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Don't think so. My very old V1 (got it >5 years ago) does get a little warm but I'd never say that it gets hot. Where do you have it mounted? If it's on the visor and not getting direct sunlight, then it's possible there's something wrong.
If it's on the windshield and in the sun, well, it's black and plastic--it's gonna get hot. But mine has survived the Texas heat for about 6 years with no problems, so I wouldn't worry.