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Old 07-05-2007, 12:36 AM   #1
ANDRE
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Question How much have you saved for your new Camaro?

Getting a vert in 2010 and have already started saving as of yesterday (July 4th 2007), right now have $200 but will have a hefty downpayment when that day comes, would love to put down $20-25k. So how much have you saved and what downpayment are you looking at?
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Old 07-05-2007, 08:54 AM   #2
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As of right now all I have so far is $500 in savings... But I'm proud of my $500 because I started my savings account recently, like you, for my downpayment. Plus I am paying for books for school and gas and all that good stuff... and I can only work on the weekends since I work 12 hour shifts and I have some credit card bills like Victorias Secret and American Eagle and a cell phone. So yes, I am very proud of my $500 but it will be built up by the time 2009 gets here!
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Old 07-05-2007, 11:49 AM   #3
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I have no extra cash in the bank as the 4 of us are living off of my salary. My plan is to trade in the SS or sell it outright since it's paid off...use that cash to pay off my wifes veh. Then, we go buy my new Camaro.
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Old 07-05-2007, 11:51 AM   #4
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Currently nothing,.. but I'm in the Navy and about to go on a 6 mo. deployment. I get a shit load of money for being overseas,... Family Separation Pay, Hazardous Duty Pay, and even tax free. I can feasibly come back with about $10k. And since I'm not getting my Z28 until 2011 anyway,... I'll have at least two deployments under my belt. So can we say about $20k-ish as a down payment?!?!?!?! HELL YEAH!!!
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Old 07-05-2007, 11:58 AM   #5
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Right now I have about 49,000 dollars in my savngs account. I am planning on getting the top dog and paying with cash.
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Old 07-05-2007, 11:58 AM   #6
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I'll be leasing my Camaro. Its easier for me tax write off wise. Plus, with the lower lease payments, I might be able to step up to the Top Dog.
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Old 07-05-2007, 01:14 PM   #7
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A little off topic...but anyways

Starting a savings plan early and sticking to it is the key...no matter how much you earn. I have two boys (18 and 15) and have taught them that. My sons work to earn money...not a lot...mowing yards and general summer stuff. I tell them if you put your money into a LT investment, I'll match it dollar for dollar. They both started at 14 and we have invested in a mutual fund that is not hyper aggressive. We set a target of saving $4,000 a year...they put up two and I put up two and plan on funding the account for four years and stopping there. They are on their own at 18. Assuming a average stock market return of 11% until they are 60 do you know what their investment of $16K grows to?

14 4000 1.11 4,440.00
15 4000 1.11 9,368.40
16 4000 1.11 14,838.92
17 4000 1.11 20,911.21
18 1.11 23,211.44
19 1.11 25,764.70
20 1.11 28,598.81
21 1.11 31,744.68
22 1.11 35,236.60
23 1.11 39,112.62
24 1.11 43,415.01
25 1.11 48,190.66
26 1.11 53,491.64
27 1.11 59,375.72
28 1.11 65,907.04
29 1.11 73,156.82
30 1.11 81,204.07
31 1.11 90,136.52
32 1.11 100,051.53
33 1.11 111,057.20
34 1.11 123,273.50
35 1.11 136,833.58
36 1.11 151,885.27
37 1.11 168,592.65
38 1.11 187,137.85
39 1.11 207,723.01
40 1.11 230,572.54
41 1.11 255,935.52
42 1.11 284,088.43
43 1.11 315,338.15
44 1.11 350,025.35
45 1.11 388,528.14
46 1.11 431,266.24
47 1.11 478,705.52
48 1.11 531,363.13
49 1.11 589,813.07
50 1.11 654,692.51
51 1.11 726,708.69
52 1.11 806,646.64
53 1.11 895,377.77
54 1.11 993,869.33
55 1.11 1,103,194.95
56 1.11 1,224,546.40
57 1.11 1,359,246.50
58 1.11 1,508,763.62
59 1.11 1,674,727.62
60 1.11 1,858,947.65





That's if they never saved another dime for the rest of their life!!!

Pay yourself first. Set up an automatic debit from your pay check each pay period, take 10% off the top and invest it. By setting it up as an auto payment the money is out of sight out of mind....you won't even miss it.

All that being said I am a cash buyer.

JWz28.

Last edited by JWz28; 07-05-2007 at 01:30 PM.
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Old 07-05-2007, 05:40 PM   #8
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$3500 so far. I'm putting 500+ every month.
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Old 07-05-2007, 05:46 PM   #9
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Life throws those curve balls, right?

Looks like I'm moving and buying a house in a new state, thanks to the affairs of love and all that jazz.

The good news is, we have a "pre-nup" (that's a joke) agreement already that I get my car. I think it's a good sign that after thinking about it for a second, her response was "ok, as long as it's a convertible". Enough said.
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Old 07-05-2007, 05:57 PM   #10
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Life throws those curve balls, right?

