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Old 01-27-2011, 09:27 PM   #1
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Down payment

Hi. I'm a camaro lover asking those who have bought one about their down payment. How much was yours? I'm 16. I have a job at Fenway park, my parents said if I want a camaro I have to make the first/down payment. How much is it?
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Old 01-27-2011, 09:29 PM   #2
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347, plus my trade, financed it for 19K....I know, small amount, long story
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Old 01-27-2011, 09:31 PM   #3
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Do you think it's possible for me to make the payment? My parents have good credit so I know that help......right?
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Old 01-27-2011, 09:36 PM   #4
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Sounds like an excellent opportunity to show your parents what you know (or learned) about credit and financing a vehicle through this process.

There is no set down payment. It will determine how you intend to pay for the car and what your credit rating is. You could elect to pay for the car in cash, or you could finance all or a portion of the car's cost.

Play around with an auto loan calculator. Popular terms are 36, 48, and 60 month loans. An excellent interest rate is between 0% - 3.49%. Watch the results as you play with the amount you put down, as well as with the cost of the car.

You also need to determine if you're buying new, used, and how much you want to spend. New Camaros cost anywhere from $23k - $40k+ new.

Good luck...if you have more questions, post them up!
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Old 01-27-2011, 09:41 PM   #5
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Originally Posted by 1BADLS3 View Post
Sounds like an excellent opportunity to show your parents what you know (or learned) about credit and financing a vehicle through this process.

There is no set down payment. It will determine how you intend to pay for the car and what your credit rating is. You could elect to pay for the car in cash, or you could finance all or a portion of the car's cost.

Play around with an auto loan calculator. Popular terms are 36, 48, and 60 month loans. An excellent interest rate is between 0% - 3.49%. Watch the results as you play with the amount you put down, as well as with the cost of the car.

You also need to determine if you're buying new, used, and how much you want to spend. New Camaros cost anywhere from $23k - $40k+ new.

Good luck...if you have more questions, post them up!
We talked about a new one. I understand that the prices vary, my eyes are set on a 1ss model! We would probably pay over time, no lump sum except for my $.
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Old 01-27-2011, 09:57 PM   #6
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We talked about a new one. I understand that the prices vary, my eyes are set on a 1ss model! We would probably pay over time, no lump sum except for my $.

I put down $12k on a loaded up $35k 2011 1SS and my payment is around $460 with 3.% 60 month loan.

Little money down your looking at a very large monthly payment.
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Old 01-27-2011, 09:59 PM   #7
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Well, your parents will likely need to co-sign any loan, which is probably best because they'll consider their credit scores to get you a lower interest rate. If you (and your parents) can swing it, try to keep the loan term as short as you can stand it. Higher mo. payments, but you get the benefit of paying it off quicker (and you pay less interest).
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Old 01-27-2011, 10:00 PM   #8
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I put down $12k
12k!!! The other guy had 400$ how much would a trade be worth? Say an 05 TL with 20,000 miles
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Old 01-27-2011, 10:03 PM   #9
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No offense to the op. But he may not need a ss at such a young age. 426 horsepower is way to much for a rookie driver. 312 may be enough tho. I'm 27 years old and 312 is more than enough for me
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Old 01-27-2011, 10:04 PM   #10
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My first new car I purchased I was 16 and had 3k down payment and parents signed for. So been in your situation before I would suggest the 6 because gas and insurance along with the car payment will be tougher than you think. Maybe even find a used one to knock off a couple thousand more. Don't forget about maintenance also tires breaks ect. My car payment at that age was 425 a month and even tho I made the payments after about ayear they were kicking my butt. Just make sure you factor in everything and good luck
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Old 01-27-2011, 10:10 PM   #11
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my advice, avoid a new car.
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Old 01-27-2011, 10:14 PM   #12
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my advice, avoid a new car.
Yea I agree, you could save yourself a ton of money
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Old 01-27-2011, 10:14 PM   #13
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Low down pay payment = high monthly. And as someone else suggested. You also gotta think of insurance (not cheap on this car at your age) gas mileage (the 1SS requirea premium while the V6 reccomends regular!) and maintenance. 1 new tire on the ls only costs 98 bucks but on an 1SS I believe it's somewhere around $250????

I'd like to have the V8 but for
Me the V6 just made more sense! And at your age, I would definitely reccomend the V6.
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Old 01-27-2011, 10:16 PM   #14
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Why don't you just find a low mileage LT ? It's a sweet car with MORE than enough power dude. You have to crawl before you can run IMO
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Old 01-27-2011, 10:16 PM   #15
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Quote:
Originally Posted by FutureCamaro View Post
12k!!! The other guy had 400$ how much would a trade be worth? Say an 05 TL with 20,000 miles

Blue book it and see what you could get selling it privately. More than you will get on trade. Also no offense at all but at 16 get the V6 bro. I know you want an SS but insurance alone will kill you on top of the payment. Oil changes alone cost about $100. Keep all this in mind man. Your 16 don't be a slave to your debt. Enjoy your age and have fun. You might have a sweet new ride and attract some girlies but, what you gonna do when you can't afford to take them to the movies???

