Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
Vitesse Motorsports
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > General Camaro Forums > 5th Gen Camaro SS LS LT General Discussions


Reply
 
Thread Tools
Old 10-02-2009, 12:31 AM   #1
P. Ham
 
P. Ham's Avatar
 
Drives: IOM 2LT/RS
Join Date: Sep 2009
Location: San Antonio, TX
Posts: 169
Camaro vs House?

(Jump to to skip the boring stuff.)

I was reading insideac's thread where he's trying to decide between a Camaro or going to school. The Camaro5 community has been extremely helpful and supportive so it got me thinking. First, insideac, go to school!

Second, I live in an apartment.....and I like it. I'm single and don't plan on getting married any time soon. I like being single. I have a nice ~8 year old car which I love and is in perfect condition. In fact, my parents have offered to buy it off me for 10K because they know the condition it's in and has very low millage. I'm mean, come on, that's a great deal! I can't pass that up. But I don't HAVE to get a new car. My current car is perfectly fine. I was also brought up to basically run your car to the ground before buying a new one. Not sure I agree with that.

Anyway, I'm told maintaining a house is a lot of responsibility. If your A/C goes get ready to spend some money. Need new roof? Money. Need to repaint, new carpet, fix the garage door or whatever. Honestly I don't want to deal with maintenance. Basically, I'm lazy...I admit. I don't want to mow a lawn. I like being able to call the fix-it man to take care of a problem in less than 30 mins...no hassles. It's easy as ordering pizza except you don't have to tip. I'm also in a similar situation as insideac in that I have a nice savings. That would be, I'm embarrassed to say, because I chose to live at home probably longer than I should have. :( It's because of that, though, I was able to put some money away. In fact I could buy a Camaro in cash and still have a little bit left over...not a great amount but some.

*For those that don't like a long read start below*

My plan is to get a Camaro and stay in an apartment for another year or two and then look for a house. I will have a small amount of money to put down on a house later but obviously not as much as I would have if I had not purchased the Camaro in cash. I know the responsible thing to do is save my money and start looking for a house so I can put a nice down payment. I know by living in an apartment I'm "pissing my money away" as people in my office so kindly remind me. But I may never be in a situation like this again. I'm single. I have no debts. I could actually buy my own dream car and have no payments. How many people can say that? What would you do? I know there's no clear answer but any advice would be helpful. I just don't want to find out buying a fancy car before a house was the stupid thing to do.

Oh, I would be getting the 2LT RS instead of the SS. I figure I won't be racing this thing and the V6 has more than enough power for me. I rented from AVIS so I know. That'll save me, what, 7k? That's pretty responsible, ain't it? I keep telling my self that anyway.

(Sorry for all this "lifey" stuff. I wish I had more experience in it. My parents just say it's cool either way. I was hoping for a bit more wisdom. I just don't want to be screwing my self in the long run.)
P. Ham is offline   Reply With Quote
Old 10-02-2009, 12:43 AM   #2
JohnInSoCal
 
Drives: RJT L99 500HP
Join Date: Aug 2009
Location: SoCal
Posts: 537
get the house for many reasons. With current banking situation you will need more than a little bit for a down payment for a house so if you have the cash and means to do it now then go for it. Also now is a great time to buy a house and as a bonus you are first time buyer so you don't have to sell your current house while upside down. In a few years the market for real estate may recover a little bit. With a big camaro payment will you still qualify to buy a house ? If you have great income maybe so but then again if you have great income it wouldn't be an either or question just buy both.

Also your mortgage is tax deductible, this is a huge benefit of owning a house as opposed to renting.

Buy the house, then get a camaro. It's far easier to qualify for a car loan than a house loan, and if you own a house then getting a car loan is a snap. But for a first time home owner they will be really strict about your income/debt ratio. This was true a couple years ago before the collapse when a guy working drive thru at McDonals could instantly quality for a million dollar home in LA, but post collapse things have changed.
JohnInSoCal is offline   Reply With Quote
Old 10-02-2009, 12:53 AM   #3
MightyT
 
MightyT's Avatar
 
Drives: 2010 Camaro 2LT RS
Join Date: Sep 2009
Location: California
Posts: 511
As much as I love the Camaro ... House first ...

You get equity (eventually), tax write off (eventually) and joy of fixing things that break (immediately)!

