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Old 02-25-2008, 01:28 PM   #1
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Need Advice / Lease?

Hey everyone...I've had my Camaro purchase on my mind for a while now (like I'm sure many of you have). I was just wondering if I could get your opinions on my particular situation. I'm sure there are a few other people in similar situations, so maybe this could help them out as well.

I guess I'll start off saying that I'm 23, just started a great new job, and living at home for now to pay off college loans/save for a house/save for the Camaro. Right now I'm driving my Dad's Buick Lesabre to work which is a 34 mile commute each way (mostly highway). It's pretty much on its last leg, but I'm sure it would last until the Camaro came out.

So with that out of the way, I've been considering two scenarios. The first being just wait until I'm 25 in June 2009 and buy the Camaro and use that as my daily driver.

The second scenario I've been throwing around was to lease a high MPG car (new Malibu looks really nice) and use that as a daily driver and only use the Camaro on weekends. The upside to this would be saving gas on my commute and less wear and tear on the Camaro. I've heard that insurance companies will give multiple car discounts as well as a discount if the car is considered to be a "Weekend Vehicle." Is this true?

I did some quick calculations and the difference between 20 MPG and 30 MPG (at $3.25/gallon and 34 mile one-way commute) would save me around $900 a year. I really don't know how to put a value on reduced wear and tear and I'm not really sure how much insurance will be on a V8 Camaro. The lease payments obviously would have to be considered. Basically, I'm trying to figure out if some of these costs and savings would offset for the most part. I know having two cars will cost more than one, but how much more?

So with all this, do you guys have any words of wisdom for me? I know I may be new, but I've been reading these boards for a while and I know there are a lot of smart people on here.

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Old 02-25-2008, 02:45 PM   #2
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From a 1,000 foot view of your situation, I'd say just own one car. The money you save in operating costs by only driving the Camaro on weekends is so minimal that you would have to own both cars for many years to make it worth it. I think you should look at your current financial obligations with no car. Then run the numbers for a Camaro only and for a Malibu only scenario. My guess is the difference will be negligible in the short term. Then it really comes down to can you afford the more expensive operating costs of the Camaro vs the Malibu or not. If you can while meeting or exceeding your current financial obligations then I say get the Camaro. If not and you want every spare dollar to go to a house or debt then it's a no brainer. Get an inexpensive High mpg/low insurance car and wait on the Camaro.

In short. I don't think it would be smart to own two cars.

Last edited by GTAHVIT; 02-25-2008 at 08:13 PM.
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Old 02-25-2008, 02:48 PM   #3
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Old 02-25-2008, 02:53 PM   #4
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Although I agree, I don't do that. I love my 4th Gen. too much for daily commuting. I'd rather beat-up my 4Runner than my car. It was a DD for four years before I started commuting, then eventually purchasing another car.

California doesn't like my car, how it sits, anyways...
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Old 02-25-2008, 03:07 PM   #5
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Ill ask you two questions rhetorically (i.e. don't post an answer ).

1) How much money does your new job make?

2) How soon are you planning to buy a house?


The reason I ask these questions is that unless you are rolling in cash, mortgage companies frown on large car loans taken out shortly before buying a house.

House > Car


Just something to consider. Since you seem concerned about gas savings I'm going to assume for the moment that your not rolling in cash. Paying a lease on second car to save gas money is kind of pointless since your lease will have a much higher annual cost then the gasoline bill on a V8.

If its just wear and tear you are worried about, then just get a cheap used gas efficient car.. or better yet drive that Buick until the wheels fall off. Even a few hundred bucks a year on repairs is going to cost less then buying a used car.

Or you could go with the v6 and use it as a daily driver. Your young, you can buy your "toy" car later, after you've got the six figure salary, the house, the family, etc
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Old 02-25-2008, 05:06 PM   #6
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Quote:
Originally Posted by Croathlete View Post
Hey everyone...I've had my Camaro purchase on my mind for a while now (like I'm sure many of you have). I was just wondering if I could get your opinions on my particular situation. I'm sure there are a few other people in similar situations, so maybe this could help them out as well.

I guess I'll start off saying that I'm 23, just started a great new job, and living at home for now to pay off college loans/save for a house/save for the Camaro. Right now I'm driving my Dad's Buick Lesabre to work which is a 34 mile commute each way (mostly highway). It's pretty much on its last leg, but I'm sure it would last until the Camaro came out.

So with that out of the way, I've been considering two scenarios. The first being just wait until I'm 25 in June 2009 and buy the Camaro and use that as my daily driver.

The second scenario I've been throwing around was to lease a high MPG car (new Malibu looks really nice) and use that as a daily driver and only use the Camaro on weekends. The upside to this would be saving gas on my commute and less wear and tear on the Camaro. I've heard that insurance companies will give multiple car discounts as well as a discount if the car is considered to be a "Weekend Vehicle." Is this true?

