Owning 3 Camaro's, bad idea? - Page 2

detltu · 10-19-2017, 03:58 PM

I own three currently although one doesn't have an engine or transmission and another is in the process of getting a bunch of work done to it. My daily driver is not a Camaro and sometimes I wish it was. I've also had my eyes wander towards a 4th Camaro a few times. In reality I need to focus on finishing the 1LE and figure out what I'm going to do with the Z28 (turning it into a race car is probably not realistic).

My current mood is to get the 91 1LE fixed up and any extra money is being diverted to that. Buying another car would slow progress on that down. Might be wise to focus on fixing the 99 before you take a financial hit to get the 2SS. Save some money on insurance and gas by daily driving the LT.

The other side of that is, you know what is better than 2 Camaros? 3 Camaros!

detltu · 10-19-2017, 04:05 PM

Quote:

Originally Posted by gpskinzhut

Nope, no problems at all aside from multiple maintenance windows and repairs and parts and insurance and fuel and... and...

I like your style.

Chazzz · 10-19-2017, 08:08 PM

If the thought of losing 7K trading your 2017 1LT makes you cringe imagine how you will feel if your 7K loss is more than doubled if you were to trade it on a 2SS. First year depreciation is very steep on our cars and plain and simple you will be taking a double hit if you decide to trade. I think a negotiated 10K off on a 2017 2SS is very realistic regardless if you finance or pay cash, but that discount isn't wiping out the depreciation on your LT as the discount would be there if you trade or not, and don't let the dealer sway your decision by telling you they can trade with no cash out of your pocket because that won't soften the blow to the negative equity you will be facing. Unless the dealer finds a way to give you a crazy deal.... and trust me that can sometimes happen....if it were me I'd stick with the V6. It may not be as much fun but it's a better DD! Another thing to remember is if GM puts even more cash back on the leftover 17's at the end of the year that will decrease the value of your trade even more.

LuvMI · 10-19-2017, 08:34 PM

Quote:

Originally Posted by Allez

Well, according to your name you need 4 lol . . .

Funny.

Martinjlm · 10-20-2017, 07:25 AM

Is owning <pick a number> Camaros a bad idea?"

As long as that number is 1 or more, nope.

Strider044 · 10-20-2017, 07:33 AM

Camaro5 and camaro6 aren't really known for giving the best financial advice( MODs MODs MODs :-) )

You need 4 camaros lol

Blazin383 · 10-20-2017, 11:04 AM

Quote:

Originally Posted by awpti

Here's the real answer:

You don't obtain financial freedom by tying your income up in financed vehicles. If it isn't a need, don't do it. Don't roll negative equity, etc, etc.

Keep enjoying the toys you have and invest that extra cash into mutual funds, etfs, etc.

That may be good advise, but somehow I don't think the OP was asking for financial advice or retirement planning. Just sayin!

cbr1100xx · 10-20-2017, 11:28 AM

Quote:

Originally Posted by awpti

Here's the real answer:

You don't obtain financial freedom by tying your income up in financed vehicles. If it isn't a need, don't do it. Don't roll negative equity, etc, etc.

Keep enjoying the toys you have and invest that extra cash into mutual funds, etfs, etc.

Truth there. I could see financing one vehicle if you have a fat down payment and a low monthly and the rest are paid for.

My buddy had Challenger SRT 392. Brand new. $900/mo. 8K of savings in the bank. Idiotic.

awpti · 10-20-2017, 11:32 AM

Quote:

Originally Posted by Blazin383

That may be good advise, but somehow I don't think the OP was asking for financial advice or retirement planning. Just sayin!

In fairness, he did mention financial-related concerns.

Chazzz · 10-20-2017, 12:33 PM

It sounds to me more like the OP was trying to justify the hit he would take trading in his 2017 1LT on a 2SS. I don't think retirement is his concern more so the loss he would incur trading up. He also mentions keeping his 1LT until it's paid for then buying a 2SS. I believe like a lot of us buying these cars brand new is more of an emotional decision as it's certainly not in our financial interest!

OddJack · 10-20-2017, 01:11 PM

Happyness, the ultimate goal of mankind. Poor or rich, guy or gal, old or young.

Whatever makes it happen.

Need4Camaro · 10-20-2017, 01:40 PM

Yeah, I kind of agree probably wise to just go ahead and keep the 1LT and pay it off then finance a 2SS separately then own 3 Camaro's

Quote:

Originally Posted by cbr1100xx

Truth there. I could see financing one vehicle if you have a fat down payment and a low monthly and the rest are paid for.

My buddy had Challenger SRT 392. Brand new. $900/mo. 8K of savings in the bank. Idiotic.

O_O $900 A MONTH?!?!

JLSuperfly · 10-20-2017, 02:51 PM

Get five.

enzia35 · 10-20-2017, 05:05 PM

Got space?
Got money?
Love Camaros that much?

Do what you want!

