How much do you think I should put down? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Ant · 05-24-2009, 09:57 PM

I'm 18 years old and currently work part-time. I will soon be getting a new job and making about $13 per hour. My car note will be the only monthly payment I will have. I ordered a 2LT/RS/Sunroof/Automatic. What would you say is the best amount to put down? Realistically, I have $15,000 to my name. Should I put down the whole $15k? I will be financing in a parent's name through PenFed for the 3.99% for 60 months.

TeddyP25 · 05-24-2009, 10:00 PM

Insurance will hurt a bit also......

Bull · 05-24-2009, 10:23 PM

I'm thinking insurance will hurt more than a little bit. Call your insurance company before placing your order.

Ject · 05-24-2009, 10:23 PM

way your options... How much will the Monthly payments drop if you but say.. $10,000 down vs $15,000...

Sometimes it is better not to put it all down so that you have some $$ left over in case something happens and you need to make a payment. Also you can pay more then the minimal monthly payments if you wanted to pay it off a little faster.

I will only be putting down $5,000 of the $9,000 i have saved up for my $40,000 2SS... so that I can bank the other $4,000 in case something comes up plus so I can pay for Property Tax, Tags and Insurance.

Dukeboy01 · 05-24-2009, 10:54 PM

Here's a payment calculator from Edmund's that you can play around with. Plug in some different values for your down payment and see how the monthly payment changes. You can also change the length of the loan to see what the difference would be.

http://www.edmunds.com/apps/calc/CalculatorController

Just for giggles I priced a 2LT/RS at $29,725. Using the APR you quoted of 3.99% for 60 months I see a monthly payment of $404.23 if you put down $10,000 and $312.17 if you put down $15,000.

I wouldn't completly wipe out my savings if I could help it. And, as other folks have said, don't forget your insurance.

383ss · 05-24-2009, 11:04 PM

I'll say it. don't buy it. I know at 18 its near impossible to think to the future, but your better off investing your money in something like a house, money market, whatever.

hell, I'm 32 and second guessing my pre-order and I make over 3X $13/hr.

I'm sure you'll still buy it though, so I'll say, put about half down. KEEP THE OTHER HALF IN SAVINGS. don't go waste it on a set of wheels/mods/etc.

PQ · 05-24-2009, 11:10 PM

The whole 15k. You can look at a payment calc. and see what the payments would be with none or only 5k down and save the difference every month. You want your payments to be as low as possible due to insurance and in case you hit hard times.

surferbarney · 05-24-2009, 11:15 PM

Quote:

Originally Posted by irpq11

The whole 15k. You can look at a payment calc. and see what the payments would be with none or only 5k down and save the difference every month. You want your payments to be as low as possible due to insurance and in case you hit hard times.

It's never a good idea to completely whipe out your savings. If an emergency comes up and you need money you will be screwed. If you have $15K I would put down $5K max. I don't know if that makes the payments affordable though. I think it's too risky to have no money in savings just to have a car.

Indpowr · 05-24-2009, 11:18 PM

The amount you fiance is around 16-20 dollars per 1000 depending on credit.

You do not have to put EVERYTHING down at once. If you have additional funds later you can always re-fi the car at that point. My bank stated anything over 2k after I created the agreement they would redo if I choose at no additional cost.

Vash · 05-24-2009, 11:38 PM

You need to be buying a used car under your name and establishing your credit with some smaller payments in the 24-30 month range.

Earn the car over time. Not overnight.

Ant · 05-24-2009, 11:46 PM

Quote:

Originally Posted by Vash

You need to be buying a used car under your name and establishing your credit with some smaller payments in the 24-30 month range.

Earn the car over time. Not overnight.

I have saved this up over time. Do you think I just plucked this money from the money tree in my backyard? And my insurance will be in my Mom's name, $155 per month.

Camaro2010ss · 05-24-2009, 11:52 PM

I would not put all of my savings into it either.

PQ · 05-24-2009, 11:53 PM

Quote:

Originally Posted by surferbarney

It's never a good idea to completely whipe out your savings. If an emergency comes up and you need money you will be screwed. If you have $15K I would put down $5K max. I don't know if that makes the payments affordable though. I think it's too risky to have no money in savings just to have a car.

I'm assuming he lives with m&d based on the fact that he has zero bills. If you drop 15k down and set aside what would amount to a full payment based on no money or 5k down and put the difference in savings, you save on the interest and you have a really low payment for the car. It won't take long to save the money again. I've always kept little to no monthly debt this way. If you really want the best advise adversly, I'd say don't buy a new Camaro and get a reasonably priced used car where you take no immediate depreciation.

I'm basing my opinion on the situation at hand.

GothamCamaro · 05-24-2009, 11:54 PM

Put on $20,000

05-24-2009, 09:57 PM	#1
Ant Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008 Location: Long Island, NY Posts: 911	How much do you think I should put down? I'm 18 years old and currently work part-time. I will soon be getting a new job and making about $13 per hour. My car note will be the only monthly payment I will have. I ordered a 2LT/RS/Sunroof/Automatic. What would you say is the best amount to put down? Realistically, I have $15,000 to my name. Should I put down the whole $15k? I will be financing in a parent's name through PenFed for the 3.99% for 60 months.

