Thinking about trading up.

[PoorMansCamaro]

just did a quick autotrader search, there's a CGM 2010 SS with only 5,200 miles on it for 28,994 at North Central Ford. 17 miles away from 75070

[ewynn9]

Originally Posted by PoorMansCamaro

First off, if you can't get AT LEAST 20k for your trade in, then the dealer is screwing you. I would push for 22k for your car. If you can save 3k to put down, then you are only rolling over 1k into the SS, if you can get 22k for it. even if you meet in the middle, at 21k, that's only 2k rolling over

I gotta find that deal first lol. If I can't find an IBM or IOM, M6 and sunroof then I'll wait.

Originally Posted by Wakemaker89

not to be too nosy but how much was it when you bought it new that you still owe 26k on it! even at 5.7% interest that seems really high for 2010 Lt with RS package

Somewhere around 32K. Dont remember exactly, I had to defer a couple payments do to a few months of unemployment last year. Like I said earlier, I din't research properly and did an impulse buy. In hindsight, I could have gotten a 1SS for the same price...live and learn.

[zogster]

If you have credit card debt and are going to roll over $6k onto a new loan I doubt you will get a better financing rate than what you have right now.

Sounds to me like the SS is going to cost you quite a bit more when you factor in the extra interest you will be paying if you were to get a new loan and the SS.

There's a lot of people who would like to have an SS that have an LT, sometimes it's just not the best decision.

Looking back on it I sort of wish I had the SS but I don't have any regrets with the V6, other than the manual transmission not being the greatest. There were a lot of unknowns for me. I was just out of college, my other car died (wouldn't have bought a car right away otherwise) and I had to have a car for work. Didn't know what I could really afford per month so I went with something that I knew I could afford, assuming I liked my job and my employer liked me well enough to keep me.

Now 4 months into my job with everything going smoothly, I look back and realize the SS would have been possible. Still though I am saving a bunch of money with the V6, and I really don't need anything more.

[SSGUNNER]

Originally Posted by ewynn9

Yes I realize there has been alot of threads about this lately but I haven't actually seen people talk about the process.

I'm thinking about trading up to a 1SS in the spring, instead of pumping 2-3k in mods into my LT. I originally got the LT because I had a 100 mile round trip commute and was only 23 at the time. I also failed to do proper research and impulse bought.

My car is just about to hit 24K and I bought it in Jan 2010. I owe 26K on it, should be down to about 24K by February. My payments are $541 with either a 5.1 or 5.7% interest (don't remember).

How should I go about this? I'd want a used SS, no year preference. How would the financing work since I realize I'm not going to be able to pay all of the difference.

Holy crap. When did u get the Lt? How much did u get it for? Also i paid less than you and i owed 24k. Was offered 23k for my LT. So what a 1k loss?? Got my 2SS/RS for under sticker and with 4.5% apr. For me it was now or never.

[Im_Fly_Like_A_V6]

Good post I too am wondering about all the financial details of a trade... because I'm also thinking of doing the same.. 2 questions that maybe some of u can help me with is 1.. hypothetically speaking I get 23k for my trade and pay off is at 25k... how much time do I have to pay that 2k difference and would it still be done in monthly installments?

Secondly I have a few mods on my car... 22in rims ... after market 'compustar' alarm with GPS tracker... eibach lowering springs ....and an aftermarket 'webasto' sunroof... would any of these mods hinder or better the value of my car in a dealer trade or private sale situation? I know the sunroof might but at the same time its a webasto snd not a rinkydink sunroof... thanks for any advice

[papabearcamaro]

Originally Posted by Im_Fly_Like_A_V6

Good post I too am wondering about all the financial details of a trade... because I'm also thinking of doing the same.. 2 questions that maybe some of u can help me with is 1.. hypothetically speaking I get 23k for my trade and pay off is at 25k... how much time do I have to pay that 2k difference and would it still be done in monthly installments?

Secondly I have a few mods on my car... 22in rims ... after market 'compustar' alarm with GPS tracker... eibach lowering springs ....and an aftermarket 'webasto' sunroof... would any of these mods hinder or better the value of my car in a dealer trade or private sale situation? I know the sunroof might but at the same time its a webasto snd not a rinkydink sunroof... thanks for any advice

Answer to your first question.. That $2000 would get rolled into the life of the loan for the new SS. So you will still be paying on your old car at the same time you are paying on the SS.
Second...Dealer will NOT give you any extra trade dollars for your mods. Also,the dealer does not care that your sunroof is a Webasto,it is an aftermarket sunroof and did not come stock on the car.
The mods will not raise the value of your car on trade in,they were done purely for your enjoyment

[Trevorw24]

Originally Posted by ewynn9

I didn't just test drive an SS, I had an L99 for 2 weeks while my car was in the shop for a clutch/tranny issue (not my fault). I fell in love with it.

My insurance would go from $90 to $120, not a big deal.

That was a very rough estimate for arguments sake.

That's genius marketing by the dealer.

[01pewterz28]

I really think you should sit down and really figure out how much is a V8 worth.

