Suggestion needed on buying

[Camaro100]

It would be my first time buying Camaro...Please share your suggestion
I have three options -
1) 2015 LT1 - (Renter Used Vehicle) - 37,000 miles - $17000
2) 2015 LT1 - (Personal UsedVehicle) - 10,000 miles - $20500
3) 2016 LT1 - NEW - $27000

I may need to sell it after 3 years.
From the view of Cost of ownership during the tenure of 3 years, Please suggest. Should i wait for till Nov to have 2016 LT1 at $25000 clearance discount if any.

Thanks!!

[jsc52ss]

If you're thinking about selling in 3 years why not just lease? I would look into that renter used vehicle. It could be a really good deal, but if the price is low I would advised bringing a mechanic friend along with you to take a look at the car. Anyone that rents a Camaro probably wasn't too concerned about the gas mileage considering they only intended to use it for a short period. So they were probably driven pretty hard. The personal used vehicle would be the second option.

Though with new, unless it's a lemon, you would have no headaches but watch out cause if you're anything like me you'd be so meticulous about the paint and making sure nothing scratches it

[baum]

there is no reason you shouldnt be able to get that new '16 down to 25k now.

[MrChrisLS3]

Rental at 37K, your already out of bumper to bumper. You will have about 23K miles left on powertrain, or just under two years if you drive the average 12K a year. Rentals are hit and miss in terms of condition. Some are good deals if the rental company is good about maintenance and the car has had the good luck of non abusive renters.

2015 Used has a good portion of warranty left, and you should be covered by powertrain for almost all of the three years. Look for a trade in value in the 10K-12K range in three years. At 10K, the previous owner may not have much of chance to abuse the car too much. Ask for service records and carefully inspect the engine bay for signs of bolts being wrenched on. What you are trying to avoid is a car that was modified then returned to stock before trade.

2016 will come with all the benefits of a new car, but you will lose about 20% on depreciation the moment you sign your name and drive it off the lot. Which is not a deal breaker if you can put that 20% down, or handle the payments on a 36 month loan. Otherwise, you'll still be negative equity in three years.

Financing is true for any of the above. If you plan on selling/trading in three years, you will want to set yourself up for that. Meaning strong down payment, or short term note. Negative equity is what you want to avoid.

A 36 month walk away lease on the '16 may be the way for you. Just be sure to read the fine print on the contract. Be certain what your mileage limits and penalties are. Look for hidden fees, and make sure there is a clear expectation of what normal wear and tear is, and what they are going to hold you accountable for at the end of the lease. The one big issue with a lease is that at the end, you have nothing to show for three years of payments, and no car. This leaves the question of getting into the next car, and that all depends on buyers/lease financial situation, which only you and Uncle Sam know what that is. A lease works really well for some, and can be a disaster for others.

[Camaro100]

Thanks everyone.
Based on replies, seems reter car is not the preferred option.

As i don't want to go for lease to avoid technicalities, i am now left with only two options -
1) 2015 LT1 - $20500
2) 2016 LT1 - $26,500 Now OR $25,000 in Nov.

I would see to have it at financed for 36 months. Guys, please detail out what i would lose and get with each of above options.
It looks to me that as mentioned by "MrChrisLS3", sale price after 3 years in option1 would be approx $12K - 2015LT1 40k miles.
Also i would lose 1 year of bumper to bumper warranty today in option1 and i have to rely on saler today on vehicle condition.

While on the other side, 2016LT1 (2.4 L), i would have to pay $7K more to get more mental peace.
What could be sale price in option2 after 3 years - 2016LT1 30K miles...

Which option is justified..i am little confused...

[Vega$69]

Several other factors to consider.

Are you buying from a dealer or private party?

If dealer you will probably be adding dealer fees and I assume sales tax so now $26,500 deal is really pushing $30K out the door. In 3 years the car will probably sell for 50% or less of the new car msrp. So in this case the 16 may be worth about $12K or less. When you drive it out of the dealers lot it's about a 20% hit

I never buy used. Let the 1st buyer take the big hit

Buy private party used still under factory warranty

[redcoats1976]

one thing to consider is the 2015s come with the v-6,2016 base is 4 cyl. with turbo.im old school and found a barely used 2015 RS with leather,back up camera and all the toys for quite a bit less than the 2016.makes about 35 more horsepower without having a turbo and intercooler to worry about.its a dealer certified car,so bumper to bumper warrantee until jan.2018,and powertrain warrantee is 6 year/100,000 miles.

[BeastMode]

Originally Posted by Camaro100

Thanks everyone.
Based on replies, seems reter car is not the preferred option.

As i don't want to go for lease to avoid technicalities, i am now left with only two options -
1) 2015 LT1 - $20500
2) 2016 LT1 - $26,500 Now OR $25,000 in Nov.

I would go with option 1, unless you really want the new options offered with the 2016. I like buying slightly used, as others said you avoid that big depreciation hit. If you buy the 2016, one year from now you would prob be hit with $5-6k in depreciation. 3 years from now if you end up selling, the selling price difference will most likely be fairly minimal between the 2015 and 2016 cars, maybe $1k or so, so you will have paid $4-5k for the pleasure of owning a car that is 1 year newer.

If there are 2016 features that you are getting that just aren't offered in a 2015, that changes things though. When we bought my wife's 2015 Outback, you got a completely different car from the 2014 to 2015 model years, so we coughed up the money for a brand new car. We got a screaming deal on it well under invoice though, so at one year old our original purchase price was equal to the trade in values - definitely not the norm.

[Cyber10]

Personally I would lease new if I knew I was going to be selling in 3 years and wasn't going to go over on mileage. If there is a good possibility you won't have to sell I'd say buy the low mileage used car. Don't even think about buying a rental until you've inspected and driven it, even then I'd be wary.

[LCPLPunk]

And why aren't we going with an older SS??

[xnuyokr]

New is not an option if you may sell in three years. You'll take too big of a loss in value.

[Camaro100]

Thanks all for your thoughts and suggestions. At last i considered 2016 LT1 Red Hot.

[LStick]

Originally Posted by xnuyokr

New is not an option if you may sell in three years. You'll take too big of a loss in value.

After going brand new on the 2013 2LS and 2014 1LS, I went used on the 2015 I bought yesterday.

I looked at 1LT, and all of them I found were ex rental cars. Someone must have dumped their fleet.

I started looking for 2LS models. Rental companies usually don't buy them, and generally they can be found with lower miles.

Dealer was asking $19k. Car was just sold new 6 months ago, and had 5090 miles. Figured I'd gamble and wait till the end of month. It paid off.
Dealer dropped his price online to $17900 this past Saturday, I went there Saturday and looked, again Monday to "circle the carcass", and dropped an offer of $16,500 on them over the internet.Found a comparable car 200 miles away with lots higher miles for $17,000 online, and $17000 became the go-to price for the deal. Even with the factory 2 1/2 years of bumper to bumper with another year of bumper to bumper warranty thrown in with the GM certified status. Plus the 100k powertrain warranty virtually all intact. More warranty than a new one.

I do like the 2016s. But for the money , and what its going to be used for , the 2015 will do just fine.

[LCPLPunk]

Congrats!