01-11-2014, 09:18 PM | #1 |
Drives: 2013 2LT Camaro Coupe RS Join Date: Jul 2013
Location: los angeles
Posts: 95
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Loans Loans Loans
Anybody here feels like that they regret purchasing the car? Of course not due to the car performance but the fact that you had to take out a big loan?
On top of that, I do not know about you but a few of you might be piled up on other different loans. Thoughts on how to cope with this madness? Just a thought haha. |
01-11-2014, 09:21 PM | #2 |
Buick 455 Fan
Drives: 1970 Buick, 2012 1SS LS3 Join Date: Jun 2010
Location: Boston MA
Posts: 5,957
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I put down 10K in cash and had a 14K trade in so...no big loan. What I regret is that I couldn't really keep the car I traded in any more.
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01-11-2014, 09:23 PM | #3 |
Drives: 2012 camaro Join Date: Feb 2012
Location: central VA
Posts: 3,196
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I don't buy things that I either cant afford, or will put strain on my budget. I don't work for my car. I waited till I was 40 to buy it so it wouldn't be a strain on the budget. It's also why I bought an LS despite being able to buy an SS, LE, or even a ZL1 if I really wanted. at the end of the day, financial security (and some day retiring) was more important than a car. mine isn't bad, 347 per month. only other loans I have on top of that is my mortgage, and an equity line of credit.
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01-11-2014, 09:45 PM | #4 |
Account not blocked
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i pay cash
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01-11-2014, 09:57 PM | #5 |
Hang in there OP. Come up with a plan on what to pay off first and set some realistic goals.
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01-11-2014, 10:03 PM | #6 |
Montani Semper Liberi
Drives: 2011 Black 2SS/RS w/ IOM stripes Join Date: Feb 2010
Location: Masontown, WV
Posts: 4,841
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my only regret is that I live in a snowy climate and can't drive my SS 365 days a year. those lucky ones that live in the sunny states don't know how good they got it. two months and mine comes out of hybernation, counting the days!
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01-11-2014, 10:11 PM | #7 |
Drives: Black 14 2SS/1LE/RS 14 Tundra Join Date: Dec 2013
Location: Plymouth, Ma
Posts: 2,414
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Maybe home equity might be able to write of interest on taxes. Consolidate debates in one loan
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01-11-2014, 10:12 PM | #8 |
ace5.org (Atlanta Club)
Drives: 2010 Black/IOM 2SS LS3 Join Date: Sep 2013
Location: St. Simons Island, GA
Posts: 1,011
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I don't see how these cars are any more expensive than anything else you could buy. If I wasn't driving this, I would be driving a truck and have more of a payment than I currently do most likely. My motto in purchasing cars is that if I can walk outside to get in it everyday and absolutely love it, then it is worth what I paid for it. If you over extend yourself, hopefully you learn a lesson this time and save more in the future before making an irrational purchase. I found my car two years ago, used, and the guy I bought it from was in some financial distress. I paid less for it then than I see cars going for sale on this forum. If you over extended yourself, seek some financial advice for an advisor or CPA.
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01-11-2014, 10:17 PM | #9 |
WHAT RED LIGHT?!
Drives: 2011 Black Camaro 2SS/RS M6 Join Date: Apr 2011
Location: Miami, Florida
Posts: 1,115
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Buying a car is always sweet sorrow...You lose money the second you drive it off the lot, so you might as well purchase a car that makes it worth the loss
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01-11-2014, 10:25 PM | #10 |
Drives: 2013 2SS/RS IOM 1LE Join Date: Mar 2013
Location: Houston
Posts: 330
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You only live once! Hope that helps and hang in there.
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01-11-2014, 10:26 PM | #11 |
Montani Semper Liberi
Drives: 2011 Black 2SS/RS w/ IOM stripes Join Date: Feb 2010
Location: Masontown, WV
Posts: 4,841
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I crunch numbers for a living, I work my budget forward and backwards, I cut out all the none essentials leave enough to handle most situations, and I am far from rich. I would hinder a guess that I am one of the "poorer" Camaro owners. making it work is about discipline and being smart with where you spend and don't spend you money. there is no magic bullet. I buy used with low mileage to avoid taking the depreciation hit of 4 grand up front, pay as much down as I can, make sure the equity in my current ride if not paid off is very high. always have a number and the frame work for how I want the deal to look like and stay sted fast with that til I find the right deal. don't over pay no matter how much I want the car! that is where you get the regret, just chose to avoid it up front!
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01-11-2014, 10:38 PM | #12 |
Drives: 2012 1LT Drop Top Join Date: Oct 2013
Location: Yardley, Pa
Posts: 745
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The last three vehicles I bought were two years old with low mileage, (under 20K). IMO the best way to buy. The original owner took the big depreciation hit and I got a great deal on an almost new car with the remainder of the factory warranty left. Win win!
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01-12-2014, 01:18 AM | #13 |
Drives: 2011 1LT/RS A6 RJT SuperCharged Join Date: Mar 2011
Location: 87114
Posts: 3,503
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Life is full of debt.
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Power is worthless without control. The 2nd protects the 1st.
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01-12-2014, 03:01 AM | #14 |
Drives: '14 Red 2SS/RS/LS3 Join Date: Dec 2013
Location: Cedar Rapids, IA
Posts: 692
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I spend a lot on my cars....they bring me happiness, I'll always have a car payment. Never had any kids, so I figure I saved a fortune on that. I try to not finance longer than 4 years so I'm not upside down. With interest rates at 2.24% for 48 months now, it's not that bad!
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