Ih2lose

OH to be young again, As other have said this might not be the time for an expensive car, Doesn't mean not to get a car,but I would not want to be working to make car payments, Save a little and then decide.

As for what car, I just got a 2018 corvette Stingray and everytime I drive it I am in AWE of the car, it's truly an amazing car, I would almost think its a europian excotic not a Chevrolet. I drive often in Manhattan, I never drive anything other then my pickup as there is no way to drive a car with low profile tires a day or 2 Manhattan without getting rim rash on the rims, I am not even talking about the west side highway or the FDR , I don't think you could make it across the GW without a scrape.

Good luck in your choice. I was thinking I wanted a Camaro for the longest time ,

PatternDayTrader

You either need a backseat or you need a Corvette.

Corgidog1

Sounds like an awful lot of money for occasional weekend trips-don't you agree?
But if you are set on this frivolous endeavor, then might as well get a special car like the C7- a Camaro is nothing special.

flenn

Sounds like you didn't rent a current gen SS. They're a hoot...

1SG_Ret

I'm not going to second guess finances or provide advice on 401K's. To answer your question on the two cars and which one I think you'd be happier with. The C7.
Unlike a Camaro, it won't dent or rust. Yes you can get scratches or broken plastic panels if hit hard enough, but for the most part, the car will always look straight..
I drove a C4 for years in Illinois throughout winters w/ salty streets and plenty of snow to plow. Every time I washed the car, it looked new again. I would go into this purchase with the idea of driving the car a year-round. If you are going to be paying for it year-round, I'd be driving it year-round too.

Resale on the Corvette will be higher and more desirable than a Camaro. Most guys pine to own a Corvette, few feel the same for a Camaro. C7 is a rarer bird than a Camaro, so while I see more and more C7's each day, I see way more Camaro's and Mustangs. The C7 looks a lot better to my eye than the Camaro too.

The Corvette is a two seater, but has a excellent hatch that will allow you to carry a lot more than you'd expect. If you plan to or like to go out with buddies for dinners and drinks, get a car w/ more seats or plan to take separate vehicles. Personally, I never bought any car based upon my friends. I bought it for me and my use.

As an owner of a 2015 automatic, I suggest you only consider a 2014 w/ the 6 speed auto (even if you can buy a 2015/16 for less). The 6 speed should provide you w/ trouble free driving compared to the A8 8 speed.. While some may argue they never had a problem w/ their transmission, if you happen to be one of the unlucky ones (and there is evidence that there are more than just a token few - Google GM A8 transmission issues and see problems throughout the GM line w/ that transmission) ), you will start to hate the car you are paying for each month.

So that's my $.02 on the two cars..

dvilin

Neither given your situation. But if you insist get the Camaro I mean you have nothing to put down, you have to shell out $250.00 a month to park it so you might as well save 10k on your financing. I would be looking for someplace less expensive and practical to live instead spending money I do not have on a vehicle that is going to add to my financial woes.
But good luck with whatever you decide.

Mayor111

May I make a suggestion where you can have your cake and eat it too...

Buy a USED C7:

1) Gets you in the car you want
2) You will save between 30% to 50% off sticker depending on how far back you go in years (and even a 2014 can be found with barely any miles - for some reason, most guys dont seem to drive this car)
3) Someone else will take the depreciation hit
4) You wont have to finance 100% (which is financial suicide at ANY age)
5) Will keep your payments ALOT lower (cause NY / NJ cost of living is not cheap - I grew up in Bergen County - trust me I know)

I say this with no disrespect - but dont be stupid and buy a new car and finance it 100%...Id give the exact same advice (same language) to my own son...

Dave80C3

I agree. At 2.49% interest for 48 month it made sense to finance, as my money is earning far more than that in my mutual funds. I even have a CD that is paying 3% which is a low return compared to my mutual fund.

Problem is lots of people barrow 100% for the car, and do not have any investments or savings.

Skid Row Joe

The only guarantee that you reference is the CD. Mutual funds don't have a guaranteed percentage of return. So that's just a guess going forward. Inflation is running in the high 2%s. It'd be a wash borrowing on a new car in the 2%s. Mutual funds AND CDs, aside. This guy's looking used too.

Dave80C3

True on no guarantee on mutual funds. That said, one of my funds has a 8 year average return of 11.2% over the 8 years. Another one of my mutual funds has a 10 year average return of 8.7%. Usually you can get a good idea by looking at a funds history. But again as you say no guarantee.

