is a SS financially responsible for me?

[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) *PLEASE READ - I PERSONALLY GIVE MYSELF WHAT I CALL AN ALLOWANCE, THIS IS THE MOST I ALLOW MYSELF TO SPEND A WEEK*

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?

[BowtieBelle]

If you got an LT it would be pretty financially responsible. If you could get a good deal on a used SS you'd be paying a lot less than you are now, I would think! You just need to shop around. But I wouldn't be in a hurry to unload that G8. Those are SWEET cars-- and you don't see many.

[Johnnyma45]

The interest rate sounds awful. I think what you'll hear from most people, is that if you're 23 with bad credit, you shouldn't be getting a 2SS. Save some money, move out, etc etc.

[steveo9043]

Originally Posted by Ark5thGenGirl

If you got an LT it would be pretty financially responsible. If you could get a good deal on a used SS you'd be paying a lot less than you are now, I would think! You just need to shop around. But I wouldn't be in a hurry to unload that G8. Those are SWEET cars-- and you don't see many.

If I could pay less for a SS i'd be in heaven. The G8 is a pretty sweet car I agree and very rare to see. My biggest issue with the G8 is the fact that the aftermarket parts are so limited. Everyone goes with the same mods and its hard to make one different from the other.

Also with the rumors of chevy coming out with there version of the G8 I have a feeling the value of mine will drop significantly.

Oh and a LT isn't an option for me. lol

[The IOM Ninja]

Holy Hell 14% that is outrageous.... There is no way an SS is financially feasible if your credit is that bad.... Sorry dude you might want to consider getting some credit cards and locking them in a safety deposit box to raise it, if you can qualify for ONE that is....

[steveo9043]

Originally Posted by Johnnyma45

The interest rate sounds awful. I think what you'll hear from most people, is that if you're 23 with bad credit, you shouldn't be getting a 2SS. Save some money, move out, etc etc.

Moving out isn't an option at this point. the "rent" i mentioned I have to give my mom whether I live at home or not so she can pay bills. My sister who recently got married and moved out still gives that money to my mom too. Long story short, my dad passed away young without much life insurance and lots of debt stayed with my mom.

My credit isn't "bad" I just dont have a long history of credit. My score is in the upper 6's, no credit card debt, no missed payments in over 2 years. I started credit monitoring with freecreditreport.com and the "negative" things about my credit are that I dont have a high credit limit (only 2 cards and thats all I want) and that i don't have a long credit history.

Savings I have 2 months of income in a savings account, Few thousand invested in stock, my 401k and some extra in my checking.

I think I am very responsible financially. Biggest bill I am worried about is going to be my student loans once I graduate.

[steveo9043]

Originally Posted by The IOM Ninja

Holy Hell 14% that is outrageous.... There is no way an SS is financially feasible if your credit is that bad.... Sorry dude you might want to consider getting some credit cards and locking them in a safety deposit box to raise it, if you can qualify for ONE that is....

I get 2-3 credit card offers in the mail weekly. All of them have a start up fee, monthly charges, this and that. I always thought it would be irresponsible to get one of those. But I guess it might be worth the $5 a month if it will help my credit.

[SlingShot]

I'm sure you can get a much better rate than you have now. You have two years into your job, sound stabil so I,d say go for it and work the best deal you can. Make sure you stay within your budget and don't over extend yourself ...

[steveo9043]

I do have an uncle who might be willing to cosign also. He was willing when I bought my G8 but I wanted to be Mr independent lol.

Something about getting it on my own just made me feel the extra money was worth it.

[Scott@Bjorn3D]

Go to the bank you bank with. Get one of their credit cards. Use it to buy your food grocies or eat out. Pay it off in full every month. In about 6 to 12 months if you do that your credit will look pretty good.

Make sure to NOT buy crap on it. Just do the food thing and you will be fine and it should not get out of control.

[CAPT D]

I wouldn't recommend a SS for you, if you only have about 450-500 dollars a month left over to play with buying a new car thats going to suck up that money isnt a good idea.

[SATXLS3]

Sell the Pontiac, keep the (paid for) daily driver. save your money!

The total price of your car should not exceed more that half of what you make in a year. $38K / per year = You can afford a $19K car = financially responsible, good luck

[SoCal Swagger]

Buy it now and enjoy it while u can (young) u might wait and and be detered later for example a prego girl or worse wife says nope but all BS aside if u want it get it thats why we all work to enjoy the little things in life that make us smile,,,,

[BigCarrot]

Originally Posted by SATXLS3

Sell the Pontiac, keep the (paid for) daily driver. save your money!

and if you still have the itch for an SS make a big down payment that will help the rate you get on your car as well.

I made like a 20K down payment when I got my car and got like 3% interest because of that. I also have almost no credit history. Only had 1 credit card, never had a loan before, first car buyer, etc.

Save your money, make a big down payment, reduce all the interest cost!