Help On Purchasing First Camaro

[Chevrolet Customer Svc]

Originally Posted by 5GBumbleBee

Hi guys, I'm AJ, 17 years old and I'm relatively new to these forums, been reading threads and posts for a while, but made an account today when i realized i can actually afford to get one. But, I am torn between three options. I want a V8 camaro, or a v6 with a convertible, but a V8 with a convertible is certainly out of the question, seeing as i will be paying car payments+gas whilst my mother pays for the insurance. So i have 3 options, lets call them A, B, and C.

Option A:2014 V6 1LT Convertible for $32,050 msrp

Option B:2014 V8 1SS for $34,350 msrp(only if i can catch a bargain with a dealer, maybe drop that price a bit)

Lastly,
Option C:2010 V8 2SS preowned for maybe $25,000

I am honestly torn and don't know what to go with. I wouldn't have a problem financing the vehicles as i have a steady job, and have made the necessary calculations, and have already saved up about $10,000. So what I am asking is, if you were in my shoes, which option would you choose?

Thanks In Advance,
AJ.

AJ,

Glad to see you're interested in a Camaro! You have an impressive list of choices there . Let us know what you end up getting.

William R.
Chevrolet Customer Care

[Dubscamaro]

I'm 19, making $13.50/hour and I easily pay financing on my 14' 2LT (250/Month) and my mac book pro ($20 a week). Easily I would go with the 2010 or 11 2SS already loaded over the 1SS. I wish I had done research to do the older and finance. Easy to mod and more mods out for them. I love the ZL1 front transformation that is possible for 10-13 which is not available for my 14 :(

[Evergreen6]

Get a V8. Don't **** it up. Be good to your parents, pay them back (FYI, you can't get credit to finance a car at 17 years old) and don't get in trouble with the law. Don't lose sight of bigger/better goals trying to pay for a car. Life is short and cars come and they go. There will always be another car.

If you end up buying one, did I mention to have fun? -and be nice.

[SKYFALL]

I'm 18 now but I was in your exact situation one year ago. I'm not trying to talk down to you but here's how I handled my situation and I'm extremely pleased with the outcome.

I've also wanted a Camaro since I could remember but I wasn't able to get one until May 2013. Like yourself, I'd had a substantial amount of money saved up in July 2012 and I wanted to go buy a brand new Camaro and I figured I could pay the monthly payments on the rest of it. I then quickly realized what a stupid decision that would be.

First: Brand new cars depreciate the second they leave the lot. That means that they instantly lose a good chunk of money, meaning several thousand dollars, because the car is now classified as "used." So don't buy a new car at all, especially at your age. It's dumb and it isn't worth it. I went and bought a reliable used one instead. It even smelled like a new car and I saved several thousand dollars.

Second: I wanted a V8 really badly but I decided to go with the V6. My insurance rates are darn high right now because I'm classified as a newer driver and my Camaro falls under a high performance vehicle category. However, my rates would have been much higher had I gotten a V8, and they would have skyrocketed if V8 had been brand new. It's your car and your money, but a V8 didn't make much sense to me except for showing off to my friends.

Third: (Here's the part you're going to hate) Wait until you have all of the money saved up. Yes, that means saving another $10K - $20K, which sucks because you're already set on buying a car (I was in the same mindset back in July of 2012). Trust me, this is well worth it. If you decide to put $10K down right now and pay monthly, you're screwing yourself over for the future. You're charged interest every month you pay your monthly fee, and so over time, you're going to not only have to pay for the whole car eventually, but also all of the interest that has accumulated. In short, you're going to pay a TON more for your car because you chose to pay for it monthly. Why would anybody in their right mind want to pay more for something that isn't worth more? You're going to end up paying a few thousand dollars extra in interest fees for sure. That's how jacked up the system is. If you don't use the monthly payment system and instead pay it off all at once, you've just saved yourself a couple thousand dollars that you can put towards mods.

In short, this whole discussion comes down to immediacy vs. practicality. If you decide to buy a car right now, you'll have your car right now (which is awesome), but you'll also overpay for it because of the interest rates and you'll be in deep trouble if for some reason you can't start making the payments. Practicality calls for saving up all of the money in advance and then finding a gently used vehicle for much cheaper. This is what I ended up doing and I'm so glad I did that. Yes, I did have to wait about a year longer to get my dream car, and it would kill me to see other people driving Camaro's out on the road while I was puttin' around in a Ford Escape. But now I have my own car that I payed for entirely by myself and I don't have to deal with monthly payments. That in itself is worth it.