Looks like I'm moving and buying a house in a new state, thanks to the affairs of love and all that jazz.

The good news is, we have a "pre-nup" (that's a joke) agreement already that I get my car. I think it's a good sign that after thinking about it for a second, her response was "ok, as long as it's a convertible". Enough said.
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Old 07-05-2007, 08:07 PM   #11
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Quote:
Originally Posted by Kahlis View Post
Currently nothing,.. but I'm in the Navy and about to go on a 6 mo. deployment. I get a shit load of money for being overseas,... Family Separation Pay, Hazardous Duty Pay, and even tax free. I can feasibly come back with about $10k. And since I'm not getting my Z28 until 2011 anyway,... I'll have at least two deployments under my belt. So can we say about $20k-ish as a down payment?!?!?!?! HELL YEAH!!!
hey man Im Navy too, and I know all about deployments... Id get that fam sep pay, sea pay, sub pay, and pro pay. but Im headin to shore duty, and I gotta pay a mortgage on a house Im not living in, but I got bout 5K saved right now

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Pay yourself first. Set up an automatic debit from your pay check each pay period, take 10% off the top and invest it. By setting it up as an auto payment the money is out of sight out of mind....you won't even miss it.

All that being said I am a cash buyer.

JWz28.
I hear ya JWz28 from the day I signed up I started a thrift savings plan, and a Roth IRA...but you seem pretty savoy, might need to talk to you about some short term investing sometimes
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Old 07-05-2007, 08:15 PM   #12
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I've got 10k saved...but college is going to make it difficult to add to that, I think...however - a $20,000 car is cheaper to pay off than a $30,000 car.
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Old 07-05-2007, 08:29 PM   #13
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I'll probably have a 2001 Trans Am that I'll put down on it. It should be paid off by the time I get one. That should knock a big chunk out of the principal. I'll probably have some cash saved up too, but i don't know how much. on the Roth IRA. I started mine when I joined the army, lost it all pretty much after 9/11 and now I'm making a profit finally. It's for the long term anyway, so I'm not too worried about it. When I got married I had to take a break from saving, but I plan to start back up when I return from this deployment and things settle down. Like TFord I'd like to get serious on some short term investments. I need to diversify and let my money make more money.
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Old 07-06-2007, 12:55 AM   #14
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currently sittin on $8000.00 ive been putting away $2000.00 a month since April and will continue to until Sept. 08. then it all goes bye-bye.

I would honestly like to pay the car off completely in cash. just stroll up and throw a wad at the sales rep and say "give me the keys" buuuuuuuuuut, Id have to find the right one that suits me, and that will take time, and it will prolly be green for some reason...
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Old 07-06-2007, 02:18 AM   #15
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I've got 10k saved...but college is going to make it difficult to add to that, I think...however - a $20,000 car is cheaper to pay off than a $30,000 car.
Examples of Payment Options
Amount: $20,000.00 $20,000.00 $20,000.00 $20,000.00
Term: 36 months 48 months 60 months 72 months
Rate Type: Fixed Fixed Fixed Fixed
Discount includes automatic withdrawl from checking
Internet Internet Internet Internet
Today's APR:1 5.84 % 6.49 % 6.49 % 6.74 %
Payment: $606.99 $474.21 $391.23 $338.49
Finance Charge: $1,851.64 $2,762.08 $3,473.80 $4,371.28
Total Loan Cost: $21,851.64 $22,762.08 $23,473.80 $24,371.28
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Old 07-06-2007, 04:36 AM   #16
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Examples of Payment Options
Amount: $20,000.00 $20,000.00 $20,000.00 $20,000.00
Term: 36 months 48 months 60 months 72 months
Rate Type: Fixed Fixed Fixed Fixed
Discount includes automatic withdrawl from checking
Internet Internet Internet Internet
Today's APR:1 5.84 % 6.49 % 6.49 % 6.74 %
Payment: $606.99 $474.21 $391.23 $338.49
Finance Charge: $1,851.64 $2,762.08 $3,473.80 $4,371.28
Total Loan Cost: $21,851.64 $22,762.08 $23,473.80 $24,371.28



i like my idea of paying in cash and once the paperwork is signed and the keys are in my hand, and just throw the stack in the air letting bills fly everywhere as I drive thru the showroom window heading off into the sunset
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Old 07-06-2007, 08:41 AM   #17
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Right now, I have about $8 earned ($24 towards a new Camaro) on my new GM earnings credit card!:eek:

And....considering that my wife doesn't even know I'm planning on getting one yet, I'd say I'm on track. That and the fact that by the time I buy one in 2010 or 2011, I'll have paid off both of our vehicles plus lost the PMI payment on the house, so I'll have an extra $1000/month to put towards it!

