The evo ix is in my hands!!! buTTT

Reply Subscribe

Thread Tools

Search this Thread

Sep 9, 2006 | 08:48 AM

#31

SilverNine

Evolved Member

Joined: Sep 2005

Posts: 513

Likes: 0

From: Coral Springs, FL

Quote:

Originally Posted by evoatcha

Being "upside-down" means owing more on the car than you could get if you sold it. Everyone who finances a new Evo is "upside-down" in it for the first two years at least, because a new Evo depreciates about $3000 the moment you drive it off the dealer's lot, and because the first two years of payments go mainly toward the interest, not the principle of the loan. Talk to any banker about amortization tables for an explanation of this.

You see a lot of guys trying to sell two-year-old Evos with mods for almost the same price as a new Evo. They're trying to sell the car for the payoff amount of their loan plus the money they paid for the mods. I've got news for those fellas: Most mods don't add value to the car, they actually take it away because potential buyers suspect that a modded car has been abused. Also, the car isn't worth $26,000 just because you still owe $26,000 on it.

Pretty much anyone who needs to sell their car when they are only 18 months into a five-year loan is going to take a bath.

Not really.... i put about $8.5 grand down and always owed LESS than what the car was worth.... u are only upside down out the dealer when u barely put any money down... or no money down at all.... and thats when u need gap insurance.. just incase something happens, they will give u the extra money you owe to complete what the car was worth if u owe more than what the car is worth... in my case i didnt need gap insurance

Sep 9, 2006 | 11:40 AM

#32

boostless

Evolved Member

iTrader: (21)

Joined: Jan 2005

Posts: 950

Likes: 0

From: SoCal - Where pimpin aint easy

Quote:

Originally Posted by sp0rk

ahhh i want 0% interest !! damn mitsu ! its kinda dumb because there competitor subaru is offering 0% interest on there wrx and sti. hmm well i hope mitsu dose 0% interest like before the year is up . if not ....

no evo for me.

Subaru is having trouble selling the new sti model design. My friend had an 05 and owed a little over 25k on it, which is what it was worth if privately sold, and the local dealership bought it from him for the whole amount. They've had an increasing demand for the older design.

Mitsu isn't havin as big a problem selling Evo so why give it away?

Sep 9, 2006 | 12:09 PM

#33

dennyt4

Evolving Member

iTrader: (43)

Joined: May 2006

Posts: 166

Likes: 1

From: Pittsburgh, PA

Quote:

Originally Posted by fromWRXtoEVO

dennyt4,
Dennyt4,

That is absolutlety not what I said. I said that you can pay off your car entirely by using your already earned profit from your house equity.

You are saying that you have to pay your car for 15 years and that is not the case, you don't have to pay your car at all, it gets pay off IF you own a house and already have built equity. Needless to say that when you sell the house you wouldn't get as much but you can pay off the car though.

I just want it to make that clarification.

Carlos

Sorry Carlos, you're wrong...you ARE paying on the car...

All you are doing is hedging the "value" of your house at the time you sell it versus what you currently owe. I own my house and I currently have at least $50K in equity. If I go buy another Evo, go to my bank and get a home equity loan on that $50K to pay off the new Evo, do you think the bank is just giving me that money because I have "built equity" in my house and that I make NO payments on that loan? No - I have to make payments on that loan because the bank wants it's money and interest...whether it's for 5 years on a line of credit, or a traditional 15 or 20 year home equity loan. You can't just make free money appear from your house - although I wish that was true!

Equity means nothing until you realize it by taking a loan against it or selling your house. Sorry man.

If, on the other hand, you have enough equity in your current house and want to sell it and take the profits and buy an Evo and be homeless, then sure - you are correct LOL!