Dealer secured me a 2013 1LE

[shaggy2002]

Now comes in the second round of negotiations:
1. Extended warranty
2. GAP Insurance
3. Tinted Windows
4. Clear Bra
etc. etc. etc.

What are the necessary evils to buy and how much did extended warranty cost people?

I heard that most clear bras are still visible especially when the car is dirty?

I have had my truck for 8 years so I am out of the game on buying new cars. Thoughts/Suggestions?

[Egon]

Most of the time you are going to be able to find an extended warranty cheaper on your own instead of through the dealer. There are a few companies with good reputations you can check out, one is Warranty Direct and the other is Carchex, but I am sure there are more. At the very least it won’t hurt to get a quote from them before you are discussing it with the dealer, you can use it as a bargaining chip to get them to lower their price. However, ask yourself if you are planning on modding the car down the road if so this might not be the best purchase. (some performance mods might invalidate that warranty)

GAP insurance should only be necessary if you are putting a down payment of less than 20% of the cars value, or are financing it for a lengthy term. It’s just to protect you if you owe more than the car is worth and it is totaled in an accident. (hence why the 20% down payment usually will make up that difference) Almost every time you are going to be able to get GAP insurance for cheaper through your auto insurance carrier or through your loan agent than you will through the dealer. (assuming you aren’t financing through the dealership but that’s another issue)

Shop around for rates on window tint, the dealer is probably going to use the same guy to do the job as you would, they are just going to charge you more for it. I am sure other Camaro5’ers in your area have some recommended tint shops for you to go to, ask around in your regional forum. I have heard great things about the Clear Bra and other paint protectant methods from other Camaro5 members check out the Cosmetic Maintenance section for more info on that.

Just a word of caution, most of the dealer extras that the finance officer tries to get you to purchase with your car are a scam, like under coating and VIN etching on your windows. They charge a great deal for them and they are either not necessary or you can get them done a lot cheaper on your own. As always this is my personal opinion on the mater I am sure others have had different experiences. Good luck with your new Camaro!

[baum]

i paid about 1000 for a 5 yr/100k full bumper to bumper with a 200 deductable (thats on my LS). they are negotiable!!

i agree to shopping around on the add-ons. i know that if you dot get them through the dealer you cant "tack" it into your loan but like said you can usually find it cheaper elsewhere.

Gap i couldnt tell you anything about since i only borrowed about 6k for the car.

Keep in mind if you have good credit your apr is negotiable. I could get 1.75 through my CU, i told the dealer if they could beat it i would go through them. they got me 1.5 (on the 6 k borrowed if carried out the 36 mo i will give the bank like 250 in interest.) the reasons the dealers push so much to finance is they get a kick back from the bank if the loans are open for longer than 6months

[shaggy2002]

I have a truck that i was trying to trade in, but the offer they made me was low. So i will be taking it to Carmax and then putting that money down on the new car. my downpayment will be 20-25% however, that would stink if I did not get GAP and something crazy happened like theft and I would eat whatever i lost by driving off the lot.

I was hoping extended warranty would be around 1K. The fact that the powertrain is 5Y/100K, then they are only having to add warranty on the rest of the car.

I am preapproved for a loan at 2.54 with a bank. If they want to beat that, I will let them.

I appreciate the suggestions.

[Egon]

Originally Posted by shaggy2002

I have a truck that i was trying to trade in, but the offer they made me was low. So i will be taking it to Carmax and then putting that money down on the new car. my downpayment will be 20-25% however, that would stink if I did not get GAP and something crazy happened like theft and I would eat whatever i lost by driving off the lot.

I was hoping extended warranty would be around 1K. The fact that the powertrain is 5Y/100K, then they are only having to add warranty on the rest of the car.

I am preapproved for a loan at 2.54 with a bank. If they want to beat that, I will let them.

I appreciate the suggestions.

