2010 Chevrolet Camaro, can I afford it?

A

Arewtg

New member
Hey all.
I am 22 years of age, and I want a 2010 Chevrolet Camaro, I was hoping you guys could tell me if i can afford it.

-Currently I have a honda civic EX automatic. I'm still paying for it. I still owe 14,000. ($362 monthly)
It's a 2008 and has 14,000 miles.
Based on Kellybluebook, it said my car is average trade in is from 10,000 to 14,000
(so prob trade it in for 11,000 i guess?)

- I was thinking that I could also put 2,000 downpayment

- I live in florida, miami

- Will buy under parents name or $$ will be too high.
------------------------
So to sum it all up

- Trade in: 11,000
- Downpayment: 2,000
- State: Miami, Florida
- Lenght. Months: 36, 48 ? idk
- buy under parents name $$

Question time,
- How much would my monthly payments be?
- If i earn about $350 a week, will I have enough money to pay it?
- Can I trade in my Honda Civic, even though it's still not all fully paid and still get 11k for trade in?


A MILLION THANKS TO ALL THAT RESPOND.
The insurance my parents will help me out with. and gass it's only about $50

The gas I can def afford.
 
K

Kent2

Member
In my opinon u really cant afford the monthly payments, lets do the math again. if you earn 350$/week ur monthly payment for that would be in 48month or even more, and u would pay about $250+/month without adding the tax. so you have about 100 to spend, and when it comes to insurance,, urs would prabably be 1500$-3000$ for the 2010 camaro.. and the monthly payment for that would be either 400$/month. and when it comes to gas......it would either cost u $50-$100 it varies from where u live and what u do....soo think about it..u need like $1000 monthly to afford it...and you also need some back-up money in case u have an accident and u have to pay for the repairs
 
M

Marty

Member
You realize that the 11000 is not trade in it is what you have to pay the bank and then you will still owe 3000 more that would be added to you new loan.

Assume you want middle road Camaro 26k

- Camaro 26000
- trade in 11000
= 15000
+ left from other loan 3000
= 18000
- DP 1000
= 17000
Monthly payments for 60 months aprox 330.00 at 6%
also remember your Insurance will go up
 
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