Camaro - V6 vs. V8, not sure what to do.

[mcpp66]

You're absolutely right man..........but the little boy inside me is still very strong. I'm going to save the money, but who knows, when it comes time to walk the walk I may end up thinking better of it. But knowing me, I'll choose the fiscally irresponsible route and get the Z28 just for those extra 200 horses under the hood, which I really don't need but just want really, really bad.

 

[INMY01TA]

The 300+ HP V6 should be plenty of power for that car, 0-60 times are not that much off from the 426Hp engine. Given the price difference and the extra money you'll be paying in PREMIUM gas, it doesn't make that much sense to go out on a limb. Long after the joy of getting what you want, you'll be feeling it in the wallet. The question you may need to ask yourself, "is 1.2 seconds worth $10,000+".

Ehh, back in 01 I bought the 5.7 LS1 Trans Am, never regretted it to this day. No matter the hp of a V6 it will never have the torque nor the soumd of a V8.

 

[rwright]

Given the price difference and the extra money you'll be paying in PREMIUM gas, it doesn't make that much sense to go out on a limb.

This is my favorite. People act like they are paying $10 more per gallon for premium gas over regular unleaded. If you can't afford the extra $2-$4 per fill up then you probably shouldn't be driving, instead investing in public transportation. I have never figured out why people make that statement. "Oh don't buy that, it takes premium fuel." Just because a vehicle has a lot of power available doesn't mean you have to drive like Kenny Bernstein everytime you put it in gear.

Back to the subject, spending money on a V6 muscle car is a waste. I'm sorry but that is my opinion. That's like the people who buy a Porshe Boxter, they want the name but don't want the payment. You will always kick yourself for not waiting and buying what you should have from the beginning. I know, you have stated that you are keeping the V6 and saving for the Z/28, good for you! It makes sense financially and will pay off with your pride when you take delivery and start racing everything that pulls up beside you! Until the day comes and you find yourself with extra cash that you don't wish to apply towards your current loan, invest in bolt-ons. You can always remove them and re-sell them. Bolt-on performance doesn't void your warranty as long as you remove the part before taking it in for service.

 

[gumbedamit]

Ehh, back in 01 I bought the 5.7 LS1 Trans Am, never regretted it to this day. No matter the hp of a V6 it will never have the torque nor the soumd of a V8.

If he bought it from the beginning, I'm certain there would have been no problem, but to trade the current one in, then have the loan extended 10 years, lose money on the depreciation, pay more money for gas, insurance hike, rear tires, you get the idea. It just seems like a lose, lose situation. Save money for the Z28, or $3K for a bolt on Super Charger.

 

[gumbedamit]

This is my favorite. People act like they are paying $10 more per gallon for premium gas over regular unleaded. If you can't afford the extra $2-$4 per fill up then you probably shouldn't be driving, instead investing in public transportation. I have never figured out why people make that statement. "Oh don't buy that, it takes premium fuel." Just because a vehicle has a lot of power available doesn't mean you have to drive like Kenny Bernstein everytime you put it in gear.

Back to the subject, spending money on a V6 muscle car is a waste. I'm sorry but that is my opinion. That's like the people who buy a Porshe Boxter, they want the name but don't want the payment. You will always kick yourself for not waiting and buying what you should have from the beginning. I know, you have stated that you are keeping the V6 and saving for the Z/28, good for you! It makes sense financially and will pay off with your pride when you take delivery and start racing everything that pulls up beside you! Until the day comes and you find yourself with extra cash that you don't wish to apply towards your current loan, invest in bolt-ons. You can always remove them and re-sell them. Bolt-on performance doesn't void your warranty as long as you remove the part before taking it in for service.

I can well afford the $4 per tank for Premium gas, doesn't mean that I didn't wish that my Jaguar:hungry: didn't take regular gas.
With that being said, that $4 per fill up equates to almost a full tank of gas per month. Less than a year ago Premium gas was around $6 a gallon, it was worth it for me to put my Jag in the garage and drive my Expedition. Sometimes good sense just makes good sense.

