Is Camaro or C7 better for my situation?
 

Here is my situation - I live in midtown manhattan but work in NJ. I've always wanted a car and have narrowed it down to 2 options - 2016 camaro SS automatic or C7 with automatic. I could get a used camaro for ~32k and a used 2014 used C7 for around 10k more. I will be financing 100% so just letting everyone know I'm not rich lol. Turning 29 soon, no kids, not married, live by myself. I want to support american made products.

My parents live in NJ so I would keep the car there during winter months and when it's summer, I would get a parking spot for around ~250/month in NYC. This would just be a weekend car if I wanted to run errands or go somewhere on the weekends or just go out and drive the car.

My brain tells me camaro because it's more "practical", still has the same engine, looks are not bad/just above average, handles great, Motortrend likes it more than the current BMW M4 (wow props to GM), wouldn't be as upset if someone "dinged it" whether it be in driving or when it's parked. The NYC roads are not great so C7 ground clearance would be a big issue. It's also 10k less but I still think a C7 is 100% still worth it at the higher price tag. I view it as camaro SS is the best bang for the buck around 30k and C7 is the best bang for the buck for 12-15k more.

BUT my heart tells me C7! It looks much better than the camaro (IMO), has better visibility, and just looks like a more special car. If I were to get the camaro, I would certainly get a bit jealous if I saw a C7 but I rarely see C7's and camaro's in NYC.

I've been reading a lot of 6th gen camaro vs C7 debates and I get the general sense that BOTH owner groups are VERY HAPPY with their respective purchases. C7 owners do respect the camaro as a car but probably WOULD NOT switch their C7 for a camaro.

I've been reading a lot of posts and pretty much everyone is very level headed and very rational when it comes to comparisons/shortcomings with the C7 so everyone's input would be greatly appreciated with a vote/comment. Thank you!!

Since money may be an important issue, you should find a representative Camaro and Corvette and give those VINs to your insurance company to see what each would cost for you. That way you won't get a BIG surprise after you purchase.

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.

The Vette is really just as "practical" as the Camaro. The rear seat in the Camaro is for decoration... or maybe an infant. You aren't taking the gang out in it unless you are friends with smurfs. The Vette has tons of storage room under the hatch. Golf clubs, lots of luggage, I can even fit my 60 cm road bike in there (with wheels off). Lots of other stuff better about the Vette, too.

How many times you going to ask the same question ?

https://www.corvetteforum.com/forums...situation.html

Good points made here re: first car and insurance costs, and I think the Camaro would be the choice between the two, will be less of a financial hit and a good introduction to high performance cars.... That said, in my last purchasing exercise, I found the Camaro to be uncomfortably claustrophobic with its small windows and no visibility to the right rear quarter, and I <gasp> bought my first and only Ford, a Mustang (I have said a dozen "Hail Marys" for penance)... I reckon that Manhattan traffic is likely an PITA, so be sure to confirm you can see what you need to from the Camaro...
:cheers:

Having owned both, it takes real skill to drive a Camaro. The Camaro has some serious blind spots.
I did love looking at it.

https://cimg1.ibsrv.net/gimg/www.cor...70ec871203.jpg


https://cimg4.ibsrv.net/gimg/www.cor...51f52f87e2.jpg

My sister and BIL live in Manhattan. Two professional incomes, and still have their old house in So Cal., so car cost not an issue. Having said that, they went out to buy a car a few months back, for weekends upstate, road trips to DC/Philly, etc. Their choice? 2010 Acura (that they bought in CA so it's rust free, and cannonballed home). $300 a month to park, no driving for 5 or 6 months out of the year, and nightmare driving during the short periods spent actually in NYC.

:iagree: I agree. This may sound harsh, but don't get yourself into a losing proposition at the young age of 29 as a 100% loan is no good for anyone buying anything IMHO. There's plenty of time ahead of you to get a car like the Camaro, or Corvette. There's many of us here have been where you are now, and we know how tight money can get. Get a car you can afford, and still have some play money in your pocket. Life will be so much easier for you.

