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Old 05-05-2012, 05:31 PM   #35
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The people that do trade in for a v8 have a boat load of excuses to justify that they didn't get financially fisted when in reality they did, lol.
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Old 05-05-2012, 05:47 PM   #36
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Originally Posted by Monchy36 View Post
PR! You the perfect example of what i'm talking about! Esperanza was amaizing!!!! I saw your journal and Man! How much time, money and love you put on that car!!! But still you let her go for more power? And start all over again!!!
The good thing about modding is that you can remove and sell it stock. Thats what I did and ended up losing about 900$ after I sold stuff. And yes I spent many hours on Esperanza an still traded her in. But as i said why go thru the whole loan and pay 22k for the v6 if I still want more out the car. And don't worry the mod bug never leaves. I just bow painted bowtie, AAC sidemarkers, afterburners and other goodies.
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Old 05-05-2012, 05:56 PM   #37
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Originally Posted by gjarzabek009 View Post
The people that do trade in for a v8 have a boat load of excuses to justify that they didn't get financially fisted when in reality they did, lol.
I'm not certain about the "excuses" part, but your statement definitely holds water.

There are very few threads I've read on this forum where anyone has openly admitted to taking a "financial bath" by trading up from an LS/LT to an SS.

Heck, My 2LT RS 'vert is 9 months old and paid off and has only 2,400 miles on her. If I were to trade up to a 2012 2SS RS 'vert, it would cost me approx. $15k, given the current trade-in value of my 9 month old 2011 'vert is approx. $26-$28k.

There's no way in hell people are even "breaking even" - let alone getting ahead - by trading up - even if their Camaro is paid off. Lowering one's monthly payments via the trade-up is, with all likelihood, due to a better interest rate than the original loan and having SOME equity in the old Camaro. Either the loan pay-off of their 1st Camaro is rolled over into the new, (lower interest?) loan or they're receiving less in trade-in value than the original selling price if the car is paid off - because it has depreciated. Making payments on 2 Camaros for a total of 7 or 8 years is still a mega loss. I'm not a financial wiz, but the simple fact is, folks are just extending their payment plan toward owning a Camaro.

Nothing wrong with any of that. To each his own, but it is wise to "live within one's means".

Lots of threads about the "cost of trading up".
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Old 05-05-2012, 06:30 PM   #38
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I traded up after 7 mths with my LT. Did I need the power? No. But I wanted it. Plus my payments only went up an extra $40 bucks a mth for a brand new '11 SS/RS. Its very unlikely you will walk away wo being upside down in your current loan, the important question is how much.

Ohhhh and IT'S WORTH EVERY PENNY FOR THE V8!!
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Old 05-05-2012, 06:39 PM   #39
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Originally Posted by angie7 View Post
I traded up after 7 mths with my LT. Did I need the power? No. But I wanted it. Plus my payments only went up an extra $40 bucks a mth for a brand new '11 SS/RS. Its very unlikely you will walk away wo being upside down in your current loan, the important question is how much.

Ohhhh and IT'S WORTH EVERY PENNY FOR THE V8!!
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Old 05-05-2012, 06:42 PM   #40
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Everyone saying my payment only went up xxx.00$ a month how many more months did you extend your loan? Did you end up with a new 60,72,84 month loan?
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Old 05-05-2012, 06:43 PM   #41
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yea like I said didn't mean to offend the dude with the high interest. just wanted to point out that financially, trading up isn't really a smart thing to do so if that's the justification people want to take the jump it isn't a very good one. twist it around in your head all you want but what it really comes down to is how much you want it. you want it bad enough youll convince yourself any way it takes that it really isn't costing you "that much more"....

that being said if you have little to no credit then, other than paying cash for the ss, you really don't have many choices other than building credit with a smaller loan for a year or so before you can get the larger loan you originally wanted to get anyways....
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Old 05-05-2012, 06:51 PM   #42
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For most I guess they settled for what they could afford I Did not want the SS since I use my Camaro as a daily driver 51k so far besides I have my V8 Caaro in the garage.
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Old 05-05-2012, 06:54 PM   #43
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I think that the term "financial bath" might be a bit harsh but let's face reality, cars are not an investment, they are our play toys. Of course they depriciate, some much more than others. I'm proud to say that mine "only" depriciated $5k in the 3 years that I had it. I did have "equity" in it and I am very financially savy, but I love spending my hard earned money on toys. My Experian credit score of 896 out of 900 should tell you something about my fiscal responsibility and why I got such a great rate. I'm not like some of these members who are way upside down on their loans. Our primary vehicles have been paid for, house will be in just over a year. This is just a weekend/pleasure car for me, not my DD. So if i took a "bath" the water sure was warm.
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Old 05-05-2012, 06:57 PM   #44
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Quote:
Originally Posted by kylenewman View Post
Everyone saying my payment only went up xxx.00$ a month how many more months did you extend your loan? Did you end up with a new 60,72,84 month loan?
This is the thing that everyone always leaves out. If your car is worth $24k and you owe $15k on a loan with 48 months left at 3%, you're paying $332 a month.

If you trade in the car and get the $24k, and you don't put anything else down on a $36k car, you're adding $12k to your loan. So your loan is now at $27k. If you refinance for 72 months, again at 3%, then your payment jumps all the way to $410.

If you finance for 84 months then your payment jumps only to $356, but you're financing for an extra three years!

