is a SS financially responsible for me?

[rolnslo]

You are going to be way upside down on your G8 loan if you trade it in on a Camaro. Dealer is probably going to give you $14k-16k for the G8, maybe. Roll that extra $6-8k into a new loan on a Camaro SS (even slightly used) and you are looking at a note around $38k-40k, not including fees/taxes/etc...

Do a 72mo loan on a used Camaro SS @ 9.99% (assuming your credit isn't helping you out much here since you got hit with a 14% rate less than a year ago) for $40k and you'll be looking at monthly payments of $785 for the next 6 years.

I'd say, at this point in your life, this is not financially responsible. Just my opinion though.

Honestly, you made one comment that was the most financially responsible decision you made right now.

I bought my cousins old car with cash for work and daily commute.

Pay down on the G8 and get out of it when you can give it away for what you owe on it. Then put the extra money you'd be spending on a Camaro now into savings. When you have enough in savings to pay cash for a new Camaro, do it.

[kiteman]

well i just say no altogether because it isn't a financial decision, it's a dumb decision. quite frankly, your $24k G8 isn't a smart decision right now. you should sell it and keep the clunker you have until you can establish better credit and have the kind of disposable income to afford a $500 payment. just for perspective, i make more than twice what you make and still was pretty cautious about purchasing a $40,000 car. my personal opinion is that you should be a little bit more pragmatic and patient about your car situation right now.

as a side note, if you want something faster than your G8 and already have a daily driver, i'd suggest looking at a 4th Gen LS1. they are arguably as fast as the 5th Gen SS's, just a lot less technically savvy. but you can get one in good shape for well under $10,000.

[KKreme15]

My view, if you have to ask, the answer is more likely than not, "no".

[Baba]

Originally Posted by steveo9043

I know I have a topic about wanting a camaro SS but This topic is meant to give opinion on financial responsibility. All reply's are greatly appreciated and will be taken into consideration.

I currently own a 2008 Pontiac G8 GT. IOM in color and fully loaded. I owe 22,165 (got my bill yesterday) and I am looking to get a 2ss as leather is a must. I have owned the G8 for 10.5 months. Originally bought it over the camaro for the extra space as I used it for work. 31k miles later I feel that I have pushed the limit of mileage and I bought my cousins old car with cash for work and daily commute.

Now I want something a little more pristine then a 4 year old car with 60 some thousand miles.

Current payments are 504 a month at 14% for 72 months and 150 a month for insurance. I just turned 23 so I dont have the best credit history but this is the first car I bought without a cosigner. I make min payments of 600+ on the car to help counter act the higher interest rate. My last bill actually said my min payment is 170 lol they want all the interest they can get.

Next Tuesday i get my 2nd year review at work and am hoping for a bonus or substantial raise as I will be graduating college in the next year.

I currently make about 38k a year as an entry level Information Technology Specialist for a dialysis company.

I'm a full time student at Devry University going for a bachelors degree in Computer Informational Systems with a focus on Computer forensics.

I live at home still helping my mom get out of debt. Another 2 years minimum.

Monthly Income: +3100 (2300 after taxes / 401k)
what I pay my mom "rent": -600
Cell phone: -75
Car: -600
Insurance: -150
Credit cards: 0 currently payed off
Gas: reimbursed from company
weekly allowance: 100 (400 a month)

Monthly that leaves me roughly $475

Depending on the Camaro I buy I think my payments could be 600 or less.

Any opinions/questions/etc?

Thanks for providing specific figures we can work with.

Frankly, I believe you currently owe too much on the G8 to consider any type of trade unless they'll give you what you owe on it without having to rollover any difference into the price of a new vehicle.

You take home o.k. money. However, you're a student. Your number 1 job is being a student. Earning your degree will open other doors for you in the future such as a better paying, potentially more stable job. Advancement potential etc., etc. You're only able to save approx. one-fifth of your take home pay. That is WAY too little.

I believe you either need a SIGNIFICANTLY lower interest rate or buy a SIGNIFICANTLY less expensive vehicle. This is not the time to become further enslaved to having a massive car payment - and I do believe your payment is massive. Refinance your current loan (and DON'T pay extra for a bank / credit union to take on your loan at a lower rate) and focus solely on your studies. It'll get you a lot farther in a few years than what others might suggest you do now.

[steveo9043]

Thanks for all the opinions

Originally Posted by rolnslo

You are going to be way upside down on your G8 loan if you trade it in on a Camaro. Dealer is probably going to give you $14k-16k for the G8, maybe. Roll that extra $6-8k into a new loan on a Camaro SS (even slightly used) and you are looking at a note around $38k-40k, not including fees/taxes/etc...