I grew up in Queens. I had a few nice cars and was not fond of driving it in Manhattan. If I still lived in NYC, I would not own a Vette and my Camaro would have one of these, front and back: :yesnod:

https://cimg5.ibsrv.net/gimg/www.cor...6706d4aecf.jpg

https://cimg2.ibsrv.net/gimg/www.cor...bfe59b1917.png
Not necessarily. It depends on his individual situation. He stated that he isn't rich. Whatever that means. He may be earning discretionary dollars bigtime, with a high visibility of safety in his workplace regards job security. If that's the case, then it's his choice and his life. He's 29, no dependents, and wants to live a little.

I've always paid ca$h for my new Corvettes. But then again, I've never had a shortage of liquid assets to choose the cash route.

If he's got zero savings, then he's going to run into
trouble if he loses his income stream. Don't know how he's going to finance 100% with no assets to provide necessary collateral.

Renting money for a depreciating asset may be better than paying cash if you can get a better return on your cash investing it. It all depends on the loan interest rate.

As for whether or not you should get either of those cars it sort of depends on your driving experience. If it is minimal to none, don't bother getting either one as it takes some experience to drive a high powered car. I let my kids and grandkids drive my Z06 but I am riding with them coaching them how to add power, when to go full throttle and when to tap the brakes or nail the brakes. Both cars have a lot more low end torque than normal grocery getters and even in a grocery getter you have to treat the throttle with respect. Both on and off throttle movements have to be done judiciously if you want to avoid unsettling the car. Pushing the throttle hard enough to get tire break away can be made worse by the sudden lift off the throttle which causes sudden engine braking on the rear wheels which can make an already bad situation even worse. If you haven't learned how to do proper throttle control stepping into something that does what you tell it to do when you tell it do it can be overly exciting and downright dangerous for you and others near you.

Bill

My Thoughts
 

A. He's not asking for financial advice, wise or not that's his call.....

B. Unusual (I was born and raised in Jersey); his commute is the opposite of the vast majority, traffic
though in that neck of the woods (Lincoln Tunnel, Holland Tunnel, GW Bridge, etc.) is always suspect but
at least he's going the "opposite" way

C. Ground clearance; ahh NY/NJ potholes the size of lunar craters (cold winters, hot summers)

Therefore I'd go Camaro, the outward vision is the pits but it makes slightly more sense....

This is true. But by and large most people don't do this. Some do but most don't. And it also depends not only the interest rate but your rate of return on your investments. I have a feeling, however, that if this guy was the cracker jack investor he have the money to just outright buy what he wants.

Actually his is asking for financial advise. His asking if it's wise to spend more money to get the C7 or go for the Camaro. It's about money. My advise to him is that if he's that broke that he needs to finance 100% of the purchase for either car then he should not be buying either of them. Don't try to offer me only a false dichotomy. It's not just C7 or Camaro. It can be a Acura or keep your current vehicle.

Why do people keep wrongfully assuming that some random guy on the internet has the power to force other random people on the internet to do or not do something?!? Of course it's his call. None of us can stop him if his mind is made up. All we can do is try to persuade him with words. He need not heed them.

Finally, one does not need to ask for an opinion to receive or to give one. We are all free to do that.

I'm glad someone said this. For some reason we get a lot of financial opinions every time someone provides details about their buying decision.

Did he say he was broke ?

Always consider the "TCO" Total Cost of Ownership.
Purchase price,sales tax.insurance & property tax.

\db2

Sorry!!! It was a double post since I didn't realize moderators had to approve it.


I LOVE debt. The car interest rates are still relatively low to historical rates. Okay I don't LOVE debt 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%. I'm looking at the depreciation curve and the 2014 C7's seem to have taken most of the big hit of the curve already; same with the 2016 camaros. I would assume that the C7 is closer to "bottoming out" depreciation wise than the camaro SS. But the 2019 is so ugly IMO that the bottom will be closer than what people think.

And yes - this was a complicated question because it involves personal finances but everyone's opinion is very much appreciated!!!

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. 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 :rofl:

I'm the type of person who would take 10M right now if I won the lottery vs 100M in 10 years. I pay a premium for time and youth; I guess it's just how I'm wired.

I also look at it like "how much can I afford to lose when owning a car?" I may lose 6k over the course of 2 years for depreciation/insurance/costs, etc but that's just ~$60/week for 2 years. And my dad will drive it too so (he wants the C7. he's a camaro hater :mad: ) and if it puts a smile on his face driving a C7 then totally worth it for me.

I also am strongly considering a used 2016 miata MT but the manual situation could be a pain in NYC.

Thanks for all the advice so far!!!