Hey guys,

I've been reading tons of your discussions and whatnot and I like this forum a lot, looks like a bunch of helpful people. I'm 19 and I'm a big car enthusiast. I never had any problems choosing between the 05 GTO and another "fill in the blank" car. My predicament is whether I can afford one. I'm still living at home for college and I have a car that I hope I can get for 5,000 or more (it's a Laforza, a horrible Italian SUV mess that I got myself into. Being an enthusiast sometimes has its downsides). I've got a part time job that brings in around 1,000 each month. Is there any way I can afford and keep up with payments in this situation? I'm sure my parents would help out if I got into a bind or needed more money down, but I'd really like to pay for it myself. My only expenses at this point are on cars and girls. I'd like to go by the 'you only live once' motto, but can I realistically afford an 05 GTO? I friggin adore this car. If your still reading, thanks for reading my whole sob story, I'll appreciate any feedback.

Welcome to the board man.. I'm 20 years old myself and I'm looking to get a GTO hopefully sometime in the near future. For starters, we probably need to know a few more details about your situation to truly give you an answer. Not in any way, shape, or form trying to bash, but some of the older people here will probably tell you to hold off until you make more money, which may not be bad advice, but at the same time when you want something bad enough you'll probably go after it no matter what anybody says. And that's fine.. It's part of being our age, but also take these things into account:
1) Other bills such as cell phone, insurance, gas, ect.
2) Make sure you're ready to stay at home until you get rid of the car unless your parents are gonna pay your way.. sometimes moving out can get very tempting.
3) You gotta have at least a little spending money for yourself left over to buy a new shirt, some cd's, some food, or whatever.. you don't wanna own a new car and leave it sitting in the driveway all the time because you can't afford to put gas in it.
And also.. were you gonna buy new or used? On a tighter budget, it's probably the best idea to go for the cheapest one possible, which is self-explanatory. If you're able to get one, you may wanna wait a little longer, maybe even until the 06's come out, and try to find one somewhere in the low to mid twenties. If you put about 8k down with a good %rate over 4 years, you should be able to get away with a payment around 400 a month, if you can manage to find one priced in the 24-25k dollar range. Insurance is the biggie.. if your parents will pay it, you might be in the clear.. If not, it's probably a lost cause unless you work strictly to pay off your car. I hope this has helped some man. Good luck B)

And oh yeah, before someone else beats me to it... if it doesn't necessarily have to be an 05' there are more and more slightly used 04's going for an increasingly lower price, namely right around the 20-22k dollar range. That sounds like it might be a little easier payment for sure, and you can add upgrades or whatnot as you run into any extra cash, or maybe xmas, b-day, ect.. just something to think on if you see that you might not quite have enough for an '05 and don't wanna wait around long enough for used 05's to have enough miles on them to become that cheap.

Good advice from croft..

But on a whole it depends on your other expenses, if your paying for college yourself I say don't wait untill your done with that. If the parents are paying for it then it might be something to look into, but beware it can be a cramp on your style to live at home while attending college, and with a car note you won't be able to up and move out.

Thanks for your advice guys, that's great advice that I've got to take into account. To elaborate on the situation, I'm going to a Junior college now, which I have a full scholarship to (wohoo, a JC scholarship). So, for the next year or so, that's not a problem. I'm in California now and hope to move to Texas for a year before I attend University of Texas at Austin (gotta live there for a year to avoid out of state tuition). I'd probably be working full-time for that year, making much more than I do now (and money goes much further in Texas as opposed to California). When I go to college there, my parents will pick up the tab. They've always been willing to pay for my education (I'd live in a dorm or have roomates somewhere), so that's no problem. Alright, concerning 04 or 05, I just couldn't bear getting older than an 05, I just REALLY prefer the LS2, but I'll definitely look into some used 05's. I know I should and probably will take your advice, but like Croft said, I'll still be really tempted to go for it. Is it still a definite no-go or is there more of a possibility now that I elaborated the situation? Thanks again.

