Financing difficulties
Newbie
Joined: Apr 2015
Posts: 32
Likes: 0
From: Columbus, OH
IF I were to buy an Evo that was ≤ $27k I would have minimal if any hoops to jump through.
Still at war with myself.....
Evolved Member
Joined: Nov 2013
Posts: 1,538
Likes: 91
From: Houston
It is not 100% my ideal Evo, no. But this one is about 95%.. With the amount of Evo 8/9's on the market and with them continually getting older I find my chances of finding that "100% unicorn" to be unrealistic.
And no, I wish I could shart money.. But I've never been against paying paying for something I really want. Maybe it is our perspectives that are differing here. As I keep mentioning, the way I look at it is that I could spend more on a new car and not be as happy as I could with an 8/9. Ya know? Or am I still crazy in your eyes?
Financing "issue" is simply NADA value vs actual market value. Check NADA for an Evo 9 w/ 26100 miles vs KBB. I've also looked all over cars.com, autotrader, ebay, bring a trailer, EvoM, auto tempest, etc etc. I have seem numerous Evo 8/9's above $32k.. A few of them were $35k!
KBB
http://www.kbb.com/mitsubishi/lancer...condition=good
NADA
http://www.nadaguides.com/Cars/2006/...-MR-AWD/Values
The Evo I am looking at is $30,800. I am just rounding up to $31k.
And regarding the 2.5-3k for a tranny, I was figuring when it came time to rebuild it. I wasn't just going to swap out a good tranny and spend the money then and there. Essentially, either way I would spend that money at some point ya know? Eventually the tranny will need rebuilt. (I am looking at this from a DD perspective first and foremost).
I have a somewhat similar tendencies actually
However, I feel like I have weighed this situation back in forth in my head a lot. To me, the very low miles seems worth it.. Maybe I am crazy? Maybe not.
With all the opposing feedback that I am getting, I will dwell on this matter more. I promise you all that I am considering all of your input and that it is not simply going in one ear out the other. If you can't tell, I'm a rather stubborn person.. Sometimes I have to kick my ownself in the ***.
One more thing I have forgot to mention is that every credit union/lender that I have spoken to has always asked if the Evo I am looking for is at a dealer. Me thinks I would have big problems trying to get one from a private party unless I went with a personal/signature loan with high APR's (8% +)..
And no, I wish I could shart money.. But I've never been against paying paying for something I really want. Maybe it is our perspectives that are differing here. As I keep mentioning, the way I look at it is that I could spend more on a new car and not be as happy as I could with an 8/9. Ya know? Or am I still crazy in your eyes?
Financing "issue" is simply NADA value vs actual market value. Check NADA for an Evo 9 w/ 26100 miles vs KBB. I've also looked all over cars.com, autotrader, ebay, bring a trailer, EvoM, auto tempest, etc etc. I have seem numerous Evo 8/9's above $32k.. A few of them were $35k!
KBB
http://www.kbb.com/mitsubishi/lancer...condition=good
NADA
http://www.nadaguides.com/Cars/2006/...-MR-AWD/Values
The Evo I am looking at is $30,800. I am just rounding up to $31k.
And regarding the 2.5-3k for a tranny, I was figuring when it came time to rebuild it. I wasn't just going to swap out a good tranny and spend the money then and there. Essentially, either way I would spend that money at some point ya know? Eventually the tranny will need rebuilt. (I am looking at this from a DD perspective first and foremost).
I have a somewhat similar tendencies actually
However, I feel like I have weighed this situation back in forth in my head a lot. To me, the very low miles seems worth it.. Maybe I am crazy? Maybe not. With all the opposing feedback that I am getting, I will dwell on this matter more. I promise you all that I am considering all of your input and that it is not simply going in one ear out the other. If you can't tell, I'm a rather stubborn person.. Sometimes I have to kick my ownself in the ***.
One more thing I have forgot to mention is that every credit union/lender that I have spoken to has always asked if the Evo I am looking for is at a dealer. Me thinks I would have big problems trying to get one from a private party unless I went with a personal/signature loan with high APR's (8% +)..
Believe me, the fact that so many people are telling me no, no, NO definitely has me second guessing myself. As I have mentioned numerous times before, I am thankful for all of your guys' advice and am taking everything into consideration.
1. no need for name calling.
2. The sunroof and 6spd (at lower mileage) is not a deal breaker for me.
3. I have considered a whole body color change but thought I heard that is a total PITA.
4. I talked with Lightstream last week. My impression is that they require elite credit and want to see a good amount of liquid assets so that one could immediately pay back a loan if they were to default or something were to happen. After speaking with them, I took to Google and read tons of reviews. A lot of people with good credit scores and good incomes were declined. I d0 not want to take a credit score hit for a hard inquiry when I will most likely be declined.
