YES! Definitely get a V8 and do those mods you mentioned. I only did cat back but well worth it. Most people on these forums post an improvement in fuel economy after mods. I definitely drink more now because it is too tempting to jab the throttle whenever possible. Wouldn't know if I have an economy improvement-sorry.
The exhaust place across the road here gets people bringing in brand new V8 Holdens to replace the exhaust. Such rubbish on there standard.
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