Sorry this has been so long but I don't want you to do something that could financially screw you over. Remember that I was in your exact position a year ago and I ended up choosing practicality and I'm SOOO glad I did. It's common sense really: don't buy something you don't have the money for. In this case, you don't have the money for a car because you only have $10K right now. I didn't have enough money for a car back in July 2012, so I couldn't buy one. You can say, "Well, I plan on paying the payment every month." Well, life happens, and the last thing you want is to have to give that precious car up that you worked so hard for. Now you're out your hard-earned $10,000 and still owe more money. That's what happened to guy who owned my car before me; he couldn't make the payments, and they took it back.

If I were you, I'd save up enough money to go buy a reliable used Camaro in cash. But that's completely up to you.

[shane4]

10k is hard to come by. Really the only reason you have that is your parents are paying your way. Tbh I'd invest that money in some schooling. Get yourself a nursing degree or something along those lines. When you knock that out you'll walk into the dealership and tell them exactly what options you want. Dropping 10k on your first camaro is beyond stupid at your age. You'll live to regret the decision but the thing about youth is you'll be too hard headed to listen to an old guy that's been there and done that. Heck I'm 33 and drive an oilfield tanker truck making good money and I still haven't pulled the trigger on a camaro yet. And I'm already into my second home (moved up from starter home).

[Dubscamaro]

Originally Posted by damian559

I'd pick the 2014 1SS. I'm 18 and just ordered a 2015 1SS 1LE with Recaros and NPP. See if you can find one with the 1LE package, it's well worth the $3.5K price tag.

wth the 15's havent even come out yet...not even online Nice try though!

[PalmerGA]

Not on your list, but I would suggest you get a nice used Honda Civic. Cheap insurance. Cheap on gas. Cheap on maintenance. It will allow you to save up cash for a few years and get exactly what you want without taking on a big note. You're 17... don't be in such a rush to get yourself deep in debt.

[vailskier3]

i'd look into getting a lower mileage 2010-2013 2SS. i was looking about a month ago, and i'd have had to drive to miami, but they had a new '13 2SS for 34k with 0% financing. i'd have done that if i didn't get a steal on my '14.

[NYCamOwner]

Originally Posted by 5GBumbleBee

Hi guys, I'm AJ, 17 years old and I'm relatively new to these forums, been reading threads and posts for a while, but made an account today when i realized i can actually afford to get one. But, I am torn between three options. I want a V8 camaro, or a v6 with a convertible, but a V8 with a convertible is certainly out of the question, seeing as i will be paying car payments+gas whilst my mother pays for the insurance. So i have 3 options, lets call them A, B, and C.

Option A:2014 V6 1LT Convertible for $32,050 msrp

Option B:2014 V8 1SS for $34,350 msrp(only if i can catch a bargain with a dealer, maybe drop that price a bit)

Lastly,
Option C:2010 V8 2SS preowned for maybe $25,000

I am honestly torn and don't know what to go with. I wouldn't have a problem financing the vehicles as i have a steady job, and have made the necessary calculations, and have already saved up about $10,000. So what I am asking is, if you were in my shoes, which option would you choose?

Thanks In Advance,
AJ.

At the end of the day, which one would make you the happiest? What options do you want, and which one meets those requirements?

I personally would recommend new, rather than someone else's car as you don't know how they treated it, cared for it, etc. But only if you can afford it!!

[baum]

i commend you for being able to save like that. there are many "adults" that dont even have a pot to piss in because they cant hold onto a penny. in the long run you need to do with what you feel comfortable with. however just keep in mind that the insurance could be close to 300 a mo for that car. when i was your age i had a 4 year old s-10 with a 4cylinder in it and was paying close to 200/mo.

also when you do go to college are you going to want to leave an ss outside all day in a parking lot?

would you consider a 1ls or a 2ls? either of those you can get for 20-22k new

[DRKS1D3]

Originally Posted by PalmerGA

Not on your list, but I would suggest you get a nice used Honda Civic. Cheap insurance. Cheap on gas. Cheap on maintenance. It will allow you to save up cash for a few years and get exactly what you want without taking on a big note. You're 17... don't be in such a rush to get yourself deep in debt.

