Down payment, how much?

[Blue Menace]

Like many, I'm shooting for at least 20K down. My hope is for a super low apr as well.

[toilets]

Originally Posted by So Cal Camaro

Yes, once people actually crunch the numbers, it makes a difference

Financing $40k at 2.9% for 5 years = $716.97 payment
Financing $40k at 2.9% for 6 years = $605.96 payment

Financing $50k at 2.9% for 5 years = $896.21 payment
Financing $50k at 2.9% for 6 years = $757.45 payment


So, depending on price and how much you got to put down, the payment could be substantial. I'm figuring if you can't put down $20k, the payment is going to get tedious after the newness of the ZL1 wears off especially if you're going for the 6 year plan.

There would be no way I'm dropping 20k, 40k or pay for this car in cash. Id rather keep that money in my mutual funds and make an 8% average return on it rather than waste it on something that will ultimately lose value...

[Evil Trailblazer SS]

$35-40k down unless I keep transporting our construction company's heavy equipment to one specific Green Energy Project where I make what my girlfriend calls "stripper money", then I may pay cash!

[68vert]

Originally Posted by fiascoes1

Ok, now that the Zl1 price is expected to be over 60k out the door, how much do you guys plan on putting down? How many of you are planning to pay it cash? I myself plan on putting down at least 15k and finance the rest.

If GM puts out a car this much $$ over its competition, it will have sales issues.

[b4z]

Don't ever pay for a car from a equity line or from refinancing a house.
And don't ever buy a car and then a year or two later refi your house and pay it off.
Your home is not a bank. I know a lot of people who did this when real estate was crazy from 2004-2007 and now their homes are at 2003 prices.
it was great while it lasted but now those cars they bought are either long gone or have 150,000 miles on them and they've lost their homes and are renting an apartment.

I got sucked into the lure of 0% for 60mos on my GTO. I should have taken the $3500 rebate instead. $523mo for 5 years gets old real fast. I'm in the home stretch with only 6mos. left but I'm not making the same money I was 4 years ago.

[dimitri]

Originally Posted by payne.jeremy82

Cash Is King

I agree

[lbls1]

If I go thru with this I'll put down at least half. That could run to almost 90% of an SS camaro's sticker......in cash! A little scary to think, but it'll be worth it.

[b4z]

If I do buy a ZL1 I will probably wait till the newness wears off and there is some kind of incentive, however small. But I am still not completely sold on how the 5th gen feels and drives. Still kind of partial to the CTS-V.
I think the smart money is on just not paying any kind of dealer markup because if you have to turn around and trade it in a year later no one will care.
And at 0% each $1,000 you borrow costs $16.67mo.

[payne.jeremy82]

Originally Posted by djsnoflake

If I had over 10,000,000 I would have a car for every day of the week. Good on you for buying your mom a car though!

What are you driving right now then?

I am still being driven around because I am still waiting for full sensation in my feet to return with most new cars there is not a lot of resistance in the pedal and i cant control how hard i push the throttle so I dont know when I will get that control back but when I do I should have a ZL1 to drive

[Dcasandman]

Originally Posted by b4z

If I do buy a ZL1 I will probably wait till the newness wears off and there is some kind of incentive, however small. But I am still not completely sold on how the 5th gen feels and drives. Still kind of partial to the CTS-V.
I think the smart money is on just not paying any kind of dealer markup because if you have to turn around and trade it in a year later no one will care.
And at 0% each $1,000 you borrow costs $16.67mo.

I am with you on this. Not the feel of the 5th gen, but I want to see how the ZR1 feels compared to the SS and the end price. I will not pay over 55k for any non Classic Camaro regardless of the tech. The inside will still be a Camaro, which will be far inferior to a several other cars with performance that is very close at this price range. I figure wait 6 months while the dust settles, but if I do love it I will put no less than 50 percent down.

[fiascoes1]

Originally Posted by MY68RS

My plan is 1/2
Could vary.... and is also a key factor for me..
Not wanting over a $600 month payment on this...
Has anyone done any budgeting or numbers crunch to see where you are at as far as payments etc?
If I pay half down I am still looking at about $500 a month or so give or take with a low percentage rate...
I could only guestimate that people that finance the whole thing for even the longest term will have a $1,000 or more monthy payment. For anyone under a $40,000 a year income would seem insane to me too.
But then again, I do not have anyone helping me make car payments either. My Dog wont help, nor will my cat, or my Girlfriend...
She has plans of her own and wants a Acura but that is a whole other story.
I would like to hear of peoples plans though and down payment numbers.

Yeah I went to my credit union a few weeks ago, (before lap time was announced and thought a fair price would be 50k) I sat and explained to a rep that i planned on borrowing no more than 40k. I was approved instantly and at 40k for five years my payment would be $700 with 2.9% the cost for financing would be around 3k, so 43k roughly plus 15k down payment, I figured would cover the entire cost.

[Z4me]

Originally Posted by b4z

Don't ever pay for a car from a equity line or from refinancing a house.
And don't ever buy a car and then a year or two later refi your house and pay it off.
Your home is not a bank. I know a lot of people who did this when real estate was crazy from 2004-2007 and now their homes are at 2003 prices.
it was great while it lasted but now those cars they bought are either long gone or have 150,000 miles on them and they've lost their homes and are renting an apartment.

I got sucked into the lure of 0% for 60mos on my GTO. I should have taken the $3500 rebate instead. $523mo for 5 years gets old real fast. I'm in the home stretch with only 6mos. left but I'm not making the same money I was 4 years ago.

I understand where your coming from and it really depends on your own personal situation really. For me my house will be paid off on like 10 months from now. I will be putting down like 40k and will probably owe between
15 and 20k on the car. I can get a lower rate through my home using my home equity and pay that off in a matter of a year or year and a half. Most car dealerships want at least three years of payments. I did that with my
last car, mainly to help establish a credit record for my wife. That car is paid off in full and her credit soared up because of it. Like I said it depends on your situation, but I agree for many borrowing against your house can
be very risky.

[So Cal Camaro]

Originally Posted by toilets

There would be no way I'm dropping 20k, 40k or pay for this car in cash. Id rather keep that money in my mutual funds and make an 8% average return on it rather than waste it on something that will ultimately lose value...

I don't know of anyone getting 8% returns on a mutual fund these days...

[So Cal Camaro]

Originally Posted by b4z

If I do buy a ZL1 I will probably wait till the newness wears off and there is some kind of incentive, however small. But I am still not completely sold on how the 5th gen feels and drives. Still kind of partial to the CTS-V.
I think the smart money is on just not paying any kind of dealer markup because if you have to turn around and trade it in a year later no one will care.
And at 0% each $1,000 you borrow costs $16.67mo.

Only problem is I doubt we will see 0% financing on these...but even if they did 50 x $16.67 is still over $800.00 a month...