Here's the lowdown: A couple months back I was involved in quite a serious accident involving myself and an 82 year old guy driving a van, I was driving about 45 mph and the older man did not see me and made a left turn directly into my lane as he was trying to pull into his neighborhood, I could not avoid as there was no wear to go and I ran directly into his car going about 26 mph. I did not have my seatbelt on so my head went directly into the windshield, airbag came out, broke my collar bone, ruptured my spleen, and cracked a bone in my hip. I got lucky that i did not have my seatbelt on tho because after the intial impact I was spun into the other lane of traffic where my driver side door was t-boned from a car going about 50.

Now, since the accident was not my fault, I was granted quite a large sum of money as a Pain and Suffering settlement, 195,000 to the penny. Would have been only 100,000 but thank god for having Underinsured/Uninsured motorist coverage, which if you all dont have, I recommend getting in a heartbeat.

I have always liked Lancer style cars and it is currently why I own an OZ Rally, but I have my heart set on an Evo 8 now.

Now my question is: I am 19 years old, and as such its hard for me to decide what would be the best way to go about buying an Evo. A couple questions that come to my mind that you all might be able to answer are; Since I am 19 and have been involved in an accident (No other speeding tickets or traffic violations as well as the police report indicates there was nothing I could have done on my part and in no way was negligence involved) what would the insurance as a rough estimate be around. Also, If I were to buy the Evo 8, I would be trading in the OZ Rally, The car is nearly brand new and only has about 1,500 miles on it, No modifications made as of yet nor does it have a sunroof, Justa simple white OZ Rally, and I am wondering what kind of value I would get on the car as a trade-in. Furthermore I am not even sure that it is available to me to trade-in as I am not sure how it actually works when you trade in a vehicle, in the respect that I have about 7,000 dollars financed on the car still and I need to know if I need to actually fully OWN the car or if I can trade it in while still having part of it financed.

Any comments would be appreciated, Thanks in advance

 

dude if your going to buy it, do it now before they run out. the evo 8's are a limited series. only 5000 in north america.

kbb.com

 

Sorry to hear about your unfortunate/fortunate incident..

But if you call Gieco, you could save 15% or more in 15 minutes!!

 

1) Don't buy new, buy used. Save on the initial depriciation.
2) Sell the Oz outright, trade-in will net you about 10-20% less than just selling it yourself.
3) Pay cash for the whole thing, you will likely save $2K in interest.
4) If you own it outright, you can get by carrying PL/PD (Public Liability/Property Damage) and pick anything else you want (Uninsured motorist, comprehensive, etc) ala carte.

That would be my approach.

 

Can I simply sell it outright like you say tho while still having part of the car financed?Im not sure how it all works to be honest with you

 

Sure, you can sell it. But, you must arrange with the lienholder for the transfer of the title to either the new registered owner (if they buy outright) or to the new lienholder.

 

Get a civic and invest the money, you are young and you can get a really good start.

Sam

 

Save $80k to pay for college tuition if you are paying for college yourself, and save $75k for a fat downpayment on your first home after college. That should leave you with just enough for an Evo8, insurance, and a few mods.

 

Take the money now, put the downpayment for like 10 houses, rent them out to section 8 housing,and net in ~5k a month. 1 house at a time.

Then take that money and buy stuff with it.

 

Well, While college is a great idea to save the money for, I already have college taken care of considering I keep my grades up. 75 percent of my tuition is covered through Florida's Bright Futures scholarship and the rest is taken care of through a variety of other scholarships. And my money as it stands is allocated into 2 different mutual funds through Merrill Lynch, I havent touched a dime of it yet.

What I am looking to figure out tho is the best possible approach to buying an Evo 8 given my situation

 

I wouldn't do that. Thats a burnout job. Unless you don't mind working 24 hours a day 7 days a week.

 

prepare to get *** raped by insurance im almost 19 and without homeowners discount my insurance would be $8000 a year. I have a clean driving record.

 

my Insurance isnt that bad, depends on where you live, Im 18, 3 houses, good student, and pay 1200 every 6 months. THats for full insurance 500 deduct, currently I have it on weekend tho since im at college and my car is sitting at home in my garage.

If the insurance isnt too high, i would go for it.

 

I think it's cool how you just got so much money, and you are not gonna just blow it all away in an exotic car! With so much self-control, I'm sure you will make a good decision on your own.

When trading in your car, the dealer will give you a trade-in value. If your trade-in value is lower than what you owe the bank, you are upside down. Another word, you have to basically pay the difference. If not, how much you're up is how much less you pay. Quite simple. In conclusion, you don't need to fully own the car to trade it in. Good luck

 

id take all the money and put it in my arm