Ok let’s do some simple math here

You owe say $24k at the time of trade in and they offer you say $18k you are upside down $6k

You find a used 1SS for say $31k add your negative equity into that loan so you are up to $37k add tax to that here is a quick break down on what you will be paying if you can get a loan for 5 years IMHO you need to just live with the LT the only way I would go for it is if you could get your negative equity to 1k or less.

I would not take my tax money and put it down on the car I would save it what happens if you have a job loss, or gas prices spike to over $4 a gal, or something else happens then what? Is an SS worth the extra $150+ a month more than what you are paying now?

$691.74
Monthly Payment $41,504.27
Total of 60 Payments

$5,464.27
Total Interest Paid

[Wakemaker89]

Originally Posted by ewynn9

I gotta find that deal first lol. If I can't find an IBM or IOM, M6 and sunroof then I'll wait.



Somewhere around 32K. Dont remember exactly, I had to defer a couple payments do to a few months of unemployment last year. Like I said earlier, I din't research properly and did an impulse buy. In hindsight, I could have gotten a 1SS for the same price...live and learn.

1SS? sir you could have gotten a 2SS I also noticed you live in McKinney, if/when you get ready to buy/trade take the long drive over to classic chevrolet in grapevine it will be well worth it and you will end up paying well below MSRP as several others on this site can tell you I got my fully loaded 2SS (minus the sunroof cause I didn't want one) about 2 months ago for 31k

[SteveRS]

All these downer stories... depressing... I will give you a success story... MY success story... I had a Black 2011 1LT/RS and had it for 4 months... i said I want to try and upgrade.... my interest rate was 13%.... (my cobalt SS turbo was 17 % hahah) after some debate and knowing i was going to roll rom neg equity and my credit wasnt the best... I decided to give it a try...

I'm now the proud owner of a IBM 1SS (converted my own RS package ) with only 6% interest rate the LOWEST ive ever had... thanks to a certain Angel looking out for me by the Name anna bearinger who is by far the best sales experience ive ever had.. Im happy as all hell now doin my V8 LS3 thing =] of course i didnt roll a ton of neg equity and I think I ended up breaking even with my cash however the end result is.. I haz SS now... and plenty of picture proof so no GTFO for me

In conclusion... my advice to you is... GO FOR IT.... I'm sure your wise enough to knwo what your LIMITS to your income is and wouldnt take on a bigger burden you couldnt financially handle... go through the motions and see what the dealer would offer you and let them crunch some numbers to see if its doable or not.. then you can make the appropriate choice based on the results =]

[angie7]

Originally Posted by Wakemaker89

1SS? sir you could have gotten a 2SS I also noticed you live in McKinney, if/when you get ready to buy/trade take the long drive over to classic chevrolet in grapevine it will be well worth it and you will end up paying well below MSRP as several others on this site can tell you I got my fully loaded 2SS (minus the sunroof cause I didn't want one) about 2 months ago for 31k

There u go!!! If ur really serious about upgrading go talk to the dealer recommended above. If u dont, the what if will always bother u. There is $1500 rebate on the 2011's right now. Also not sure if u have any extra warranties but those can b cancelled and applied to the new loan as well. Thats what I did w mine. $2400 in cancelled warranties that went towards cash down on the SS. U will b upside down but the question is how much and thats what u need to find out. Nvr hurts to talk to someone. My payments only went up $36 a mth for the same # of mths, ins $20 a mth, and my interest rate dropped from 12% to 5%. Overall it was a great deal for me to trade up.

[bmorecam]

First of all, you owe way too much on your car to talk about trading into a dealer. you will end up being upside down but if you must trade in then sell privately. that might be your only option. I wouldnt even be talking about trading in for an ss with a balance of a brand new camaro. I plan to sell my camaro privately as soon as I pay off the 9k I have left which should be before end of 2012. It wont be for another camaro tho, ss or v6.

sell privately or just hold on to it. alot of new options are about to happen for the v6

[midnighter]

I remember being in your upside down shoes in the past with a '95 240SX @7.9% apr for 72 mo. and $523.68 monthly payment. However I got in an accident where it was totaled and I was fortunate to not get hurt and that my insurance paid me out $3k over what I owed on it allowing me to get out from under that bad loan. After that incident I stopped buying on impulse, started throwing down big down payments, and got shorter term loans with lower apr rates.

[BowtieBelle]

Originally Posted by 01pewterz28

I really think you should sit down and really figure out how much is a V8 work.

Ok let’s do some simple math here

You owe say $24k at the time of trade in and they offer you say $18k you are upside down $6k

You find a used 1SS for say $31k add your negative equity into that loan so you are up to $37k add tax to that here is a quick break down on what you will be paying if you can get a loan for 5 years IMHO you need to just live with the LT the only way I would go for it is if you could get your negative equity to 1k or less.

I would not take my tax money and put it down on the car I would save it what happens if you have a job loss, or gas prices spike to over $4 a gal, or something else happens then what? Is an SS worth the extra $150+ a month more than what you are paying now?

$691.74
Monthly Payment $41,504.27
Total of 60 Payments

$5,464.27
Total Interest Paid

This. Stick with your car, IMO.