Attention young buyers!

[ebui2]

Hey guys, I've been lurking around the forums for a while and thought that I might as well surface and make my first post. Anyhow, I have just turned 18 years old, and I have a question for all you younger future Camaro owners. Many of you claim to be buying your brand new car all on your own with little or no help from your parents/grandparents, etc. While I will not comment on the validity of these claims, I really want to know how you guys have accumulated so much money at such a young age! I apologize if this post seems a bit hostile; rest assured, it's not. I'm just curious as to what I can do to follow in your tracks and be a young Camaro owner in the near future.

Oh, and I really don't want to be flamed for being a younger guy looking to buy a nice sports coupe. There are plenty of those types of threads out there already. We Camaro fans need to stick together

PS: My sincere apologies if this is in the wrong section.

[OUR72GTO]

Well in Vancouver right now if you are under 24 and driving a new V8 anything the cops believe odds are you are gang related.

[Mr_Draco]

Originally Posted by ebui2

Hey guys, I've been lurking around the forums for a while and thought that I might as well surface and make my first post. Anyhow, I have just turned 18 years old, and I have a question for all you younger future Camaro owners. Many of you claim to be buying your brand new car all on your own with little or no help from your parents/grandparents, etc. While I will not comment on the validity of these claims, I really want to know how you guys have accumulated so much money at such a young age! I apologize if this post seems a bit hostile; rest assured, it's not. I'm just curious as to what I can do to follow in your tracks and be a young Camaro owner in the near future.

Oh, and I really don't want to be flamed for being a younger guy looking to buy a nice sports coupe. There are plenty of those types of threads out there already. We Camaro fans need to stick together

PS: My sincere apologies if this is in the wrong section.

Not hard. When I was that age I had $30k in the bank because I started working full time when I was 16.

[tylermoore]

i have been working full time as a Firefighter since i was 19 making roughly 35k yearly and still living at HOME this plays abig role in young people with new expensive sports cars

Atleast it does for me because i am an impulse buyer?

[rocknrollcali87]

With hard work and determination, I think anything is possible.

I'm 22 was fortunate to start working when I was 18 and well needless to say I was dumb with my money..and I still think I am. I can't save a dime!

But what is helping me settle down now is more responsibility and that's paying my own bills, developing my credit. I couldn't afford the new Camaro, really happy for those who are my age and younger who had the determination. These are my two cents..

[The_Blur]

I'll be young, but there's little to no chance of me being able to afford a V8 in a reasonable amount of time. I won't be receiving any help from family, and I will be 23 in April. It is very important to make sure you have a large down payment when being a young buyer. You will get abused by financing charges.

[rocknrollcali87]

Originally Posted by The_Blur

It is very important to make sure you have a large down payment when being a young buyer. You will get abused by financing charges.

[hardestgainer]

i can afford it even though im only 19 because I still live at home, have been working since i was 16 and did a good job saving my money, and also made a few smart/lucky investments in the stock market before everything started going downhill, turned 5k into 10k and was lucky enough to get out a week before my stocks dropped!! My downpayment is going to be around 20k

[trudawg660]

am 22, i plan on buying without a downpayment, and the bill would be high but i can manage it.

[Chevyrocker]

Originally Posted by trudawg660

am 22, i plan on buying without a downpayment, and the bill would be high but i can manage it.

That's going to be hard...the banks these days want at least tax and tag down unless you have a stellar credit score. The problem facing all of you young buyers out there is that you don't have enough, or in some cases any credit. There is no bank on God's green Earth that is going to loan you $30,000 when your current high credit is $500. There are "first time buyer's" programs out there with some banks, but they normally are looking for 10% down on a vehicle that is "new" and costs less than $17K (Cobalt, Aveo). Also, the banks now have a minimum income amount to be approved for loans. Most say you have to make at least $2,000 a month or somewhere in that ballpark.

Point being, unless you have financed a vehicle before, have $10K + down, or have a co-signer...you're probably not going to get a loan on a new Camaro. I would suggest that if you live at home and have a job, start working over time and stop going out and blowing your money on stupid things. The Camaro is worth 6 months in doors, right?

[TheCavalry]

I'm able to because good ol uncle sam supplies my paycheck and it's easy to save when you have nothing to spend on. If I weren't military I probably wouldn't be able to afford this car. Well if I'd have waited longer I could have been a firefighter by now. You're livin my dream tylermoore! One day my friend, one day.

[Mr. Wyndham]

I'm getting through school with 80% of my tuition paid for via scholarships. I'm paying the rest by working 25-30hrs a week, and saving the leftovers. Right out of college I have a job lined up. Either here, or out of state. Either way, I expect to make a 5000-7000 down payment, and finance the rest over 7 yrs to keep the mo. payments under 400 (not ideal...but ). The Camaro...will be my college loans.

I've also done some moderate research on insurance rates and gas (which I pay for myself, as well). I've got a spotless record, and all sortsa discounts including the def. driving course, an alumni discount, and the "good grades" discount, etc. Given all that, insurance is no higher for an SRT8 Challenger or a GT Mustang than I'm already paying for my Cobalt (highest possible estimates). It actually made me sick when I found out -- I'm getting had on my little car!!

Plus, gas will be the same or LESS than what I pay now (even at 5 bucks a gallon), because I won't be driving 40 miles a day just for school.

I don't feel the need to justify my position/abilitys to anyone, but I wanted to share simply as proof that not everyone needs to be 40 to buy one of these things.

[nUcLeArEnVoY]

I am in a very fortunate position since I live at home, my college won't make barely a dent in my savings and I have 15K in the bank and growing. My secret is the same as everyone else's: I work full time and am pretty much able to save all of my paycheck except for $112.00 a month car insurance since me and my mom share her car. I should have 25K saved by the end of the year which at that point I'll get the Camaro. I've been on credit for two years now and have five cards. I am not sure, but I think my score is early 700's... but I didn't want to rely solely on it which is why I am saving such a big down payment. With 25K down, they'd be stupid NOT to approve me.

[trudawg660]

Originally Posted by Chevyrocker

That's going to be hard...the banks these days want at least tax and tag down unless you have a stellar credit score. The problem facing all of you young buyers out there is that you don't have enough, or in some cases any credit. There is no bank on God's green Earth that is going to loan you $30,000 when your current high credit is $500. There are "first time buyer's" programs out there with some banks, but they normally are looking for 10% down on a vehicle that is "new" and costs less than $17K (Cobalt, Aveo). Also, the banks now have a minimum income amount to be approved for loans. Most say you have to make at least $2,000 a month or somewhere in that ballpark.

Point being, unless you have financed a vehicle before, have $10K + down, or have a co-signer...you're probably not going to get a loan on a new Camaro. I would suggest that if you live at home and have a job, start working over time and stop going out and blowing your money on stupid things. The Camaro is worth 6 months in doors, right?

Am military, so i have USAA. i make 3000 a month after taxes. and i have money to put down but am not going to. and i get a re-enlistment bonus, and i deploy before the end of this year. and my credit score is 740 am a credit freak. Oh yea i test for staff sergeant next year which is a 400 dollar increase a month