I need some financial help/advice

[AztecCamaro]

Im thinking selling the 13 is the best choice. I just graduated from San Diego State University and got a great job with Geico on their Management Development Team. Starting off at 47K. With my fiance going to school, our annual income is about 63k.

Rent is $750 a month, Her car is $350 a month and other expenses come out to about 800 a month ( Insurance, Food, Gas, Utilities, Phones Etc...) My decision to buy my 13 is what put us out of our comfortable range.

I really appreciate all of your inputs.

[Shift_Rejected]

Shi**y situation.. sorry to hear that. I vote keep the 67, there not making any more and you can always get a used Camaro down the road...

Also a side note, just got the folks a 2011 Nissan Juke and I'm pretty impressed.. under 15k, and it's turbocharged. Almost feels like I'm riding a go-kart driving that after my SS but it sure is as fun little car.

[midnighter]

Originally Posted by AztecCamaro

Im thinking selling the 13 is the best choice. I just graduated from San Diego State University and got a great job with Geico on their Management Development Team. Starting off at 47K. With my fiance going to school, our annual income is about 63k.

Rent is $750 a month, Her car is $350 a month and other expenses come out to about 800 a month ( Insurance, Food, Gas, Utilities, Phones Etc...) My decision to buy my 13 is what put us out of our comfortable range.

I really appreciate all of your inputs.

There you go! Sell the '13 and when you start getting paid buy a new one.

[AztecCamaro]

Once my fiance graduates Ill be in a much better situation. She works part time at $10 an hour and makes maybe 13k a year right now.

My job has promised me 60k after 3 years so another camaro down the road is not out of the picture. Although I think the next big purchase will probably be a home for my family. No kids yet but maybe in the next 5 years.

[oldfriend]

Take a good look at were you want to be ( financially speaking ) in a time period that only you can decide it to be , let's say 5 years .
Make the numbers work they way to get were you want to be at , estimating your expenses . All expenses have to be computed into it , not only the cars , but all monthly , yearly , then how much are you making and how much more can you expect to make in that time period per month
This should give you a closer picture on what you have to do to meet those numbers

[monstertodd]

Live cheap and pay double payments bro. That's the only thing you can do. REDUCE YOUR EXPENSES. Learn from this experience and don't get yourself into this hole again.

[F-16 Camaro]

Whatever you do, try to get 0% APR on your next car, so you can negate the negative equity quickly.

[kevinw]

i work for a credit union. JP chase guy i agree with. get old beater for DD, sell finance car and buy a cheaper car too. in additon, keep the 67 camaro. that is a classic and you cannot replace that car as easily as a 2012 or 13 model car. the 67 can also be your financial future and i think the depreciation on the 67 is way over, whereas the newer camaro will depreciate. good luck to you young man.

[RolltideSS]

Originally Posted by Realist

That maybe a while and the 67 may just get in the way and can always be bought down the road.

Not necessarily, classic camaros are getting more rare every year and more expensive, the truth is the vast majority of people that dream of owning a 1st gen camaro will never get it or be able to afford it

Originally Posted by midnighter

There you go! Sell the '13 and when you start getting paid buy a new one.

That's the way - pay off your debt and in the future you will be able to pick up a fifth gen much cheaper than today

[Cuda7050]

Don't sell the 67. Treat it like a retirement account, its increasing in value. Don't make it a daily driver since the more miles you put on it the less its worth.

Its hard to give much more advice without knowing you income and income growth potential. With that said, I would sell the 2lt and get a Cruze as others have said. I would also establish an monthly budget. It will help identify bad spending patterns. Take a very close look at your spending. Eating out regularly is very expensive. Eating at home and packing a lunch can free up a lot of money. Plus entertainment costs can add up quickly.

[PalmerGA]

Originally Posted by AztecCamaro

Once my fiance graduates Ill be in a much better situation. She works part time at $10 an hour and makes maybe 13k a year right now.

I assume she pays all her car expenses, other than the note (which she should be chipping in on).

Originally Posted by AztecCamaro

My job has promised me 60k after 3 years so another camaro down the road is not out of the picture. Although I think the next big purchase will probably be a home for my family. No kids yet but maybe in the next 5 years.

Sounds good. Just remember... you won't be able to sell the kids if it turns out you can't afford them. Be VERY, VERY, VERY financially stable before you go there.

[2012-1822]

You probably know what you're going to have to do. The truth is easier to say than it is to do, and it hurts a little.

I have to tell you that I'd go nuclear. Sell both Camaros, pay cash for a reliable beater, attack every ounce of debt you have fiercely so it's gone in a short period of time. Then save up and pay cash for another Camaro if you still want one.

Or take two is keep the '67, after I read your dad gave it to you, get rid of the Dusk, buy a beater to get by(paying cash is best), and still attack all of you and your fiance's debt with a fire. I like the advice that someone said about not getting married until the debt is gone. Probably something to think about. What you don't want to do is have an expensive wedding, if you two have to pay for it on your own, and just pile more debt up on top of what you got. That is a recipe for disaster. Half a good talk about the future together, make a decision to have a hard year or two or working, extra jobs if need be, and get out of debt. Then make a great life.

Life is about choices. I'm about to sell my Harley, which I don't owe on, so I can put that money into not having student debt in grad school. When I'm graduated and making more money, and not paying for school, I'll buy another bike.

Originally Posted by midnighter

Let Operation Repo take care of your 2LT and you drive away in your 67. At the end of the day it will be the best decision you can make as I have mentioned before. Besides, you can't get dad's gift back. You can always get a new car anytime.

Do not do this. First, you made a commitment. Second, don't screw your credit with a repo. Third, you won't feel like much of a man if this happens. You'll feel so much better if you find a way to get rid of it in a sensible way.

Originally Posted by Cuda7050

Don't sell the 67. Treat it like a retirement account, its increasing in value.

I don't think this is true. The car isn't increasing in value for nothing. These cars have to have a lot of money put into them regularly to keep them worth anything. So it may be something someone wants to keep, and decides to keep, but it's not an investment, it's a fiscal liability. That's okay as long as the owner knows what they are getting into.



I realize that people don't always have the money to pay cash for everything, especially the large items. The goal should always be to have zero debt. I take a look at what you can do to really pay off that debt and then live free of worry like you have now.



I tried not to be judgemental here. I'm not perfect and have certainly made my share of mistakes. The one thing I'm greatful for is that I never really got into credit cards and so therefore never racked up a bunch of that debt.

[AztecCamaro]

I dont think selling the 67 is an option. Its not something that I can let go. I really do appreciate all your opinions.

[Q'smuscle]

keep the 67