That’s not precisely how gap insurance works. It’s really to cover you when you owe more than your car is worth. In other words the balance on your loan minus the actual cash value of the vehicle = GAP. For instance if you put $0 on a vehicle that cost $20,000 and were financing for 60 months @ 4% interest and 6 months in something happens and the vehicle is totaled. At this point in the loan you owe the title holder $18,175 but the vehicle was only worth $16,900. Your insurance carrier will reimburse you the actual value of the vehicle or $16,900 but that still leaves you $1,275 short of paying off the title, in this case $1,275. That is what GAP insurance covers you for, it in no way covers the actual depreciation in the value of the vehicle.

In your case it is likely to be a waste of money since you are going to be putting down approximately $10,000 with a loan of about $35,000. Assuming your 2.54% interest rate 1 year from now you will still owe $28,354 and your Kelley Bluebook Value with 20,000 miles on the odometer would be anywhere from $29,800 to $33,800 which is more than you would owe on the vehicle at that time. 20k miles a year is above average miles, if you drive less than the vehicle will be worth more. At no time should the value of your car be less than what you currently owe.
Remember that your insurance is going to reimburse you the value of your vehicle at the time of the accident or theft, not the value of the car when you purchased it. If your car is totaled or stolen you would be replacing your 2013 Camaro with 20k miles on it with another 2013 Camaro with 20k miles on it that would cost about the same as the car you just lost not a brand new car.

You typically need GAP insurance when you: (taken straight from the internets)
• Lease a vehicle.
• Finance for 60 months or more.
• Put less than 20 percent down.
• Roll negative equity from a previous vehicle loan into a new vehicle loan.
• Drive more than the average 15,000 miles annually.
• Purchase a vehicle with a history of high depreciation rates.

In your case I don’t believe any of these apply, and also remember that most insurance carriers will allow you to add GAP insurance at any time. (of course check with your insurance agent first before assuming this is the case) Its almost 100% certain that GAP insurance will cost you more at the dealership, so if you decide you need it then talk to your insurance agent about it first they will probably give you a better deal.

Also one last suggestion if I might. Go to Carmax get their quote it is good for 7 days and take that back to the dealer and see if they will beat it. They really want your trade in and I would be surprised if they didn’t match or beat it. If they just match it, it might still be a good deal since in some parts of the country the value of your trade in offsets the cost of the vehicle purchase and it can drastically reduce the amount you end up paying in sales tax.

Best of luck, hope this information helped!

[baum]

EGON- great explanation!!

I was just going to say something about the tax thing....

say they give you 10k for your trade. thats 10k you dont have to pay tax on on the new car.

[Egon]

Originally Posted by baum

EGON- great explanation!!

I was just going to say something about the tax thing....

say they give you 10k for your trade. thats 10k you dont have to pay tax on on the new car.

It will vary from state to state so its hard to say. Some states will tax you on your negotiated price before trade in others will reduce the taxable amount taking the reduction of the trade in into consideration. This is why it is sometimes better to take a match from the dealer than to sell it elsewhere and apply the money towards the purchase.

[baum]

Good to know. in Mn its the way i described.

[Chevrolet Customer Svc]

shaggy2002,

Yes, Egon provided a great explanation. If you have questions or concerns you can certainly reach out via private message.

Erica Tiffany
Chevrolet Customer Care

[mhoskins76]

The clear-bra or 3M clear cover as some call it, is worth every penny. I have it on my car. Mine completely covers the front bumper and 18" up the front hood. I also had them put it on the mirrors and the "gills" behind the doors as they stick out and are a big target for rocks, etc.

The 3M is good on the front too for bugs because the bugs don't seem to stick as much as they do to the clear coat. Anytime it is easier to clean the bugs off, I am all for it.

Now you will see the lines once and a while. With a darker color you will have a harder time seeing the lines compared to a lighter car. I have the 2013 Hot Wheels Edition and with the blue I can not even tell it's on the car when it is clean. You do see it a bit when it is dirty, but that is same for any car.