Manual vs Automatic 

Manual

Pros

More "fun" and control while driving; more engaging. Better gas mileage than automatics (mainly in the city). Most are 6-speeds, which is usually more gears than older automatics. Easier to pull the transmission and parts are cheaper, so easier to fix if it breaks. Does not require transmission cooler.

Cons

More wear and tear to worry about (throwout bearing, clutch, pressure plate, clutch fluid). Less forgiving to the rear end when launching (see: GM 10-bolt or 2010+ Camaro's IRS), meaning parts back there can and will break eventually and will need to be built. Generally not as fast as automatics due to human reaction time vs computer.

Automatic

Pros

Generally faster than manuals. Most older automatics have less gears than their manual counterparts. Reliable and generally hold a lot of horsepower easily in their stock forms nowadays. Easier to launch, less room for error, and easier on the rear end.

Cons

"Boring" to drive compared to a manual, less control. If given a high stall converter, gas mileage can drop significantly. If given a high stall converter, generate a lot of heat and need a trans cooler/temp gauge to ensure conditions are kept safe.

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