Camaro SS for graduation?

[Ace0751]

Do what right for you don't listen what others say, they don't control your actions. If you can handle the V8 then go for it just will be stopping at the gas station more often. Make sure you can afford the payment, insurance, and other general maintenance.

[djpelosi]

Is it a smart idea at your age? Probably not. The worst financially beneficial thing you can do is put yourself in debt $30,000 before you're hardly even 18. The better thing for you to do is save the $5,000 and then some. You could buy maybe a $8,000 - $10,000 car first, build your credit up and make the payments on it. Then sell it when you're ready for your 5th gen. However, it's your money, and if that's what you want now, then absolutely go for it... especially if your parents are making the note for you.

[J-Crazy Camaro]

Go for it dude, its your choice and its great your parents are willing to help. Plus since you are saving for it you will place a higher worth and take care of it more. A lot of kids out there just get nice cars thrown at them that they don't know anything about. just put in the research!

[Agent 31]

Don't listen to your friends... when you all get out of high school, you will all see the world with new eyes. What is important now (Video Games/Cell Phones), won't be later and you will will hear your friends say, "I wish I would have done that, you're lucky". Stick with your SS dream my friend, you WILL NOT regret it.
P.S. - Cudos to you for being financially responsible enough to save that down payment.

[PalmerGA]

Originally Posted by djpelosi

Is it a smart idea at your age? Probably not. The worst financially beneficial thing you can do is put yourself in debt $30,000 before you're hardly even 18. The better thing for you to do is save the $5,000 and then some. You could buy maybe a $8,000 - $10,000 car first, build your credit up and make the payments on it. Then sell it when you're ready for your 5th gen. However, it's your money, and if that's what you want now, then absolutely go for it... especially if your parents are making the note for you.

Especially a relatively new driver in snow country. No offense, OP, but unless you have a few years of driving a rear-wheel car (with lots of HP) in the winter time under your belt, I'd advise waiting a little longer for the Camaro. Don't know what you drive now, but a V8 Camaro can get away from you in an instant on snowy/icy roads.

I'm glad "the adults in my family respect me for saving the money" (as they should) but they will respect you even more if you buy a cheaper auto and continue saving down-payment money. Plus, insurance, gas, etc. will be much less - your wallet and you parents will thank you for that.

[CCMADONNA]

The car i bought at the end of my junior year in HS, i kept for 14 years.
So, yeah, it is a big investment but make it last and it will also be a good one.

[Egon]

Originally Posted by djpelosi

Is it a smart idea at your age? Probably not. The worst financially beneficial thing you can do is put yourself in debt $30,000 before you're hardly even 18. The better thing for you to do is save the $5,000 and then some. You could buy maybe a $8,000 - $10,000 car first, build your credit up and make the payments on it. Then sell it when you're ready for your 5th gen. However, it's your money, and if that's what you want now, then absolutely go for it... especially if your parents are making the note for you.

This is really good advice, but probably not what you wanted to hear. I know at your age (hell really any age) its hard not to want to buy nice things, but if you save now and wait to buy some of those things when your older and on more sound financial footing you will be better off. Keep in mind with a car payment like the one you are talking about not to mention gas and insurance you are going to be putting a significant amount of the money you earn towards a car. (probably upwards of 60-70% unless you have an unusually good job at your age) This will leave you tapped out for things like rent and utilities if you plan to move out or pay for education expenses if you plan to do that after you graduate.

I really wish someone would have given me advice like above when I was younger and that I would have listened to it but its really hard to control those desires sometimes. I did something similar to what you are describing when I was your age and went deeply into debt, and it was one of the worst decisions I have ever made and it took me literally 10+ years to get out from under that mistake.