On a side note. I AVG 17.2 miles @ $3.40 a gallon. That's alot of cash each month in gas. Think about this HARD.
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Old 01-27-2011, 10:19 PM   #16
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I think a 1SS is way to much for a 16 year old! And insurance even with your parents on the policy will break pockets for a 16 yr old. I think the V6 maybe too much also! But I put $5k down $416 monthly 1LT/RS M6! Good luck, but look for your monthly payments over all Car, Gas, & Insurance on a 1SS to be very high! If anything go for a 2LT/RS for now!
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Old 01-27-2011, 10:21 PM   #17
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Old 01-27-2011, 10:31 PM   #18
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Depends on what you want with what options.
I only put the $1,000 down to place the order and am going to finance the rest.
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Old 01-28-2011, 12:04 AM   #19
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When I turned 16 I really wanted a 2003 Mach 1 Mustang that was on sale locally for about 18 grand (in 2006). My dad said 300+ horsepower was way too much for a 16 year old new driver, and 4 years later after driving my $8000 2000 base Camaro with 200 hp with a clean driving record and seeing a friend total a 350 hp 2004 GTO, I'm thinking he was probably right.

You will be way too tempted by peers to race your car with potentially disastrous consequences if you get a SS, on top of it breaking your bank. (unless you make about 20 grand a year which I'm assuming you don't at 16.)

Buy a nice used 2010 LT if you must have a Camaro, it's way more power than you'll need.
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Old 01-28-2011, 03:40 AM   #20
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I put 200 down which was my deposit.
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Old 01-28-2011, 03:50 AM   #21
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20% of the cost of the car is a good start
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Old 01-28-2011, 06:03 AM   #22
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I put about $8,000+ down + $1,200 trade-in, but that was two years of saving and selling most of my star wars collection. You have to have priorities
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Old 01-28-2011, 06:21 AM   #23
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I put down 5k and now owe about what the car is worth AFTER DRIVING OFF THE LOT!
you can be sure to lose 4to5k just by driving ANY new car off the lot! So my answer is 4 to 5 k so you are not upside down day1.
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Old 01-28-2011, 06:51 AM   #24
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You may be able to make payments on a 1SS on a part time, high school job. But do yourself a big favor and figure out the total cost (insurance, gas, upkeep) that it would cost to drive the car. Too many people make the mistake of assuming they can afford a car based on the payment alone.

At your age, the insurance on such a car could be damn near as much as the payment. Plus gas...1000 miles/month @20 MPG ~$200/month. Don't forget maintenance in your calculation either...An oil change on a 1SS can be expensive (it takes over 8 quarts of Mobil 1). The Pirelli PZeros are probably good for about 2 years, and cost around $1000 for a set. Also, you live in Boston, if you want to drive it in winter, you'll need a different set of tires right out of the gate. If you plan to keep the satellite radio, that's ~$150 a year.

If you get in too deep and struggle to make the payments, you will see the car as a pain, not a joy. Trust me, when a car gets paid off, it actually feels and drives better.

My advice would be get a beater for cheap, and save your money for college. In the long run, you'll be much happier to graduate free from huge student loan payments than you will be to have had your dream car 6-7 years earlier. I've seen a lot of people leave college and hit that wall, and it isn't pretty. Please don't let that happen to you.
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Old 01-28-2011, 06:58 AM   #25
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Quote:
Originally Posted by drummer5679 View Post
When I turned 16 I really wanted a 2003 Mach 1 Mustang that was on sale locally for about 18 grand (in 2006). My dad said 300+ horsepower was way too much for a 16 year old new driver, and 4 years later after driving my $8000 2000 base Camaro with 200 hp with a clean driving record and seeing a friend total a 350 hp 2004 GTO, I'm thinking he was probably right.

You will be way too tempted by peers to race your car with potentially disastrous consequences if you get a SS, on top of it breaking your bank. (unless you make about 20 grand a year which I'm assuming you don't at 16.)

Buy a nice used 2010 LT if you must have a Camaro, it's way more power than you'll need.
Nice...2003 Mach 1 was what I wanted in high school (I got my license in 2002). I pretty much got the "way too much power for a kid" song too. Looking back at how I drove the car I had the first couple of years after getting my license, that was probably right.

Again, much better for a kid to save toward college. 8 years later, no student loan payments made getting what I have now possible. Better than a Mach 1, and well worth the wait.
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