Purchased high level Camaro and financially regret it?

[Camaro25]

I don't regret my 2LS, I would have liked to have an SS, but it wasn't possible financially. My 2LS is faster than any car I have ever owned and is plenty fast enough for me. I'm currently leasing it for 39 months, so if my situation changes I will have an SS then. If not then I'll just get a newer V6 that has more power than what I have now, so it's a win win.

[jd10013]

Originally Posted by CyberPunk223

300%??? you better take a look at reality, houses are consumer good likes cars, houses wear out and need repair.

you can rent an apartment for $600 a month with utilities included. , and you forgot to consider all the expenses involved in owning a house that I mentioned above, primary the interest you are paying to the bank, I know interest rates are artificially suppressed by Osama Ben Bernakes QE3 right now, but when rates rise then housing valves will crash and everyone will be underwater again and wondering why they are paying a $300k loan on a house worth $180,000. With normal interests rates like in the 90's you'll pay 3 times the money in interest that what the house is worth on a 30 year mortgage.

spin it anyway you want, it's a pretty simple concept. if you rent for 30 years, at the end of those 30 yrs you own nothing. in fact, you've paid for someone else s property for them. if you buy, after those 30 years not only do you own an asset the historically triples in value, you've saved a ton of money as your mortgage stays fixed while rents go up every year. you also save thousands every year in taxes you don't have to pay (you cant deduct your rent). I bought my home 18 yrs ago. not only is my mortgage about half of what rents go for in my area, I cold sell it tomorrow, pay it off, and pocket about 150k. sound like a giant waste of money to me

again, if you don't get it, you don't get it. good luck in life man.

[2010SLVRBULIT]

maybe I should've got a V8, but then again I wouldn't have bought 2 other vehicles, in addition to my V6...

[Swacer]

Originally Posted by Tony Stark

My situation:
I can afford a 2SS putting more than 1/2 down on it. The only financial issues I could see is purchasing 93 prem gas.

Any opinions? or people willing to admit they regret the choice financially?

The extra $5 per tank is hurting you? I highly count that's your biggest issue on affording this car.

[Angrybird 12]

Back during hurricane Katrina when most of the gulf refineries shut down the only gas you could get around here was 87 octane. Just remember in times of shortages premium will go up more and be harder to get.

[jd10013]

Originally Posted by Angrybird 12

Back during hurricane Katrina when most of the gulf refineries shut down the only gas you could get around here was 87 octane. Just remember in times of shortages premium will go up more and be harder to get.

yea, I remember how gas spiked (here at least) to $3 a gallon and everyone thought it was the end of the world. little did we know a few years later we would kill for $3 a gallon gas

[lbls1]

You can't blame the car for your financial bind. One has to do an analysis of his or her financial situation before heading into any large purchase, such as an automobile. You have to know firsthand if you can afford the car of your choice before buying it.

[beany323]

if the cost of gas is to much then dont do it. its like i told my kids, if you cant afford to smoke then dont.

[CyberPunk223]

Originally Posted by jd10013

spin it anyway you want, it's a pretty simple concept. if you rent for 30 years, at the end of those 30 yrs you own nothing. in fact, you've paid for someone else s property for them. if you buy, after those 30 years not only do you own an asset the historically triples in value, you've saved a ton of money as your mortgage stays fixed while rents go up every year. you also save thousands every year in taxes you don't have to pay (you cant deduct your rent). I bought my home 18 yrs ago. not only is my mortgage about half of what rents go for in my area, I cold sell it tomorrow, pay it off, and pocket about 150k. sound like a giant waste of money to me

again, if you don't get it, you don't get it. good luck in life man.

yeah, because you bought the house 18 years ago in a market with normal interest rates, now rates are at record lows which drives up housing prices creating a bubble. Also the government subsidizes the banking industry by allowing home mortgage deductions which they shouldn't be doing, If mortgage rates were normal like they were 18 years ago then your house wouldn't be worth anymore than the day you bought it. I'm not sure where you are getting this tripling in value BS, it's the same house it was 18 years ago so why is it worth more?, infact it's worse because it's older.

Just like all those idiots who thought they were rich in 2007

your ignoring the fact that you have put over $400,000 into the house during those 18 years and had to spend countless hours to maintain the property yourself, I can live in an apartment, not have to lift a finger the entire time and don't have to pay a cent in maintenance or upgrades or repairs, and only pay a fraction of the cost, not be house poor and do other things with the money. not to mention you can leave a rental anytime you want,you don't have to spend months to sale the place, pay a commission and closing costs. Most people should not be buying houses because they cant afford them, a lot of people learned that the hard way in 2008 when they were left with nothing but their eyes to cry with and are now renting which they should have been doing in the first place.

And don't forget, when you rent, your not hundreds of thousands of dollars in debt either.

[Angrybird 12]

Check this out, pros and cons of renting and buying.
http://www.ourfamilyplace.com/homebuyer/buyorrent.html

[FY_Ivan]

I can't take anyone seriously that says renting is always better than buying. There are times when one is a financially better than others, but investment wise buying a house in a good location trumps all. There is some pride to be had in owning as well, along with credit benefits and steady monthly payments, as opposed to yearly rent increases.

[FY_Ivan]

By the way, it's not a made up fact that houses increase in value over time. Houses are not cars, they don't depreciate. The land will always hold value, even if the house is torn down

[Fiftydriver]

If fuel cost is your concern, get one of the new chevy cruze's. I have a 2011 that I got after buying my 2010 2SS camaro. At that time I was driving my Camaro in good weather and driving my 2004 GMC duramax in bad weather. Got sick of the fuel bill so went in and got a 2011 Cruze LT. Saved enough in fuel cost that I could make the mayments on the Cruze as well as keep the tank full and save $100 a month only driving the other two when I needed to or wanted to.

If fuel cost is a concern, you can not afford this car and you will put yourself in a pinch. Got to think before you leap. IF you can not afford 93 octane gas, how will you afford the insurance for such a car?

[camaro_RS]

Purchasing a 2SS and foreseeing gas issues with 93 octane makes zero sense to me. That's just me, though.