05-24-2009, 10:00 PM	#2
TeddyP25 Drives: 2SS Join Date: May 2009 Location: Fort Collins Posts: 611	Insurance will hurt a bit also...... __________________ 2SS/RS CGM/BLK GFX MN6418 Stroker.785rwhp/885lbtq.50 SHOT NO2..Pfadt arms,toe links,coilovers,swaybars,end links,engine mounts,dif/sub bushings.MGWshifter.Tick LVL 3.ARH1 7/8 LT's/ARH exhaust.ADM gauges/race CAI.E-FORCE SC.8 rib IW 10%OD.LPE dual pump/module.85lb inj,custom valve covers.RMCR tune.TOOLEY RACING CAM.JRE posi kit.JRE fuel upgrade.RX MONSTER CatchCan.DSS axels/DS.Hammerhead rear, 3:73's. WYOSPEED builthttp://www.camaro5.com/forums/showthread.php?t=115687

05-24-2009, 10:23 PM	#4
Ject aka Patrick Drives: '10 Camaro 2SS '04 Silverado Join Date: Jan 2009 Location: Derby Kansas Posts: 3,072	way your options... How much will the Monthly payments drop if you but say.. $10,000 down vs $15,000... Sometimes it is better not to put it all down so that you have some $$ left over in case something happens and you need to make a payment. Also you can pay more then the minimal monthly payments if you wanted to pay it off a little faster. I will only be putting down $5,000 of the $9,000 i have saved up for my $40,000 2SS... so that I can bank the other $4,000 in case something comes up plus so I can pay for Property Tax, Tags and Insurance. __________________ Current Modifications: Your average Bolt-ons & Suspension Upgrades GForce Engineering: 9" Rear End, Strange Pro Iron Case w/Moser Nodular 3.70:1 Detroit locker, 3.5" Solid Drive Shaft

05-24-2009, 11:10 PM	#7
PQ Booooosted. Drives: 2010 Supercharged SS Join Date: Apr 2008 Location: Mobile, AL Posts: 36,716 View My Garage	The whole 15k. You can look at a payment calc. and see what the payments would be with none or only 5k down and save the difference every month. You want your payments to be as low as possible due to insurance and in case you hit hard times. __________________

05-24-2009, 11:54 PM	#14
GothamCamaro Then you're gonna love me Drives: 2010 Black Camaro Tumbler RS Join Date: Dec 2007 Location: NW Gotham, IL Posts: 1,599	Put on $20,000 __________________ *Own- "Does it come in Black?" Exterior/ Grey Interior 2LT/RS Automatic* _____________________________________ The Batman would only drive a 2010 Camaro and buy from Camaro Scotty. 'Nuff said. *Anyone that knows of a place that is making the Concept Shifter for the new Camaro. (Auto specifically) Please let me know.* Order# NDTMVP Ordered 10/23/08. 2000 on 5/21/09... It begins..... 4B00 on 6/26/09... In transit to the Cave 5000 on 7/6/09 it waits for my arrival! 1000000 on 7/10/09 The Tumbler is in the Cave!

05-24-2009, 10:23 PM	#3
Bull Drives: 2010 Camaro 2LT/RS/IBM/Beige Join Date: Apr 2009 Location: Oklahoma Posts: 155	I'm thinking insurance will hurt more than a little bit. Call your insurance company before placing your order.

05-24-2009, 10:54 PM	#5
Dukeboy01 Drives: 2002 Camaro SS; 2001 Silverado Join Date: Aug 2008 Location: Kentucky Posts: 205	Here's a payment calculator from Edmund's that you can play around with. Plug in some different values for your down payment and see how the monthly payment changes. You can also change the length of the loan to see what the difference would be. http://www.edmunds.com/apps/calc/CalculatorController Just for giggles I priced a 2LT/RS at $29,725. Using the APR you quoted of 3.99% for 60 months I see a monthly payment of $404.23 if you put down $10,000 and $312.17 if you put down $15,000. I wouldn't completly wipe out my savings if I could help it. And, as other folks have said, don't forget your insurance.

05-24-2009, 11:18 PM	#9
Indpowr Account Suspended Drives: Corvette C6 Join Date: May 2008 Location: Florida Posts: 6,959 View My Garage	The amount you fiance is around 16-20 dollars per 1000 depending on credit. You do not have to put EVERYTHING down at once. If you have additional funds later you can always re-fi the car at that point. My bank stated anything over 2k after I created the agreement they would redo if I choose at no additional cost.

05-24-2009, 11:38 PM	#10
Vash Drives: 00 Blazer Join Date: Aug 2008 Location: Texas Posts: 5,104	You need to be buying a used car under your name and establishing your credit with some smaller payments in the 24-30 month range. Earn the car over time. Not overnight.

05-24-2009, 11:52 PM	#12
Camaro2010ss Drives: '92 Ford F-150 Join Date: May 2009 Location: Fort Worth, TX Posts: 35	I would not put all of my savings into it either.

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