Z28, here I come!
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Old 07-06-2007, 09:56 AM   #18
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ive got 3800 saving 200$ every month since they announced they would be making it. however i hit gold last semester and got on the deans list at school so my parents are paying for school this year. i hope i can get the deans list again then the school pays for everything. god that would be nice. so needless to say all the money i make this year can go towards the camaro.
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Old 07-06-2007, 09:57 AM   #19
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Right now, I have about $8 earned ($24 towards a new Camaro) on my new GM earnings credit card!:eek:

And....considering that my wife doesn't even know I'm planning on getting one yet, I'd say I'm on track. That and the fact that by the time I buy one in 2010 or 2011, I'll have paid off both of our vehicles plus lost the PMI payment on the house, so I'll have an extra $1000/month to put towards it!

Z28, here I come!
Ooooh...that's nice! That sounds like a very nice position to be in to get into a Camaro.

CamaroSpike23, paying in cash is the only way my dad's uncle used to buy cars. He would walk in with the cash in hand and get the deal HE wanted. My dad is the same way. He doesn't believe in paying for a loan...and if he has to, will only do a 24 month deal. He hates paying intrest fees. That's why he gave us 20K when we bought our house (it was a gift anyway)...to avoid the mortgage insurance. It was something like an extra $80-$100 a month that was thrown into the trash (banks pocket). We don't get that cash back and it's lost forever.

I'm going to try to work my magic again and get that APR as low as possible. USAA has our KIA at 4.4%. I should be able to do it.
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Old 07-06-2007, 10:42 AM   #20
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I hear ya JWz28 from the day I signed up I started a thrift savings plan, and a Roth IRA...but you seem pretty savoy, might need to talk to you about some short term investing sometimes
Anytime. Shoot me a PM if you wish.

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Old 07-06-2007, 07:15 PM   #21
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I started saving between $600-$1000 a month over a year ago, plus a few bonuses that I got and any side job money I made. I am hoping on putting 20K down and finance the rest. I do not want to finance any more than 15K, but we will see.
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Old 07-08-2007, 08:25 AM   #22
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I sadly just started a new job as a Realtor a few months ago, Haven't got to put anything away yet. but if things go as i hope they will this year i'll have made pretty good money, and have a good solid income coming from a couple of rental properties. And i am starting a side job, we will see. I'm also working on a savings plan, and have very few monthly bills.

sounds like you folks have some damn good plans!
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Old 07-08-2007, 12:18 PM   #23
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Right now, I have about $8 earned ($24 towards a new Camaro) on my new GM earnings credit card!:eek:
That a good way to start....I've used the max possible earnings on both my Silverados ('99 and '06) and on our Tahoe ('03). Watch how much you rack up though. Typically the most GM ever allows you to use is 3500 "points" on any one vehicle and usually it's less. (For my '06 Silverado, I could only use 1500 points.) Also, the points expire after a certain time period (I think 7 years, unless they've changed the plan). Using GM Card points also used to require that you finance it through GMAC as well, but I think they changed that....double check your specific plan.

I've never seen it where you can't use points (you know, where certain vehicles are excluded....i.e. the Vettes, anything coming out right then, etc), so do it, because it's free money. Just don't rack up so many points and then not be able to use them. Get about 3500-4000 points and then switch which card you use. There are other cards out there that you can use (maybe through your bank) that you can rack up bonus points on then you can convert those points to dollars towards a car purchase. Watch the fine print though, look for conditions like the loan for the car has to be financed with them, stuff like that.
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Old 07-08-2007, 01:34 PM   #24
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Using GM Card points also used to require that you finance it through GMAC as well, but I think they changed that....double check your specific plan.
That must have been changed quite some time ago.

Back in 2000 I used what little was on my GMCard ($250 I think) to purchase a brand new 2000 Extended Cab S10 Xtreme LS. It was financed through Citizen's Bank, not GMAC.

How much do I have saved toward the Camaro?

Well, I suppose that depends on how you look at it.

I only have a couple thousand in the bank, but by the time it's released I will have reduced my credit card debt (currently approx. $10,000) to just about Zero. Oh, and I currently have $212 earned on the GMCard.

So, while not a 'savings toward' the Camaro, it will allow me to afford a much larger car payment (while also improving my credit score). My current car payment is $290, and at least $400+ a month to credit cards. That's $690 a month that could theoretically go toward a car payment. But I refuse to go beyond $550 a month...
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Old 07-08-2007, 10:46 PM   #25
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[QUOTE=EllwynX;15140]That must have been changed quite some time ago.

Back in 2000 I used what little was on my GMCard ($250 I think) to purchase a brand new 2000 Extended Cab S10 Xtreme LS. It was financed through Citizen's Bank, not GMAC.

QUOTE]

Yeah, I thought they might have, but didn't know when....I was able to use my points on my '06 Silverado, but I was paying cash for it, so I thought it might have been different.

Either way, I advise anyone who can do so to get those GM card points to use...you're already going to charge up stuff anyway right? Might as well earn points towards the new Camaro (or, heaven forbid, a different GM car....lol).
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