Hey out there. Should I sell my 2002 Z28, non-SS and get out from under the $525/mo payment or hold on and hope it's gonna be worth something down the road? Any thoughts?

 

Are you on a tight budget? How come you want to sell your Z28? Well note that Z28's lose around $3000-5000 of its value once driven off the lot, this applies to all cars though, only the depreciation price is different. But if I was in a spot where I either had to make car payments, or suffer daily, (ex. not enough money for food, etc.), I would give up the Z28. I mean I love my Z28, but I would rather have my four meals a day. So to answer your question, it depends on where you stand financially. If it is getting really tough, then I would just sell it, and buy another one when you are comfortable making the payments. If they really stopped making camaros like they did chevelles, then yes, their value will go up lets say in 2008, thing with sports cars i notice, is like two years after it comes out, value goes down, several years later, it goes up. Either way, good luck

 

keep it....you'll regret it

 

Your still going to need another car. So what is the differance in price per month if you get something else. (Including insurance ) The car is not ever going to "pay off" as an investment, but they will get harder and harder to find that are in good condition in a few years. So it depends on how much you want to be driving the Z in years to come. Try to look into your future without it and that you will have no regrets. Can you afford to keep it is your decision since we can't see your bank account, job, life, etc. Later>>>>>>>

 

Keep it if you love the car... but if your looking at it from just a money standpoint, it's not a good investment, IMO.

It will be a LONG time before it starts toi appreciate... like 20+ years.

Plus, the whole 'last year' thing will go away when a new 5th Gen comes out in 2006 or 07, which there is a good chance of.

 

I would say keep it. Unless you are in dire straights. You will miss it down the road if you sell it.

 

Can you get out from under it without taking it in the shorts? If your payment is over 500 per month, I am going to assume that you put a small amount down on the car. Since it is a 2002, you have obviously only had the car for a short amount of time. You will probably have a lot of negative equity in the car. What is your payoff for the loan compared to what you can sell the car for? Be realistic in what you think you can get for your car too, after all, as it is now used. You will take a large depreciaton hit on the car. If you decide to get another, more practical car, you will have to roll over your negative equity into your next loan. Suddenly that 15k Cavalier is going to be financed at 20k.

If you can keep the car, that is what I would do.
Another thing to think about is your credit rating. I was told by the credit bureau that my rating is adversely affected by my trading cars every year or two.

 

You didn't mention whether or not you really like your Z28 or what you paid for it. You didn't mention what kind of car you would like as a replacement. If it's just a case of not liking it (I guess that's possible) then you should eat your decision for now and wait a couple of years to sell it (not trade it). If it's killing you financially then obviously you have to unload it. Sell it and buy a practical vehicle. Bottom line- if you sell it now, you just went on a very expensive joy ride. The Z as an investment? I don't think so. Try real estate.