 

[longdx]

In the end, a car is a car (this is coming from a gearhead no less!). Despite what the original poster desires, the rational idea is to not overpay for a new car when the OP has a perfectly desirable car currently. Is the extra HP worth the depreciation of the original car, gas, insurance,and loan extention etc (like Gumbedamit stated in the above post)? It is also worth noting, that the OP's current vehicle is no slug with over 300hp stock and he probably saves on insurance because it is a V6 and not a V8. Unless the OP decides to go to the track weekly, than where is the tangible payoff of upgrading? Right now , he has a well sorted vehicle that is in demand.

Also with respect to RWRight's statement about whether someone should or shouldn't buy based on whether the vehicle needs premium, I will respectfully disagree. Just because I may be able to afford paying extra for gas, does not mean I want to. Second, the OP has a better vehicle in case of the inevitable gas increases that will happen when the next Katrina, OPEC rationing or whatever potential disaster impedes the distribution of oil. In reference to the Porsche Boxster comment, I have had the opportunity to drive one and it is one of the most well balanced vehicles to drive. (I'd take that over a 911 due to its neutral balance and tossable nature). It is all about balancing the want/need ratio when buying a car.

 

[rwright]

I never mentioned wanting to pay for premium gas! I have to use premium fuel, do I want to pay for it? No. Do I say anything about it? No. I wasn't directing that statement to the poster here, just a general blanket statement because I hear that quite often. And the Boxter is a turd. I've driven that car on more than 1 occasion and you couldn't pay me to take it. That wasn't the point of my statement anyway. I made that statement in relation to buying a V6 sports car vs. a V8 is like buying a Boxter, you want to be able to say "I drive a Porshe". It's like people who buy knock off Rolex's, they want the look of the real thing without the price. You can take my statements out of context as much as you wish, but in the end the OP said he wished that he would have just bought the V8 model from the beginning which is my argument, skip the V6 and go for the V8 even if you have to wait a little. :xyxthumbs:

 

[longdx]

@rwright:
I was not trying to ruffle any feathers. However, the real question that the OP was wondering whether it would be beneficial to upgrade to a Z28 from his nearly new V6 Camaro. My thought, is that he bought a fine car and it would be financially poor decision to sell that and buy the Z28 with the increased loans, insurance, etc. Again the want/need ratio comes into play here.

I will respectfully disagree with your blanket statement about buying a V8 over a V6 sports car. (I would have agreed with the previous generation Camaro/Mustang) . But the new generation base Mustangs/Camaros have finally decent multivalve OHC engines that put out respectable numbers. They have bridged the gap between the two models that buying a base car is not the penalty box it used to be. (We will have to agree to disagree on the Boxster. I would rather have a well balanced sports car than blistering straight line performance...That is just me and maybe I confess my age comes into play here).

 

[rwright]

@rwright:
I was not trying to ruffle any feathers. However, the real question that the OP was wondering whether it would be beneficial to upgrade to a Z28 from his nearly new V6 Camaro. My thought, is that he bought a fine car and it would be financially poor decision to sell that and buy the Z28 with the increased loans, insurance, etc. Again the want/need ratio comes into play here.

I will respectfully disagree with your blanket statement about buying a V8 over a V6 sports car. (I would have agreed with the previous generation Camaro/Mustang) . But the new generation base Mustangs/Camaros have finally decent multivalve OHC engines that put out respectable numbers. They have bridged the gap between the two models that buying a base car is not the penalty box it used to be. (We will have to agree to disagree on the Boxster. I would rather have a well balanced sports car than blistering straight line performance...That is just me and maybe I confess my age comes into play here).

It's all good with me my friend! :xyxthumbs: We all have opinions and can't always agree. I admit though, 300HP from the new V6 motors is quite impressive. That's also why I said to invest in some bolt-ons. Squeeze everything you can out of it while you have it. I'm with you also on the fact that upgrading as soon as the new Z comes out would be a poor financial decision.

