I need some advice my best course of action toward getting rid of my EVO. I'm at the point where I can't afford to own it anymore and need to get out of it. Problem is I'm upside down on the loan and all of the pricing I see online is from $23K to $30K......where to start....

I have a '05 MR in Excel shape, 31k miles, 99% stock. I have cat-back, dropin and swift springs...that's it...the car is basically undriven by me now in fear of damaging it. Clear coat is peelin on wing, back right wheel has curb rash...that's it...rest looks newish.

My payments are OMFG high and if I keep it another year, I'm gonna pay like $8500 in payments, with only like 2500 going to principle. I think I can sell it for $26K, maybe $27K...that's what I can't figure out..

I've also considered trading it in, and taking what's owed onto the new loan, but the trade in value everyone is talking is killing me. I'm upside down on the loan by like $5k if I sell for $26K ish, mainly because I had some left over from my other car.

I just need to get out of this mess and need the best advice on how. I don't need the car as a daily driver, I have a bimmer for that....this car was my weekend car, but the payments are killing me.

I've looked at refinancing, but it will only lower payment by $100 and no one seems to want to refi the car at what is owed on current loan....so I'm stuck with the overhead anyway.

I'm prepared to pay the difference, I just need some advice on whether to sell or trade, and what a fair selling price is....

any information is greatly appreciated. thanks

Don

 

You dug the hole. You're stuck. That's what happens when people roll negative equity into cars.

If you are that upside down what I would do besides not get into that position is to sell it privately. The problem I see is the money you are looking for is what pristine Evo's are getting, not ones that look "newish" with curb rash and peeling wings.

Try to get the wing fixed under warranty. Curb rash is a relatively minor thing. Also get a personal loan for the difference of what you owe to what you'll get out of the car. That way you can get the title to whoever buys it quicker and pay that 5K off over a year or so at reasonable rates.

 

I appreciate the advice. I'm not sure about the criticism, but then again, I did post part of my life on the net and you're 2900 miles away from me, so why not. As far as condition...purhaps I mispoke by saying newish...it is pristine. I've seen '06 and 07 models on the road with more damage and wear than mine. That's neither here nor there. I appreciate the reply nonetheless. thanks

 

It wasn't criticism. It's just the way it is. Don't take it personally. You're upside down on the car at least partly because you rolled in negative equity from your previous one.

The car is great shape good. Get the wing fixed and get it up on autotrader and Craig's list.

 

Damn my EVO burned down. Must of had a bad short. Oh well no more astronomical payment. Happens all the time

 

I'm not sure what the situation is, but have you considered the sale price on the BMW? Perhaps you'd come out better selling the Bimmer than taking that huge hit on the Evo. Maybe you like the BMW more, but it seems like you're approaching this from purely a financial aspect.

If that's not an option, you definately want to sell it privately. You're going to lose much more on trade. they'll toss you the old "This is going to be difficult to sell ... it's got such a small market .. .blah blah" crap and lowball you. I'm sure you know that.

Something like Auto trader is always an option. You never know who's got too much money and not enough sense ... you could maybe even make up a bit of that negative equity.

Good luck on whatever you end up doing.

 

I can read between those lines........................

 

two words, insurance fraud

 

 

Sell the bimmer, put the proceeds into a savings account and use them to help lower your monthly payments.

l8r)

 

sucks, but you should know a car is not a good investment.. buy a house

 

Get a part time job. Also ^ selling the BMW might work.

And a big to the millionth time I have to see someone "joking" about insurance fraud.

 

i wasnt joking

 

good luck bro, as said sell the beamer

 

If I was in your shoes, I would sell both cars and buy a beater. Put whatever money you have left over on the remainder of the EVO loan and then get an unsecured loan for the remainder. It sucks but you can clean up your mess in well under a year assuming you get on a budget and start being responsible with money.