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.
Camaro - V6 vs. V8, not sure what to do.
- Thread starter mcpp66
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CEE DOG
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- Jul 12, 2009
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You made your decision when you bought the V6. You did that to save money. To switch now would cost a lot more then it would have then. If you did switch to the V8 then a year from now you would want something more. It's only human habit.
Forget about it for now and be grateful for the great car you have. I'm assuming you pay some interest on the loan. Based on that assumption I say take the money you were going to put into upgrading and pay off some more of what you owe. Assuming of course you don't have another debt with higher interest. Take great care of it and pay it off as soon as you can. In the long run you will have more money and when you visit the bank drive through it won't be their car you are sitting in.
Good luck with your choice :dblthumb2:
Forget about it for now and be grateful for the great car you have. I'm assuming you pay some interest on the loan. Based on that assumption I say take the money you were going to put into upgrading and pay off some more of what you owe. Assuming of course you don't have another debt with higher interest. Take great care of it and pay it off as soon as you can. In the long run you will have more money and when you visit the bank drive through it won't be their car you are sitting in.
Good luck with your choice :dblthumb2:
Fly bye
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- Nov 16, 2007
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Technically, if your car is worth 2 grand more than what you owe, then you are 2 grand above water as of right now. The $8,500, plus whatever payments you have made over the last year, minus 2 grand, is what you are down, but as of now, you are 2 grand above water.
This is a ludicrous proposition. What is the total interest over 10 years? 10-12k?
:iagree:
You cannot afford this car, unless you want to be married to it for the next 10 years of your life.
- Thread starter
- #8
Well, it might be better than being married to a nagging wife.
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- #9
I didn't know they were coming out with a Z28 in 2012. I could certainly pay this one off by that time.
detail viking
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- Oct 27, 2008
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I say get the v8. Nothing feels better than driving a fast car (or motorcycle, or anything fast). I would detail the v6 and start trying to sell it private seller. U should get considerably more for it than trade. Good luck!
Fly bye
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- Nov 16, 2007
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Thanks for your input guys. I'm not going to get that V8 just yet. If anything, I may just put it up for sale like detail viking said or I'll just keep it for now and keep putting money away for the 2SS or Z28. Looking back now I do wish I would have just gotten the V8, but hindsight is 20/20 I guess. It's still a cool car I suppose, but I guess now I'm just trying to convince myself of that.
ziggo99
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- Nov 12, 2009
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Just keep it. It's just your inner boy talking that you need a v8. The V6 gets you where you need to go plenty quick, with better mileage, lower insurance, and you're closer to having it paid off.
Granted, I did get a V6 Aura over the 4 banger, but they were the same price. That doesn't apply in your case.
Granted, I did get a V6 Aura over the 4 banger, but they were the same price. That doesn't apply in your case.
- Thread starter
- #16
Yeah, you're right. Believe me, if the V6 and the V8 were the same price this wouldn't be an issue for me right now.
Here is something for you consideration a buddy of mine got himself a nice new 2010 SS Camaro, Figuring his insurance would not be much more then his 06 Mustang GT. He was way wrong. Ater getting the car he found out his insurance at the cheapest he could get with a clean driving record and being almost 40 years of age jumped 1200$ a year.
WRAPT C5Z06
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- Nov 12, 2009
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Hate to say it, but I would never consider buying an American Sports or muscle car unless it's a V8. Even before my C6 z06, it was V8 Mustangs or Camaros. I can tell you have lost interest in your car, been there, done that! If I were you, I'd sell it private party and buy a used V8 sports or muscle car. There's plenty to choose from!
ScottB
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- Mar 3, 2006
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I going a different route with ya than the others, and I am leaving banking out of it as you already signed the note on current car.
Your car came with around 310hp. That aint no slouch and I had more than several V8 Formulas, T/A's, and such that came with less in the 80's and 90's. The V6 in the new Camaro is a great piece of hardware and offers some good gas mileage too. I would suggest looking for a supercharger or turbocharger kit. (trust me they are coming and some already out there) Look for a magazine locally called Hi-Tech its all about GM cars and has great contacts for parts.
Dont look to another depreciating item and the higher insurance costs just because of engine. You can easily coax over another 50-75 hp out of that motor and can use the saved money for wheels, suspension goods, and more. Your gonna see alot smaller motors and V8's are going to be taxed heavily or removed as CAFE standards increase to meet the new laws. Also gas aint getting cheaper and soon could be back to 4 per gallon.
Your car came with around 310hp. That aint no slouch and I had more than several V8 Formulas, T/A's, and such that came with less in the 80's and 90's. The V6 in the new Camaro is a great piece of hardware and offers some good gas mileage too. I would suggest looking for a supercharger or turbocharger kit. (trust me they are coming and some already out there) Look for a magazine locally called Hi-Tech its all about GM cars and has great contacts for parts.
Dont look to another depreciating item and the higher insurance costs just because of engine. You can easily coax over another 50-75 hp out of that motor and can use the saved money for wheels, suspension goods, and more. Your gonna see alot smaller motors and V8's are going to be taxed heavily or removed as CAFE standards increase to meet the new laws. Also gas aint getting cheaper and soon could be back to 4 per gallon.
vet
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- Jun 6, 2010
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Keep the V6 in good shape, and save up for the Z, but check insurance and license costs first. There are sure to be more regulations on cars that are fun to drive. What's the point of having a car you can't afford to enjoy? And a ten year loan is way too long, don't do it!