Do a 72mo loan on a used Camaro SS @ 9.99% (assuming your credit isn't helping you out much here since you got hit with a 14% rate less than a year ago) for $40k and you'll be looking at monthly payments of $785 for the next 6 years.

I'd say, at this point in your life, this is not financially responsible. Just my opinion though.

Honestly, you made one comment that was the most financially responsible decision you made right now.



Pay down on the G8 and get out of it when you can give it away for what you owe on it. Then put the extra money you'd be spending on a Camaro now into savings. When you have enough in savings to pay cash for a new Camaro, do it.

14-16k for my G8? I know of people getting more then that for there base G8 V6. If I sold privately I could get 23-24k for my car. Trade in should have no problem getting 19K+. There is a similar G8 GT with similar miles going for 26k at a dealer a few towns over.

That being said If I couldn't trade in the G8 and put a down payment big enough to carry no money over that I wouldn't do it at all.

Originally Posted by kiteman

well i just say no altogether because it isn't a financial decision, it's a dumb decision. quite frankly, your $24k G8 isn't a smart decision right now. you should sell it and keep the clunker you have until you can establish better credit and have the kind of disposable income to afford a $500 payment. just for perspective, i make more than twice what you make and still was pretty cautious about purchasing a $40,000 car. my personal opinion is that you should be a little bit more pragmatic and patient about your car situation right now.

as a side note, if you want something faster than your G8 and already have a daily driver, i'd suggest looking at a 4th Gen LS1. they are arguably as fast as the 5th Gen SS's, just a lot less technically savvy. but you can get one in good shape for well under $10,000.

You make twice what I do, but I am pretty sure You have around twice the bills i do. or do you only have 1800 a month in bills including your car?

I have looked at LS1 Fbody's and there is no way I can get one well under 10k thats in "good shape" I wouldn't get rid of the G8 for something with higher miles and 4th Gen LS1 fbody's with under 60k miles are going for well over 10k in my area. Along with not having a warranty, higher insurance (i have contacted my insurance company about this a month ago), and the fact that any 4th gen is now 10+ years old. Just doesn't scream deal to me.

I don't want people thinking I am "stuck in my ways" I know sometimes "defending" my idea might make it look like that. But in my opinion the best way to get answers/come to a conclusion is with a debate.

[cab2g]

I'd keep the G8 a couple more years and after you have graduated and saved up a ton of money from your pay raise, then buy the Camaro. 10 months is no time to have a car at all, there's no need to change it up so quickly, even if it has 60k miles. You can easily put 200k on any car if it's maintained. I wanted a new car since 2004/2005, but because I hadn't saved enough before/after graduating college, and I had other goals like buying a house, I had to wait until 2010 to upgrade. That meant I kept the same car for 10 years. Sure my friends didn't think I had the coolest car on the block, but I maintained it well and people commonly were surprised that it was 8-10 years old when they got in it. Even though I have the 2SS and can't really pretend like I bought the car for practical reasons, cars shouldn't be your biggest priority in life and in a few years when you have a better financial picture, you'll be in a better position to buy the Camaro.

[orangejuice]

Originally Posted by steveo9043

I know I have a topic about wanting a camaro SS but This topic is meant to give opinion on financial responsibility. All reply's are greatly appreciated and will be taken into consideration.

I currently own a 2008 Pontiac G8 GT. IOM in color and fully loaded. I owe 22,165 (got my bill yesterday) and I am looking to get a 2ss as leather is a must. I have owned the G8 for 10.5 months. Originally bought it over the camaro for the extra space as I used it for work. 31k miles later I feel that I have pushed the limit of mileage and I bought my cousins old car with cash for work and daily commute.

Now I want something a little more pristine then a 4 year old car with 60 some thousand miles.




Current payments are 504 a month at 14% for 72 months and 150 a month for insurance. I just turned 23 so I dont have the best credit history but this is the first car I bought without a cosigner. I make min payments of 600+ on the car to help counter act the higher interest rate. My last bill actually said my min payment is 170 lol they want all the interest they can get.

Next Tuesday i get my 2nd year review at work and am hoping for a bonus or substantial raise as I will be graduating college in the next year.

I currently make about 38k a year as an entry level Information Technology Specialist for a dialysis company.

I'm a full time student at Devry University going for a bachelors degree in Computer Informational Systems with a focus on Computer forensics.

I live at home still helping my mom get out of debt. Another 2 years minimum.

