(adsbygoogle = window.adsbygoogle || []).push({}); I was wondering of updating to 2.12
Or should I wait till they find out a way to bypass 2.10 online? Wait till we can fully mod online

I am going to wait it out like a lot of other players. I am still trying to find out that if you buy an out of country disk, will it make a separate game file so you could have a 2.11 save and a 2.12 save. That would keep me happy for now but having a hard time confirming it. I read on here someone bought one on ebay or something like that and are waiting for it to arrive to try it out.
Hope it works

If you want to play online but you do want to retain your hacked cars there are a few options, a few of which hasn't been fully tested and was mentioned by others. They range anything from buying another copy of the game with different region coding on it and using a completely separate PSN/PS3 account to buying another PS3 just to be able to either keep hacked cars on one PS3 and use non-hacked cars on another. Then there's a few more options if your PS3 has previously been jailbroken (and are running a capable enough CFW to allow gaming online).

Once you have updated to 2.12, it will be hard to downgrade from 2.12 to 2.11 with OFW (Original Firmware, aka Sony's own firmware), they mostly require the timing of installation of such patches to prevent one getting to 2.12 when they wanted to retain at 2.11. So ideally again its better if need be to leave one copy of the game on 2.11 and the other on 2.12 with namely the hacked cars on 2.11.

For now I personally do not believe it would be easy to fake 2.10 or 2.11 version with 2.12. Remember that the patches almost always seems to go after a server maintanence so it would be likely possibility that the servers are also double checking to see if one is legitimately running the latest version.