3:00 am cant sleep zl1 wont let me rest

[1BADZL1]

Pc is shut down and im in my recliner typing this with
My phone.
I have a question.
How many are financially able to pay $60k +
For your zl1 in full but wont?

I may or not be able to pay in full when the time comes
But my thinking is i wont anyway as i could use the majority
Of those funds elsewhere.
I am thinking of paying simply $12,000 down
And finance the rest. My payment would be over $1,000
A month but i could offset that by keeping $30k or so in
The bank, take $550 or so out of my pocket monthly and another
$450 or so out of the bank to go with it for the monthly payment.
Do that for the first year to see how the car suits me for the first year.
Id i decide to buy a ym 13 the next year or a different car alltogether
It would not be that difficult to do so.
That way i could say the car is paid up for the first year without
Paying $60k in one lump sum.
Or is it better if you have full payment pay cash in full?
$60k is a lot of money as there are lots of other things that can
Be done with it.

[Faulkner]

I intend to pay my car in full. You will still be on the hook for that 60k so why pay interest if you have the money to pay for it. You will pay more in interest on your loan than you can earn in the bank. Good luck with whatever you decide.

[LakeMarySS]

Dont pay interest if you can avoid it.

[Scrappy Doo]

I wouldn't blow the whole nest egg either if you don't have additional funds in the "rainy day account."

Put at least half down to make what payments are left nice and small, then keep the other half for other projects etc. If you decide that you really like the car, then pay it off in 6 months or a year. The few hundred bucks in interest on 30k for 6 monthsish is no big deal.

[newagemuscle]

If you can... pay in full. There is not a better feeling that having a toy like that paid off. The way I looked at it is even if I get 1.9% financing my money market would be paying me less in interest I make. Though I would have the warm and fuzzy feeling inside knowing that all my money sitting in savings, I am still losing because I am paying out more interest than I am earning. Now if they are offering 0% which I am sure they will not, then I would say finance the whole thing. Just my 2 cents.

[10forty2]

Avoid paying as much interest as you can. If that means pay it all and you can without putting the essentials of life in jeopardy, then by all means, do it. If I had cash to pay out and it's what I wanted, I'd do it in a heartbeat.

If that means pay a significant portion down (1/2 to 3/4 down) and finance the rest, then you'll still be MUCH better off than financing $60K on a vehicle. Financiers know that the majority of us live month to month and all we see is the monthly payment. But they bank on the amount of interest over the entire loan period they will make off us poor schmucks that finance the entire amount.

[Z4me]

I hope to pay for most of it up front. If I am short
I will use some of my home equitity line of credit to
dip in to. Then pay that off in a few months, the interest
rate is lower, and tax deductible too. Plus earlier this
year I picked up a GMC crest card and now have $500
credit towards my car for using the card. I'm going
to keep a look out for any additional promotions that
they have once the ZL1 is ready to be purchased.

I have additional funds but that is my emergency money,
in case my wife and I are unemployed. That won't be
touched. But I run my own business been doing it for
37 years, but you never know with this economy.

Best to pay it off unless you can make more money with
that money then you would pay out on interest on the
auto loan.

[1BADZL1]

Originally Posted by Faulkner

I intend to pay my car in full. You will still be on the hook for that 60k so why pay interest if you have the money to pay for it. You will pay more in interest on your loan than you can earn in the bank. Good luck with whatever you decide.

Yes, I realize being on "the hook" so to speak. If I had $120k or more in cash (which i don't) it might be a simpler decision to pay in full.

Originally Posted by Scrappy Doo

I wouldn't blow the whole nest egg either if you don't have additional funds in the "rainy day account."
There will be additional funds in the rainy day account, and I would like to keep those funds there; main reason for the post. Thanks. This is something I have to consider.

Put at least half down to make what payments are left nice and small, then keep the other half for other projects etc. If you decide that you really like the car, then pay it off in 6 months or a year. The few hundred bucks in interest on 30k for 6 monthsish is no big deal.

This was/is my initial plan and thinking for the most part. Pay as close to half as I possibly can. But doing so would drain the "rainy day account" which has led me to this post and my questioning. So I am trying to look at it at all angles, and really had not even considered not paying at least half down until now, and really gave me a different perspective on it. Thats why I appreciate all the honest opinions. Seems like the interest is the main factor, which is a big factor if I only pay $12,000 down.

Originally Posted by newagemuscle

If you can... pay in full. There is not a better feeling that having a toy like that paid off.

I can appreciate this opinion very well. But what if you have had 14 camaros or more in your lifetime as I have and after 4 or 5 years you find yourself either wanting a new "toy" or not being attached to the old "2012 Toy" and you either want to sell it in 2 yrs or you want to trade it for lets say a 2016 camaro Z28?

