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Old 10-06-2016, 08:51 PM   #1
mikeusaf
 
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Buying My First Camaro

Hey everyone,

Back in May, I had made a post in which I had discussed my interest in buying a 2010 Camaro LS as my first car. After making a good chunk of money from my summer job and doing research on just about everything involving this vehicle, I am now more motivated than ever to get behind the wheel of my very own.

When I say "as my first car", I mean the first car that I will buy and maintain with my own money, not the car that I will have my first driving experiences with. Ever since I got my driver's license back in June of this year, I have been driving my grandmother's 1999 Toyota Corolla, which she was extremely kind enough to hand down to me as my first car. With MPG's in the thirties, low mileage for its age of 100,000, and the amazing condition that it is in, my Corolla has been doing more than a great job driving me around town. I am very grateful that she did this for me, because she wanted me to have a car that would help me save money for my goal of buying a Camaro.

This past summer, I worked my first job and saved up roughly $2,000. When I add that to the amount saved up in my bank account, that amount comes out to about $7,000. With all of this money I have saved up, I hope to put that towards a Camaro.

I am currently a senior in high school and I will turn 18 in April of next year. I hope to actually start the process of buying a Camaro once I turn 18, because then I will be able to apply for a loan. I would have to do this with a cosigner as well, as the lender would have to check my credit but I have zero credit since I have never taken out a loan. After I graduate high school, I plan to spend another summer working my summer job and then go to Basic Training for the Air National Guard the following autumn. I know there are many financial benefits of joining the ANG, but I will find out the whole extent of those benefits once I talk to a recruiter. Upon returning from basic training and technical school, I plan on getting my Associate's degree at a local community college. I want to spend my first two years at a community college because I am still not sure what I would like to pursue as a career. Getting my Associate's degree at a community college would give me more time to think of my options and would help me avoid wasting money going to a 4-year college when I have no idea what I want to do.

A couple months ago, I got an insurance quote for a 2010 Camaro LS, or at least that is what I asked for. I know that I am young and being the owner of this type of vehicle can be very risky, but after talking to multiple people about it, they all agreed that there must've been a mistake. According to the quote, I would have to pay about $15,000 a year for full coverage, which I'm pretty sure is more than the actual value of the car. The insurance quote said it was for a "2010 Chevrolet Camaro 2 Door Coupe", so I am not sure if they actually gave me a quote for a higher trim model such as the SS or not. Let me know what you guys think about this and whether it sounds accurate or not.

However, in the end, I am just a 17 year old kid and knows next to nothing to what kind of payments my parents have to make and what those payments are even for. So please, I am wrong about anything or sound like I have no idea what I am talking about, please let me know. I welcome all advice!

Overall, do you guys think that with the money I have and the plans I have for the future, would buying a 2010 Camaro LS around the time I turn 18 be a sensible idea? Thank you all for taking the time to read this and any advice is welcome.
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Old 10-06-2016, 09:16 PM   #2
jc615
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If you plan to join ANG and are gone for basic and then tech school Idwait until you get back. By then you can save more for down payment, build some credit, lower insurance rate, and get a model year.

To build credit when I was young I got a credit card from a local bank with a $300 balance. I only spent what I could afford to pay each month and it began building up credit for 4 years later when I bought a car.
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Old 10-06-2016, 09:22 PM   #3
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Agree ^

Waiting awhile longer sucks but it's the better option in your position with your future plans.
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Old 10-06-2016, 09:33 PM   #4
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Quote:
Originally Posted by jc615 View Post
If you plan to join ANG and are gone for basic and then tech school Idwait until you get back. By then you can save more for down payment, build some credit, lower insurance rate, and get a model year.

To build credit when I was young I got a credit card from a local bank with a $300 balance. I only spent what I could afford to pay each month and it began building up credit for 4 years later when I bought a car.
+1. OP, the key is to be patient and to build your credit. Keep driving the Corolla. I'm not sure how long it will take you to get your credit into the "good" range, though. When I was 18 I also got my first credit card but with a $500 limit from a credit union.