P.S. Tell me all about your GTO when you get it Croft, its nice to see someone around the same age with something other than a Subaru Sti.

I just realized Nocturn lives in Austin, Texas. I hope to see you there in a year, man.

Austin is a great town, im sure you'll love it, just beware the city planner who initially built the roads killed himself....so the road ways can be a bit......wacky.

If the parents are picking up the tab, then it might be worth waiting untill you get to Austin to get it, just to make sure you have a solid source of income rather than buying it in cali and driving it down here.

Good point, I'll wait. Hahaha, that sounds like San Francisco, except worse. That's ok, Austin sounds like a really cool town.

If you decide to wait until your in Austin, that gives you time to save some of that $1000 a month for a down payment. Saving $500 a month for 12 months would get you $6000 dollars. Which means you finance less and have a smaller payment or a shorter loan duration.

I'm 19 as well and just bought my Goat. I found a used 05, so it helped in the price catagory. Before this I had a 03 GT Mustang, that I had bought new. All I did was get the loan and get my parents to cosign it. My credit was good enough, just not my income.

Saving until I get to Austin is the best idea. On the other hand, the more I read and think about it, the more I want one now. I'll have to control my car buying urges.

Originally posted by MeanMachine@Aug 27 2005, 01:55 PM
P.S. Tell me all about your GTO when you get it Croft, its nice to see someone around the same age with something other than a Subaru Sti.
Yeah man I'll let ya know whenever I get one. It's probably at least another month or 2 away though :(

Originally posted by MeanMachine@Aug 29 2005, 12:36 AM
Saving until I get to Austin is the best idea. On the other hand, the more I read and think about it, the more I want one now. I'll have to control my car buying urges.
Figure out how much you think you are going to pay, or want to pay each month. For the next few months or more, take that much, plus insurance (assmue atleast $900/6months) and put it into a savings account. Use that for a downp payment and you will see how much you will have to work for your car.

I bought a truck in college and had a $415/month payment on it. There was many days of work I wished I had my old truck, so I would not have to be working. Don't get me wrong I really liked my truck, but it was hard missing out on what your friends were doing.

Originally posted by Scyry+Aug 30 2005, 11:27 AM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Scyry @ Aug 30 2005, 11:27 AM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-MeanMachine@Aug 29 2005, 12:36 AM
Saving until I get to Austin is the best idea. On the other hand, the more I read and think about it, the more I want one now. I'll have to control my car buying urges.
Figure out how much you think you are going to pay, or want to pay each month. For the next few months or more, take that much, plus insurance (assmue atleast $900/6months) and put it into a savings account. Use that for a downp payment and you will see how much you will have to work for your car.

I bought a truck in college and had a $415/month payment on it. There was many days of work I wished I had my old truck, so I would not have to be working. Don't get me wrong I really liked my truck, but it was hard missing out on what your friends were doing. [/b][/quote]
Another good point.

Originally posted by MeanMachine@Aug 29 2005, 12:36 AM
Saving until I get to Austin is the best idea. On the other hand, the more I read and think about it, the more I want one now. I'll have to control my car buying urges.
If you have a certain desire for a certain machine you sould definately hook up with a dealer by phone and make sure they have the one you want so you dont get slapped with some odd mixed interior/exterior no one wanted

Thanks for all the response. I think I'll do a little more saving before making a move, though I still want this car while I'm pretty young. True about getting some car I dont want, MajorMajor, I've thought about that. I know I don't want any flashy colors, I want a total sleeper. MajorMajor, is that nickname inspired by Catch 22? An awesome book.

k, bringing an old thread back from the grave.

I still yearn for a GTO, even with all the hate everywhere else. I ended up getting a 96 740il for a great price, and I got to buy it outright. I love it, it's as comfortable as sitting in my living room and a 282 hp 310tq 4.4 keeps me happy for the time being. I really do love the 7. It's realistic, I couldnt make huge car payments at age 19.