10-19-2017, 03:58 PM	#15
detltu Drives: 1992 Z28 1LE; 2015 Zl1 Join Date: Mar 2009 Location: Madisonville, LA Posts: 866 View My Garage	I own three currently although one doesn't have an engine or transmission and another is in the process of getting a bunch of work done to it. My daily driver is not a Camaro and sometimes I wish it was. I've also had my eyes wander towards a 4th Camaro a few times. In reality I need to focus on finishing the 1LE and figure out what I'm going to do with the Z28 (turning it into a race car is probably not realistic). My current mood is to get the 91 1LE fixed up and any extra money is being diverted to that. Buying another car would slow progress on that down. Might be wise to focus on fixing the 99 before you take a financial hit to get the 2SS. Save some money on insurance and gas by daily driving the LT. The other side of that is, you know what is better than 2 Camaros? 3 Camaros! __________________ 1989 Camaro RS convertible- Sold 1999 Camaro SS - Stolen 2x 1991 Camaro Z28- 1991 Camaro Z28 1LE- 1992 Camaro Z28 1LE- 25th anniversary 2015 Camaro ZL1

10-19-2017, 08:08 PM	#17
Chazzz Drives: 2018 1LT RS V6 A8 Convertible Join Date: Sep 2017 Location: USA Posts: 497	If the thought of losing 7K trading your 2017 1LT makes you cringe imagine how you will feel if your 7K loss is more than doubled if you were to trade it on a 2SS. First year depreciation is very steep on our cars and plain and simple you will be taking a double hit if you decide to trade. I think a negotiated 10K off on a 2017 2SS is very realistic regardless if you finance or pay cash, but that discount isn't wiping out the depreciation on your LT as the discount would be there if you trade or not, and don't let the dealer sway your decision by telling you they can trade with no cash out of your pocket because that won't soften the blow to the negative equity you will be facing. Unless the dealer finds a way to give you a crazy deal.... and trust me that can sometimes happen....if it were me I'd stick with the V6. It may not be as much fun but it's a better DD! Another thing to remember is if GM puts even more cash back on the leftover 17's at the end of the year that will decrease the value of your trade even more. Last edited by Chazzz; 10-19-2017 at 10:00 PM.

10-20-2017, 07:25 AM	#19
Martinjlm Retired from GM Drives: 2017 Camaro Fifty SS Convertible Join Date: Mar 2017 Location: Detroit Posts: 5,233	Is owning <pick a number> Camaros a bad idea?" As long as that number is 1 or more, nope. __________________ 2017 CAMARO FIFTY SS CONVERTIBLE A8 \| MRC \| NPP \| Nav \| HUD \| GM Performance CAI \| Tony Mamo LT1 V2 Ported TB \| Kooks 1-7/8” LT Headers \| FlexFuel Tune \| Thinkware Q800 Pro front and rear dash cam \| Charcoal Tint for Taillights and 3rd Brakelight \| Orange and Carbon Fiber Bowties \| 1LE Wheels in Gunmetal Gray \| Carbon Fiber Interior Overlays \| Novistretch bra and mirror covers \| Tow hitch for bicycle rack \|

10-20-2017, 07:33 AM	#20
Strider044 Drives: 2015 2ss/rs Commemorative edition Join Date: Oct 2011 Location: Winter Garden, Fl (Orlando) Posts: 423	Camaro5 and camaro6 aren't really known for giving the best financial advice( MODs MODs MODs :-) ) You need 4 camaros lol __________________ 2015 2ss/rs Commemorative Edition - DynoSteve Tune, NPP, Hotchkis sport springs 19110, Zl1/1LE rear swaybar, VR-DRX CAI, VaraRam VRX-93, Z28 spoiler

10-20-2017, 05:05 PM	#28
enzia35 Drives: '16 Garnet Red 1SS Join Date: Mar 2014 Location: College Station, TX Posts: 3,450	Got space? Got money? Love Camaros that much? Do what you want! __________________ '16 Camaro 1SS '18 Miata GT Gone: '01 Camaro, '14 Camaro, '90 Miata

10-20-2017, 12:33 PM	#24
Chazzz Drives: 2018 1LT RS V6 A8 Convertible Join Date: Sep 2017 Location: USA Posts: 497	It sounds to me more like the OP was trying to justify the hit he would take trading in his 2017 1LT on a 2SS. I don't think retirement is his concern more so the loss he would incur trading up. He also mentions keeping his 1LT until it's paid for then buying a 2SS. I believe like a lot of us buying these cars brand new is more of an emotional decision as it's certainly not in our financial interest!

10-20-2017, 01:11 PM	#25
OddJack Drives: Submarine Join Date: Nov 2016 Location: ( . ) ( . ) Posts: 400	Happyness, the ultimate goal of mankind. Poor or rich, guy or gal, old or young. Whatever makes it happen.

10-20-2017, 02:51 PM	#27
JLSuperfly Drives: 2014 Red Hot LS3 Join Date: Oct 2014 Location: SF Bay Area, CA Posts: 4,266	Get five.

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