Vehicle-to-vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication is a promising solution to enhance active safety and to disseminate infotainment messages in the dynamically changing vehicular network. V2V and V2I communication requires fast, reliable and loss less data transmission for a large set of services. To improve bandwidth usage and avoid packet collisions, dual radio solution or channel switching scheme to separate control and service messages in a single radio approach is introduced by European and American technologies, respectively. This study presents realistic modeling of V2V communication and compares the performance metrics of channel switching and dual radio scheme. The impact of GNSS clock corrections to attenuate the drift of a clock from its nominal frequency and channel degradation due to time misalignment is presented via different scenarios. Simulation scenario of highway and intersection is implemented in the vehicular network simulator (ns-3) and mobility (SUMO) simulator platforms. As a proof-of-concept, the effectiveness of using GNSS corrections to attenuate the individual clock drift of the low cost On-board Units (OBUs) of the vehicular nodes is demonstrated.