I write this because I see that Goat prices are going down considerably in my area, and it reminded me of this forum and my love for the GTO.

k, bringing an old thread back from the grave.

I still yearn for a GTO, even with all the hate everywhere else. I ended up getting a 96 740il for a great price, and I got to buy it outright. I love it, it's as comfortable as sitting in my living room and a 282 hp 310tq 4.4 keeps me happy for the time being. I really do love the 7. It's realistic, I couldnt make huge car payments at age 19.

I write this because I see that Goat prices are going down considerably in my area, and it reminded me of this forum and my love for the GTO.

perhaps in a coupla of years the gto you want will be yours at a fair price albeight with more miles and a bit older.05s still bring mid 20s at this point

GTO's can be expensive, not the car mostly though, but the insurance. In NYC my insurance is 5200 a year. Thats with a clean driving record, at 24.

yeah insurance is a big thing with the GTO (or any car) if you're under 25 and male, so I'd wait till I was 25 before I get a 400 hp muscle car.

Location is huge with the pricing of a GTO. In Northern California, prices for a 05 GTO can be high teens, low 20's. No joke. It's not in demand up here. I like this.

I'm 22 now and have had my car since Jan. hardest thing is to have a car like this and not be able to drive the way i'd like. under 25, in hawaii, military... "hope no one gets offended by this but also being white.. or "haole" but if u were here you'd understand. one ticket here wont be under 200. i pay about 400 a month, plus 310 insurance, gas,... one ticket puts me into the worry zone. so i'd suggest waiting till u can get atleast afew grand to fall back on incase something happens... trust me you'll definetly get a ticket or two.. just make sure that extra owed money wont put you over what you have. honestly this car kills my bank account... but thats cause of where i live..

the only 05 your going to find under 20k would be a salvage titled car even where they arent in demand. also they arent in demand anywhere. so why should your area be any different? I find it hard to believe that northern ca demand would be any lower than say maine, montana or north dakota. 05s regularly go for mid 20s on ebay .cars are not a localized commodity anymore. having said this prices will continue to go down however id say itll be at least anouther year before you see 05s going for 18-20 if even then. lets not forget maybe they arent in demand but at the same time there arent exactly alot of them around either.

i'm 36 and bought my GTO yesterday over labor day weekend. up until this point, i've never bought a new car. so i rewarded myself for having payed some dues in life. it was about time.

seems most posts thus far are from 19-24 yr old kids. as for me, i'd never imagine enterng into such a car payment, monthly debt obligation at a time of life when nearly everything was uncertain and in constant flux. my early to mid 20s was a very financially challenged time of life, with the idea of having a new car completely alien an idea to me.

i've always been very frugal and fiscally conservative, allowing me to save and create fiscal goals. at such an age, mid 20s, i was more concerned with retirement and finding myself my own house, with a new car being the last thing on my mind. now i'm reaping the rewards of this focused and disciplined manner of thinking.

of course, i'm not everyone. and one should spend their money as they wish. it really depends greatly on one's personality type, their socio-economic "class" they were born into, and talent and skill offering to a chosen field. at 24 or 25, especially at 19, i was in no position of financial or professional power. it took me years to become good at what i do professionally. now after having bought 3 houses, 2 of which are rental properties, i feel completely comfortable buying a luxury item such as the GTO. it's not really something for struggling kids to have. but if your parents are paying for it, then, as i said, sure. go for it. who wouldn't.

i'm 36 and bought my GTO yesterday over labor day weekend. up until this point, i've never bought a new car. so i rewarded myself for having payed some dues in life. it was about time.

Congratulations.

As a fellow 36 year old I can relate. The nice thing about the GTO is that we can all relate to how much we like it regardless if we're 16, 36, 56 or even older than that.

