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Originally Posted by orangejuice
I turn 24 in less than a month and graduated college back in December of 2010 and just like you, my father passed away in December as well. I moved home from Atlanta to be with my mom and help out around the house. I graduated school debt free and I live rent free (just expected to do the yardwork and labor and get groceries every so often, as my Dad was a engineer for GM) I bought a brand new 2011 2SS/RS in June, and even though I love the car, I pay $500 a month to my Mom, as it was her way of helping me out through my Dad. I paid off my insurnace for the year in full ($945 on my parents plan). I got a great job at Johnson Controls Inc and I make great money for beign 23 years old. But it annoys me that I fork over $500 a month as I wish I was saving more money. Long story short, either get a low mileage used SS or save your money. I don't know if you're graduating debt free or not but if you aren't, you will not be able to swing those payments when student loans payments start happening. A couple of my buddies pay in excess of $700 a month...
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I will be coming out of school with student loans, currently its around 18k in student loans as I have taken my tax returns and sent them towards my loans every year. Also my grandfather gives a significant graduation gift as a check to your student loans once you graduate.
Quote:
Originally Posted by kiteman
i actually don't have any debt besides the car. my rent and car note combined are less than $1,500. but also, it's just a personal goal for me not to have much debt, including the car. that's why a $40k purchase is a big deal to me.
being tied down to a required $1,500 or more per month for the next several years of your life (or more) will be detrimental to your lifestyle if you were to lose your job or have an emergency of some kind. and in a day where the job market is tumultuous at best and the required retirement funds are approaching $3,000,000 for the average american, every $100 or so you can save a month while you're young is becoming much more important than using credit unwisely for a frivolous car purchase.
i'm starting to sound a little intense, but the point still remains the same as what others have said: save your money now and wait until your monetary situation (including your credit) have settled to a reasonable level in which you can comfortably afford a more expensive car.
i bought my 2000 Z28 with 32k miles in almost brand-new shape in 2003 at a dealership and i only paid $12,500. that was EIGHT years ago. i guarantee if you give me $10,000, i can find you a 4th gen with low miles in excellent shape. ignore people and their pompous asking prices--everybody wants more than their car is worth, but very few actually get it.
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i dont know what id do with double the income and only 1500 a month in bills lol. In all reality I would love to be in the situation you are in.
The way I look at it is I have sacrificed a lot and the G8 or the Camaro is ultimately my way of patting myself on the back. I know might sound crazy. I'm not determined in any way that I have to have a camaro SS. I just have wanted one since they came out.
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Originally Posted by rolnslo
If you can sell the G8 privately for what you owe (or more), then go for it. Just remember that a prospective buyer might have an issue with not getting a clear title handed over in the transaction because the finance company is still holding it.
Dealer trade-in value is a lot different that retail pricing on a lot or even private party sale. Seriously spend some time looking up blue book values on your G8 GT. It's not pretty and don't assume that your car falls into the 'Excellent condition' category - 95% do not. Heck, for fun, take the G8 over to CarMax and see what they'll offer you for it. No obligation on your part to sell it.
Good luck!
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I know with the rock chips on the thin crappy paint job its not in the "excellent condition" category. I don't waste my time with KBB anymore they are never even remotely close to what you will actually get. I want to take it to carmax and get a price but I would de-mod the car before and if Im not confident in getting the SS i really dont want to spend the hours in the cold de modding to just put the mods back on. I'm doing research on what people are getting for there trade ins from the G8 forums and putting everything into consideration before I make a move.
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Originally Posted by Jagerday
I'm usually one to say "yea do it, you only live once." But this seems like a bad idea. I think you would be spreading yourself a little thin. The only way I would do this is if you can sell the G8 privately and get most of what you owe. Drive the DD and pay off the remainder. Than IF you can get a decent interest rate look into getting the SS. I would say if you want to be smart and realistic...a SS in 6 months would be best case scenario. Just my $.02...
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I am in NO rush to get a SS tomorrow. My goal is to have it by spring if I decide to get one. I think in the winter months in chicago Camaro prices my drop.