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Old 04-17-2012, 05:12 PM   #10
1BADLS3

 
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Drives: Sold: 2011 2SS/RS
Join Date: Dec 2010
Location: United States
Posts: 1,896
You've got a couple of things working against you. You're a minor, so I don't think you can legally hold the title on an automobile until you're 18. There's that.

Second, you have zero credit history (and really can't start building credit until you're 18), so if you decide to finance any portion of your new Camaro, it will be hard to find a lending bank, and interest rates are likely to be astronomical. You'll need a cosigner.

You also have to take into account the total cost of ownership. You'll need to insure the car. If any portion is financed, you HAVE to carry comp/collision insurance as required by the lender. (And do you really want to risk totaling a $24k car at your own expense? -No).

Honestly? Drive your '98 Camaro for a few years. It's a great car, decent power, it's safe, and it probably isn't costing you much money.

IMO, you've got more important things to do, like finish school, get into college, etc, versus working your ass off JUST to afford a car. I've been there and it's not worth it, no matter how cool the car is.

Most 15/16 year olds that drive new Camaros had their cars given to them, or their parents are footing the bill, or only requiring their kids to pay part of the cost if/when they have income from a job. If they "saved up" $25k, that was likely given to them as well. This allure of first-year drivers having brand new cars--it's quite unreal! Most kids who have that are living in fantasyland.

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The obvious answer here is save for 7 years, and then pay cash for a 7 year old 2012 Camaro LS . There's a chance you won't have enough money for an expensive car when you're 23, either.
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