Trying to get rid of my baby....

[Scrappy Doo]

Originally Posted by RPO_Z28

What was the list price on that 1SS new?

I think 32K is way too much for that Camaro. It's used!

If you can get the 32K, you should run and grab it before they change their mind.

Absolutely.

[HDDAN]

Jump on the $32,000.00. A 1 SS starts at $30,995 around here. The dealerships all have SS's sitting in their showrooms and the people that payed above list were foolish. I am sorry to hear that you got into the loan situation that you are in that is making you part with your Camaro.

[lordfriday2]

I found myself in the same boat as you, now i'm driving an 86 iroc z i picked up for 1300.00 ... my advice? be humble and drive something not new, the dealership will give you 29-30 for it if you are lucky... that will leave 6k left on top of what the new car would cost plus taxes, it would put you pretty much in the same boat you're in now..

as i said be humble, find a reliable beater for awhile that is a 4 door and worry about family and future then a piece of metal.

[fast orange]

some people have learned nothing from the current U.S. state of economy

[calflan]

Trade with the dealer for a car you need, takes care of responsibility and is affordable.
You'd probably do better taking the $32k and getting a privately sold car to replace the Camaro, but if the dealer has what you want and you need out now, get them to give you $32k and eat at least $2k on the trade car. They'll move the Camaro fast after they get it.

If you can move it fast at $32k even better, but take the loss, ALMOST make up the difference with your lessor payment on the replacement car. If you hold for 2 more months at $600 = $1200. If you sell at $32k and get a payment near $300/mo., you'll save $600 over the next 2 months. Of the difference (36-32=4000) you lose $3200 (3400-600=3200), but that's likley the case on any new car trying to move it within a year or so after drive off a lot. Did you get $3200 worth of fun for the last 5 months ?? I'll bet driving the car for 5 months was nearly worth a vacation costing $3000, was'nt it ??? Move it now and move on.

You're smart looking at your options like you are and soliciting advice, good for you and best of luck. You sound like a good dad too !

[Dakota Kid]

Cut your losses NOW and sell it at 32k. Learn your lesson wisely....and do not make the same mistake again. Most of us have been there, done that...it will all work out for you!

[coolman]

SELL NOW! Your problem will only get worse the longer you hang on to it. If you can't unload it because your upside down(which it sounds like you are), you might be stuck with it unless you can find a new car with a lot of discounts to offset the amount your upside down. Problem with that is ,you'll be right back where you are now with paying sticker or more for the car you end up with. No easy fix unless you have the the money to make up the difference from what you get vs what you owe.

[AZ MSCL]

Seems like a lot of people are kicking this guy while he's down. He is seeking help, not lectures about how he paid too much.

[GaryTucker]

IF you do get this car sold...I'd sure think twice about a 5-8k cadillac...you are just asking for more troubles than its worth. Why not buy something without an "expensive" name on it? There are plenty of 5-8k cars that are still really good reliable cars. This is what you need in the situation you described.

I'm not trying to kick you while you are down...just passing on what I learned. Fortunately, I've never been a single dad...but I've been in the too much month at the end of the money situation.

[C377]

You are prob paying 800 a month with insurance and all. In 5 years that is 48'000$.(this is not even considering interest). So if you are able to save this, in 5 years you can pay cash for your car if you want to.

Moreover if you save the 800$ a month in about 4 months you will recover the 3k you are missing out selling your car at 32K.


If you do not sell it now in 4 months you will still own 35K, but you would have paid an extra 3200$, and the car may have lost another 1k in value.

It does not matter now, that you made or not the mistake. The key is that you take action.

Just consider something different than craiglist. Local paper, autotrader, friends...

But the most important thing is that your baby is not your car. Your "baby" is the family you now starting.

[Analogy]

Thank you for the feedback everyone. For the record I did NOT pay over MSRP. I was upside down about 3k on the 05 mercery sable I traded in for it (Put down 2k). The total loan amount was 37k, sales tax in AZ is 8.9% so thats why I am not any better off in the loan then 35k.

