Need to unload...

[Madness11]

I have come to the sad realization than I need to get out of my Camaro. I am sad to say it, but it will save me money by not having an expensive monthly payment to prevent me from doing other needed things. It was so much different back in the day when I bought it and was a single man. Now that I have a wife and a newborn......something must go and we need to sacrifice now in order to better ourselves. I can still pay for the camaro and live the way we currently are, but I would like to not live in an apartment for the next for years to pay off the camaro. I would like to live in the apartment for the next 4 years saving money to put 20% down on a decent house for my new daughter to grow up in. The issue is I am upside down by about 3-4k aaaaannnnnnddddd private party of my 2SS/RS is about 29500 and a dealership will only give about 25500 for the car.

If there is anyone that can kindly give advice on how I can handle this situation, I would greatly appreciate it. As mush as I would rather keep my car, I need to do the responsible thing and let her go.

[ZED SLED]

Do what's best for your family. I had a new 1980 turbo Trans-Am I had to unload for the same reasons. Spent the next 25 taking care of family. Since the last kid moved out in '06 I've bought a new '06 GTO, new Camaro SS in '09, and a new ZL1 in '13. There's always time for toys down the road.

[motorhead]

Are you looking to get another car to replace it or get out of the payment altogether?

[2012-1822]

Honestly, I can probably give you a lot of advice towards how to get to your financial goals. I'm not a professional, but PM if you want to talk.

[el ess A]

To me it looks like you're stuck for a while. If you still owe 30K or so (as it appears) you're either going to have to absorb the loss and let the car go, or keep it a while to pay it down. But then you risk more miles on the car and it being worth less, etc.

Life is about choices. I know it'll look odd in words in a forum here, but trust me, I'm not judging you. So you'll need to imagine that what I'm going to write isn't without compassion.

You bough the car and it appears if you're that far upside down now, you were REALLY upside down at the start. Nobody knows what life will throw at them...but, a lot of guys that have the cool cars call them chick magnets. Then when it actually works, they get the chicks. Then they have the relationships. As the man emerges and matures and realizes they are gaining responsibilities that need prioritization, the boyhood toys (like cars) start to take second fiddle. To which I think you're at that point now.

Is it a special edition? Was the car some one-off collectible? Is it something that has such sentimental value that you would kick yourself for years later if you dumped it? I'm going to guess no. If that's the case, take a grunch of pictures of it with you and your family (years later ya'll can look at the cool old car dad used to have) and then sell it/trade it, or whatever to get out from under it. Sure, you may have to come up with a few grand to get rid of it, but then you can start saving toward a house.

Priorities. That's a big deal in life. So set your goals, and come up with a PLAN THE WORK and then WORK THE PLAN!!! Get rid of the idea of instant gratification. Trust me, if you follow the plan religiously, you'll have your nest egg in no time without killing your current lifestyle. Too many people live paycheck to paycheck using 99% or more of their paycheck to live. How you gonna save or fix emergencies if your entire life is upside down financially?

I don't know your situation, but try to manipulate your lifestyle to require, say, 80% of your paycheck. Then sock away 10% of that toward a house, and 10% for emergent stuff. That's just one idea, there are several. But most are common sense. Then DON'T TOUCH THE EXTRA MONEY!!!!!! That's where people hose it up. Be disciplined in whatever plan you come up with.

Sounds like you're rather young. And that's ok. There will be a time for the toys later. But family is FIRST. Always. Remember that and you'll be ok. Good luck.

[JR 1]

Well it sounds like you have your priorities straight. If I were you I would keep paying on the Camaro for now and put as few miles on it as possible until it is worth more than you owe. Then I would sell it privately to get the most out of it. It takes a little more work to sell it privately, but the convenience of selling to a dealer will cost you.

[Madness11]

Originally Posted by el ess A

To me it looks like you're stuck for a while. If you still owe 30K or so (as it appears) you're either going to have to absorb the loss and let the car go, or keep it a while to pay it down. But then you risk more miles on the car and it being worth less, etc.

Life is about choices. I know it'll look odd in words in a forum here, but trust me, I'm not judging you. So you'll need to imagine that what I'm going to write isn't without compassion.

You bough the car and it appears if you're that far upside down now, you were REALLY upside down at the start. Nobody knows what life will throw at them...but, a lot of guys that have the cool cars call them chick magnets. Then when it actually works, they get the chicks. Then they have the relationships. As the man emerges and matures and realizes they are gaining responsibilities that need prioritization, the boyhood toys (like cars) start to take second fiddle. To which I think you're at that point now.

Is it a special edition? Was the car some one-off collectible? Is it something that has such sentimental value that you would kick yourself for years later if you dumped it? I'm going to guess no. If that's the case, take a grunch of pictures of it with you and your family (years later ya'll can look at the cool old car dad used to have) and then sell it/trade it, or whatever to get out from under it. Sure, you may have to come up with a few grand to get rid of it, but then you can start saving toward a house.

Priorities. That's a big deal in life. So set your goals, and come up with a PLAN THE WORK and then WORK THE PLAN!!! Get rid of the idea of instant gratification. Trust me, if you follow the plan religiously, you'll have your nest egg in no time without killing your current lifestyle. Too many people live paycheck to paycheck using 99% or more of their paycheck to live. How you gonna save or fix emergencies if your entire life is upside down financially?

I don't know your situation, but try to manipulate your lifestyle to require, say, 80% of your paycheck. Then sock away 10% of that toward a house, and 10% for emergent stuff. That's just one idea, there are several. But most are common sense. Then DON'T TOUCH THE EXTRA MONEY!!!!!! That's where people hose it up. Be disciplined in whatever plan you come up with.