Some people are born with the proverbial "silver spoon" in their mouth while others have to work hard to obtain such things. And some have to learn the hard way of over-extending ones financial bounds. It's all a balancing act. I'm just glad we live in a country that allows us the freedom of choice and the standard of living we have. A lot of the rest of the world doesn't. :)

^^^i agree 200% with you.

all walks of life can enjoy the GTO. and it is a balancing act to own one with all other life expenses figured in. i just took the nestea plunge and will just make it happen somehow.

Im 32 and bought 05 Torrid Red M6 new in Feb, when I purchased they gave me 2.9 %, then a week later I get a call and GM dropped my interest to 0% for the life of the loan. I didn't ask any questions I just said "Heck Ya!!" My insurance went down 100 dollars a month, compared to my mustang, because my insurance company classified it as a luxury sports sedan. So I have been pretty pleased with my whole GM purchasing experiance.

when I purchased they gave me 2.9 %, then a week later I get a call and GM dropped my interest to 0% for the life of the loan

Did they screw up or something, somehow I don't see GMAC being so kind as to drop your interest rate for kicks? Nonetheless glad you've got 0%. :)

They must have made a mistake, but I have all the paperwork, so Im so happy for their mistake!!!:D

the only 05 your going to find under 20k would be a salvage titled car even where they arent in demand.

I am picking up an 05 tommorow, I paid less than 20k (from a dealership.) It's possible you just have to keep your eyes open. I got lucky and stumbled across this one, I was not even looking.

An as far as age I'm 21 if anyone cares.

the only 05 your going to find under 20k would be a salvage titled car even where they arent in demand. also they arent in demand anywhere. so why should your area be any different? I find it hard to believe that northern ca demand would be any lower than say maine, montana or north dakota. 05s regularly go for mid 20s on ebay .cars are not a localized commodity anymore. having said this prices will continue to go down however id say itll be at least anouther year before you see 05s going for 18-20 if even then. lets not forget maybe they arent in demand but at the same time there arent exactly alot of them around either.

k, but this guy in the post above me proved this theory wrong.

16 y.o. here.

I am picking up an 05 tommorow, I paid less than 20k (from a dealership.) It's possible you just have to keep your eyes open. I got lucky and stumbled across this one, I was not even looking.

An as far as age I'm 21 if anyone cares.

I dont believe it. why would they sell 1 for less than what they could unload it on ebay for?Unless it had been in an accident,salvaged or ungodly milage.nada value is 25.5k retail 22.5 trade in.If you did find 1 under 20k at this time id say you got the best deal ever and id look into its history .

k, but this guy in the post above me proved this theory wrong.
well I gave someone prenty of time to PROVE me wrong didnt happen not gonna happen because ur not getting an 05 even now for less than 20k. Some kid comin on here saying they are buying a car for X amount proves nothing . I beleive that guy like i beleive the 16yo who says hes getting 1. A limited production vehicle is not going to lose more than 37% of its msrp in a little over 1 year unless its tore up.

GTO's can be expensive, not the car mostly though, but the insurance. In NYC my insurance is 5200 a year. Thats with a clean driving record, at 24.

I'm 45 and own an '05 Midnight Blue Metalic A4 GTO. 14 months old with 20k miles - daily driver with a 76 mi round-trip daily. The one huge advantage of getting older is insurance. I pay a little over $1,200 annually for 300k/300k coverage. Helps that I have a house and three other cars on the insurance - but age and a good driving record helps as well. Although it's hard to resist the desires of my goat - and I'm sure I'll see those flashing blue and reds sometime in the near future.

I'm 45 and own an '05 Midnight Blue Metalic A4 GTO. 14 months old with 20k miles - daily driver with a 76 mi round-trip daily. The one huge advantage of getting older is insurance. I pay a little over $1,200 annually for 300k/300k coverage. Helps that I have a house and three other cars on the insurance - but age and a good driving record helps as well. Although it's hard to resist the desires of my goat - and I'm sure I'll see those flashing blue and reds sometime in the near future.