And I feel like the $9k ahead on the first loan scenario is probably better than what most people can say.

It's simply not possible to not have the payments come out to a lot more unless you increase the length of the loan significantly, because you're financing significantly more money.

Either you have to increase the length of the term or you have to put down a significant amount of cash.
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Old 05-05-2012, 06:59 PM   #45
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yea, it's the oldest trick in the book. salesmen love it when someone walks in the door and informs them that they don't care what the car costs or what the terms are, they just want the payment at or under a certain amount.
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Old 05-05-2012, 07:00 PM   #46
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My interest rate is now 2% better than my original loan. I think I have a lot more car now, so I think it's worth the extra $50/month AND I can afford it!
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Old 05-05-2012, 07:01 PM   #47
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From 1983 to 1987 I bought a new z28 or iroc every year. The cars depreciated $1100-1500 a year.
It might not have been smart but I got a lot of enjoyment out of those 5 cars.
I love how people say others. Are getting hosed by going from a v6 to a V8. If that is what someone wants to do then fine. Buying any Camaro is probably not the financially prudent thing to do, but they sure are fun and I enjoyed every dollar I spent on mine.
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Old 05-05-2012, 07:01 PM   #48
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Originally Posted by 2011 SS View Post
You gave up the chance to have a V8 to put a nice stereo and have your game systems hooked up lol? Game systems belong at home, not in a car.


That is what I was thinking.
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Old 05-05-2012, 07:05 PM   #49
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Originally Posted by angie7 View Post
I traded up after 7 mths with my LT. Did I need the power? No. But I wanted it. Plus my payments only went up an extra $40 bucks a mth for a brand new '11 SS/RS. Its very unlikely you will walk away wo being upside down in your current loan, the important question is how much.

Ohhhh and IT'S WORTH EVERY PENNY FOR THE V8!!
Banks love people like you. "My payments only went up xx!!!!!!!"

Yeah, enjoy paying your payments for another 3-4 years.
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Old 05-05-2012, 07:14 PM   #50
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I am thinking about getting an SS as well, but I do not plan to sell or trade my LS. I've been saving up since paying off the V6, and plan to just buy the SS and have both. The V6 will continue to be my daily driver, and I'll have a V8 for the weekends. Just one car payment on the SS, but have both cars. Prudent, practical? Not at all, but at least I'll have fun while I'm still relatively young (31). Might as well, you only live once.
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Old 05-05-2012, 07:52 PM   #51
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After reading all these posts on this issue, I am sure glad I bought the Camaro I wanted and needed from the beginning.
If I felt that I made a mistake and got the wrong one and ended up wanting an SS I would basically bite the bullet and pay mine off first and then go and buy an SS.
If I wanted an SS I would have gotten one, I remember back in 09 when I saw my first Camaro at a dealership, I test drove both the SS and Lt, I left that place knowing in my heart that I wanted an SS, over the next couple of years I thought a lot about the options and weighed the differences in cost and what I actually really needed. The V6 made total sense to me, I could not justify having a car with just two more cylinders for another $10k (on average) ya I could have gotten a 1SS but then I would have given up some amenities.
When it came to the day I bought my car, I went out with intentions of getting a 1Lt non RS, after going to three different dealerships I found the car that had exactly what I wanted and bought it, I have no regrets after 5 months, dont really care for the SS, even if these cars came with a 4 cylinder I would still love them especially for thier looks.
If someone wants to put themselves in deeper debt for a measly two more cylinders then so be it, it's their right. I personally think they are being stupid with their money but that is my opinion. I think that when someone buys a high ticket item then they should stick with it, but if they trade up because they arent satisfied then they should be ready to take a hit in the wallet. I have heard so many excuses from folks trying to justify a trade up such as- "Its not really a Camaro unless it has eight cylinders" , " I was at the gas station the other day and someone asked me if it was a 8 or 6 cylinder engine, and I just couldn't handle the fact that I had to tell them it was a 6" (Oh Wahhhhhhhh!)
I have YET to hear a legitimate reason as to why I should spend ten thousand dollars just to get another two cylinders, and I have yet to hear someone in here really tell us just how bad they took it in the shorts when they traded up for the so called "prestige" of having an SS.........BIG WOOPING DEAL!
I have however heard some folks come up with some good reasons for having an SS such as they basically want more power to race it on the track, etc, etc...
The SS is a sweet car and my hat is off to the folks in here that bought one outright and got what they wanted in the first place, for those who traded up? Hey I hear there is a ZL1 model, maybe you should start stalking the dealerships so that you can trade your newly traded (financially upside down) SS, Heck you can do it, just stretch the payments out for ten years.....lol, OH! wait.....I also hear ther is a COPO Camaro too, so after you get the ZL1 you can trade it in after 6 months of ownership and get a COPO.......too funny.
Waht really gets me laughing is there are folks in here that totally swore off getting an SS and next thing you know, they are in here posting about how they "just upgraded" to an SS and wanting a pat on the back for it, wow........just wow.
To me there really is no "upgrading" to an SS from a V6, they are equally as nice as each other, it doesn't matter to me what Camaro model you drive, they all look awesome, in fact just the other day I went out of my way to go and compliment someone on how awesome their LS Camaro looked and that I hope to make mine look as nice as his one day, during the conversation the words SS or V8 never came out of our mouths, to some folks it is really not an issue.
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