So, I've been looking in getting myself my first Evo for a few years now (lol) and last year, I settled for a 2008 RR Lancer GTS.

I've been approved for a '08 Evo X GSR however, that's with trading in my '08 lancer and taking a -10k hit at the bank for negative equity. And considering how hosed we get in Canada with the already 10k hike in price, that's a loan of nearly 60k

The dealership I'm dealing with also has a clean 2005 Evo VIII, 82,200km on it. And it's going for 26,9k CA.

I'm thinking of financing both cars instead of just getting 1 '08 Evo X.
Owning two cars would be $100 more a month, and total value would be greater than owning just 1 Evo X. Allows the use of a daily driver and a joy ride.

Here's the link to the 05 evo. http://canadatrader.com/result/detai...0&pgno=1&srt=1 (ps. I would be owning 2 RR cars )
What would you do? Just looking for some opinions before I sign off on the deal.

EDIT: lol, I meant for the thread to be called "What is a better move?" -_-;

 

end of the day you gotta do what you gotta do.
car might be more onyour finanace papers.. but make sure you can service and maintain and up keep all cars youown..

 

How are you negative 10K already?

I was in your situation while I was in undergrad and had no money. I quit school for two years and got a job that required a lot of traveling, and my car suffered for it. When I wizened up and went back to school, I tried to get a new car and was about 13K upside down. I put 10K down (that I had saved from the previous job) and still paid 3K too much for the new car. It was a lesson that I will not soon forget, and I do not advise a negative equity situation for anyone.

I can say this though. There is no feeling like paying cash for a car or paying one off. Stick it out and you'll be able to do it too.

 

Why don't you sell the GTS privately and pay off the loan and then purchase EVO X? As for the EVO VIII I think that is alot of KM for the car for that price. Or you can import from the USA, get a line of credit and use that to pay for the car. I don't know how you feel about insurance for 2 cars as in Canada its can be quite expensive if you intend to have one for joy ride and another as DD.

 

I would only be putting $2500 down. 5+K is paid off from owning the GTS for a year, and I need to pay off another 7500k to get rid of the negative equity.

I've considered sticking it out too. It's not easy since I've wanted an EVO for years, and now I work my butt off to own one yet it will bite me in the rear financially for a few years.

 

The dealership is working some voodoo magic to finance me the new Evo.
I've spoken with my bank about a line of credit and they said even if I pay off my GTS I would only get 28k from them.. Which wouldn't even be enough to finance a used Evo.
Very strange since I make pretty good money and I have a very secure job + perfect credit.

As for that part of insuring two cars. That is what will probably sway me away from doing this. It will cost a ton to maintain that evo with that much KM on it.

 

Dealership is not working voodoo magic...they like to tell you that to make you feel good about them, they can finance anyone as long as they're coming up.

Why didnt you buy an 05 evo8 during the time of buying your lancer?

I say payoff the lancer then make your next move other wise you just pissing money away, but all and all its up to you

 

Most importantly, learn from your mistake. You wanted an Evo, and "settled" for a Lancer. The thing ended up not doing it for you, so now you're gonna pay.
We've all done stupid **** like this before, but next time, step up or don't do anything. It's easier to save money than it is to pay thousands of $$ to cover your upside-down auto loan.

 

I think you should stick to it and pay off the car...you waited this long to get an evo whats another year or two...besides they'll be better version of the evoX...within the next year or 2.

 

+1, If you find another evo VIII or IX with good miles and price then you can rethink it and have two one as your DD and one to mod.

 

wait! being upside down is the worst feeling in the world... wait it out and get a used X next year!

 

personal thought, there is no need to spend more money on gas and payments when your financial situation is not that great plus gas price is keep rising through the roof.

 

I'd say for $100 more a month you really can't go wrong, and just get the VIII. Also can't you also just import an old R32 or Evo I or II

 

are you sure you can register an evo viii in canada? i thought only the evo x was legal in canada...