[DenverTaco07]

Originally Posted by Ant

You're probably right, I shouldn't. It's just that getting 20% off MSRP on your dream car is so hard to say no to. :( Lol

DO IT MAN(?)!

[TommyDuncan]

A couple things I didn't see mentioned...

How much do you drive? If the car won't last 7 years I definitely wouldn't do it.

Are you getting a good deal on a new 2016? That would be great if you plan to keep it but bad for resale.

There is a thing called quality of life. If this car brings you happiness and makes you want to get out of bed in the morning then do it, as long as you can afford it. From the sound of it you are hard working and responsible.
Just be careful. Sometimes the things you own end up owning you...

I am surrounded by people with more money than time left on this planet and all they do is worry about their finances. Even though I will benefit from it when they pass I still wish they would go spend some.

[Thor142]

Originally Posted by DenverTaco07

DO IT MAN(?)!

I second this. Just do it. All these guys telling you not to because they did it and it was a bad idea need to let you make your own mistakes. It's only money and YOLO.

[Ian SS]

That's a long term, and a lot of interest. But who cares, it sounds like you really want the car and when you graduate you can refinance to shorter term.

If the car will make you happy and you can afford the payment, BUY IT!

[shaffe]

Originally Posted by Ant

I only have 1 payment left on it, it's a lease.

And for those asking if I was approved for the loan or if I am just assuming, the answer is yes, I was approved by PenFed.

This is pretty much my dream car, so I do plan on keeping it for as long as possible. I had to get rid of my 2010 Aqua Blue 2LT/RS right after I got it because I was going to school and have been dreaming of getting another medium blue Camaro ever since.

I still live at home, but I am single so I don't see marriage/kids anywhere in the near future lol. I am employed full time and actually just picked up a second job to make a little extra cash on the side.

Also, I believe PenFed offers gap insurance with the loan.

So you are just out of college, already employed full time, and have a second part time job but only have 3500 to put down on the car? What the hell are your other expenses that you are employed full time, have a part time job, living at home (assuming rent free) that you only have 3500 to put down?

Now back to the original question, yes it is a terrible idea. IMO anything over 60 months is a bad idea. 60 is the most I would do, and I don't even know how I feel about having a car payment for 5 years, let alone 7. You are going to owe much more on that car than what its worth you would have to know for sure that you would be keeping for a long long time to make it worth it.

[shold4]

As a recent college graduate (december 2015) I feel like putting in my 2 cents:

I can definitely relate to how you feel with the excitement for the car. Some back ground of me: I was fortunate to get a job in my field (engineering) right out of college due to a internships during undergrad. I have kept a budget for several years in excel to track how much i earn and spend each month including where it goes so i can see how much money is going toward necessities(rent, food, gas, etc) and what i can put into savings or spend on something fun. Seeing the last several months gives me a good average target to aim for to keep myself financially consistent. Given that background of planning, you can look at how much a car payment (and don't forget about insurance) will affect you financially. I have been saving up since high school until i could put $20k down so that I would be able to get a shorter term loan that the payments would be about 1/4 of my monthly income.This allows me to be able to put 1/2 to 2/3 of my paychecks into savings while saving me from spending a lot on interest. I also waited until I had enough in savings on top of the loan to be able to live for 4 months just in case of whatever. Take some time and give the numbers a good look. If they line up something like that, then my opinion is to go for it! But from what I read, I think i have to agree with the people saying to give it some time, let the excitement die down and come back later and catch yourself a good deal and put more money on the front end of the loan rather than dragging it out for 7 years.

Good luck! i hope this helps

[bielawg]

Generally speaking I don't ever want to pay for a car longer than 3-4 years, ideally at 0%.

Even if I choose to go for a longer financing period, (for instance if Chevy is offering 0% for 72 months when I pick up my car, I will get that), the entire car will be paid off at around 4 years, I will just choose when I want to give them my money.

You don't want to ever be in a position where you may need to sell the car, and will get less for it than you still owe.

I also don't typically keep my cars past the warranty period.

[newb]

I say it's always a bad idea for this car. It will depreciate far faster then you are paying down the principal. Gap insurance is additional money out of pocket. If you can afford gap, you can afford a shorter loan. If you cannot afford it at the low 60 month rates offered by PenFed, you cannot afford the car. Add to that the uncertainty of your income after college, signing up for long term debt is a bad idea.

[Ant]

Originally Posted by shaffe

So you are just out of college, already employed full time, and have a second part time job but only have 3500 to put down on the car? What the hell are your other expenses that you are employed full time, have a part time job, living at home (assuming rent free) that you only have 3500 to put down?

Now back to the original question, yes it is a terrible idea. IMO anything over 60 months is a bad idea. 60 is the most I would do, and I don't even know how I feel about having a car payment for 5 years, let alone 7. You are going to owe much more on that car than what its worth you would have to know for sure that you would be keeping for a long long time to make it worth it.

First off, I just started my 2nd part time job about 2 weeks ago. My other expenses are my current car payment, car insurance, cell phone, etc. And for the past few months I have started paying back student loans. I mostly buy my own food even though I live at home so there's that as well.

I don't make that much money, so it's not like I have been living at home making 6 figures. I work in sales so most of my income is commission-based, so I have good months and bad months. My income isn't that steady, which is why I got the second job so things will hopefully start to get better.

If I knew that I could get this exact deal in a year from now, I would probably wait until I have a bit more saved and some of my debts paid off. It's just killing me knowing that this car is sitting there and someone else will probably buy it lol.

[DenverTaco07]

So, is it still a relationship taboo for a guy to be living at home, or do women in the "millennial" or "Gen Z" generation actually prefer it?

I'm genuinely curious - I mean it used to be a huge no no, but I'm not so sure nowadays.

[DeliveryMan]

Ant, if you have no rent. this is not a "be all end all" life ruining purchase.
The 84-month loan is not good though.
some ppl have child support, child care and those type of expenses.
just switch your phone provider to Cricket to save a little there.

GM will have a cool Camaro still in the future if you can hold off for a while

[I`m Batman]

It's only bad if you're paying interest on it.

If you got 0% then stretch it out for as long as you want, even if you have the cash to pay in full.

But if you really can't afford it or pushing it, I would not do it. We're all car guys, we all understand but at the end of the day, it's just a car. No need to put yourself in a bad financial situation when you don't have to.

[Ant]

Originally Posted by DenverTaco07

So, is it still a relationship taboo for a guy to be living at home, or do women in the "millennial" or "Gen Z" generation actually prefer it?

I'm genuinely curious - I mean it used to be a huge no no, but I'm not so sure nowadays.

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.

[shaffe]

Originally Posted by Ant

First off, I just started my 2nd part time job about 2 weeks ago. My other expenses are my current car payment, car insurance, cell phone, etc. And for the past few months I have started paying back student loans. I mostly buy my own food even though I live at home so there's that as well.

I don't make that much money, so it's not like I have been living at home making 6 figures. I work in sales so most of my income is commission-based, so I have good months and bad months. My income isn't that steady, which is why I got the second job so things will hopefully start to get better.

If I knew that I could get this exact deal in a year from now, I would probably wait until I have a bit more saved and some of my debts paid off. It's just killing me knowing that this car is sitting there and someone else will probably buy it lol.

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.