Thats why I am starting to like the idea of a first year "trial run" to see if I really want to keep said "toy" at the end of the 2012 run.
Either way, I think the car will be an investment for sure, meaning I could get the majority of my money back either way I decide. Or at least I would hope so.

Everyone makes good points. I appreaciate it.
One other thing. I am 48 yrs old... The longest running time I have ever kept a car of any kind is 5 yrs.....
So you see, if I finance for 6 yrs theres a very very GOOD possibility at the end of 5 yrs I would want the latest and greatest out there, no matter what it would be. Z28?

[Faulkner]

Sounds like you don't intend to keep the car. Have you considered a lease? Just throwing it out there. I don't know how you feel about them.

[Scarrzz]

.

The correct balance point would be to pay as little as possible over the long term while retaining sufficient reserves to deal with emergencies. Keep two months worth of expenses in your account and avoid higher interest rates with the remainder.

[OLD_GOAT]

This is a general reply made as a part of this thread, but not about any one poster in general.

There is no doubt in my mind some of the guys on this site have to be the first kid on the block with the ZL1, but in no way can afford it.

I hope nobody is delusional enough to think that if they buy their car for 56,000 and within a year figure out they can't pay for the car and expect their local dealership to be good guys and give him his money back. By the time the car is financed the pay off would be in the 60,000 or more range. The dealership may offer him 50,000 back for the car. (please note these figures are ballpark, but look at the intent, not the actual numbers) So, the owner of the car is now 10,000 upside down. OK, so the dealership tells him he has too much car, so he offers him a stripper SS. OK, the price of the SS is 32,000 drive out, plus the 10,000 upside down fee, so now you're in a 42,000 stripper SS. So now you try to sell this one, and they offer you 29,000 for the same car. Basically you're in a perpetual state of being upside down for years to come. BEEN THERE, DONE THAT, so I know what I'm talking about.

Fortunately that was many years ago.

Things have changed in my life and right now I could write them a check for a brand spanking new ZL1, and drive off the car lot with title in hand. I did this a couple of years ago in an Impala. At this time there are a lot of questions I need answered about the ZL1 that only time and many miles on many cars can answer.

Let's face it, there are guys in here that can't afford a new Vette, much less a new ZL1. It's just a fact of life that some have money to burn while others live paycheck to paycheck. To those who drive a Gen 5 Camaro, if you're living paycheck to paycheck, then how can you afford a new ZL1? Simply put you can't, unless you hit a lucky jackpot somewhere.

I don't mean to be a bearer of bad news. I really don't, however some guys may need a wake up call and if this simple post saves some guy and his family from having a repo on their credit report or even a bankruptcy, then I can live with it. At the end of the day, I really mean well.

In this economy there is no telling what the future has in store for any of us. My wife is a type 1 diabetic, and we went from her working to her being on disability, which cost us a lot of money per month. Things change in life, so be aware that your peaceful life today, may bring on challenges tomorrow that you may never think about. And if you have kids...................................

If you're worried that you can't afford the ZL1, then buy yourself a stripper SS, and have someone put a blower on it. For 40000 bucks, at the track, you can keep up with the new ZL1. Besides that, who will ever take their ZL1 and run the 'ring in it? You may not have all the bells and whistles (nor warranty) but you can be the proud owner of a brand new Camaro, and will be in the low 12's.

['StangBlaster5000]

Originally Posted by MY68RS

Pc is shut down and im in my recliner typing this with
My phone.
I have a question.
How many are financially able to pay $60k +
For your zl1 in full but wont?

I may or not be able to pay in full when the time comes
But my thinking is i wont anyway as i could use the majority
Of those funds elsewhere.
I am thinking of paying simply $12,000 down
And finance the rest. My payment would be over $1,000
A month but i could offset that by keeping $30k or so in
The bank, take $550 or so out of my pocket monthly and another
$450 or so out of the bank to go with it for the monthly payment.
Do that for the first year to see how the car suits me for the first year.
Id i decide to buy a ym 13 the next year or a different car alltogether
It would not be that difficult to do so.
That way i could say the car is paid up for the first year without
Paying $60k in one lump sum.
Or is it better if you have full payment pay cash in full?
$60k is a lot of money as there are lots of other things that can
Be done with it.

I can, but I think it would be much wiser not to.

[ssummit camaro]

You should not dip into your rainy day savings to pay for the car. If I was you I would continue to save and wait for the MY13, and perhaps you would have saved some more money for a bigger down payment, without dipping to bad into the rainy day. Don't put yourself or family in a bind just to be one of the first for a zl1. These cars will be around for years to come. Good luck in your decisions.

[Scarrzz]

.

There isn't much point in jumping out of airplanes either, but I find that fun.

You have to decide where the balance point is between enjoying life now, and preparing for tomorrow.

If you can afford to have a ZL1, enjoy it. The good things in life usually aren't free.