I did some quick calculations and the difference between 20 MPG and 30 MPG (at $3.25/gallon and 34 mile one-way commute) would save me around $900 a year. I really don't know how to put a value on reduced wear and tear and I'm not really sure how much insurance will be on a V8 Camaro. The lease payments obviously would have to be considered. Basically, I'm trying to figure out if some of these costs and savings would offset for the most part. I know having two cars will cost more than one, but how much more?

So with all this, do you guys have any words of wisdom for me? I know I may be new, but I've been reading these boards for a while and I know there are a lot of smart people on here.

I'm pretty much 12 months behind you. I will graduate this spring and I am going to get a decent paying job. I will buy an inexpensive car this summer (I use my parents saturn when I need a car now), something like a 2001 Grand Am. I anticipate that I will be buying a house before I buy a Camaro. So that means that I will be waiting until 2011 or so to buy my V8 camaro. I will take if off the road for the winter since salt makes cars rust. I will drive that little grand am (or whatever) every winter until it dies, then sell it for scrap.

the problem that I see with your plan is that you anticipate saving $900 in fuel, but you will be paying thousands to lease a second car. even if you were to manage a lease for 350/month thats still 4x the price in fuel for the fuel savings. The insurance differance and reduced wear will not account for $3100 ($350x12 - $900) per year. However, your lease would likely be more and the new Camaro should be getting highway mileage in the 25-30 mpg range. So the lease payments vs gas differance could be over 4000 more every year to have 2 new cars vs 1.

Most of these problems go away if you get a used car as a primary vehicle. $6000 will cover a half decent used car, it won't need much in the way of repairs while you own it, and you can resell it after 5 years and get a little bit of money back ($2000 or so if its still in decent condition). When all is said and done, it will cost about the same as putting gas into the Camaro. But the Camaro will be in excellent condition
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Old 02-25-2008, 06:37 PM   #7
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All i can tell you is if you have 2 cars then double everything about having just one. For instance: insurance, payment, repairs, tires, oil, ect....... Go for the house/apt first then save enough for a good down payment, then go for it. Being 42 I have been through all the new car/ house debate. Cars loose value, houses pretty much always gain value. That being said YOU have to make a decision that best suits your situation. Good luck with your job and house /car!!!!!
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Old 02-25-2008, 07:48 PM   #8
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another possibility is that you just get what I like to call a shitmobile. usually these can be found rather easily on craigslist. just find a car that has no impairing issues and you can usually get one for somewhere in the 300-500 range if you give it a month or two of looking. a friend of mine just got a shitmobile for $350 that actually works quite well with no issues aside from the fact that it's a civic
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Old 02-25-2008, 08:05 PM   #9
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Here's my take. Drive the Buick until you absolutely can not drive it more (the point at which it has a catastrophic mechanical failure or when recurring repairs get frequent). When it goes, do not lease a new car. Buy a used '07 or '08 Cobalt, Malibu, Impala whatever. You can probably get it for 40% or more off of the original sticker and you'll still have a 5 yr, 100k powertrain warranty. Wait until late in 2010 and buy a used Camaro. Yep, they''ll be on the lot for a lot less than they were new. Drive the one everyday, keep the Camaro for weekends cruise nights etc.

Two cars will not cost twice as much as one car. The insurance on your second car will be cheaper (up your deductibles while you're at it, you'll save $), maintenance will more or less be the same (you can only drive one at a time), gas as you've noted will be cheaper.

I know the above is redundant with some of the other posts, just figured I'd add my .02. I can say from my own experience at least, you should get more enjoyment out of your Camaro if you don't drive it everyday. It will stay "new" much longer and you'll look forward to driving it when the opportunity presents itself. Good luck!
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Old 02-25-2008, 09:03 PM   #10
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Please don't take this personally, but i think you all stink. I mean that in the most loving and Christian way of course. Croathlete, honey what you need to do is pay your school loans on time. Buy a camaro cuz you only live once and once you get married and have kids she is going to want you to get rid of it. Enjoy it while you can. Live with mom and dad until they throw you out or you can't stand it any longer!
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Old 02-25-2008, 09:05 PM   #11
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Please don't take this personally, but i think you all stink.
ummmm . . . care to elaborate?
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Old 02-25-2008, 09:09 PM   #12
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ummmm . . . care to elaborate?
Sorry, one vodka too many and I hit the submit key instead of the advance key-my apologies.
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Old 02-25-2008, 10:04 PM   #13
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Please don't take this personally, but i think you all stink.
Quote:
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ummmm . . . care to elaborate?
Oops...that might just be me, Georgianne. Running makes me sweaty.
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Old 02-25-2008, 10:08 PM   #14
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Oops...that might just be me, Georgianne. Running makes me sweaty.
that would depend on whom I'm running from!
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Old 02-25-2008, 10:54 PM   #15
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Haha...where did this thread go?!?! Anyway, I want to thank everyone for their responses.