Bought my 14, a 40 K loan for 4 years at 1.99%. During that time, I had 200K in a mutual fund with an 11.2 % return. I'm positive I came out money ahead by not taking money out and paying cash for the car.

I'm taking my chances again with my 18. Leaving my money in both mutual funds, and my CD that I'll come out ahead over 4 years. If it looks like the funds will crash, I pull money out to pay the car off. At this point my return is much higher than the interest I am paying

Billy346

I live in the Washington DC area, and the traffic here, as bad as it is, is not even in the same universe as NY / NJ. Both the Camaro and Vette, as great as they are, do not have very good visibility, which is a nice thing to have when you're in bumper to bumper traffic, doing 70 MPH. Plus, last time I was there, I was astonished to see how many people have pads on their bumpers to keep their cars from getting damaged in traffic. Not to mention, trying to park a Corvette with its low profile tires and huge rims next to a curb in the city. (You'll be getting them fixed on a regular basis.) In terms of utility, neither would get my vote. I have a different DD, which has excellent visibility, and is the kind of car that I don't particularly worry about when it gets a dent or a scratch. (I have a borderline heart attack just about every time I find some new little speck on my Corvette) . If you're like me, and care about the condition of your car....I might entertain the idea of getting a beater to drive into the city and keeping the Vette parked at home. I'd say something boring that you borderline can't stand....like a Toyota Corolla or Honda Civic. (That way when it gets a dent or curb rash, you won't care...)

In terms of financing a car 100%, I wouldn't worry about it. Interest rates are low, and on car loans, you pay the bulk of the interest in the first two years. If you can manage to put a couple hundred extra on the car every month for the first year or two, you'll wipe out most of the interest on the loan and pay if off early.

tcinla

Depends on your 'needs'. What are they, exactly ?

Skid Row Joe

Still like to know how the guy thinks he's going to swing "100% financing, on a used car?" With no collateral. ......

IRMB

The Camaro is a more comfortable daily driver - especially if you're a bigger guy. The Corvette is a better sports car. I've owned both. Here's a review I did...

Mr Triple Black

Vet Interested

rrsperry

You don't need a car at all... If you do occasionally need a car, rent one. It will be far less expensive than owning one...

harmonyp

Op - a lot of great information here. Take it all in. Make sure you go for a long (not 5 min) test drive in the C7 and the SS. Maybe see if you can rent any of them for a weekend. Then do yourself a favor and drive a C6 too. When you're done, is there one you can't live without?

SAINT SS

You're asking the question on a Corvette forum so it's a given most will say go for the Vette as your poll currently shows. The opposite would happen on a Camaro forum. Fanboys will be Fanboys. You didn't ask for folks opinions on whether you should buy them because of living in the City or whether you should finance 100% so I won't go there. I had an '11 SS/RS Convertible and currently have a '17 Z51 LT3. Corvette hands down FTW. The Camaro, while absolute fun was a fat pig, at least the 5th generations were. The 6th Gens look sleeker to me, haven't been in one though. As previously mentioned, while both cars have the same displacement, the Vette just feels faster, has better handling and better visibility. It also garners more attention than the SS as it is a "rarer" car and has a much sexier look IMO. I feel that the tires and wheels on the SS might be a somewhat more resistant to pot holes as they appear beefier to me, Fortunately I never had to compare which hold up better to road hazards...yet. You only live once, if you can afford it, go for the C7. As a final note, as others recommended, absolutely test drive both and see which fits your needs/wants better, preferably on the roads that you will be driving daily. On a final, final note, so what if you park it at your folks in Jersey for the winter? Most folks in areas that have winter park their cars in their garages for the season anyway. Good luck!

DPC57

Two comments -

1. if you do 100% financing make sure you have some form of GAP insurance. Bought my wife a 2018 Honda CR-V last November and took the 100% financing 1.9% loan deal that the dealer offered. She totaled it two weeks ago (at 15 MPH, not hurt). If we hadn't taken the GAP insurance, the $5k or so we were upside down on it (she had driven over 45k miles) would have had to come out of my fun money budget

2. If you're buying new, get the tire and wheel insurance, if you aren't, be very, very careful. The wheels bend very easily and when my daughter asked me to help her move from 155 & Amsterdam down to Park Slope last year, my Suburban had to navigate between potholes that might have swallowed an entire wheel. I worked in midtown (1 Park) for a few years and drove in twice, both times in a sports car. It wasn't fun, and a few friends that I had who had performance cars in the city parked them in NJ and took a car service or cab to get to them for the weekends out of town.