GStam66

Well, long story short, i really want to get a cobalt ss s/c. I really believe that it is a great car for the price, and i will keep it for a while.

Problem is the money (always the case). Ive seen some used 05's and 06's for about 15-17000. Not a bad deal, and the majority of them have less than 7000 miles on em. Toiling for minimum wage aint fun, and im gonna have to take out a loan to get this car. Problem is its gonna take a good 6 years to pay back the loan... But it might only take 4, if i get hired at an aerospace company right when i graduate.

My question to you is, is it worth it? Are there other options im not seeing?

LetsGoMets78

Hey,

Look at the post from Deathwish regarding credit. My advice to you mirrors what everyone in there said.

https://www.cobaltss.net/forums/general-cobalt-68/question-credit-please-help-28570/

If you are on minimum wage, wait. It sounds like you're in training for aerospace. You'll get a good job after your education and then won't have to worry about the car payments like you'll have to do now. Wouldn't it be nice to get the car and be able to truly enjoy it without payment worries?

GStam66

I have been looking at the used cobalts, and i get a good deal from my credit union cause of my job. That seems to be the best course of action at this time.

YSUsteven

I suggest that you get basic transportation for now and get the car you want after you graduate, and get a job / have money. You could get a new cobalt LT for about $16, and it would have 5 miles on it. Think practical.

Have you looked for an internship in your field? I am an engineer and the lowest paying internship I ever has paid $11.50 an hour, sure beats min wage.

Simple rule to stay out of debt. If you can't affor it, don't buy it. May sound simple, but tell that to the hundreds of people that have filed for bankrupcy.

I really wanted (and still do) a mustang GT, but first was the cost $25-30, then there was insurance, like 30% more than I pay now, and then there was gas, at $3 and climbing. Right now, I could not afford it so I didn't buy it. Also, I just bought my car a couple months ago, and while I do have a loan, I have enough cash to pay it off if I want to.

xspyder85x

yeah i bought my cobalt when i was working as a pizza delivery driver, but i had another job lined up. so now that i have the new job it makes payments very easy. but like he said if you cant afford it, dont buy it

GStam66

Wait, why would i pay 16000 for the weaker LT, when I can find an ss s/c for the same price (an 05).?

I havent started college yet, and odds are, I wont be able to get an internship until sophomore or junior year. And the internship will be temporary, whereas my current job pays **** now, but its got good job security. As long as i want that job, I have it.

Also, the only things ill have to pay for at college are the books and regular living expenses, maybe about 3-4000 in the red after i graduate, which I can pay off immediately.

My buddy at work saved up for a year, and used that as a down payment on an srt4, and only had to take out a $9000 loan.

I already checked with insurance and if i get the bare minimum coverage, i would wind up paying less than Im paying now.

Hypothetically speaking, lets say im really impatient, and i wanna get this car in a year or two. What do you guys believe is a "reasonable" amount of debt to be in for a car? Half the price of the car? Third? quarter? etc.

05BlackCobaltSS

don't buy a used SS/SC. Your going to have problems.

X3r0

i dont know about where you are but here in alabama you take out a loan for a car they will make you have full coverage on the car.

silverSS

no car is worth going in debt for, think practical, you may have the book-smarts to be an engineer, but it sounds like you're lacking the street smarts.

OniMirage

gah since the car isn't new you wont need full coverage but will want it or at least something close. you can place the car out as far as up to 6 years in some cases to get payment relief for monthly payments then dump a crap load of cash or refinance later. in this case since the car isn't new your payments will likely be low anyway so you will want to see how much payments it would be plus insurance plus gas

GStam66

What kind of problems?

OniMirage

think of the type of car it is and think of what people do with that kind of car put 2 and 2 together and you get your answer

Allshot

All of us beat on our cars and you dont want to buy a car that has been beat to ****. If I was you just wait until you can find a little better job. You dont want a nice car and have no money to put gas in it.

GStam66

after a year or two of driving, i doubt it would be THAT bad. Of course I'll take a look at the car and make sure it was taken care of and everything, and wasnt beaten on too hard.

OniMirage

i forgot your new to the forum ... might want to run a little search ... perhaps a search on clutch issues will be enough ... shutter ...

GStam66

Are they that fragile? Well, it depends on how well the driver can drive manual, of course, but could someone shift terribly every time for 2 years? I think they would notice that they were doing someting wrong fairly quickly.

LetsGoMets78

I am pretty sure that no matter where you purchase a car, if you are taking out a loan for it the bank/lender/credit union wants full and complete coverage (new or used). As for how people care for these cars, read all the racing stuff. People beat the **** out of these things, ride them hard and get them to go fast.

It's like the hot girls and guys in high school that drank and partied and banged everything, I mean everything, they lived hard. When you see them at the 10 year reunion they've aged in ways others haven't. These Cobalts are those hotties.

I hope this analogy was useful

SuperSweet SS

nothing is worth going into debt for...especially a car...trust me I use to have the habit of tradding up every other year...and guess where it got me...just not worth it

GStam66

guys, you do realize you're trying to tell me to save up and wait for 4-6 years to buy this car, right?

A. I doubt my current car will last that long :P
B. I'm just too damn impatient, lol.

But you guys pretty much unanimously agree that taking out any kind of loan for a car is a bad idea for a person in my situation, so I guess you're right. But 4 years seems like such a long time...

punkincobalt

no doubt.

Evilfrog

Um. Its ok to take a loan and make a payment on a car. LOL. I doubt if anyone here actually paid cash for thiers.

Just make sure you get a loan payment you can afford. I think that is what they mean. New cars have better rates than used ones. I think gm has a 0% right now. Dont forget to include cost of insurance/gas. Really, you dont want to pay more thatn 1/4 of your monthly income for your car. (so if the car payment, insurance, and gas for the month is more than you make a week. You might want to rethink it)

Sometimes its ok to go over that. Ideally you want it to closer to 1/8th. But whatever works for you.

Its smarter to wait until you get out of college before you get into a loan. But hell, its collage. Its about having fun. Just dont get in over your head.

YSUsteven

"Great things come to those who wait."

sonyas_ss

it's definitely best to wait until you have a steady flow of cash coming in before you get into a loan/financing situation...
i spend nearly half the money i make on car payments/insurance/gas... and i'm certainly not making minimum wage...

and i definitely agree.. i wouldn't buy a used ss/sc... yikes, that's just asking for problems!

if you can't afford a new ss/sc right now... get the 2.2... you can always trade up later when you start making more money... and if you buy new, and have a 5 year loan, getting the extended warranty for 5 years is also a good idea to keep you covered while you have the loan... also, if you are a student and you buy brand new, GM will make the first 2 payments for you...
and getting the bare minimum insurance... not such a good idea... you might end up really kicking yourself in the ass if something happens...

D4u2s0t

i would wait... how do you plan on paying for a car and insurance on minimum wage?? so you'll get the car, realize how damn expensive it is, have it reposessed, have no car, and have shitty credit... now, a few years down the road, you save up some money and want to get a new car... since you were impatient when you were younger, youre credit is fucked up, and you get raped on a loan... now the bank is charging you 15%, and only gives you a 48 month loan... a 16,000 car at 15% = almost 400/month for the car, then insurance and gas...

now the reverse scenario... you save some money, wait till you have a better job, and get a new car... all your payments are on time... now, 4 years later when you want a new car, you're bank approves you for 0% financing and will extend the amount of time that you will have to pay since you proved you're good for it...


may not seem like a big deal now, but it will down the road... many of us have been there...

D4u2s0t

by the way... i would compare a used ss/sc to an ex street hooker... may be a nice girl now, but damn she's been around...