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The car interest rates are still relatively low to historical rates. Okay I don't LOVE debt
Well that didn't take long!
but I love the interest rate arbitrage. It just doesn't feel right to me shelling out 35-45k for a depreciating asset when I can get a loan at ~4% and put the 30k to work at a yield higher than 4%.
If you do that then I'm all with you. But you won't be doing that. I'm sure you'll deny it but I bet if you were really honest, in the end you won't have put 30k to "work" for any real amount of time...
And once again - I am NOT RICH but I live comfortably in manhattan. I spend about 250/month on ubers (mostly bc gf is lazy/wears heels all the time) so to me it's just like...at a 350/400 more per month I could just own a nice car and do what makes me happy.
You stated the Camaro was $32k and the C7 $42k. Going to Google for a quick estimate for a car loan - a $32k loan for the Camaro @ 2% for 60 months will run you $561/month. Even 72 months would be $472. The C7 @ $42K 60 months would run you $736 and at 72 months would be $620. And we haven't even factored in the TCO for things like insurance. Running through the Geico estimate giving you a clean record, etc. tells me your insurance for the C7 will be... wait for it... $525.17.... PER MONTH - $3096 for the 6 months or around $6K a year!!!.
So you see, it's not that you're looking at $350/400 more per month but more like $800/1200 month. And this takes zero into account for tuneups, oil changes, tires and repairs let alone gas and, since I grew up in that hell hole called NJ, tolls and things like DMV fees and registration. There's a reason why TCO is important.
I like driving but living in NYC sucks for people who want to drive.
It sucks for people who don't want to drive either...
I looked up Turo C7's and those go for around ~800/day so if I drive my C7 once a month, I would already be coming out ahead
Interesting logic there, Golf... Tell me, are you currently renting a "Turo C7" once a month now? Because it seems to me unless you're already doing that you not coming out ahead at all. And even if you were, by the calculations above you're still not coming out ahead.
Start with the Camaro, it should be less costly to mantain and you would enjoy the drive, without having to worry to much of where you park it or about scrapping the lower part of your car in bad streets. The Camaro is a great car
I got my c7 at 24 for $60k out the door, 100% financed at 1.75%. At the same time, my investment return rates are in the double digits. Go find an investment calculator and figure it out. Don't give me no life lessons because you have no idea what my annual income is or was at that time.
Strictly for NYC , I'd get the Camaro. Ground clearance.
Last edited by BrunoTheMellow; 10-20-2018 at 11:17 AM.
If you guys think your investment returns are going to go up every year you should educate yourselves. Long term you will be good to go if you have proper diversification and they are allocated properly. Everyone is happy right now because we are in a 9 year bull market. A record I might add. But expecting a certain percent of return every year is not going to happen. The stock market itself on average goes up 7 out of 10 years, and with a long term outlook you will do well. And if your investments are all in stocks you are not properly diversified. This is not my opinion. These are facts.
And once again - I am NOT RICH but I live comfortably in manhattan. I spend about 250/month on ubers (mostly bc gf is lazy/wears heels all the time) so to me it's just like...at a 350/400 more per month I could just own a nice car and do what makes me happy. I like driving but living in NYC sucks for people who want to drive.
Big difference: you don't have to park an Uber. In Manhattan I would tend to avoid all vehicle ownership just because the place isn't built for them.
Corvette Z06 all the way. I like your reasonings and felt the same as I drove both the Zl1 (2020) and the Z06 (2019). I love my Z06 and wouldn't trade it for any other car at this point!
Corvette Z06 all the way. I like your reasonings and felt the same as I drove both the Zl1 (2020) and the Z06 (2019). I love my Z06 and wouldn't trade it for any other car at this point!
A bit of an old thread now but perhaps I can help for anyone else on the fence. I've now owned both a C7 and a 6th gen 2SS Camaro.
Camaro: I think the rear view camera mirror that's available in the 2019+ Camaro would solve a lot of issues. It's incredibly hard to see out of the back of that car, although visibility all over the place is fairly poor. Proper mirror adjustment helps. The power delivery and sound, even though it's the same powertrain, is different (a bit more raw). It sounds a lot better in the cabin if you want to hear the exhaust and burbles and it's certainly a more hoonable car if that's something you care about. It handles very well and certainly punches above its weight class, that's why it gets so many great reviews. I think it's also a great looking car but I could see how that is subjective. The interior is nice and I miss the heated steering wheel but that's a minor gripe. The backseats are useless and the trunk opening is pathetic, there are items that would physically fit in the trunk no problem if they could get through the opening. A lot of people prefer the 6 speed manual over the C7's 7 speed, but I don't think you'd really notice that much after a little time in either.
Corvette: To me, it's actually the more practical car. No, you don't have a backseat, but you don't really have one in the Camaro either, but what you do get is a huge hatch to store a lot of stuff on a trip or even just groceries. Obviously a great looking car and objectively so. It definitely feels more like a sports car and you stand out a bit more. I know that at the end of the day, it's still a Chevy and there's a ton of them on the road, but it feels kind of special. You're also kind of joining a club when you get a Corvette and you don't really know what the means if you've never owned one before (like me), but it sure is neat that we all wave at each other. It's easier to see out of but you don't have blind spot detection (although it's not as necessary in the Corvette). Harder to get in and out of but still not that bad to me. Depending on the year, the front parking cameras are nice to have. The targa top was a really important feature to me. The C7 interior is amazing (my reference is 2LT vs the 2SS), much nicer than the Camaro. The cubby behind the infotainment screen is a great touch. C7 is overall the quicker car if that's important to you. My biggest gripe is that the exhaust is much quieter in the cabin but just as loud on the outside (both had NPP) and I'd really like to pump up the exhaust and burbles on the inside without making life too unbearable for my neighbors.
Honestly, I don't think you can go wrong with either one.
If you need to finance 100% of your purchase then you can't afford a car. Renting money for a depreciating asset is a stupid thing to do! By an old Acura or something like that.
^^^ I'll second it. Do not finance more than half of the purchase price on a used car, no more than 36 months, and make sure the payment is not over 10 percent of your monthly pay check. And actually you should save the money up first and pay cash for a used car especially.
10-19-2018, 09:14 PM