Oh ... and then you'll have a garage to park your Camaro in!!
__________________
2010 Camaro 2LT RS - Rally Yellow
Ordered from Tom Bell

1100 Prelim. Order - (09-18-09)
2000 GM Accepted - (09-22-09) Order NPJWCM.
3000 Prod Control Accepted - (10-14-09) TPW 11/02/09.
3300 Scheduled - (10-26-09)
3400 Broadcast - (10-31-09)
3800 Produced - (11-06-09) VIN 2G1FC1EV6A9165272
4200 Shipped - (11-09-09) Rail ETTX701486
5000 Deliver dealer - (11-27-09)
6000 Deliver customer - (11-27-09)
MightyT is offline   Reply With Quote
Old 10-02-2009, 01:23 AM   #4
HawkX7
 
Drives: 2004 Dodge Stratus SXT Coupe
Join Date: Jul 2009
Location: Ankeny, Iowa
Posts: 10
Both!

Don't pay for the Camaro fully and have a small monthly payment on the Camaro and drop the rest on the house. Best of both worlds!
HawkX7 is offline   Reply With Quote
Old 10-02-2009, 01:51 AM   #5
theoneriggs
 
Drives: 10 Challenger R/T
Join Date: Apr 2009
Location: Fort Knox, Ky
Posts: 88
I personally agree with hawk x7. Make a nice down payment on the car. Own the car and take your time looking for a place. You can decide to buy a house and still have it take well over a year, to find exactly what you want. For all you know you could find an awesome soulmate in 3 months that already owns a house



ps) owning camaro may help find above soulmate even faster
theoneriggs is offline   Reply With Quote
Old 10-02-2009, 01:53 AM   #6
SoFlaZ

 
SoFlaZ's Avatar
 
Drives: Nothing special :-(
Join Date: Feb 2007
Location: FL
Posts: 940
Quote:
Originally Posted by HawkX7 View Post
Both!

Don't pay for the Camaro fully and have a small monthly payment on the Camaro and drop the rest on the house. Best of both worlds!
+1, Only if your income can support this though.
SoFlaZ is offline   Reply With Quote
Old 10-02-2009, 01:53 AM   #7
Stewcam
 
Stewcam's Avatar
 
Drives: 2010 Camaro SS/RS
Join Date: Sep 2009
Location: The Woodlands, TX
Posts: 333
You definitely don't need a house. The incremental cost of owning and maintaining a home vs. renting will more than offset any tax benefit of owning the house. In texas, our property taxes alone are over 3% of the tax assessment. As you also know, Texas real estate never really appreciate like in some other areas so you will be able to buy one down the road for a reasonable amount. Alson, it means that if your house does not appreciate by the 3% + interest you pay on the loan+ maintenance cost you will build zero equity. Just my two cents.
Stewcam is offline   Reply With Quote
Old 10-02-2009, 01:57 AM   #8
SLVRPHX
SoCal C5 Family Member
 
SLVRPHX's Avatar
 
Drives: 2010 Camaro
Join Date: May 2009
Location: San Diego
Posts: 145
I actually had this same dilemma back in 2001, although I was newly married. I received an inheritance and we seriously considered if we should use it as a down payment on a house or buy a Camaro. Keep in mind this was at the time when they'd already announced the Camaro was being discontinued, so it was a now or never type deal. Well we ended up doing the "responsible" thing and got the house, saw it double in value, and fall back to reality. If we had gotten the Camaro, we probably would have had to wait a couple of years to buy a house, during which prices sky-rocketed. My reward for doing the responsible thing 8 years ago: I have a home which is still worth more than I paid for it (along with all the other advantages of owning a home), and I have a 2010 Camaro in the garage
__________________
1LT RS Auto SIM Gray C&C BA, JBA Axle Back
1100: 5/8/09 | 3000: 5/27/09 | TPW: 7/13/09
3800: 7/22/09 VIN 126623
4200: 7/24/09 | 6000: 8/6/09
SLVRPHX is offline   Reply With Quote
Old 10-02-2009, 02:34 AM   #9
SleepWarz
Banned
 
Drives: 1991 New Yorker, 69 Tbird, ABM2SSRS
Join Date: May 2009
Location: BC Canada
Posts: 2,248
Didnt someones sig say you can sleep in your car but you cant drive in your house... =p
SleepWarz is offline   Reply With Quote
Old 10-02-2009, 02:42 AM   #10
TAG UR IT
www.Camaro5store.com
 
TAG UR IT's Avatar
 
Drives: 2014 ZL1 #705
Join Date: Jul 2006
Location: SA, Texas
Posts: 26,569
Ok.