 

[Zivman]

It's all good with me my friend! :xyxthumbs: We all have opinions and can't always agree. I admit though, 300HP from the new V6 motors is quite impressive. That's also why I said to invest in some bolt-ons. Squeeze everything you can out of it while you have it. I'm with you also on the fact that upgrading as soon as the new Z comes out would be a poor financial decision.

bolt-ons? Doubt you could squeeze 10% more out of that motor with N/A bolt ons. Save ups some cash and boost it. I am sure there will be at least a few companies with twin turbo setups. IMHO, nothing more fun that boost.... like the cherry on top. Just makes things better.

Personally I would have opted for the 6 with plans to turbo it. If you want to keep it stock, the V8 was the way to go. As others have said, if you are considering a 10 yr loan, you cannot afford the car

 

[rakkvet]

Two years isn't a long time to wait and save $$$. Ten years is a lot of time to pay off debt. It's also scary to know that your car will have to stay in good mechanical shape for 10 years before you own it. I know you've made your decision. I think it was a great one. Enjoy the car you have. Can't wait for you to post the pic of your new car in 2 or 3 years.

 

[slimnib]

Hello. I have a bit of a conundrum here that I wanted to run across you. Last year I purchased a V6 2010 Camaro and it's a great car. Obviously I chose the V6 route to cut down the cost. Well, a year later I still love the car but I feel as though I sold myself short. Now I want the V8. The problem is that I have no cash to put down on the a V8. The Kelly Blue Book trade-in value is a couple grand more than what I currently owe on the car, so assuming the dealership gives me a good trade I should come out ahead (well, not really, I put $8500 down on the car so technically I'd be down about $6500, but oh well). Anyhow, the dealership told me that, depending upon my credit, they could take the loan out to about 10 years in order to lower the monthly payment to around what I'm paying now for my V6 Camaro. I currently owe around 23 grand on my car and the V8 will run around 40 grand with tax and title. Minus the 1-2 grand I would get on the trade-in, I would be going from a debt of 23 grand with 6 years left to pay to about 39-40 grand with 10 years left to pay and almost certainly a higher APR. I know it wouldn't be the smartest financial move, but I want the V8 so badly I can taste it. I'm certainly not a rich man, just a run of the mill I.T guy. So what is a guy to do, make a foolish financial decision for something that would make me really happy, or suck it up and save up the cash for a year or two? I'm not the most patient man in the world. I don't know, I guess I should have just got the 2SS Camaro last year.

Never,ever take a car loan for more than three years. If you do you will be in hole for most the loan term. If you cannot afford the three years payments you cannot afford the car, buy a used one. Live with your current car until you pay it off. Rollover loans make dealers and loan companies rich and you poor.

Also, next time look at the Mustang. Almost all of the write ups have the Mustang besting the Camaro in most categories. Tell me how do you see out the window?

 

[mcpp66]

Never,ever take a car loan for more than three years. If you do you will be in hole for most the loan term. If you cannot afford the three years payments you cannot afford the car, buy a used one. Live with your current car until you pay it off. Rollover loans make dealers and loan companies rich and you poor.

Also, next time look at the Mustang. Almost all of the write ups have the Mustang besting the Camaro in most categories. Tell me how do you see out the window?

I've probably read those same write ups, but the Camaro is still a sexier car. I was never much of a Ford guy. The visibility (or lack thereof) does take some getting used to.

 

[mcpp66]

Two years isn't a long time to wait and save $$$. Ten years is a lot of time to pay off debt. It's also scary to know that your car will have to stay in good mechanical shape for 10 years before you own it. I know you've made your decision. I think it was a great one. Enjoy the car you have. Can't wait for you to post the pic of your new car in 2 or 3 years.

Thanks.........my conundrum now is what color to get. Black looks best, but it's a maintenance nightmare. Obviously a light color is easiest, but it just doesn't look as good.

 

[Sinbad]

Just to add another "spin" on this, if you were to purchase this car, you would spend over $57,000 with interest on a 10 year loan. That is with good credit and a good interest rate. Think about what you could buy for that price???

I agree with keeping the one you have. I think they are a great looking car, but I am a little partial!!!

 

[slimnib]

I've probably read those same write ups, but the Camaro is still a sexier car. I was never much of a Ford guy. The visibility (or lack thereof) does take some getting used to.

Car choice is a personal thing. I understand. Listen to the advise of the car loan, do not get sucked in.