Thinking of selling the Evo
doesn't it take time for a 3k loan to go through? so on top of the 4-6 weeks for the title they would have to wait another week or two for the loan . so a total of around 7-8 weeks?? i'm going to look into Geico and see what kind of quote they give me. thnx
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Joined: Jun 2007
Posts: 1,126
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From: Morris Plains, NJ
i know saving is important, but do not i repeat DO NOT sell the evo. U will loose way too much. Shop for cheaper inscurance, tough it ou, cut cornner elsewhere. it all depends how much u wanna keep ure ride. My roomate is in the same boat, he made the mistake of selling hie evo(8 mr). He dint loose money, but missed his evo so much that he made the biggest mistake of his life. When he sold his evo he owed 10k on it. He traded his 8mr to get an eclipse. 4 months ago he traded the eclipse to get back into an evo, a 9 mr. He is payin out of his a$$ now. The dealer had sex with him on the trade in. he now owes 18k and his montly payments are $900 a month. He does other stuff to keep his evo, he loves it too much. Rather than drinkin gunniess, he now has to drink honeywiess(urine). He eats at micky ds rather that outback. Rather than watchin football all day on sunday with us he is at work at his 2 nd job at footlocker. He does what he has to.
The choice is ures. If it were me, i would keep the car, trust me, u dont want to sell it.
The choice is ures. If it were me, i would keep the car, trust me, u dont want to sell it.
Thread Starter
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iTrader: (13)
Joined: Sep 2006
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From: Norwalk, CT
And W045, i def see what your saying but i would rather save money now than spend 800 a month for the next 4+ years. I have shopped around for insurance and going from Esurance to Gecio my policy went down 900 every 6 months..
I dont drive it much now either.. My cars are driven 95/5... The 5 being the Evo.
I was just asking myself do i really needs this car in the garage and do i feel like spending +$20k on it in the 4 years. I am 22 now and should start saving up for house/condo etc... And now i have a very hard time keeping $3k in my savings account because i do have a lot of bills. I don't even spend money on myself like that either. Pretty much all of my money goes to bills..
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Joined: Feb 2007
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From: Raleigh, NC
absolutely, what i don't know is how soon it will even out. What you need to do is spend some time in autotrader and start looking at all the national evo listings, taking note of the car's model year (or more importantly years of use) and mielage.
Then, open up an excel spreadsheet and map out an evolution's depreciation over four years of use ('03 to '07). So your first point at 0 years (new car) would be 36k or something. Your next point, at 1 year of use, the car would cost maybe 32k. At 2 years of use maybe it's 29k and so on and so forth.
Then on the same graph map out how much you owe on your car loan. So at 0 years maybe you owe 38k with interest and after 1 year you only owe 32k or something. Map this out for the duration of your loan (maybe 5 or 6 years?)
When you look at your graph now you'll see a point where the lines intersect, the point where you'd be able to sell the car for what you owe for it. Check out my ubar drawing skillz:
I mean think about it, right now you owe more than it's worth but at some point when the car is paid off the evo will still have some resale value. Knowing when the switch from you owing money to you getting money back in a sale could probably help you out making this decision.
Of course this is heavily dependent on how you finance your car. Obviously if you finance your car for 30 months you'll get to the "green point" on the graph a lot sooner than if you finance it for 60 months.
Then, open up an excel spreadsheet and map out an evolution's depreciation over four years of use ('03 to '07). So your first point at 0 years (new car) would be 36k or something. Your next point, at 1 year of use, the car would cost maybe 32k. At 2 years of use maybe it's 29k and so on and so forth.
Then on the same graph map out how much you owe on your car loan. So at 0 years maybe you owe 38k with interest and after 1 year you only owe 32k or something. Map this out for the duration of your loan (maybe 5 or 6 years?)
When you look at your graph now you'll see a point where the lines intersect, the point where you'd be able to sell the car for what you owe for it. Check out my ubar drawing skillz:
I mean think about it, right now you owe more than it's worth but at some point when the car is paid off the evo will still have some resale value. Knowing when the switch from you owing money to you getting money back in a sale could probably help you out making this decision.
Of course this is heavily dependent on how you finance your car. Obviously if you finance your car for 30 months you'll get to the "green point" on the graph a lot sooner than if you finance it for 60 months.
Last edited by SoundBoy4; Oct 2, 2007 at 01:03 PM. Reason: picture!
Thread Starter
Evolved Member
iTrader: (13)
Joined: Sep 2006
Posts: 1,200
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From: Norwalk, CT
absolutely, what i don't know is how soon it will even out. What you need to do is spend some time in autotrader and start looking at all the national evo listings, taking note of the car's model year (or more importantly years of use) and mielage.
Then, open up an excel spreadsheet and map out an evolution's depreciation over four years of use ('03 to '07). So your first point at 0 years (new car) would be 36k or something. Your next point, at 1 year of use, the car would cost maybe 32k. At 2 years of use maybe it's 29k and so on and so forth.
Then on the same graph map out how much you owe on your car loan. So at 0 years maybe you owe 38k with interest and after 1 year you only owe 32k or something. Map this out for the duration of your loan (maybe 5 or 6 years?)
When you look at your graph now you'll see a point where the lines intersect, the point where you'd be able to sell the car for what you owe for it. Check out my ubar drawing skillz:
I mean think about it, right now you owe more than it's worth but at some point when the car is paid off the evo will still have some resale value. Knowing when the switch from you owing money to you getting money back in a sale could probably help you out making this decision.
Of course this is heavily dependent on how you finance your car. Obviously if you finance your car for 30 months you'll get to the "green point" on the graph a lot sooner than if you finance it for 60 months.
Then, open up an excel spreadsheet and map out an evolution's depreciation over four years of use ('03 to '07). So your first point at 0 years (new car) would be 36k or something. Your next point, at 1 year of use, the car would cost maybe 32k. At 2 years of use maybe it's 29k and so on and so forth.
Then on the same graph map out how much you owe on your car loan. So at 0 years maybe you owe 38k with interest and after 1 year you only owe 32k or something. Map this out for the duration of your loan (maybe 5 or 6 years?)
When you look at your graph now you'll see a point where the lines intersect, the point where you'd be able to sell the car for what you owe for it. Check out my ubar drawing skillz:
I mean think about it, right now you owe more than it's worth but at some point when the car is paid off the evo will still have some resale value. Knowing when the switch from you owing money to you getting money back in a sale could probably help you out making this decision.
Of course this is heavily dependent on how you finance your car. Obviously if you finance your car for 30 months you'll get to the "green point" on the graph a lot sooner than if you finance it for 60 months.
Thanks Man! That makes so much sense. If i could give you rep i would. Now the only thing i have to ponder is if i should wait to hit that green dot and spend more money, or get out of it now and cut my losses.
Evolving Member
Joined: Sep 2007
Posts: 491
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From: Central Cali
Keep the car!!! My older bro sold his evo VIII last year just because he thought it was too much for a car. Well just this past July, guess what he bought? An evo IX!! I'll tell you, his payment he use to be $600 a month, now its about $900! Like everyone said, youre losing a lot now.