Monthly Income: +3100 (2300 after taxes / 401k)
what I pay my mom "rent": -600
Cell phone: -75
Car: -600
Insurance: -150
Credit cards: 0 currently payed off
Gas: reimbursed from company
weekly allowance: 100 (400 a month)

Monthly that leaves me roughly $475

Depending on the Camaro I buy I think my payments could be 600 or less.

Any opinions/questions/etc?

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...

[kiteman]

Originally Posted by steveo9043

You make twice what I do, but I am pretty sure You have around twice the bills i do. or do you only have 1800 a month in bills including your car?

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 have looked at LS1 Fbody's and there is no way I can get one well under 10k thats in "good shape" I wouldn't get rid of the G8 for something with higher miles and 4th Gen LS1 fbody's with under 60k miles are going for well over 10k in my area. Along with not having a warranty, higher insurance (i have contacted my insurance company about this a month ago), and the fact that any 4th gen is now 10+ years old. Just doesn't scream deal to me.

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.

[rolnslo]

Originally Posted by steveo9043

14-16k for my G8? I know of people getting more then that for there base G8 V6. If I sold privately I could get 23-24k for my car. Trade in should have no problem getting 19K+. There is a similar G8 GT with similar miles going for 26k at a dealer a few towns over.

That being said If I couldn't trade in the G8 and put a down payment big enough to carry no money over that I wouldn't do it at all.

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!

[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...

[steveo9043]

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...

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.

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.

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.

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!

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.

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...

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.

[K1SSRSS]

Talk to the dealer, see if they will at least pay off the G8, not likely, but maybe. Then if it absolutely has to be an SS get a 1SS, gets the same attention and dosent have those hot leather seats. There are also still 2011s on the lot that dealers should be willing to let go cheaper. Also don't finance it with over say 7% or 8% intrest, shop arround for intrest rates also. But don't let the dealer talk you into even paying sticker these cars have been out a while. I bought my car at 26 had a few dings on my credit from when I was younger and needed that dirt bike, but I still ended up with 4.9% intrest and got my 1SS as a pre order for just over 30k including TTL. Make sure you also have at least 10% for the down payment. Don't be extravagent in your wants, in 5 years the 2SS won't be worth that much more than the 1SS and if you are not able to save up for the down payment, it is definately not responsible to purchase the camaro. My payments are around $525 a month.

[vroomapunk]

Find a better interest rate, at a bank, or a dealership. Im an accountant, although I do not condone stretching yourself that thin, living at home takes a substantial load off of your wallet.

Couple of tips, never rely on money that you dont have, dont assume you will get a raise or have a big tax refund this year and buy something ahead of time, sure you might get a raise, but you also might have a tree fall on your house or car and have to fix that.

Living at home as long as you can is great, especially if you use that time to save money to buy a house, instead of throwing money away on rent.

Ive wanted a new car forever, but I waited till I had a house, and a new job (i graduated in may of this year).

Saving is always the obvious best choice, because you dont "need" a camaro.
But if it makes you happy then go for it. I spent my last dollar on an amazing guitar 4 years ago, and I dont regret it today, its water under the bridge.

Just know what your priorities are, and if you can get a camaro now, before you have kids and a house note, etc. Do it, but only you can really tell how comfortable you want to be.

[steveo9043]

Originally Posted by K1SSRSS

Talk to the dealer, see if they will at least pay off the G8, not likely, but maybe. Then if it absolutely has to be an SS get a 1SS, gets the same attention and dosent have those hot leather seats. There are also still 2011s on the lot that dealers should be willing to let go cheaper. Also don't finance it with over say 7% or 8% intrest, shop arround for intrest rates also. But don't let the dealer talk you into even paying sticker these cars have been out a while. I bought my car at 26 had a few dings on my credit from when I was younger and needed that dirt bike, but I still ended up with 4.9% intrest and got my 1SS as a pre order for just over 30k including TTL. Make sure you also have at least 10% for the down payment. Don't be extravagent in your wants, in 5 years the 2SS won't be worth that much more than the 1SS and if you are not able to save up for the down payment, it is definately not responsible to purchase the camaro. My payments are around $525 a month.

I have 3-4k for a down payment so the 10% is do able. I think if I want one I will have to look outside of the dealership I want to deal with as they don't have many options.

My goals
1) dont carry over any money from the G8
2) keep payment under 575
3) interest rate under 10% (under 7 would be ideal, over 10 is a no go)
4) sunroof
5) leather seats
6) manual trans
7) IOM with black stripes, Black, Black with IOM/red stripes, or 45th an edition

Hmmmmmmmmmm