired from) and certifications, training and a master's degree are not cheap.

The earlier you start saving makes a huge difference to how much you get at the end.

[Jonster]

I bought my 2ss right after I left college and wished I had it earlier. If you can afford the 2ss and the maintenance that comes with it, go for it.

[VinnAY]

Originally Posted by goproz

So let me start off and say this is partially financial advice. Here's the situation: I am very fortunate that my parents will be giving me 22k to use towards a car. The requirement they have is that the car has blind spot monitoring. This leaves me with two possible trims: 2LT and 2SS. I have been looking at 6th gens.

If I get a 2LT:

- I'll probably only need to pay ~3k of my own money for a 2017 or 2018 2LT with blindspot (also know as convenience and lightening package) with ~15k miles.

- Insurance will be lower, gas will be less expensive, and better MPG

- People at car meets will look down on me for having a v6 ):

- Not a lot of torque

2SS:

- I will need to take out a 9-10k loan for a 2016 or 2017 2ss with ~25k miles with little warranty left.

- Insurance will cost more, gas will be more expensive, and I'll get worse MPG, all while having a large loan

- I will get the enjoyment that comes with a v8!

Additional info: I am a computer science major who had a well paying internship last summer and will hopefully have another this summer. I do not currently have a job at school but I am trying to get one ASAP.

If I got a loan will be at around 1.9%

Follow up questions: How risky is it to get a 6th gen that is out of warranty? How much does it cost to maintain a camaro?

Thank you everyone for the help!

What you should do is become a man and not an adult child.

[Domo14SS]

Don't want to be "That Guy", but I recently graduated from college in 2016.
I bought my Gen5 SS in March 2018.

IF you can't hold off, I'd say buy the V8. No reason to not if you're getting a Camaro, though the 4 and 6 cylinders are fun as well.

When I daily-ed my Camaro, I was putting about 50 miles a day on it, and spending about $100 to $120 a week on Gasoline. (Gas prices were about 2.65 back then, and I usually filled up twice a week.)

That, plus things like Insurance, and overall cost of ownership can add up VERY Quickly, especially for a college student, as you have to consider your living situation there, then your loans after you graduate (which hopefully aren't too bad for you to handle.)

In my situation, there would have been no way in heck I'd be able to afford that in College. With a $750 Apartment, plust other costs of living AND My post-graduate loans would have been too much.

End of the day, it all depends on if your finances align with the path that your heart wants to take, but also be weary of how much college actually costs.

$70000 Later and my Monthly Student Loan Payments are still considerably more than my Car Payment and Insurance combined.

[Domo14SS]

Originally Posted by goproz

Thanks everyone! I've read every single post on the thread multiple times, thinking hard about what I'll do.

I am starting to lean towards the 2LT. I think a much smaller loan (2-3k for a 2LT) will be much less stressful and very manageable.

Something that's hard for me to stomach is that I would be paying 6k extra just for the v8! (assuming 2LT v6 is 25k and v8 is 31k with comparable miles) On top of that, more expensive gas with worse MPG with the v8!

However, when I eventually sell the car in aprox. 5 years time, I can get ~$2.5k back that I spent on the more expensive V8.

Computer Science internships pay quite well, but I wouldn't want to spend the majority of my earnings on a car loan.

SOMETHING that is very tough for me is that I will be holding onto this car for a long time. At this point in college, I think would be the hardest time for me to pay back the loan. But when I am working a Computer Science job in about 1.5-2.5 years from now, I may have wished I got the v8 because I would most likely be able to afford the payments with ease then. While I could get the v6 now and trade it for a v8 in 2-3 years, I would feel bad because I would be trading in something my parents got me for something better, and so soon.

I would like to thank everyone for all their responses. I loved checking the post numerous times a day and seeing all the opinions. I didn't think it would blow up this much! I still have 8 months time until the car will become required so that I can commute to whatever internship I get. So there is no rush, but I am really trying to plan everything out so I can narrow down what I'm looking for.

If anyone ever sees a great deal on a 2LT or 2SS hyper blue metallic, 2LT hot wheels edition, or any other great deal let me know!

As you guys can see, my thoughts are all over the place!

I just saw this reply.

If they're giving you that much to cover the cost of a car, I'd put as much of that as possible to cover the costs of my Student Loans, then getting the cheapest, most fuel-efficient car that I can buy.

The money will come when you graduate. Work hard now, play hard Later.

[Getnlwr]

I like that some people on here are suggesting he saves. If the money is being offered specifically for the purchases of a car then its stupid to tell him to save it, as that may not be an option.



Young guy getting the opportunity to get a fun car at 21. I'm 36. Bought my first 500HP vehicle at 28. Then got a little crazier after that. All work and no play makes for a sad and boring life. WORK AND PLAY. You can have both in moderation.



OP, get the V8. have some fun. If you can find one that is a vert even better. Chicks like convertibles around here. If the vert isn't an option the base model with the v8 is ideal. Later on you can boost it if you like and come play in the bigger HP numbers. Make sure you're keeping up on your studies and work part time if you can unless you have a full scholarship. Debt is not your friend. Buying the V8 car will not put you in much debt. I suggest that route. V6 and 4T's are toys as far as I am concerned.



No one ever look back at the cars they owned and brag about having the slower model of a car, even though they can be fun. It's still the slower version.



I don't talk about the civic I had a long time ago. I talk about the RAM SRT10 I had as well as about my Viper and the Zl1.

[Aragorn]

Save and wait until you have a good job. Just my two cents