Zl1 Camaro car payment??? - Page 4 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Lacoven · 07-23-2013, 02:18 PM

835 a month for 84 months. I traded in my gto for 10k and it pretty much just paid for the taxes and a little off the sticker of my 63k convertible, I think it was 61k financed. with 2300 miles i avg 13 mpg, and dont look forward to having to replace tires at 465$ a tire. Insurance for me pretty much stayed the same.

littlecammi · 07-23-2013, 02:49 PM

Quote:

Originally Posted by 2012-1822

I personally feel that a ZL1 is something that really shouldn't be financed.

Quote:

Originally Posted by cvp33

Lots of better ways to invest your money than a sports car for sure. It's a highly depreciating asset...but one I just can't live without...seriously.

The problem is the need for immediate gratification. Almost anyone can pay cash for a car (even a ZL1). You just have to save for years and only buy the car when you have enough funds.

It may seem tough to do, but once you've done it for the first car it's easier for the second (and third). Instead of buying a new car and having payments for five years, you save for five years and then buy the car. So then you have a brand new car with no payments and save for another five years. The first car is then five years old, but you again have the cash to buy another car - without having to trade in or sell the first car. I've used this system for years and now own a mystic '96 Mustang Cobra, '01 Mustang Cobra, '08 Shelby GT500, and '13 ZL1.

cvp33 · 07-23-2013, 07:42 PM

Quote:

Originally Posted by littlecammi

The problem is the need for immediate gratification. Almost anyone can pay cash for a car (even a ZL1). You just have to save for years and only buy the car when you have enough funds.

It may seem tough to do, but once you've done it for the first car it's easier for the second (and third). Instead of buying a new car and having payments for five years, you save for five years and then buy the car. So then you have a brand new car with no payments and save for another five years. The first car is then five years old, but you again have the cash to buy another car - without having to trade in or sell the first car. I've used this system for years and now own a mystic '96 Mustang Cobra, '01 Mustang Cobra, '08 Shelby GT500, and '13 ZL1.

Not so much. The issue for me would be giving up an investment of $60k that was throwing off 6% cash. Makes more sense to borrow at 1.25% and let your 60k keep throwing off 6%.....compounded. Simple math really.

URBAN LEGEND · 07-23-2013, 08:02 PM

Quote:

Originally Posted by cvp33

Not so much. The issue for me would be giving up an investment of $60k that was throwing off 6% cash. Makes more sense to borrow at 1.25% and let your 60k keep throwing off 6%.....compounded. Simple math really.

Yep. Plus you still have 60gs on hand.

PatsSS · 07-23-2013, 08:12 PM

Quote:

Originally Posted by cvp33

Not so much. The issue for me would be giving up an investment of $60k that was throwing off 6% cash. Makes more sense to borrow at 1.25% and let your 60k keep throwing off 6%.....compounded. Simple math really.

Very true! But help me, what are you getting a 6% return on?

cvp33 · 07-23-2013, 09:22 PM

Right now I have some old I series bonds, my deferred income account, my 401k growing at well over 10% and finally I have an IRA in its last year. Local Federal Credit Union ran a promotion; $7k max, 7 yr maturity, 7%. It was limit one per account so I got one in my wife's name and each of my sons. This was back when mortgage rates were 6%.

Edit - mistaken slightly. Looked up my I bonds from 2001. Yield is 5.57%, not quite 6%.

charlietuna · 07-23-2013, 10:28 PM

Quote:

Originally Posted by PatsSS

Very true! But help me, what are you getting a 6% return on?

Ngg check it out.

OldScoolCamaro · 07-23-2013, 10:41 PM

Quote:

Originally Posted by SlingShot

Ours was bought as a business vehicle also, and writing it off as such.

....in the immortal words of Yakov Smirnoff..."What a Country"..

JD_Alaska · 07-23-2013, 10:58 PM

We really want to purchase the ZL1 at our local GM dealership however, there service department exceeds the word "SUCKS" so it's putting us off from the purchase

Modern07 · 07-23-2013, 11:07 PM

Quote:

Originally Posted by JD_Alaska

We really want to purchase the ZL1 at our local GM dealership however, there service department exceeds the word "SUCKS" so it's putting us off from the purchase

You can get the car serviced anywhere, doesn't need to be at the place you buy the car.

