to buy or not to buy...

[ErinRS91]

a 2001 rally red 3.8L convertible. I was at Spitzer lookin at cars and this camaro catches my eye. A fully loaded 2001 convertible. they wanted $20,000 but i managed to get it down to $15,000. i have no $$ to put down but they could finance me up to 72 months at a low rate.It's only got 19k miles on it and another year covered by the warrenty. Well I was thinking about buying a new car so I can store the RS at my grandparents house and slowly tear the thing apart and rebuild it.(repair all the rust damage, sand it all down to be painted, fixup the engine, exhaust etc...) Welll it would be out of commission for a long time and I would need a dependable car to get me to work and still cruise by the car shows ;) ...so i thought hey! how 'bout another camaro. I'd love to own a newer one. Should I go for it? I got till monday...yay or nay?

[largefish]

I would guess it's probably an automatic. Does it have ground effects? Chrome wheels? I guess I'd say go for it if YOU like it and you think it's a fair price. You could get an LT-1 Camaro for less although it wouldn't be as new. The 3.8 is decent though... I have 10.5K on my '01. I don't think you get the best prices at a dealer, but doesn't sound bad for a vert... Check the numbers at KBB.com.

[My1stCamaro92RS]

I'm sure it's a pretty car and caught your eye right away. I have that same problem with all beautiful cars...so many nice cars, so little money. I wish I could have them all.

I myself would tend to walk away knowing the eyes play games with your senses. Six years of payments is a long time but you're young, currently employed and have no other big monthly expenditures. Have you checked with your insurance company about your new car and what it will cost you?

[2camaros]

Rob's right. With no improvement in sight for the economy, six years of payments is a lot, especially considering the warranty only covers a year on that. We dont know what your credit is, but make sure they aren't charging you 18% interest or something like that. Insurance will also probably kill you on two cars, been there done that myself. Two nice cars is just a poor way to spend your money. Better to buy a real beater than a nicer car than your current Camaro for a beater.

[My1stCamaro92RS]

I think we could all add our 2 cents but it comes down to this I believe...Take your time and don't rush into it
Don't think that this opportunity will not happen again...it will with the next car lot, trust me on that. Its a big decision and I'm curious what dad has to say.

[ErinRS91]

Well here's the thing. Dad wants me to buy a brand new car to drive. He wants to to get a cavalier or a civic but the price of those cars are around the price I can get for the camaro. The sales guy said I can get 6% financing since I have decent credit and it's a newer car. We both love the RS and have no intention of trading it and we don't want it to rust into pieces. The only thing about buying a beater is that I don't wanna see myself dishing money out to fix a junker. I'd rather invest in something better. I dunno, I got all excited when my dad gave me the o.k to go out and buy a newer car. We're gonna go back to the dealership to check it out again and to see what kind of payments I would have.

[My1stCamaro92RS]

Taken from a loan site for cars...

Estimated Monthly Payment $264

--------------------------------------------------------------------------------

Total Cost of All Monthly Payments $18,973
Down Payment $0
Value of Current Trade-In $0
Total Cost to Purchase $18,973


Revise any of the values below and click submit to recalculate:

Negotiated Price*: 15K
Sales Tax (%)*: 6
Term*: 72 Months
Interest Rate (%)*: 6
Down Payment: 0
Value of Current Trade-In: 0
Rebates: 0

[My1stCamaro92RS]

Originally posted by ErinRS91
Well here's the thing. Dad wants me to buy a brand new car to drive. He wants to to get a cavalier or a civic but the price of those cars are around the price I can get for the camaro. The sales guy said I can get 6% financing since I have decent credit and it's a newer car. We both love the RS and have no intention of trading it and we don't want it to rust into pieces. The only thing about buying a beater is that I don't wanna see myself dishing money out to fix a junker. I'd rather invest in something better. I dunno, I got all excited when my dad gave me the o.k to go out and buy a newer car. We're gonna go back to the dealership to check it out again and to see what kind of payments I would have.

