Modern Camaro Forums banner

1 - 20 of 28 Posts

·
Registered
Joined
·
2 Posts
Discussion Starter #1
How much do you pay a month for a camaro, how much down did u pay is it lease to buy...


Question #2.
How much do u pay for ur insurance and whats the name of it..

I just turned 18 and I want to buy a camaro soon :D
 

·
Registered
Joined
·
4,590 Posts
I'm in the never lease camp, but I do understand the people who rotate cars no matter what going the rent / lease route ... I don't understand why they do it, but I can understand it, if that makes sense (and I am not sure it does :lol: )
 

·
Bully Proof
Joined
·
7,086 Posts
When you lease a car...the payments you make cover the interest and depreciation ONLY on the car and at the end of the lease you give the car back and you don't have a dime to put down on your next car. So you basically pay a lot of money to borrow something for three years and you're right back where you started in the first place...needing a car. When you buy a car the loan is a liability but the car is an asset that you own so at the end of your loan you own something you can resell to recoup money (or trade-in) to put down on your next car. IMO...it's much smarter to pay something to get something than to pay something for nothing. And just in case you're not aware...a lease limits the mileage you can drive on the car and if you exceed that mileage you wind up paying a hefty per mile overage fee that will leave you owing money at the end of the lease and you still have no car.

I purchased my car and I am paying 3.9% interest on the loan so my payments are $447 a month but I also traded in a 15K vehicle on it. The purchase price for my V6 was 28K and I added about 6K of modifications on before financing bringing the purchase price up to 34K.

And what most of us here pay for insurance is irrelevant because were not 18 years old with a 0 credit rating...unfortunately those two things are going to cost you big time no matter what car you buy or lease.
 

·
Registered
Joined
·
4,590 Posts
my original payment was something like $550 on a 38K loan at 1.99% for 6 years ... I refinance couple months later at 1.79 for 5 years and they gave me $250 to refinance
 

·
Registered
Joined
·
10 Posts
I in the no lease camp, I drive too many miles but I also like to keep a car for a while also, I had a 94 Camaro for 11 years and 171k, and I have a 2003 Avalanche with 147k on it. A lease might be good for someone that doesn't drive much and rotates cars every 3 years, that's not me.
 

·
Registered
Joined
·
4,590 Posts
yep I just passed 201K on my Toyota daily driver, my wife has 160 on hers
 

·
Registered
Joined
·
1,285 Posts
When you lease a car...the payments you make cover the interest and depreciation ONLY on the car and at the end of the lease you give the car back and you don't have a dime to put down on your next car. So you basically pay a lot of money to borrow something for three years and you're right back where you started in the first place...needing a car. When you buy a car the loan is a liability but the car is an asset that you own so at the end of your loan you own something you can resell to recoup money (or trade-in) to put down on your next car. IMO...it's much smarter to pay something to get something than to pay something for nothing. And just in case you're not aware...a lease limits the mileage you can drive on the car and if you exceed that mileage you wind up paying a hefty per mile overage fee that will leave you owing money at the end of the lease and you still have no car.

I purchased my car and I am paying 3.9% interest on the loan so my payments are $447 a month but I also traded in a 15K vehicle on it. The purchase price for my V6 was 28K and I added about 6K of modifications on before financing bringing the purchase price up to 34K.

And what most of us here pay for insurance is irrelevant because were not 18 years old with a 0 credit rating...unfortunately those two things are going to cost you big time no matter what car you buy or lease.
And Debbie Downer has spoken! :lol::lol::lol:
 

·
Registered
Joined
·
1,285 Posts
Me thinks you might be from the leasing camp Rick...lol :D Did you know that the surgeon general has warned that cigarette smoking can cause severe colic and/or lung cancer?

[URL="[/URL]
I used to lease many cars when I worked for GM. I didn't go over the 12,000 mile limit and only leased for two years at a time so I didn't need new brakes or tires. I only leased cars with special leases on them. My payments were usually under $200 a month. Some as little as $79 a month and one that was free after an initial $50 acquisition fee. It was a Tahoe that I got through the company owned vehicle plan. (PEP car) My new Camaro is a PEP car only I bought it. I only keep my cars around 2 years max.

I called you Debbie Downer because you broke that poor kids bubble with the insurance and no credit comment. :Lil: ;)
 

·
Registered
Joined
·
42 Posts
Window price on mine was $40,200 and after some haggling and a trade in I bought a 2013 Camaro 2SS/RS for $21,620 out the door. I financed at 1.92% for 72 months with my payments at $318.66 before I started paying forward. They are about $302.00 now, but I still pay forward. My insurance is $72.00 a month. I am 27 years old turning 28 in December. I don't want to add to the Debbie Downer comment, but at 18 I had big dreams too. Insurance was so high on what I wanted, so I drove a 1993 Ford F-150 until years passed. At 20 years old I bought a brand new Dodge Ram 2500 with a Cummins diesel. AFTER I paid that off I traded it in and almost 10 years later of building credit and passing up the age of 25 (insurance drop) I am finally driving the car of my dreams. Good luck to you buddy, but unless you have some serious money down or some pretty deep pockets I wouldn't keep my hopes up. It's not impossible, but I'm not sure it's worth spending your last dime on it.
 