So buy the ZL1, then take it to a different dealership come service time!

pumpkinrancho · 07-24-2013, 12:53 AM

$12k down $852 a month 1.79%

KRIS10 · 07-24-2013, 02:06 AM

Quote:

Originally Posted by pumpkinrancho

$12k down $852 a month 1.79%

Youch!

Sent using Tapatalk from my Galaxy III ♥

snackbar64 · 07-24-2013, 01:13 PM

I'm waiting for Dave Ramsey to chime in here any moment.

ZL1DropTop · 07-24-2013, 02:20 PM

My truck was paid off, and I traded that in for 13k. with everything all said and done, my payment is around 2% for 8 yrs. With that being said, I didn't really care about the amount of time the loan was for, because I'm paying $1500 a month although my required payment is about $780, and plan to have it paid off in about 3 1/2 yrs. My wifes car is paid off so as soon as mine is paid off, she'll be getting a new car and doubleing or tripleing up on payments on hers too. We only have one payment at a time for now, but if we keep paying em off early, we'll eventually be able to just save up for a few years and pay cash and then enjoy no car payments.

07-23-2013, 09:22 PM	#48
cvp33 America FVCK Yeah! Drives: 2024 Z06 Join Date: Mar 2013 Location: Salisbury, NC Posts: 1,405	Right now I have some old I series bonds, my deferred income account, my 401k growing at well over 10% and finally I have an IRA in its last year. Local Federal Credit Union ran a promotion; $7k max, 7 yr maturity, 7%. It was limit one per account so I got one in my wife's name and each of my sons. This was back when mortgage rates were 6%. Edit - mistaken slightly. Looked up my I bonds from 2001. Yield is 5.57%, not quite 6%. __________________ 1997 Z28 Anniversary Edition *SOLD* 2004 GTO *ORDER CANCELLED* 2004 CTS-V *SOLD* 2005 CTS-V *SOLD* 2006 300C SRT-8 *SOLD* 2006 300C SRT-8 *SOLD* 2010 CTS-V *SOLD* 2012 CTS-V coupe *SOLD* 2013 ZL1 vert *SOLD* 2016 Callaway Z06 *SOLD* 2019 Z06 *SOLD* 2021 ZL1 1LE *SOLD*

07-24-2013, 12:53 AM	#53
pumpkinrancho COMPULSIVE CAMARO OWNER Drives: 18 ZLE,14 2ssrs,96,73 RS LT,69&67 Join Date: Nov 2009 Location: SE. WYO & Northern CO, W NEB Posts: 1,238 View My Garage	$12k down $852 a month 1.79% __________________

07-23-2013, 02:18 PM	#43
Lacoven Drives: 2017 2SS 50th Anniversary Join Date: Apr 2013 Location: Battle Creek Michigan Posts: 68 View My Garage	835 a month for 84 months. I traded in my gto for 10k and it pretty much just paid for the taxes and a little off the sticker of my 63k convertible, I think it was 61k financed. with 2300 miles i avg 13 mpg, and dont look forward to having to replace tires at 465$ a tire. Insurance for me pretty much stayed the same.

07-23-2013, 10:58 PM	#51
JD_Alaska Drives: 2013 Camaro SS Coupe L99 Join Date: Feb 2013 Location: North Pole Alaska Posts: 393 View My Garage	We really want to purchase the ZL1 at our local GM dealership however, there service department exceeds the word "SUCKS" so it's putting us off from the purchase

07-24-2013, 01:13 PM	#55
snackbar64 Drives: SW 2017 ZL1, M6, Carbon, Nav, MR, Join Date: Dec 2012 Location: Prosper, TX Posts: 801	I'm waiting for Dave Ramsey to chime in here any moment.

07-24-2013, 02:20 PM	#56
ZL1DropTop Drives: 2013 Camaro ZL1 Convertible Join Date: Jan 2013 Location: Houston, Texas Posts: 94	My truck was paid off, and I traded that in for 13k. with everything all said and done, my payment is around 2% for 8 yrs. With that being said, I didn't really care about the amount of time the loan was for, because I'm paying $1500 a month although my required payment is about $780, and plan to have it paid off in about 3 1/2 yrs. My wifes car is paid off so as soon as mine is paid off, she'll be getting a new car and doubleing or tripleing up on payments on hers too. We only have one payment at a time for now, but if we keep paying em off early, we'll eventually be able to just save up for a few years and pay cash and then enjoy no car payments.