Hey guys, I have a question I need answered. About 3-4 months ago I bought a 1995 Z28 with all options except for the performance rearend. Well, the owner before me bought it at 55k for $8,275. He then bought a 48 month\100,000 mile warranty and sold the car at 58k to me and my dad for $11,250. We sort of got jipped, mostly because my dad was too lazy to consider other options. He made a 3,000 downpayment, and I cover the 8,000$ financing, insurance, and gas. I have managed to keep it up on 6 dollars an hour so far (by the way I'm 16, it was a first job.) At my new job, I will be making $8.50 per hour plus a ton of tips. I figure since we got ripped off, now is the time to sell the car before we take a hit from the interest and such. I have a hookup at a dealership that says they can find me an LS1 with ttops in good condition with 50-60k miles for under 13 grand. This new car wouldn't come with the warranty, but I figure that doesn't mean much since the dealer would probably refuse to replace parts because "I'm racing". I know 50-60k is nothing for an LT1, but how about an LS1? They haven't been out long enough yet for me to see their long-term durability. Let's take this scenario here: Dealership will give me 9k for my car, plus the warranty (according to them) is worth 2-3k. So all said and done, I might break even since we haven't paid much interest yet. Then I buy their non-warrantied LS1 with 60k miles for 13 grand, which should be easy with my new job. Good deal or no? Thoughts? Opinions? Advice? I'm a power hungry guy

 

Havnt been around? there have been just as any years of the ls1 as LT1's

almost 80k on my car

40-50k.. cmon now..

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DaveD
1998 WS6 #207
-ARE Stage II Head/Cam
1998 Regal GS
-It Has Boost

The Phantom of CamaroZ28.com
Http://PhantomTA.cz28.com

 

Thats a tough one. If your '95 seems dependable and solid, I probably wouldn't risk trading.

My 98 has 26K miles BTW.

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98 Z28 1LE M6 | Autox/RR toy
01 Trans Am M6 | Daily driver, some mods
1LE.net

 

I'd say stick with the LT1 and try to be more appreciative of your dad in the future. He forks out 3k to make it possible for you to be driving a nice car with lots of power (not to mention a warranty) at the age of 16 and you call him lazy. He sounds smart to me. Price the insurance on a newer one. It may be higher then you expect. The money you're saving on insurance and increased payments alone you could drop into mods for the current car and be just as fast if not faster than an LS1 after a while.

BTW my new SS only has a 36,000 mile warranty. You've got 48,000. Your payments are lower. Your insurance is lower. If you do decide to sell it later you'll have less depreciation. It will most likely be paid off sooner than the LS1. How many more reasons do you need to keep the LT1? Don't worry about takking a hit on the interest unless you got severely ripped off there too. With a higher loan balance you'll pay more in interest... Enjoy the car. Take care of it. Pay it off. Buy something else in 5 or 6 years. By then you have time to graduate college, get a GOOD paying job, and start life out with a strong financial foundation(not tons of debt). Then buy that 55th anniversary Vette. Okay so I strayed a little off topic there. Sorry. Just be satisfied with the LT1. When I was 16 I had a 10 year old Fiat POS. I'm 31 BTW.

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2002 SS Vert:
SOM - Hurst - black leather - 12 disk changer - SLP dual center exhaust & grill insert

88 Camaro - FOR SALE
License plate - STRKIN (STROKIN was taken of course)
383 stroker
T350 trans (just rebuilt - 4/1/02) - shifts very hard.
373 rear.
Eibach(type) springs
Stiff sway bars Front & Rear
Air shocks in rear
Edelbrock Torker II Manifold
Edelbrock Performer 600CFM carb (w/tune kit)
Mallory 4309 Fuel pressure regulator.
shorty headers into true duals into two big flowmasters under the bumper into your face

When I start my car in the morning, my neighbors DO think the world is coming to an end!