·
Registered
Joined
·
275 Posts
there's only 1 way to find out, ask a dealer, I think you can lease a Camaro for about $259 a month, there are a few advantages to a lease,,

1. easier to get approved than a loan for purchase
2. YOU PAY ZERO INTEREST!! People forget about this, if your credit is bad your option may be a 13% loan or a lease,, it would be smarter to lease because you'll pay more interest than what the lease would cost.
3. cheaper per month than a loan, so if you miss a payment down the road atleast you don't have a lot invested in the car when it gets repo-ed. also it probably doesn't hurt your credit as bad as if you bought it.
3. you wont have to take as much as a loss when you trade it in as you would have if you had bought it.
4. remember you may have the option to buy the car at the end of the lease if you decide. Also if it turns out to be a lemon then you aren't stuck with it.
5. if you wreck the car & get it repaired, you don't take the depreciation because it's not your car.

however word is that they are giving low interest loans to just about anyone now so talk to a dealer and weigh each option.

BTW, I did buy my 1LS with a GM loan at 12.99% and $3000 down, but I refinanced 3 months into the loan with a 2.4% rate with a shorter term, my payment is now $380 a month with a 60 month term, it was $404 a month with a 72 month term.

obviously the best thing to do financially is to buy the car with a low interest loan, maintain it well and keep it forever. Leases are an expensive way to have cars, but if you really want a new car and you don't have a lot of money it may be your best option.
 

·
Registered
Joined
·
222 Posts
I'm another person who wouldn't lease a car. They try to make it sound better by saying you have the option to buy the car after the lease for much cheaper, but obviously you still spend a ton more than if you just went in with a good down payment and financed the car. Since you are 18, you will most likely want a good co-signer (parents have good credit?)

I bought my 1LS for a price of 23,675. I was saving up for a while for a down payment, sold my 98 Camaro privately, and put down 10,000.

Now I have a loan for 4 years at $289/mo (but I pay almost $400-$500 a month). I want to knock the loan down to about 2.5/3 years so it ends with the warranty, and then I have fun money to modify heavily. My main insurance is for 2 cars, but it's still about $100/mo. Then I have the classic car insurance which is dirt cheap on the 68.

It's not that terrible of a cost monthly and I own and enjoy 3 beautiful Chevys.

Being 18, if you aren't on your own already, it should be pretty easy to just save, save, save and save money. I moved out at 18, so I couldn't really do that, but I started working when I was 12 and put every paycheck away for college. If you want it bad enough, you can save for it. Patience is a virtue when it comes to getting what you want.
 

·
Registered
Joined
·
1,285 Posts
Unless the lease is an incredibly low one or a super special one, it is not a good idea to do it. You do pay interest on a lease, only the portion of the amount of the car price and length of time involved. Also the residual value of the car is usually inflated meaning if you choose to buy at it at the end of the lease, you will pay more than you would for the same make and model car if you were trying to purchase a used car. Several of my lease turn ins were several thousand dollars more than their value at lease end. Residual value is a guess of what the car will be worth at the end of the lease. These prices are almost always estimated higher so your lease will meet the special rate that they are offering. I highly suggest to never buy a car at the end of it's lease for this reason alone.

If you can get a co-signer at your young age you should be able to get a decent loan rate to buy a car. My last three cars were at 1.99%, 2.04% and 2.01% for my current Camaro. That is cheap credit.
 

·
Registered
Joined
·
275 Posts
If you can get a co-signer at your young age you should be able to get a decent loan rate to buy a car. My last three cars were at 1.99%, 2.04% and 2.01% for my current Camaro. That is cheap credit.

okay, but what adult with any common sense would cosign a loan for an 18 year old? they'd have to be a complete fool.
 

·
Bully Proof
Joined
·
7,086 Posts
okay, but what adult with any common sense would cosign a loan for an 18 year old? they'd have to be a complete fool.
Or a parent...lol

I cosigned a car loan for my 18 year old niece and not only did she make the payments on time...she paid the loan off early. Heyyyyy...wait a minute...did you just call me a complete fool? ;)
 

·
Registered
Joined
·
1,285 Posts
okay, but what adult with any common sense would cosign a loan for an 18 year old? they'd have to be a complete fool.
I believe the term for people who would co-sign is "Parents." If you are a good responsible kid then your "parents" would co-sign for you. Evidently CyberPunk223 never heard that word before.
 

·
Registered
Joined
·
4,590 Posts
if the 18 year old was your child has a good job and was responsible, most parents wouldn't have a problem co signing. I have 2 kids one is financially responsible and one isn't.
ditto ... I have been the bank for their used clunkers, but I sure would like to get out of that business
 

·
Registered
Joined
·
275 Posts
banks wont loan money to a 18 year old, so why would you risk your money for a car you don't even own? You'd have to be a **** fool. You gain nothing by cosigning a loan so why do it? Ever watch judge judy and see the fools in court?

If the **** kid cant get credit on their own then they don't need a new car,, let them get a car they can afford.... but Oh my God they might have to do a days work and earn something themselves instead of having everything handed to them.

maybe you all don't understand how cosigning works, it means if the stupid 18 year old cant pay, that means you pay for a car that's not even yours or the repo goes on your credit.
 
1 - 20 of 28 Posts
Top