I am for sure going to list the car on autotrader and see if I can get any one to bite. Unfortunately I do not have any more offers of the 32k or else at this point I would just bite the bullet.

Also the reason why I was thinking either a 5-8k Caddy or even a Lincoln towncar is because they are bigger reliable cars. I also commute around 100 miles a day to work, so I would like to be somewhat comfortable. I am sure I can find a kia or something w/low miles. I have found some pretty decent deals around here for used Caddy or towncars though. Seen as low as 5k for a 02 private owned caddy (senior citizen) with only 50k miles. If I had the money at the time I would of jumped on it, as that is an excellent deal. Luckily I live close to a retirement area so I am sure deals like that will come along more often.

[Vega]

ahh i feel for you my good sir, nobody should have to give up their baby =(
It annoys me how the prices on the new Camaros arent going down any, they need to be competitive with the Mustang but they're remaining around $4k above...i blame it on all the lame options people whine about (can you seriously believe people are whining about on-screen navigation now? -_-')

You could try to trade in for a V6 Camaro maybe? Or trade in for a cheaper GT Mustang maybe the few thousand extra will make payments possible, you could even try to get a really really nice 02' Trans Am and that'd be even cheaper than the new V6 Camaro

Actually I just had a really good idea for you, you could try to get a G8, they're the same platform as the Camaro so its basically the same car, they're a lot cheaper cause they're all 2009 models and Pontiac is out now, AND they're all 4-door so they'd be much better family cars, all without sacrificing the fun and power of your LS3 =D

[rodscamaro]

Don't sweat it, it's just a car!! So sell it and move on with your family. Later, you can pick up a used one. Let me just say that next time, the best thing to do is put down atleast 50%, or you can't afford it. With the way the economy is now it may be closer to 75% down. I can't let a car payment or a house payment control my life, so I didn't over due it on either. My ......02

[TripleB]

Originally Posted by Analogy

Hi everyone,

I have been a member of C5 for a good amount of time now and have dreamed about owning a Camaro for years. I became a proud owner of a 1SS/RS M6 blk/blk on June 24th.

What I didn't realize or was blind to the fact of is that I am a 25 year old single father. I make decent money, but not enough to save any money with this large car payment and high insurance. Sure I knew all of this going in, but I lied to myself thinking I could make it work. Now I am struggling living pay check to pay check and am looking for a way to stop the bleeding.

I have been trying to sell my Camaro on craigslist for the last two months for $35k (what I owe on it). The only offers I have got is to either undercut me to $32k (twice) or take over payments (can't count how many times I have been asked this). Ideally I would like to sell my car on there then buy a used Caddy for 5-8k and pay it off in a year. Then I could save cash to buy a house and eventually buy a Z28 or another Camaro in afew years cash.

Since I wanted the Camaro so bad and decided to do a 84 month loan, I am looking at having almost at $600 a month car payment for 7 years. This will prevent me from buying a house or really any flexiblity in the future being that I have a 2 year old son.

So.... I was thinking I should try trading her in as a last resort. The dealership I bought my Camaro from has two Cobalt SS's on the lot (both have been sitting on the lot since before I took delievery on my Camaro) for 21k (2dr) and 22k (4dr) both with 72 month 0% APR financing. The issue being I would likely get raped with trade in value.

What is everyones thoughts? Should I just suffer and hope things will get better? I do work for an excellent company where I have the possibility of moving up quickly (already got a total of a 15% increase on my salary in a year, we get reviews every 6 months). Or should I just hope for the best with craigslist? Finally would a trade be best?

doesn't "take over payments" mean that they transfer the loan to them for the amount you owe? or am i missing something? that seems the best option if you just want what you owe. or do they want to just pay for it and have it in your name? that wouldn't make much sense.