I'm slowly approaching a financial fork in the road. My C5 is basically a stock, well kept automatic with 160k miles on it. The engine and trans is running smoothly so far, but I know their replacement will probably be the next chapter in my cars life. Eventually.

I really want to get a Subaru STI Impreza because I'm a little tired of daily-ing the C5 and it looks like a lot of fun. But I want to keep the C5 as well.

I can't just get a newer Corvette to delay big upgrades to mine, because I want a new car to cost under $20k. I see when shopping, C6 Z06 and Grand Sports are $30k. So its better to just keep and upgrade my C5 with say $12k.

If I got the STI I could get an LS1 rebuild kit for the Vette and work on it myself because it would no longer be my daily.

If I get an engine and trans swap for the C5 I imagine it would be incredibly reliable for several years to come and could get an STI later.

It gets tough when I start thinking about insurance, because I would insure the C5 higher after doing that much money in upgrades. But getting a second car also raises what I spend in insurance.

So I'm just trying to figure out the best bang for the buck option. I'm emotionally attached to the C5 and it's hard to accept the BEST option is to sell the C5 and add that cash to getting a much better STI. Then I'm just sitting on the other side of the fence watching all of you guys have fun, like I am right now with Impreza owners playing in the dirt and snow.

So those of you who swapped engines or fully rebuilt, has that been a good reliable choice? Do you insure it for the upgrades you spent?
Anyone with an Impreza want to chime in?

You guys have always been a great source of knowledge and experience, thanks in advance.

 

Let's say you pump $11,000 into your C5. When/if you go to sell it, you might recover $1000 of that hot-rodding expenditure. Some mods are better than others, but because of smog laws and such, it is probably a black hole to throw that kind of money into it. If you are ok with that- then fine.

If you spend that money and more towards an entirely second vehicle, then you will only suffer the depreciation of the second car. If you can work out the depreciation to be less than $5k, then maybe that would be a better deal. Sounds like you are a car keeper type...there is no wrong answer... Just depends if you can find a great deal on a new DD or if you could find a buyer for your C5 without having to give it away.

 

Sell the c5, buy a 2 year old STI. The c5 eventually will need everything, not just engine/trans. If it's your only car there will be down time, probably more that you expect. Let somebody else pay for the majority of the depreciation on the STI by buying one that's 2 years old. Life is too short, drive what you want!

 

It doesn't sound like it makes a whole lot of sense for you to have two cars right now. I suggest:

Option 1: Buy an STI now and sell or trade-in the C5. You can always come back to a Corvette as a second car a few years down the road if it makes more sense at that time. The price of 08+ C6's will presumably have come down further by then, too.

Option 2: Drive the C5 until it breaks, then replace it at that point (either with an STI or newer Vette - whatever feels right).

The 2nd option is clearly cheaper and easier. Since your engine and trans currently run smoothly, it is unlikely either will spontaneously grenade, leaving you stranded on the side of the road. More likely, they'll start to exhibit symptoms before giving you any major problems. But, can you live with the C5 as a daily driver for another couple years? Only you can decide.

 

I say keep driving the C5. Since it is all stock you still have a good 60 to 100k of life in it doing the regular maintenance.

The auto trans would be the first item to go and would be about a day to swap a replacement in.

I have 152k on my 2002 C5 and a buddy is bumping off of 200k on his 2000. His is leaking out of the front main seal and he put in a rear main seal a couple of years ago. about 2 yrs ago I did both front and rear main seals. Other than these major repairs (from the amount of labor) both have been oil changes, coolant and plugs/wires when needed.

Gary

 

This is what I hear from C5 and C6 pals. One C6 guy has 300k on his DD, but maintains it properly.

FWIW, Subaru bought back our 2015 Outback 3.6 under the Lemon Law. I have very little faith in ANY new car's longevity. Subes enjoy a good reputation, reflected in resale values; a major part of our decision to buy, but I read that rep is sinking.

I keep a cost spreadsheet on a car, compuing monthly and per mile cost of ownership WRT bdepreciation and maintenance. When I get 'the urge' I can quickly compare current cost of ownership to the replacement's payments, etc. It typically snaps me back to reality. I find that usually the best car is the paid-for one. Lower plate fees and insurance are bonuses to my wallet, as long as the car servces my transport needs. I get a big bill now and then, which is lower, when compared to payments and new car depreeciation. When that month outlay gets reversed, it's time to replace.

 

The C5 sounds like it has some life left in it...especially if its no longer your DD. If you went out and bought the new Subu now; there's no reason that you have to throw money at the C5 right away, correct? Couldn't you just let it sit on a tender and take it out for weekend drives now and then? Your insurance as a whole will go up, but you'll get a multiple car discount on the two cars. Who knows...driving the new car and leaving the C5 parked most of the time, you may become less emotionally attached and just let it go. If its me; I'd park it, not spend a dome on it other than routine maintence, and go get yourself a new DD that you're looking at.

 

He's right. ^^^

I have been (and still am) a C5 owner that I had been emotionally attached to. It was my first sportscar I bought right out of college. The thought of selling it was never been an option even if it was sitting in the garage.

Since then I bought an Audi Q5, BMW M5 and a Honda CRZ as a daily driver. Now I am actually thinking of the C5 in the garage attached to a battery tender, the insurance it costs and the fun it would have being driven by its second owner.

A Subaru STi would be a good alternative, however, it is not a good daily driver since it goes 18mpg and depending on how it is modded, a harsh ride. I have a Mitsubishi GSX at the same time as the C5 and it was not the perfect daily driver. It probably would be better if I did not mod it, but turbo cars are so fun to improve.

A new car is great to have but you have to look what your intended use for it is. My dd is a CRZ 6-speed that goes 45mpg, will upgrade to an Audi eTRON in a few months.

 

Thanks for all the thoughts guys! I think I'll stick with keeping it and possibly doing a rebuild when it needs it. Trans and engine shouldn't be more than $6k, right? I also have found plenty of less expensive daily cars. Guess my next apartment needs two parking spots.

 

Think your parents would be open to adopting a 50 yr old? I won't cut into the trust fund very much! Only for more mod $ on my C5 vert stick! lol