I guess I should elaborate some more before Georgianne beats me My loans are pretty much paid off. I'm in Grad School right now (company paid), so all my undergrad loan payments are being deferred until 2009/2010. I'll have enough in savings to have that paid off in a couple weeks actually. I've been working throughout college, so I've saved up a bunch before I got the new job.

I've had this conversation with a lot of people actually. I personally don't mind living with my parents. Yea, I know it's not "cool", but I definitely think it'll help me out in the long run. I get along with them great, so it's not like they're sick of me. So moving out isn't really an urgent issue. The housing market should continue to stumble for a little while longer, so if anything, buying a house in the short-term would be just a convenience for my social life, I guess =P

Putting some more thought into it, I think getting a high MPG used car is probably the best idea for the daily driver when the Buick goes. I just put $1000 into it for struts and a control arm (damn NYC potholes), so it better last me a little while longer. When to purchase the Camaro is a different story. I'll wait until I'm 25 in June 2009, but I know as soon as I see them on the roads, it'll drive me crazy to wait anymore. It would be really tough to wait until 2010.

Does anyone know how much of a difference it would make between having a insurance on a daily driver and a "weekend driver"? Is it really that substantial?
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Old 02-25-2008, 11:01 PM   #16
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[QUOTE Does anyone know how much of a difference it would make between having a insurance on a daily driver and a "weekend driver"? Is it really that substantial?[/QUOTE]

For your age it doesn't matter-your screwed! Nice that you get along with your parents. though!
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Old 02-25-2008, 11:10 PM   #17
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Yea, I know I have my gender, age, and location working against me, but it would be nice to think that a 6-year clean driving record in NYC would mean something!
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Old 02-26-2008, 02:23 AM   #18
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Save your money, pay off your loans (if not, they'll be there forever gaining interest), drive what'cha have until it breaks, and buy the 5th Gen after you turn 25 when your insurance premiums drop. Simple as that. You're not going to save money by having two cars. Save, save, save...
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Old 02-26-2008, 07:26 AM   #19
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Save your money, pay off your loans (if not, they'll be there forever gaining interest), drive what'cha have until it breaks, and buy the 5th Gen after you turn 25 when your insurance premiums drop. Simple as that. You're not going to save money by having two cars. Save, save, save...

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Old 02-26-2008, 09:47 AM   #20
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Please don't take this personally, but i think you all stink. I mean that in the most loving and Christian way of course. Croathlete, honey what you need to do is pay your school loans on time. Buy a camaro cuz you only live once and once you get married and have kids she is going to want you to get rid of it. Enjoy it while you can. Live with mom and dad until they throw you out or you can't stand it any longer!

I agree with Georgianne advice. You are young live life to the fullest, and buy your camaro. Drive her every day and enjoy it. When time comes to buy your house. You are not going to have the time play with you her specially when you get married. I know because I just got married and I don't have the time to even look under the hood of my camaro.
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Old 02-26-2008, 10:33 AM   #21
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The only insurance adjustment I can think of is telling them that you drive less that 5000 miles. It saved me a little money.
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Old 02-26-2008, 12:38 PM   #22
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Tag hit the nail on the head..."Save, Save, Save!!!!!" Leasing a daily driver? It wouldn't work for me, but we are all different. You have a fresh start. I'm 10 years older than you and wish I did. Check this web site out..
www.daveramsey.com
This guy is brilliant and his ideas have helped me undo 10 years of stupidity.
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Old 02-26-2008, 01:17 PM   #23
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I'm going with Tag, as I'm pretty financially conservative and I prefer good debt to outweigh bad debt. Of course, there are degrees of flexibility and gray areas to consider. Personally, I know (barring any unusual circumstances) that I'll be able to afford my Camaro by 2012 when I'm 25. Chances are good that I'll be able to afford it even before that. If so, then bonus surprise for me. If not, then I'm not disappointed.
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Old 02-27-2008, 08:42 PM   #24
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Tag and gtahvit- you guys are way so conservative.
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Old 02-27-2008, 09:26 PM   #25
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Tag and gtahvit- you guys are way so conservative.
lol Maybe we've learned for our earlier mistakes.

I'm not speaking for Tag, but that is exactly why I gave the advice I gave...

Now if I had missed out on something earlier in my life and lived to regret it I might give different advice. I don't have anything against your recommendation. You can defend your's and I can defend mine. Now he's heard both sides and can make an educated decision.
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