Yeah, and when you are pulled over, a 24 year old officer of the law will ask, "What's the big hurry, son?", or worse, "What's the big hurry, boy?" Maybe it is just me who gets hit with lines like that...unless they ask me to step from the vehicle. Then they call me sir. ;)

-K

yup, im 45. and loving it with this car. Q: whats the differance between the 05 gto and the 06? reason im asking is i thought we where supposed to get illuminated steering wheels and a unlock button on the console.

Differences between '05 GTO and '06 GTO, please feel free to add to the list if I miss anything:


illuminated stereo control on steering wheel
door lock button
rear tail lamps
additional power outlet
minor computer changes
available colors - Brazen Orange Metallic & Spice Red Metallic
faster power seatsAs far as I can recall, that's it...but then again, my memory has been to fail on occasion.

-K

yup, i though so. i didnt get the alluminated steering and the console button what gives? you think they sold me a 2005 as a 2006

yup, i though so. i didnt get the alluminated steering and the console button what gives? you think they sold me a 2005 as a 2006

I don't know. Have you checked the date of manufacture? What does your title say? There are a number of ways to check, but if the car was purchased new, I would not suspect that a dealer would want to deal with the hassle of a customer finding out that the car was in fact an '05 and not the '06 he/she thought they were buying.

-K

I hate to use an old quote: but, if you have to worry about how much it cost, you can't afford it! (Hugh Heffner 1969) I'm 60 yrs.old, I have a 2005 Phontom Black M6, that I just had a ProCharger installed on it,3" stainless exhaust, 19" tires, with Chip Foose Wheels.To date, I have $40,000. invested in the car. Make no mistake, this GTO makes over 600 h.p. and it's worth every penny!!!

I'm 60 yrs.old

Just a youngster.....Wait until you get to be my age! (I'll never tell!)

Hey Silver Goat, it looks like it's just you and me with all of these youngsters! Sounds like you and I are similar in our thoughts.... I love to go FAST!!!! I love the look on the face of the drivers of the 5.0 Mustangs, as they are looking at my tail lights! Stay safe!

I love to go FAST!!!!

Yep....That's me, too! Seems like the older I get, the faster I wanna go!

Yep....That's me, too! Seems like the older I get, the faster I wanna go!

I seem to recall something about Einstein's Special Theory of Relativity that suggests that time slows down as one appoaches the speed of light. Subsequently, this would cause one to age more slowly. Perhaps you guys are on to something, with the GTO acting as the fountain of youth. Most excellent. ;)

-K

I seem to recall something about Einstein's Special Theory of Relativity that suggests that time slows down as one appoaches the speed of light. Subsequently, this would cause one to age more slowly. Perhaps you guys are on to something, with the GTO acting as the fountain of youth. Most excellent. ;)

-K

At least we can use that reasoning as an excuse! :)

well I gave someone prenty of time to PROVE me wrong didnt happen not gonna happen because ur not getting an 05 even now for less than 20k. Some kid comin on here saying they are buying a car for X amount proves nothing . I beleive that guy like i beleive the 16yo who says hes getting 1. A limited production vehicle is not going to lose more than 37% of its msrp in a little over 1 year unless its tore up.

You are the one that jumped on my sack originally, so don't act like this came out of nowhere. There are 05's under 20K all over autotrader and in the local papers. The burden of proof is on you because you need to prove me wrong for some reason. Too bad.

go to ebay thats my proof find 1 05 that hasnt been salvaged or has 30+k miles and has met the reserve for under 20k.ive yet to see an 05 advertised for under 20k.now stop beatting a dead horse. especially since this is beginning to lead into a new year already its very shorty going to be a moot point. you were claiming in june that you could buy a gto in cali. for mid teens .The cars at that point were a year old or less. get real man accept the fact ur full of crap and move on .

keep it civil or it gets das lock.