To the V6 owners switching to V8....

[bigd1276]

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.

[zogster]

Originally Posted by kylenewman

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.

[jd10013]

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.

[bigd1276]

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!

[b4z]

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.

[J666]

Originally Posted by 2011 SS

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.

[J666]

Originally Posted by angie7

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.

[LoneCynic]

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.

[007s 'Vert]

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.

[kenkartasasmita]

i wanted a v8 but daddy told me "do u want to hit the tree son? no, v6 is more than enough for you." :(

[SimpleGreen]

I love my V6.

My lowered pickup has my V8 if I need to ride around town and romp on the gas and make the middle easterners richer

[goshawk823]

I'll be trading up next spring. I will have had my 2LT for 3 years. Reason for trading up?
Because I want to, and I can.

You only go around once. Might as well do it with a couple extra cylinders and the power that goes with it.

[PoorMansCamaro]

had my v6 for 2 years. had just about every performance mod available for the v6, minus supercharger or turbo. I did have nitrous. My biggest issue was the tuning. Not a fan of the mail order tune, which is all that's available for the v6. And no other performance shop will touch the v6 here in vegas without charging an arm and a leg, or they wouldn't touch it at all, when it came to tuning. Car just wasn't running to it's fullest potential. and even if I could get it there, it wouldn't have been enough for me. So all in all, I just got tired of it.

I did put a lot of money into my v6, but i was putting out more power than an LS3, and still spent less overall. I just found a really great deal on an SS, and i was able to afford it. Got 19k for my v6 LS and got 28k for a 2011 2ss/rs with only 8k miles.

and still plan on modding this one.

[bigd1276]

Originally Posted by goshawk823

I'll be trading up next spring. I will have had my 2LT for 3 years. Reason for trading up?
Because I want to, and I can.

You only go around once. Might as well do it with a couple extra cylinders and the power that goes with it.

Sounds like what I did. After 3 years, I wanted to and I could, so I did. No regrets for buying my 2010 2LT RS back in 2009 and no regrets for trading her in for my new 2012 2SS RS this past week. Who knows what I'll do in another couple of years. It's only money, God knows the government keeps printing more of it..............