Buying a new car


Asked by Oct 17, 2016 at 09:45 PM about the 2016 Chevrolet Camaro LT1

Question type: Shopping & Pricing

I am buying a new camaro in around 9-10. My
question is basically can I afford it. I make around
1600-2000 dollars a month, I don't pay bills other
than my own phone bill. I just want to know what
other camaro owners have to say or anyone in
general. This will be my first car I am 21 and have
had my licence for 8 months. The car is arojnd
26,000 and I want to own it. Finance it. Payments
are around 400 with a 5000 dollar down payment
and the such I just want to know what to expect
since it's my first car ever. I live in New York so I
know I'll get pounded out for insurance. I also have
no credit. But my sister and mother have exellent
credit and are more than happy to put me on.
Anyway I can by pass how much I'll be paying for
insurance? I can only afford around 200-300 dollars
a month for insurance plus car payments. I went
and got a quote from geico and it was 900 dollars a
month... who on gods green earth can afford that.
Please let me know what you guys think.

12 Answers


Your best bet is not to buy a new one and get something a little older. The payments will be harsh and insurance for it will be bad in new New York I pay about 180 a month in pa but also have a r6 sport bike on my plan and just turned 25. I was about to put my camaro away for the winter and sell this spring but if your interested, it would be the better deal for you if you are thinking you might be tight right for cash. 2011 1lt summit white 25k miles about 8k in extras on the car. I'm asking 19 for it. Also tour your insurance will drop if you get on someone else's plan that has a good record


If I were 21 again, I would absolutely not buy such a car, not unless I was independently wealthy. Put that money into a retirement saving account NOW. Roth IRA, IRA, 401K, whatever, start saving it now. That car will depreciate like crazy and you'll be selling it for a fraction of what you paid for it, not to mention you'll be clobbered by insurance and maintenance costs. Some of these modern era muscle cars do go up in value right away (Hellcats, Copo Camaros) but most will only go down - unless you can hang on to them for 20 or 40 years. Go get yourself an older classic car, you'll have more fun with it and it will appreciate in value, not depreciate.

2 out of 2 people think this is helpful.

@KenF I mean I am 21 and want to live a little. Maybe the camaro isn't the smartest choice for a car at this age but it's kind of like a childhood dream when my bro Had a camaro from 2000 I think and I loved it. And the new ones are just great, I was never able to afford it now but I think if I save up this is a car I want to have for life. My sisters friend is a mechanic and has had his mustang for before I was even born and still drives it. I don't plan on ever selling it or anything like that.


Well your insurance rates will be sky high because of your age (under 25) and you're buying a fast car. Camaros, Mustangs, Chargers, etc will always have high insurance rates. 900 a month to me is just insane. Your insurance won't go down until you turn 25, and not even then will it be cheap. Is it worth spending more than half your income on a car? I won't try and talk you out of your dream. I just wish I could go back in time and talk myself out of wasting alllllll that money chasing all my dream cars and instead put some into retirement accounts or something that earns equity. When you have THOSE ducks in order, then go chase your dream car. Your future self will thank you for it.

Jason Zane

it is a good safe car. my '12 insurance is less than a honda. i have a spotless driving record though. 1500 a year insurance SF,CA area. i do my own oil changes and small maintenance. be careful with 09-11 though!! i hear that they are snapping valves for either oil pump problems or oil in the intake. get a oil cache can. and change your oil at 50% life. i'm using synthetic oil only as instructed for best lube. otherwise, i love my fifth gen and am going for 6th soon.

Jason Zane

btw.. oil filter on the v-6 is a cartridge type near filler neck. don't overtorque the lid and new seal on every change... 18 ft/lbs only not too hard.


@Jason I do plan on buying a 16 with a V6 engine brand new. I'm truly only worried about insurance. 900 a month is just phenomenally high. Any place I can look? These big companies seem to be taking my ass for a ride. 200-250 would be the best I can do

Jason Zane

i have liberty mutual. ..i gotta admit i've been with them for 20+ years though. state the car is for pleasure and keep your miles down.. not driven for work. and see what the price is.


The problem with insurance for you is your age. Until you turn 25 it will be high no matter what, combine that with the type of car you're buying (Camaro) it will be even higher. Region also plays a factor, as does driving history, credit score, marital status, where and how you park the car (indoor, garaged, bad neighborhood, etc).

Dave Josefiak

Living in New York everything is expensive. That being said. If your questioning yourself now then maybe you shouldn't buy it. but now is the time dealers are trying to move cars like the camaro so the ball is in your court and with the '17 coming out in a few weeks they will work a deal with you. My question is are you plan on driving it in the snow/winter? I wouldn't recommend that. I bought my '14 a month ago for $26,000 but it's a 1LE 2SS. I love it. But also not my only car and will be stored in the winter. The camaro is a fun car but not something practical for a family.


@Dave it's not a question if I want one. It's a question of if I can afford such a thing. I was looking at the 2017 but the stock comes with a 2.0 liter 4 cylinder and to get the V6 is upward of 30k. Maybe some day but for now the 2016 V6 calling my name and I can upgrade it anytime I have money. I'm almost positive I can afford it I can afford 700-800 dollars for the car payments and insurance combined. Anything else and I would only be able to save about 400 dollars a month for myself which isn't ideal. The way I look at it I make at least 1600 a month with out tips. (Around 1700-2000) with tips. I take my pay check and save all that and survive off tips which is around 100 bucks a week. All my friends have cars, Lexus, jeep, infinity, and old ass Durango. I would be the first to get a muscle car. I only would need to drive around 1-2 people at a time, considering the back seats could fit a human the size of a 11 year old boy i don't worry about that. I heard the camaro does pretty well in the winter. I love camaros been a damn dream since I was 14 to own one. And I can finally do that if I save enough money. Tell me what can go wrong with driving a camaro in the snow/winter in general and what can I do to still drive it and make sure it doesn't break down.

Dave Josefiak

It's your money and choice but giving some personally would another set of rims and snow tires for the winter. That would cost you another 800-1000. Being rear wheel drive in NY will be a challenge to drive in but can be done. As a 4 cylinder turbo camaro not the choice I would make but that's me. As for breaking down its a brand new shouldn't. If it does it's covered by warranties bumper to bumper is 3 years. Then drive train is 5 years. Just change the oil and filters when needed. And all scheduled maintenance as per the manual so GM can't say you didn't do it and they void your warranties. If you decide to buy one know this it's yours and you will find a way to pay for it. Good luck

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