First off, buying any car is rarely a good investment. And in this case your new camaro will become your beater. It'll be the car for traveling to and from everywhere, it'll be driven daily, in the rain, snow and yes, good weather. Remember, and I'm sure you've heard this, camaros are not noted for their driveability in wet weather, especially snow.

I too wanted FWD for my family...I wanted FWD for my 32 mile trek to work everyday, hence the cutlass. That's probably why your dad suggested the civic or cavalier.

Life is full of decisions...you've got a big one now.

[Charlie92z28]

I for one do not like front wheel drive. I don't care if its on snow, sand or ice rear wheel drive cars are MUCH more forgiving. I grew up and learned to drive on gravel roads and I can make a car do about anything I want it to AS LONG AS IT IS REAR W/D.
For one thing, when you let off the go pedal the RWDs natural tendancy is to straighten out, which, 9 outa 10 times is precisely what you want it to do. If you let off of a FWD car on ice, snow or gravel while beginning a slide you are going wherever the car is pointed, left, right it doesn't care.
There is a good reason Indy and Nascar use RWD. They slide.
As for buying an RS for $15,000, Not me. If there's one car out there that is going to depreciate like Enron stock it is a 6 cyl. F-body. Currently a 97 Z28 is worth 12K-15K and a 6 cyl is worth 6k-8k. Get a Z-28, hell a 98-00 Z-28 won't cost you any more, and insurance (yes thats correct) won't be much more on the Z. I went from a 94 6cyl. to a 97 Z and my insurance went up $50. per 6 mo.
JM .02,
Charlie

[2camaros]

Originally posted by Charlie92z28
As for buying an RS for $15,000, Not me. If there's one car out there that is going to depreciate like Enron stock it is a 6 cyl. F-body.

:haha:

[largefish]

I dunno about the insurance bit. Not what I've seen out here in Ohio. I pay more liablity on the '87 Z28 than I do on the '01 3.8. Even though the '01 has more HP, albeit less torque. Like Rob, I find FWD preferable for nasty driving conditions like we get here in the winter. But it's really down to what you like...

[ErinRS91]

well i guess this car wasn't meant to be. There must be some forces holding me back because the linkage to my transmission messed up this morning. I tried to throw the car in reverse but it wouldn't go. If I shifted to the N it would go in reverse. I have to throw it in over drive to go forward.::sighs:: Well we went to go look at the car again. We made him an offer at $14,500 and he wouldn't go tht low. I know i can definately afford it but You guys are right about the car. I'm gonna wait. I'd rather have a Z anyways. man, but it was such a beautiful car....I gotta stop going to car lots.

[My1stCamaro92RS]

Thank gawd...I've been biting my tongue hoping you'd go with that decision. The salemsan is probably kicking himself though...he' still would have made a killing selling the car for that price. There will be others, you won't regret today's decision.

[Mkos1980]

You should look into sporty FWD cars. I picked up a 99 Grand Prix GT with 23,000 on it for $12,500 last year. It hasnt had any probelms yet at 33,000 and runs like a top. Its cheaper for insurance too. I pay 220 a month for 5 years Well 3 years 10 months left :) with 0 down. Well my parents bought it and I pay them that a month. and insurance for me is 36 a month full coverage. and thats with the car in my name.( I pay 77 a month for the bird)

[2camaros]

Originally posted by Mkos1980
Well my parents bought it and I pay them that a month. and insurance for me is 36 a month full coverage. and thats with the car in my name.(

Heh thats insanely cheep. :finger: I pay $65 for a crappy 94 cavalier with liability only. :conf:

[nightrider]

thats a lot for insurance!
I pay 80 a month for my Z, full coverage!
Of course, im still on the parents' plan and they get multiple car discounts, etc.

[largefish]

Rob, I can't see how the salesman would have "made a killing". That car was WAY below KBB PRIVATE PARTY pricing (like $3K) at 15K and I'm not sure what she meant by fully loaded so I didn't throw everything in. I would bet they had to give the trader-in $15K minimum. Actually, the price is such that I would be afraid they may be trying to hide something, like an accident. Still, even if there was no problem, I think Erin can find something better for less. Especially for a daily driver. I'd also encourage her to look at used GrandAms, GrandPrixs, Alleros, Cavaliers, Malibus, etc...