One thing to remember...and I don't know if anyone said it because I skipped to the and passed all the other posts......

House prices are on the rise according to MSNBC and all the other news stations. Before long, not only the cost of the house you will eventually buy will go up, but the APR on the loan itself will go up. Therefore, you might actually end up "paying for the car again" if you get the car now and then wait an extra year or two and get the house (in the actual cost of house and loan on house).

So....

...what will it be?


You COULD get the car and have it paid off.

That is actually pretty darn smart to have it all paid off. You'd save approximately $2k to $3k tops in finance charges. However, the finance charges in getting a house again...over the life of the loan?....top that 2 to 3k easily.

You already know the answer.

The REAL question is......




CAN you get the 2LT RS NOW AND be able to still get a good rate and have enough to put down on that house at a later time!
TAG UR IT is offline   Reply With Quote
Old 10-02-2009, 02:47 AM   #11
TAG UR IT
www.Camaro5store.com
 
TAG UR IT's Avatar
 
Drives: 2014 ZL1 #705
Join Date: Jul 2006
Location: SA, Texas
Posts: 26,569
Ok. I read your first part.

Get ready to mow a lawn....or the HOA will be banging on your door.

LEARN how to fix a garage door. Dude...it's really simple.

The AC? Don't try it. Call someone...and get ready to pay someone to fix it. That is, unless, you buy the appliance warranty from someone and have it done for either free or next to nothing.

Maintaining a house is easy. But, even better advice?....buy NEW. That way, you don't have to buy someone else's problems. You KNOW what you are getting. Oh...and if you are a first time buyer, don't forget about your tax break. In fact, our wonderful gov't is currently thinking about raising that tax break so you can get more back right off the bat.
TAG UR IT is offline   Reply With Quote
Old 10-02-2009, 02:51 AM   #12
a6pk2go

 
a6pk2go's Avatar
 
Drives: ...
Join Date: Oct 2008
Location: ...
Posts: 1,721
Plain and simple. It's a buyers market today. You say there is nothing wrong with your current car. Get the house while it is a buyers market. IT WILL CHANGE someday.
a6pk2go is offline   Reply With Quote
Old 10-02-2009, 04:04 AM   #13
600hp-lpe


 
Drives: 2010
Join Date: Jul 2009
Location: NH
Posts: 4,697
Depends what you have for a garage. If you have a garage at your apartment, get the car.

If you are parking outside, get a condo with a 1 or 2 car garage.
600hp-lpe is offline   Reply With Quote
Old 10-02-2009, 04:08 AM   #14
Ammo7
I GOT HER
 
Ammo7's Avatar
 
Drives: 2010 Camaro 2ss/rs RJT
Join Date: Jul 2009
Location: Duluth Ga 30097
Posts: 399
I say get the Camaro. I had a house and what a pain it was to up keep. took most of my free time plus any extra cash went into the house i hated it i will never own a house again it realy sucks. I am also single and plan on staying that way as well. I love just calling in for a problem and having them come and fix it. no money out of my pocket to do so. the apt life for me.
__________________
2SS RJT sun roof RS package Auto.
Order Detail # NMMXX3.
Order date- 07/21/2009
2000, Order accepted by GM0-8/11/09
3000, Order accepted by production control 8/12/2009 TPW 09/07/2009
3300, Order scheduled for production 08/25/09
3800, Order produced 09/12/09 2G1FK1EJ6A9145958
4200, shipped 09/14/09
5000 vehicle at dealer 09/28/09
6000 vehicle delivered to customer 09/28/09
Ammo7 is offline   Reply With Quote
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Songs About Camaros (for your driving pleasure) Emjay 5th Gen Camaro SS LS LT General Discussions 74 12-18-2014 12:42 AM
GM memo to dealers Moose 5th Gen Camaro SS LS LT General Discussions 41 02-04-2010 07:33 PM
10 Camaros that should be built SSOOCH 5th Gen Camaro SS LS LT General Discussions 47 11-03-2009 05:46 PM
3rd Annual Corvette Open House at MacMulkin Chevrolet-WELCOMES the ALL NEW CAMARO!! MacMulkin USA - New England 2 04-11-2009 09:16 AM


All times are GMT -5. The time now is 05:02 PM.


Powered by vBulletin® Version 3.8.9 Beta 4
Copyright ©2000 - 2016, vBulletin Solutions, Inc.