Since I have stated in the other thread that I think the 2010 car I want is out of my reach, I thought it'd be neat to see on this forum, how many folks are in which income brackets, versus getting the new camaro. If that makes sense. Alot of guys in the other thread, are arguing that with inflation the car is not much higher priced than an 02 was in 02.. and alot of them are like me, who will have to settle for used or not at all, or hit the lotto to get one new.. so.. participate if you wish.. as im curious to see exactly how many folks make enough $ to buy new.

Edit :

feel free to add comments as to why or why not.

 

I am only slightly concerned over the pricing. income is not a problem but i am waiting for the Z/28. The base SS is about 2 thousand more than than i thought it would be so it goes to to be expected that the Z will be about 2 thousand than i expect. That will put it in corvette price range.

 

Technically, I CAN afford to buy a new Camaro.
But do I want a disproportionate amount of my money going to a car? Should anybody do that? Especially in this economic climate.

What would the payment be on a $43K car with a standard down payment & good interest rate? $600-700 per month? Are you kidding me?!?

It would be awfully hard to justify that amount when, at any moment, our whole economy could collapse into dust.

 

My wife and I are north of $140K a year and I have a hard time putting 20K down and financing another 20K just to get the car I want. That would put my payment in the $450 a month range to drive a car 5 months out of the year in Minnesota. Heck I have lost the cost of a Z06 in my retirement account in the last month. Plus with my stock portfolio cut in half, that puts my buying power much lower. I was going to sell stock and pay cash for the car but at the low prices it makes no sense. The boss lady did tell me this morning we fill find a way to pay for it so there is a sense of hope. I am not going to settle for a V6 when in my heart I want a V8.

 

95birdable,

you speak much of what my points are. Unfortunately with the cost of the car, folks like myself, who make 1/3 of what your family brings in (roughly 50k a year) will no way be able to afford a new 5th gen. Used may be one thing, but new is entirely different, and in actuality is the only thing that matters to GM anyways, because its the only thing that counts to their bottom dollar.
Even if i were to save up 5k, and trade in both my 01 Grand am and my 01 Z28 (both of which were used when we got them) we'd still be pushing the envelope of payment per month, versus comfortable affordability.

Hell our family even has access to GMS pricing and it still squeezes us too close to the edge when we did a G8 last week... (34k car) With GMS dropped it down to 31k, then 3000.00 for our Grand am trade and 5k down = 23k financed at 7.5%apr = aruond 428 a month roughly iirc.. and thats just too high on our budget for a new car. Throw in my 01 z, and you may get us into the 350 range at that, but then we're out 2 cars instead of one, and thats not good either. so idk..

perhaps i should just campaign for raises here at the state instead of lower car prices lol.

 

Originally I was VERY upset over the MSRP pricing, it put it out of the time line I have had setup for the last 1.5 years (who'd have thunk that you couldnt get a v8 for under 30k..)

Then invoice pricing came out and I have a good feeling that I will be able to apply my GMU to get it close to that. If that's possible then things will work out, if not *shrug* I will work on the situation when it comes around.

 

I too was shocked at first, and a little dissapointed at the price. But, I have calmed down about that and know now that I will just have to wait a couple of years for new and hope to get close to invoice, or buy used. I just got my first home a couple of months ago, so we need to be sure we are settled down financially for a while first before thinking about buying a camaro. that is if they don't increase in price over the next couple of years.

 

Household makes less than 50k a year cant purhcase a new Camaro.

household income here is less than 25k... awesome poll by the way...

 

yes, the inital shock was worse than how i currently feel, but perhaps its me getting older that is less willing to put myself in a bind or "cut it close" to buy a car these days. there was once a time that i'd of sacrificed everything for a new car, but now, not so much.. even for camaro. i just want to be sure when i do buy, i can afford to drive, mod, and enjoy as much as possible.

 

Odd poll . . . I don't fit in any category . . .

 

sorry bout that. I tried to not leave anyone out..

whats odd bout it?

 

I don't fit either. My household income isn't within the criteria of the poll.

Needless to say, I hope everyone who's credit rating <700 either has the cash in hand or financing in place from someone other than GMAC...

http://www.businessweek.com/bwdaily/...pStories_ssi_5

Talk about shooting oneself in the foot.

 

I'll end up making about 24k per year when I finally start my job in January...I figure I probably won't take delivery until June or July so that should give me 6 months to save. Hopefully in those 6 months I can save 6k...add that to the 4k I have saved and the 10k I'm selling my truck for and I'll be financing 18k. So at 6percent interest (a guess) I'll be somewhere around 300 dollars a month for 5 years.

I know it's not financially responsible...but I literally plan on being that old guy that drives the same car until the day he dies (restoring it once a decade or so)....so I'm willing to put myself in a little bit of a bind. After all this is my hobby as well as my transportation.

 

It's not mentioned in that article, but in the full letter to dealers GMAC also specified that they will no longer finance more than invoice:

In the short term, we will limit auto contracts to those consumers who have a minimum 700 credit bureau score, with an advance rate equal to or less than dealer invoice. This means that consumers will be required to make a down payment.

That means no 0 down and no negative equity trades.

 

^That should bring on incentives sooner rather than later.