Well, I've done a lot of thinking in the recent months about my car, the payments, and if it's "really" worth it.

So, Im coming here to ask others opinions.

I bought my evo last september brand new with 8 miles. If I had bought it flat out.. I think the price was in the ball park of $37,000 something. It's an 05 with the SSL and it has 23,000 miles on it currently with the mods listed in my signature. I currently am paying $634.94 a month with 0% interest for 5 years, and 0 down.

The payment kills me, and I hate having it. Which brings me to my question..

What would you guys do? Sell it? Trade it in? Lower the payment somehow? If sold, or traded in... for which car/truck?

If at all possible, trading it.. or selling it for a evo 9 with a cheaper payment would be real cool.

I'd also consider getting a trailblazer SS if u guy thought that was also possible too.

I just wanna know some opinions. If u need to know anything else, just ask.

Thanks.

 

You forgot about the insurance Um, find a cheaper car that you can live with. I personally like the Mazdaspeed 3 a lot..... if you can still get one.

 

Sell it or trade in, either way you'll end up paying $$ to get rid of your evo.
Maybe find someone to take over your payment?

 

How much do you still owe on it?

 

Honda S2000; they are cheap, well under $20k, and they possess a ton of potential.

 

I'm guessing your loan was for 5 years and financed around 38k. If you've made 12 payments, you still owe around $30,500. Your car is worth around $21,500 to a dealer so you're in a $9000 hole to begin with if you trade it in. If you sell the car on your own, you may get around $24000 leaving you in a $6500 hole.

My concern would be that you could sell the car yourself, and find yourself unable to pay off the previous loan and unable to get a new loan because you haven't paid off the old one!!!

You'll then practically have to buy something domestic in order to hide 6500-9000 in negative equity in the new car from the banks. Either that or an expensive import which would defeat the purpose of lowering your payments.

You could look at a lease or "smart-buy" on something in a midrange domestic like the Trailblazer and lower your payments if there's a good lease or smart-buy deal going. A dealer can help you find the Trailblazer loaded enough to hide the negative equity, but stripped enough to lower your payments.

The advantage you have is that a bank won't let the dealer screw you on the deal, so you don't have to worry about shopping around or getting screwed unless you put too much money down.

One last worry is that you got yourself into this mess because you feel the need for a new car too often. If you get into a lease or smart-buy, you'll be stuck in it for the whole term of the deal, so think long and hard whether you can be happy with the new vehicle for that period of time.

 

looking at his original post, he owe little over 29k for his evo.

 

Keep it and continue to pay off the car if you can afford it. You made a poor financial decision when you bought the car and you'll continue to pay for it no matter what you do. Might as well keep the car.

 

Anyway you look at it, you're upside down. You will owe more than what you're car is worth. Even if you get a cheaper car all that negative equity will get piled on top. Do yourself a favor, keep the car, deal with the payments, thats really all you can do at this point until you pay off enough of the car to break even.

 

Your going to loose your *** nomatter how you do it. Honestly dude you have 0% intrest your not going to find that anywhere else. If you buy new and don't get a kia your going to find yoursel with the same payment because of the negative equity. And the evo is going to plateau moreso on loss of value whereass the new ss is going to loose a couple thousand as soon as you leave the lott.

Honestly the worst thing you can do is sell the evo.

Stick it out till its paid off.

 

Wow, thanks for all the replies so fast.

Yes, I still owe between 27-29 thousand on it. I don't rememeber the exact figure off the top of my head.

 

if you can keep the car. I have found myself in the same exact position. Its just not worth it. Ive thought about getting rid of the car but then when i broke everything down its just to much to lose. Another thing is if you are that far in the hole i guess you cuold call it then banks may not even loan you the money if your so far upside down.

 

I agree!

 

Alright... thanks for the replies. Makes the decision making a bit easier. I guess Im gonna try and hold on to the car...

 

if he's that far upside down then he should pay down as much as possible as fast as possible..