Thinking About Selling Camaro SS 1LE For a Model 3

[1LE McQueen]

Probably the last update I have in this saga, for now. I ran the idea by my folks and they stopped it dead in its tracks. For the last year we have been shaping my condo up with cheap(er) renovations, so i can obtain maximum value when we finally sell it. I suppose that time is coming sooner than later, and I didn't know a car loan would have a huge impact on a mortgage loan. They kindly recommended I text our realtor instead, which I did, and she is going to be dropping by sometime next week so we can get this ball rolling.

Plus with selling the condo, I can pay off some of the debt I've accumulated via credit card. Finally obtain a home (and not a condo with a not-see HOA), and perhaps at that time, I could look into a car loan and have a better chance of getting approved with a lower APR. And probably around this time the CPO's will be readily available and i'll have an easier time trying to make something happen with a lower car payment.

Some of you guys called it on here in that I should wait as it's financially smarter. I'm also still a kid at heart, but you all gave pretty sound advice.

 

[adhoc]

Probably the last update I have in this saga, for now. I ran the idea by my folks and they stopped it dead in its tracks. For the last year we have been shaping my condo up with cheap(er) renovations, so i can obtain maximum value when we finally sell it. I suppose that time is coming sooner than later, and I didn't know a car loan would have a huge impact on a mortgage loan. They kindly recommended I text our realtor instead, which I did, and she is going to be dropping by sometime next week so we can get this ball rolling.

Plus with selling the condo, I can pay off some of the debt I've accumulated via credit card. Finally obtain a home (and not a condo with a not-see HOA), and perhaps at that time, I could look into a car loan and have a better chance of getting approved with a lower APR. And probably around this time the CPO's will be readily available and i'll have an easier time trying to make something happen with a lower car payment.

Some of you guys called it on here in that I should wait as it's financially smarter. I'm also still a kid at heart, but you all gave pretty sound advice.

you are wise beyond your years!

building equity always trumps financing depreciation!

 

[brianman]

2) love the "non traditional" interior with the single screen vs the cluttered guages in the S

This struct me as funny. Times change so quickly.

 

[brianman]

...Some of you guys called it on here in that I should wait as it's financially smarter. I'm also still a kid at heart, but you all gave pretty sound advice.

Good decision-making.

 

[MrMannnilow]

and I didn't know a car loan would have a huge impact on a mortgage loan.

I'm not entirely sure about this as I held 2 car loans at the time I purchased my home last year. Both Cars and home are all under 3%

No one mentioned that the auto loans would affect my mortgage rate at all...

As hard as it is you're making the right decision... Keep saving those pennies and keep your eye on wanting a tesla. I'll be glad to sell you mine in a year or 2 because I still want my Gallardo

 

[hcdavis3]

I ordered my BMW in late 2015 with the intention of keeping it for 8-10 years. Got the exact configuration I wanted...color, interior, manual transmission, track handling package, etc, so I hear you on things changing. That's good that depreciation isn't bad in your case...I'll be taking a huge depreciation hit...$57k OTD new and I'm getting $24,400 trade in. I should have done a lease instead of purchase. Oh well, water under the bridge. Nobody really knows what depreciation is going to look like on the 3 yet, I'm really interested to see what happens.

Curious about your insurance. Mine is going up by $700/year over the BMW.

Mine too in MA. I guess it is what it is. Mine is going up 500 hundo. I’m not sure I get that, because it’s a very safe car.

 

[MrMannnilow]

Mine too in MA. I guess it is what it is. Mine is going up 500 hundo. I’m not sure I get that, because it’s a very safe car.

Sounds like a lot. Mine is only 365 for 6 months in NY. However they are very expensive to repair
My 3 is the cheapest vehicle on my policy

 

[1LE McQueen]

you are wise beyond your years!

building equity always trumps financing depreciation!

Good decision-making.

I'm not entirely sure about this as I held 2 car loans at the time I purchased my home last year. Both Cars and home are all under 3%

No one mentioned that the auto loans would affect my mortgage rate at all...

As hard as it is you're making the right decision... Keep saving those pennies and keep your eye on wanting a tesla. I'll be glad to sell you mine in a year or 2 because I still want my Gallardo

Thank you all very much. I appreciate it. God knows I've made more than enough financial mistakes on "emotional appeal".

My family just flipped a house this year - maybe it's different per state or brokerage / lender, or even considering the fact that they bought a second home with the purpose of flipping it (and they did make a healthy return, but I digress). - The lender wanted to know about my parents car loans. I supposed my family could just be sharing that info to dissuade me but I am still "young" with a low salary and a barely proven credit history so house first - car second.

 

[MXWing]

Garage before car.

Drove an M3 forever before my Tesla’s.

By M3 I mean Mazda 3.

 

[Runt8]

Thank you all very much. I appreciate it. God knows I've made more than enough financial mistakes on "emotional appeal".

My family just flipped a house this year - maybe it's different per state or brokerage / lender, or even considering the fact that they bought a second home with the purpose of flipping it (and they did make a healthy return, but I digress). - The lender wanted to know about my parents car loans. I supposed my family could just be sharing that info to dissuade me but I am still "young" with a low salary and a barely proven credit history so house first - car second.

Lenders care about your ability to pay them back. The higher your debt-to-income ratio, the more risk they assume and the higher the interest rate.

 

[SammichLover]

Garage before car.

Drove an M3 forever before my Tesla’s.

By M3 I mean Mazda 3.

"Yeah I owned a 'vette. A Chevette."

 

[1LE McQueen]

Lenders care about your ability to pay them back. The higher your debt-to-income ratio, the more risk they assume and the higher the interest rate.

True. A 35k loan before a mortgage would be a brick wall.

 

[Chancellor32]

True. A 35k loan before a mortgage would be a brick wall.

Feel free to PM me, I work in lending/finance. Having a car loan is actually a good way to show you can handle a larger loan, aka a mortgage. That doesnt mean take one out just for the fun of it. A car loan only affects a mortgage negatively if your DTI is too high with both loans.