Your car insurance is going to be high for several years because you're young and you're single without kids. But that $15,000 per year is clearly a typo. I have a 2010 V6 Camaro and I pay about 500 per year. Of course, I'm 20 years older than you. Good luck.
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Old 10-06-2016, 09:50 PM   #5
Homeless Man
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If you buy it while in high school everybody will make fun of you for having a V6. Anyways it doesn't make sense to put all of your money towards a car. Set your priorities straight and drive your grandmas car till it is no more.
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Old 10-06-2016, 10:20 PM   #6
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Coming from someone your age, I'd wait until you're done with training. No point in buying the car just to have it sit at home while you're away. Save up and get something you'll enjoy.
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Old 10-06-2016, 10:32 PM   #7
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I have to agree. You have a car while in high school, dont worry the camaro will wait. In a couple years your insurance will be cheaper and you can get the improved 2012 model.
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Old 10-06-2016, 11:33 PM   #8
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If you buy it while in high school everybody will make fun of you for having a V6. Anyways it doesn't make sense to put all of your money towards a car. Set your priorities straight and drive your grandmas car till it is no more.
And who cares what people think about your car? REALLY? WHO CARES?
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Old 10-06-2016, 11:43 PM   #9
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no v6 ffs
you'll regret it after 24 hours..as stated above many will lol at you owning a so called girls car.
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Old 10-07-2016, 12:49 AM   #10
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First and foremost, thank you for your interest in serving our great country. Not perfect, but still great.

In regard to the now vs. later, I wasn't too much older than you when I took out a loan for a car. Having the car loan was very unenjoyable, and I paid it off as quickly as I could. Kept the car for about 19 years but hated the loan, and haven't borrowed $ for a car since then.

Even though your insurance quote sounds wrong, you would still save big insurance $$ by deferring your purchase even one year.

In my opinion, there is absolutely nothing wrong with a V6 Camaro. The most recent V6 Camaros are faster and have more hp than the V8 Camaros did when I was your age. We all have our impressions, and sometimes will differ. To me, I scoff at the idea of an automatic transmission in these cars, but yet look how many are out there and enjoyed by their owners.

Maybe a bit off topic, but it is not that unusual to set or even change your career path after high school. Talk to as many people as you can to find a career path that you can develop skills for, and is consistent with your values and personality.

My best to you.
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Old 10-07-2016, 01:10 AM   #11
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no v6 ffs
you'll regret it after 24 hours..as stated above many will lol at you owning a so called girls car.
Not to be an ass to the v6 owners but this is true.. I had my 2013 1LS for a year and wanted the v8 every second. So I worked my ass off and upgraded to my new SS. Test drive a v6 and v8 and make the choice for yourself.
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Old 10-07-2016, 07:35 AM   #12
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no v6 ffs
you'll regret it after 24 hours..as stated above many will lol at you owning a so called girls car.
only the asshats though.
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Old 10-07-2016, 08:44 AM   #13
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I was in the same boat too OP.

I'm 25 now but I first discovered this site when I was 19 fresh out of High School in my first year of college.

I was damn near ready to put $5,000 on a $40k 2011 SS.

I turned that $5k into $10k in 2 years of effortless savings and put it down towards a fully loaded 2SS/RS that cost me $26k out the door.

Trust me... just wait, you'll hate yourself in about two years for not waiting.

If I could do anything different, I would've waited an additional 2 years and got a $38k ZL1 with a $15k down payment....
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Old 10-07-2016, 10:06 AM   #14
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More free advice ...
Good idea not to be in a hurry on the decision - do the opposite!
FIRST -- test drive various v6 and v8 Camaros and decide which is a must have from your stand point. If you change your mind later it will be expensive to switch.
e.g. You may decide that having a v8 sound with dual-mode exhaust is something at the top of your list -or- you may not care about that and the v6 has plenty of power for you.

Also, you will end up owning many cars in your life, many choices out there, there is no perfect car ... hopefully after owning it for 6 months you will not have a feeling that you are "stuck" with the car but instead you are still happy with the choice and look forward to each drive.

If you are worried about insurance rates between v6 and v8 you could give two sample vin numbers to your insurance company and ask for a quote on each (i did that and the premium rates were nearly identical).
Ron
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