My advice would be at the very least to lower your sights a little bit. A nice used Camaro V6 will be much cheaper, and its still an incredibly nice car with 323hp. It will probably be cheaper on insurance and you wont have to pay extra for premium gas and it will use less of it. Just for reference I drove just under 6,000 miles this last year and kept track of every fill up and have paid $1,400 just for gas. That breaks down to about $120 a month for just 500 miles driven each month. (YMMV of course since I live in Southern California where gas is expensive)

Regardless of whatever you decide to do its pretty impressive for someone your age to save up $5,000 and it shows that you have foresight and can plan for a goal. This is a very good thing, and especially impressive for someone your age. You are also seeking advice from others which is also a very good trait, even though you are coming to a Camaro message board to ask guys here if you should buy a Camaro. So take what we say accordingly, and best of luck to you.

[trashmanssd]

Originally Posted by PalmerGA

Especially a relatively new driver in snow country. No offense, OP, but unless you have a few years of driving a rear-wheel car (with lots of HP) in the winter time under your belt, I'd advise waiting a little longer for the Camaro. Don't know what you drive now, but a V8 Camaro can get away from you in an instant on snowy/icy roads.

I would say get a 4X4 unless you never have to be anywhere in the first 24 hours after a snow fall of 2" or more. Rear wheel drive cars are all but useless during a snow storm even with snow tires they are dangerous. A very good driver with good snow tires may be able to get around but hills and bad parking lots can be a nightmare. If you can wait till your driveway is fully cleared and the streets have been plowed and salted you may be ok but only takes one bad road to destroy your car. I would say put the money towards a good used pick up if you are into pickups or even a jeep wrangler if you want a cooler vehicle heck if you are stuck on V8 power get a used Grand Cherokee with a Hemi. Also a 4X4 in the snow belt will hold its value a lot better. Its your money do as you wish but chose wisely.

P.S. if you get the camaro and are out in the snow I will be the guy behind you as you are fishtailing up that slight incline at 15 MPH beeping swearing to get out my way so I can make it home before tomorrow comes.

[Evergreen6]

My 18 year old self would have said: Yes, buy the car.

My 32 year old self says now: If my parents were willing to give me $25k or $30k or whatever a new SS costs, upon high school graduation, that's a good chunk of change that represents a lot of future opportunity.

I guess my advice would be to really think about what you want to do-- whether it be going to school, learning a trade, living on your own. A lot of those situations probably mean waiting to have a nice car and maybe using the money elsewhere. There are a lot of ways to own fun cars very cheaply during that time without having a new Camaro SS. It probably won't make sense now, and to go for the car isn't wrong. It starts to make more sense when you realize that the money could have gone towards a downpayment on a house when you want one, or would put you on track to retire 5 years early, or could be your 6 month emergency fund, virtually putting you head of more than 70% of all Americans in terms of financial stability.

[Tmick5jr]

i think its a great idea. I actually did the same exact thing except i saved 3000 for a down payment. My parents thought i deserved a car since i got 32,000 dollars per year in academic scholarships.

[Rico]

I'd buy a cheaper car and use the rest for college.....some people with a regular job can barely afford a camaro so it will be harder for someone with a part time job trying to get ready for college.

[ObiWan]

Is this going to be a new or a used SS. If it's new you should put at least a bare minimum of 12K if not full. In your case if your parents gave you the "thumbs up" go for it. Don't listen to your friends they are just mad cause they won't be the one driving it and don't let them drive it also. I was just like you. I said I was going to get one my senior year highschool. Sure enough 6 months after graduating I saved up by myself, I paid for it by myself just needed poppa for a cosigner :p. Brand new '14 2SS. I have no doubt you will get your goal accomplished. Just make sure you have a winter beater!!!

[Ragnar]

OP, careful with girlfriends, they can help you with your $, things could change....

[Ringo64]

My honest opinion would be that you should wait till you're out of college. College brings a lot of changes in your life. You will want to do things, be on your own, etc... and having a hefty car payment over your head is not a good thing, not to mention insurance, maintenance and gas.

I didn't purchase my Camaro till I was out of college, had a secured a good full-time job for 2 years and had a down payment of over half the total cost of purchase. I also didn't want my parents paying for any of it but that's just me.