Man, I tell ya, your story changes every time, and each time it gets worse. So now, we're talking about a car that is only going be worth mid-teens when you owe 25k, and you are going to try to buy a brand new Evo IX, because it has a good warranty and is safer for your daughter? Man, I just don't understand. First of all, you're going to have to immediately buy a new set of winter tires in order to even drive the Evo in the snow, and that's if you put them on your stock rims, otherwise you'll need a new set of rims AND tires. Also, you've spent all this time asking noob questions about mods over and over, but you now say you won't be able to mod until the Spring, AND you are relying on the Evo's warranty? YOu won't have any warranty in the Spring if you mod it.

I think your age is starting to shine through a bit here. You seriously need to reconsider your plans...

 

wow...sounds like a "My Evo9 got repoed" post waiting to happen.

How can you have no clue on how to go about buying a vehicle and how ridiculous it will be to climb out of a negative equity hole when you're financing with no money down for 72+ months.

You are going to be 10k upside down on the Evo in 1 years time with that plan...maybe even more since competitive rates for 72 months are in the high 6 low 7s right now.

You want 500 dollar payments? Better put 8k down. If you can't afford to pay off a car in 3 years, you should not buy it IMO.

 

I got my '03 new in May of '04 for a base price of $28k, with $3000 down - but since it was my first new auto loan, I got stuck with 72 mos. @ 8% for a monthly payment of $588. I took this offer from a third party bank to secure the deal and establish credit history for myself. All in all, I wish I had a lower APR and a shorter loan, but it sounds like the $588/mo is not really that bad.

The next time around, I doubt that I would take on a 72mo. loan. 48 mos., to me, is a much better option whenever possible.

 

Your better off just fixing the CTS because its not worth trading it in for a "fun car" being so deep in the hole.

 

I'm paying $331 at 1.9% over the course of 72 months (6 years). I could've afforded to go with a shorter loan, but why bother if I plan on keeping the car for a while?

When the interest is that low, it's not that big of a deal to tack on an extra year to the loan.

I put down $11,000 on my 05 STi.

 

What's keeping you from refinancing?

I originally bought the car using my Credit Card which had a 0% for 6 month. I later took a loan with my bank to pay off the CC with 3.9% and I thought that was bad.

 

the dealership doesnt know about my problems...also i just talked to him and he said if i was interested they are getting in a used 2005 white evo8 with only 1200 miles on it....and i also called a place up north and they have a black 2005 evo8 with only 9k miles and they are asking 24,9k for it....no price on the used white one yet....also why would it matter if i have negative equity on the evo if im ok with it and plan on keeping it? its better than having negative equity on a broke *** caddy with all the problems this thing has...

 

its still under warranty so fixing the car isnt a big deal...its just the fact that its geting scary to drive this thing...dont feel safe at all in it...

 

Well, if you get the dealership to give you more than the CTS is worth without checking to make sure it's not a busted POS, then more power to you.

I don't see what those used 05s have to do with the brand new IX you test drove and were about to purchase...

You don't want 10k of negative equity on the Evo, because even as much as you think you'll keep it for 6-7 years, it's very unlikely that you will feel that way in 3-4 years when it's got a bunch of miles, is falling apart, no longer has a warranty due to mods, and you need a car that costs less to maintain. I think you're trying to live out a pipe dream here so that you can justify purchasing a car you can't afford.

 

I consider the EVO more of a luxury and not a priority to feel safe when driving. If you want to feel safe get a used SUV. Also, dont judge you decision on "if, and, or buts", go by facts!

 

Exactly...negative equity is possibly the worst thing when it comes to buying a new car because that new car is going to lose 4-5k right off the lot. You'd be committing financial suicide unless you make so much money that it doesn't matter or drove the Evo for 400k miles.

 

why i mentioned the used evos were due to the fact that i was talking about how i want a payment that is 500 or less prefferably....the black one that has 9k miles and is 24,9 i might be taking off work tonight to go check out...with only 9k miles im not too worried about the fact that its used...a tad off subject but would 24,9 for a used 2005 with 9k miles be a good deal or what is the cheapest price you think i can get them at on it?

 

Actually, 24.9k is such a good price froma vendor that I would be worried that something is wrong with it. Some people are still selling 03s for that much, so to get an 05 with <10k miles is a great deal. Since vendors sell for a much larger markup than individuals, I would be greatly concerned about that car's condition and past.

Be sure to check it out thoroughly, preferably by an Evo owner who has done his own mod installations, because that way he'll know if things have been tinkered with and put back to stock from previous mods.

 

good luck with your payments, evo is an expensive car and if people cant afford it, just dont get it!

 

ur crazy. with that logic, if you made <30k+/yr you could not even afford a used car. so the average person could not afford a car at all. and you could not afford an evo untill you started making ~60k/yr.