Sounds like you're rather young. And that's ok. There will be a time for the toys later. But family is FIRST. Always. Remember that and you'll be ok. Good luck.

When I had bought the Camaro, I bought it for me not for the chicks to be honest. It was and still is something I have always wanted and was my goal and didnt expect to have a baby and get married so soon. The plan was that I myself while I was single could save money and buy my Camaro as well as save money for a down payment on a house, which at that time I could actually afford. Now that I have my bills and her bills and the baby's bills along with my wife staying home to take care of the baby, the Camaro is more and more impractical. Now some might say "send your wife back to work" but with what daycare for a newborn costs my wife would work to put the baby through daycare and fuel in her car. That situation is for her getting a day job. She COULD go back to bartending, but she has quit smoking and she is afraid if she goes back to working a bar at night she would end up picking up smoking again and I don't really like that idea. Although she made decent money at the bar.

I can park my Camaro and keep miles off of it and ride my harley to/from work or take my wifes car that is paid off, but the motorcycle is good for good weather. I don't like taking my wifes car because in the event of an emergency she wouldn't have a vehicle to drive somewhere. Now another thing is that plenty of families still only have one vehicle, but I would tend to think at this day and age that is getting fewer and fewer.

[Kiteboarder85]

Originally Posted by Madness11

When I had bought the Camaro, I bought it for me not for the chicks to be honest. It was and still is something I have always wanted and was my goal and didnt expect to have a baby and get married so soon. The plan was that I myself while I was single could save money and buy my Camaro as well as save money for a down payment on a house, which at that time I could actually afford. Now that I have my bills and her bills and the baby's bills along with my wife staying home to take care of the baby, the Camaro is more and more impractical. Now some might say "send your wife back to work" but with what daycare for a newborn costs my wife would work to put the baby through daycare and fuel in her car. That situation is for her getting a day job. She COULD go back to bartending, but she has quit smoking and she is afraid if she goes back to working a bar at night she would end up picking up smoking again and I don't really like that idea. Although she made decent money at the bar.

I can park my Camaro and keep miles off of it and ride my harley to/from work or take my wifes car that is paid off, but the motorcycle is good for good weather. I don't like taking my wifes car because in the event of an emergency she wouldn't have a vehicle to drive somewhere. Now another thing is that plenty of families still only have one vehicle, but I would tend to think at this day and age that is getting fewer and fewer.

Timeout- you have a Harley? Do you have any other toys like this you could sell to cover your negative equity??? I was reading the threads and started to feel sorrow that you need to lose your Camaro to make ends meet with your new family- then you mentioned you can ride your Harley lol.

[motorhead]

Originally Posted by Kiteboarder85

Timeout- you have a Harley? Do you have any other toys like this you could sell to cover your negative equity??? I was reading the threads and started to feel sorrow that you need to lose your Camaro to make ends meet with your new family- then you mentioned you can ride your Harley lol.

Yeah, he missed that little bit of info. Easy fix. Sell the Harley, put that money on the camaro and refinance it to lower the payment or trade for a much cheaper car.

[Austin45]

Originally Posted by Kiteboarder85

Timeout- you have a Harley? Do you have any other toys like this you could sell to cover your negative equity??? I was reading the threads and started to feel sorrow that you need to lose your Camaro to make ends meet with your new family- then you mentioned you can ride your Harley lol.

I agree. This may be your answer, you may just have to sell both of them. Personally, I'm in the process of getting rid of my CBR to save money.

Good luck to you and your family.

[K1SSRSS]

Originally Posted by Kiteboarder85

Timeout- you have a Harley? Do you have any other toys like this you could sell to cover your negative equity??? I was reading the threads and started to feel sorrow that you need to lose your Camaro to make ends meet with your new family- then you mentioned you can ride your Harley lol.

What he said. Also check out Dave Ramsey and give him a listen or even a call.

[JR 1]

Originally Posted by Madness11

When I had bought the Camaro, I bought it for me not for the chicks to be honest. It was and still is something I have always wanted and was my goal and didnt expect to have a baby and get married so soon. The plan was that I myself while I was single could save money and buy my Camaro as well as save money for a down payment on a house, which at that time I could actually afford. Now that I have my bills and her bills and the baby's bills along with my wife staying home to take care of the baby, the Camaro is more and more impractical. Now some might say "send your wife back to work" but with what daycare for a newborn costs my wife would work to put the baby through daycare and fuel in her car. That situation is for her getting a day job. She COULD go back to bartending, but she has quit smoking and she is afraid if she goes back to working a bar at night she would end up picking up smoking again and I don't really like that idea. Although she made decent money at the bar.

I can park my Camaro and keep miles off of it and ride my harley to/from work or take my wifes car that is paid off, but the motorcycle is good for good weather. I don't like taking my wifes car because in the event of an emergency she wouldn't have a vehicle to drive somewhere. Now another thing is that plenty of families still only have one vehicle, but I would tend to think at this day and age that is getting fewer and fewer.

Well that changes things a bit. Like others said you could sell the Harley to shore up the Camaro loan. But then you would have no toys.

You mentioned that you would drive your wife's car to keep the Camaro mileage down but you don't want to leave her without a vehicle in an emergency. Why couldn't she drive the Camaro in an emergency?

Any other important info you left out? Mistresses, gambling problems? (JK)

[Sikoriko]

House or a car? I would go with a house. New born? congrats. At least the house is a tax right off. so far?

[Madness11]

Ok the harley isn't an option to sell because it was my fathers. I am not parting with is for reasons that I will not go into.

My wife doesn't know how to drive a standard transmission.

No mistresses and I don't gamble. I am not an alcoholic nor have drug issues. I get up in the morning and go to work, come home and help out with the baby so my wife can make dinner, I eat, shower, then go to bed. Repeat.