Originally posted by My1stCamaro92RS
Thank gawd...I've been biting my tongue hoping you'd go with that decision. The salemsan is probably kicking himself though...he' still would have made a killing selling the car for that price. There will be others, you won't regret today's decision.

[My1stCamaro92RS]

I was way off is an understatement. While at the bank today, I checked the NADA guides for her 2001 model...15500 far a trade-in value :eek: 19500 for resale off the lot :eek: :eek: It included the original MSRP, and I had another eyeopener. A V-6 convertibe retailed for more than a Z :eek: :eek: :eek: 24,5 compared to a Z's 21K. Well knock me over with a feather...

[largefish]

Part of why the vert. retails so much higher is because a lot more comes standard with a vert. That made me unsure when Erin said loaded if it in fact included the RS ground effects, chrome wheels, leather seats, and CD changer with Monsoon because a "base" vert. appears loaded w/o every last option. Also, by the time you add in the options most Z28 buyers want it will be more than a base vert., but if you just want the motor and can sacrifice a lot of the convinience stuff you can get a Z28 pretty resonable... But I think in another year the depreciation will be more evident... :cry:

[ErinRS91]

the vert had ground effects and monsoon sound system. However it didn't have leather seats or chrome wheels. The sales guy kept on referring it to be truly loaded. We checked my insurance and it would of went up an extra $150 a month. That's a lot since I only pay $65 for the RS.

[My1stCamaro92RS]

Originally posted by ErinRS91
We checked my insurance and it would of went up an extra $150 a month. That's a lot since I only pay $65 for the RS. :shocked:

[My1stCamaro92RS]

It doesn't surprise me none...you're very young and insurance companies love your business. :D

[largefish]

OK, Erin the monsoon appears to be standard, but the CD changer is an option. It did have the painted alloy wheels and auto I take it? The other 3 options are Power drivers seat, Limited slip and Traction control. Did it have any of that on it? Just curious...

[largefish]

Ran it thru KBB again, left out CD changer and power seat and got a retail of 21,210. Private party of 18,510 excellent and 17390 good. Trade-in of 15,550 excellent and 14,600 good. I assume it looked like an excellent condx. I really wonder if it was in a wreck and fixed, or could just be low because of all the used cars stacked up due to all the trades going in to buy new with 0% APR??? Did you run a CarFAX on it Erin?

[ErinRS91]

no, I didn't run it throgh carfax. The vert had a quarter size ding on the drivers said and I was told that it would be fixed if i was planning on buying the car. CarFax is good cuz I used it to look up info on the my RS. However there's a chance that something happened to the car and it just wasn't reported. For example my vin # is clear however we think that it was hit cuz the alignment is off on my hood and all the paneling on the driver's side. It's also been painted on the drivers side because you can see the line where the clear coat ends and there's an eye drop on the door. So what I'm getting at the CarFax is good but you still never really know what the car has been through.

OK, Erin the monsoon appears to be standard, but the CD changer is an option. It did have the painted alloy wheels and auto I take it? The other 3 options are Power drivers seat, Limited slip and Traction control. Did it have any of that on it? Just curious...

It had power seats, i'm not sure about the limited slip and traction control. i don't remeber. it was auto, no CD changer, but has alloy wheels.

[largefish]

OK, so all I missed was the one option and I think it's worth $50-60 in value. Yeah CarFAX can miss things, I used the other AutoCheck when we shopped and it might be good to check a vehicle on both, but something could evade both systems for that matter. I don't have an AutoCheck subscription anymore, but if you know someone that does you might want to run your RS thru there. Sometimes one will have something the othter missed. I oughta get a CarFAX subscription sometime and run all the VINs I've collected thru there just to see if it's any different... I'm releived to know you won't be driving that shiny Red convertible in the snow.