Camaro - V6 vs. V8, not sure what to do.

[mcpp66]

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.

[Finemess]

What about selling it outright, to better the odds. Or buying a used V8.

[mchess1]

Ouch, a 10 year loan on a depreciating asset. Aren't there some add ones to the V6 to give you some more power?

That said, it sounds like you have already made up your mind. My 2 cents is live with the 6.

[Indy YZF]

Buy a supercharger. That way your insurance is less, plus you have the V8 power. Trading up to a V8 seems like an expensive proposition.

[CEE DOG]

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:

[Fly bye]

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).





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.






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.





This is a ludicrous proposition. What is the total interest over 10 years? 10-12k?






I know it wouldn't be the smartest financial move





:iagree:






I'm certainly not a rich man... So what is a guy to do,





You cannot afford this car, unless you want to be married to it for the next 10 years of your life.

[01MUSSL]

I agree the new CAMARO's are sweet. Especially the V8. I would suggest you wait for the 2012 Z28. It has a more aggressive front end and of course more power. That car, will be worth being in dept

[mcpp66]

You cannot afford this car, unless you want to be married to it for the next 10 years of your life.

Well, it might be better than being married to a nagging wife.

[mcpp66]

I agree the new CAMARO's are sweet. Especially the V8. I would suggest you wait for the 2012 Z28. It has a more aggressive front end and of course more power. That car, will be worth being in dept

I didn't know they were coming out with a Z28 in 2012. I could certainly pay this one off by that time.

[Reddwarf]

Bonus points to you for using the word "conundrum". Save you money! Stay with the V6 and cool your heels for a couple of years. That's my 2 cents.

[detail viking]

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]

Well, it might be better than being married to a nagging wife.





True.

[Da Fats]

never get into a situation where your going to be paying on a vehicle longer then said vehicle will last you!

i would go far enough to say that if you cant pay it off in 3 years... don't buy it! its at that point probably out of your price range

[mcpp66]

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]

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.