Exactly...but he's 17 with "The Wants". Attempting to teach him how to make sound financial decisions is like attempting to teach an orangutan AP Calculus. We've all been 17 before.

[Rock-It Man]

One way to make a new v8 more affordable might be to order exactly he car you want, without options that you don't care about.

Most SS cars I have seen at dealers are absolutely loaded. Maybe you can do without leather seats, the RS package, sun roof, ground effects, etc. Makes quite a difference in the price.

In my case, I just had to have the leather seats, but passed on RS, sunroof, and anything else. (There was no dual mode exhaust in 2010.) My car was at least $4,000 less than cars typically in stock.

[Evergreen6]

Originally Posted by SKYFALL

I'm 18 now but I was in your exact situation one year ago. I'm not trying to talk down to you but here's how I handled my situation and I'm extremely pleased with the outcome.

I've also wanted a Camaro since I could remember but I wasn't able to get one until May 2013. Like yourself, I'd had a substantial amount of money saved up in July 2012 and I wanted to go buy a brand new Camaro and I figured I could pay the monthly payments on the rest of it. I then quickly realized what a stupid decision that would be.

First: Brand new cars depreciate the second they leave the lot. That means that they instantly lose a good chunk of money, meaning several thousand dollars, because the car is now classified as "used." So don't buy a new car at all, especially at your age. It's dumb and it isn't worth it. I went and bought a reliable used one instead. It even smelled like a new car and I saved several thousand dollars.

Second: I wanted a V8 really badly but I decided to go with the V6. My insurance rates are darn high right now because I'm classified as a newer driver and my Camaro falls under a high performance vehicle category. However, my rates would have been much higher had I gotten a V8, and they would have skyrocketed if V8 had been brand new. It's your car and your money, but a V8 didn't make much sense to me except for showing off to my friends.

Third: (Here's the part you're going to hate) Wait until you have all of the money saved up. Yes, that means saving another $10K - $20K, which sucks because you're already set on buying a car (I was in the same mindset back in July of 2012). Trust me, this is well worth it. If you decide to put $10K down right now and pay monthly, you're screwing yourself over for the future. You're charged interest every month you pay your monthly fee, and so over time, you're going to not only have to pay for the whole car eventually, but also all of the interest that has accumulated. In short, you're going to pay a TON more for your car because you chose to pay for it monthly. Why would anybody in their right mind want to pay more for something that isn't worth more? You're going to end up paying a few thousand dollars extra in interest fees for sure. That's how jacked up the system is. If you don't use the monthly payment system and instead pay it off all at once, you've just saved yourself a couple thousand dollars that you can put towards mods.

In short, this whole discussion comes down to immediacy vs. practicality. If you decide to buy a car right now, you'll have your car right now (which is awesome), but you'll also overpay for it because of the interest rates and you'll be in deep trouble if for some reason you can't start making the payments. Practicality calls for saving up all of the money in advance and then finding a gently used vehicle for much cheaper. This is what I ended up doing and I'm so glad I did that. Yes, I did have to wait about a year longer to get my dream car, and it would kill me to see other people driving Camaro's out on the road while I was puttin' around in a Ford Escape. But now I have my own car that I payed for entirely by myself and I don't have to deal with monthly payments. That in itself is worth it.

Sorry this has been so long but I don't want you to do something that could financially screw you over. Remember that I was in your exact position a year ago and I ended up choosing practicality and I'm SOOO glad I did. It's common sense really: don't buy something you don't have the money for. In this case, you don't have the money for a car because you only have $10K right now. I didn't have enough money for a car back in July 2012, so I couldn't buy one. You can say, "Well, I plan on paying the payment every month." Well, life happens, and the last thing you want is to have to give that precious car up that you worked so hard for. Now you're out your hard-earned $10,000 and still owe more money. That's what happened to guy who owned my car before me; he couldn't make the payments, and they took it back.

If I were you, I'd save up enough money to go buy a reliable used Camaro in cash. But that's completely up to you.

This man speaks beyond his years!

[Bulldog3071]

as long as the miles are low on the 2010SS, its certified by GM and the dealership has some service records for it I would go with the 2010