Starting to Consider Selling my Camaro...

[2010 2-Tone]

Originally Posted by RedJewel2SS

no that $2k is on top of the minimum payments.

lets see we have about $40k in student loans, credit cards are zero, we owe $24k on my truck, $29k on my camaro, and the trade in value of her car is about the same as what we owe, so add another $38-40k if we get the 2010 SRX. and rent an apartment for $1250 per month.

it's a lot, but i've created an amortization schedule of every little thing, and what i'm doing is applying that extra $2000 each month towards whatever loan has the lowest principal, once its paid off, i'll take that $2000 plus the minimum payment of the paid off loan and pay the next thing off, then the next, then the next thing, it all "snowballs together" according to Dave Ramsey. when it comes down to it, if we get the new car, everything will be paid off in about 4 years from now. once i'm permanently located in 2 years, i'll apply all my "extra savings" from bonuses and stock options for a down payment on a house, but this will be a starter home so i don't plan on anything over $175k or 200k.

i have been very tempted to use that "extra savings" for heads/cam or supercharger, but my wife puts me in check and says NO! too bad saying NO! to her doesn't have the same affect

I don't know what you make a year nor do I want to but you my friend have some bills!!! You didn't even mention all the hidden bills like insurance, fuel, groceries, electric bill, ect. Sounds like you are young and are spending at a fast pace IMO. It is your money but you already have a truck with a note, a Camaro with a note, and she has a note. Why wouldn't you share the Camaro with her, keep her car and pay it off, you still have the truck also and save to get out of that $1250 rent and start paying on something that is yours? What about kids?? What about a health problem?? As you already know they aren't cheap! Just looks like your priorities are not in order. Just saying!!!

[jhyland87]

The reason its no longer exclusive, and they are all over, is Chevy was obligated to make a v6 version, now all the 16 year olds and mothers have the v6 versions just to say "I drive a camaro", and now the new camaros arent at all "unique" or "rare" or "exclusive".

Sucks!

[RedJewel2SS]

Originally Posted by 2010 2-Tone

I don't know what you make a year nor do I want to but you my friend have some bills!!! You didn't even mention all the hidden bills like insurance, fuel, groceries, electric bill, ect. Sounds like you are young and are spending at a fast pace IMO. It is your money but you already have a truck with a note, a Camaro with a note, and she has a note. Why wouldn't you share the Camaro with her, keep her car and pay it off, you still have the truck also and save to get out of that $1250 rent and start paying on something that is yours? What about kids?? What about a health problem?? As you already know they aren't cheap! Just looks like your priorities are not in order. Just saying!!!

i see where your coming from. no health problems, and no kids. we agreed we would wait until we were 27 or 28 before kids were even considered. we make 6 figures combined. i'm a Petroleum Engineer, and she's a Recruiter for the oil & gas industry. the reason we are renting is because my job has us moving around the first 3 years. i lived in Tulsa for a year, now i'm in Midland, TX, and in July we move to Houston, July 2012 is when i'll be permanent somewhere. her company is headquartered in Houton and is very easy for her to transfer, rent and housing are both cheaper in Houston, than Midland surprisingly.

yeah, i am spending a lot of money fast, but i am not over spending. sure my net worth is zero cuz i have debts but i pay way above minimum on everything and still survive, not many middle aged people can say they can be debt free 4 years from now without selling anything.

your only young once, you never know when your last day will come, and that's how we live our lives. of course i'm saving for retirement... my company matches 6% so that's what i contribute, and all the stock options and bonuses they give me are going towards our first home.

you guys aren't the only ones that think i'm ridiculous, i should get my dad on here cuz he thinks i should sell all 3 cars and buy a hoopdie to carpool with her until my student loans are paid off. and he isn't one to talk, they have a boat loan, car loan, mortgage, and credit card debt, and can barely stay afloat.

[Johnnyma45]

Yea no one here's your mom or dad but seriously, if you are young, you really shouldn't be buying Camaros and SRX's when you have so much debt and want to save up for a house. There's time later in life to enjoy the fun stuff, take it a little more bitter now for the sweet later.

[Johnnyma45]

Originally Posted by jhyland87

The reason its no longer exclusive, and they are all over, is Chevy was obligated to make a v6 version, now all the 16 year olds and mothers have the v6 versions just to say "I drive a camaro", and now the new camaros arent at all "unique" or "rare" or "exclusive".

Sucks!

There's actually many more SS's in this area than V6s. Just sayin, maybe Chevy made them all too affordable.

[Entaille]

there is nothing exclusive about a mass produced sportscar. it will be even worse in a couple of years as all the used models continue to become more and more affordable, and people keep undercutting the market to make sales.

the best deterrent to getting rid of your car is to realize how much of a hit you have to take to sell it, especially modded.

[shockandawe]

Sell and buy the Vette,you'll never regret it.

[xx_ED_xx]

Originally Posted by jhyland87

The reason its no longer exclusive, and they are all over, is Chevy was obligated to make a v6 version, now all the 16 year olds and mothers have the v6 versions just to say "I drive a camaro", and now the new camaros arent at all "unique" or "rare" or "exclusive".

Sucks!

Wow dude, they have been making them with 6's since they came out in 1967.

Camaro has never been an exclusive car. If you wanted it to be different then you picked the wrong car. And neither is a corvette.

You can make your car your own or go buy something else to get bored with.

[rolnslo]

Originally Posted by shockandawe

Sell and buy the Vette,you'll never regret it.

Yeah, until he has kids and needs a back seat again...


Seriously think about the depreciation hit on that Cadillac over time though before you buy it...While the slightly used 2010 SRX may look great now, it won't look so good to you in 3 years when it's dropped 1/2 it's value. Historically, Caddy's don't hold their value too well. Just something to think about.

January/February 2010: 24 Month 36 Month 48 Month 60 Month
Cadillac SRX____________57%______50%______41%_____34%
Cadillac Avg.____________45%______40%______33%_____27%

[Sc0rPs]

Well you'll take a hit for trading it in, but if not as many heads turn to check it out was your main reason then it sounds like it was a mistake to have even purchased it. You should never do something because of other people's reaction, do it because that's what you wanted to do.

So trade it in and hopefully next time you'll get something you actually love.

[KnuckleBuster]

Originally Posted by CC Performance

Sounds like you know what you need to do. Heck,even if you drive home in a 80's K car when you get home and see its your home it makes what you drive seem way less important. Cars will come and go and you'll have plenty of them along the way.

Very true. Been there, done that.

[cab2g]

Originally Posted by shockandawe

Sell and buy the Vette,you'll never regret it.

unless they finally make a long overdue overhaul to the Corvette's exterior. That thing has looked practically the same since the 1984 I swear.

[jhyland87]

Dude... For the same price, you can buy a built gtm! I almost did... but it was sold for a better price to someone else.

[upflying]

Glad you are holding off buying a house, you probably would not qualify for a mortgage. Your debt/income ratio is probably well past the danger zone. When you decide to have kids, save up for that tan minivan.
http://www.ehow.com/how_7226_calculate-debt-income.html