1. no need for name calling.
2. The sunroof and 6spd (at lower mileage) is not a deal breaker for me.
3. I have considered a whole body color change but thought I heard that is a total PITA.
4. I talked with Lightstream last week. My impression is that they require elite credit and want to see a good amount of liquid assets so that one could immediately pay back a loan if they were to default or something were to happen. After speaking with them, I took to Google and read tons of reviews. A lot of people with good credit scores and good incomes were declined. I d0 not want to take a credit score hit for a hard inquiry when I will most likely be declined.
I have two notes with Lightstream and have found them very easy to work with. <shrug>
Good luck with your decisions.
Newbie
Joined: Apr 2015
Posts: 32
Likes: 0
From: Columbus, OH
And good for you, I wish I could be approved with them. They seem like the be all end all credit union. I just don't think a 750 and 4 years of only credit card payments will be enough for them.
Evolved Member
Joined: Nov 2013
Posts: 1,538
Likes: 91
From: Houston
LOL my mistake. I guess that is the first time I had ever heard that term and after Urban Dictionary'ing wasn't sure how to take it.
And good for you, I wish I could be approved with them. They seem like the be all end all credit union. I just don't think a 750 and 4 years of only credit card payments will be enough for them.
And good for you, I wish I could be approved with them. They seem like the be all end all credit union. I just don't think a 750 and 4 years of only credit card payments will be enough for them.
https://aplusfcu.org/
Good luck 2 u
Or take your $15k, buy a really nice Evo, and have $0 car payment, cheaper insurance (if you really wanted), and money left over to enjoy it?
$15k could score you an $18-20k Evo, if you waved cash in their face and had a bit of luck.
$15k could score you an $18-20k Evo, if you waved cash in their face and had a bit of luck.
I sold my single owner (me) 05 MR with 5speed swap, fully setup for track use, 75k miles and great condition about two years ago for $21k. I was fully expecting to go lower but the guy really wanted it and didn't counter my asking price.
You also need to act fast if you find a good one, I sold mine in under five days.
Here was my for sale thread so you can see what condition it was in:
https://www.evolutionm.net/forums/sa...d-swap-ca.html
Clean, well maintained 05 and up Evo 8/9's are selling for 30 to 35k up here in the Northeast. Values have gone up at least 5k in the last year. Kids just aren't moving out these days and living check to check so they can afford the high monthly payment. Millennials... :rollseyes:
I don't see myself owning an 8/9 ever again. Would rather get a C6 Z06 for 39k than a used evo for 35k.
I don't see myself owning an 8/9 ever again. Would rather get a C6 Z06 for 39k than a used evo for 35k.
Clean, well maintained 05 and up Evo 8/9's are selling for 30 to 35k up here in the Northeast. Values have gone up at least 5k in the last year. Kids just aren't moving out these days and living check to check so they can afford the high monthly payment. Millennials... :rollseyes:
I don't see myself owning an 8/9 ever again. Would rather get a C6 Z06 for 39k than a used evo for 35k.
I don't see myself owning an 8/9 ever again. Would rather get a C6 Z06 for 39k than a used evo for 35k.
Great car, though. I don't think I've seen her not win an event LOL.
The C6 Z06 oiling issues have long been resolved. If someone is having oiling issues its because they're not intelligent enough to do a quick Google search and buy the parts to fix the issue.
It's at the top of RWD list, no doubt.
You would think between the engine builder and all her sponsors, they woulda figured that out. LOL. Some guy named Bill Maropulos builds her engines. It sounds like they have the problem solved now. As long as it's an easy fix, a Z06 would be a TON of fun on the race track!
It's at the top of RWD list, no doubt.
It's at the top of RWD list, no doubt.
Like Porsche owners, most of the really fast guys are super cool and down to earth, I have great on track time with them and I always end up having the best conversations with them. The really slow guys wear corvette racing skull hats and and team corvette jackets, sit around and talk about how awesome they are, and completely ignore any other car makes.
About 1% of the really fast guys are total douche nozzles and have egos the size of Texas.
A good amount of Z06 guys come to track days I attend. They are like Porsche owners, either really slow or really fast, nothing in-between.
Like Porsche owners, most of the really fast guys are super cool and down to earth, I have great on track time with them and I always end up having the best conversations with them. The really slow guys wear corvette racing skull hats and and team corvette jackets, sit around and talk about how awesome they are, and completely ignore any other car makes.
About 1% of the really fast guys are total douche nozzles and have egos the size of Texas.
Like Porsche owners, most of the really fast guys are super cool and down to earth, I have great on track time with them and I always end up having the best conversations with them. The really slow guys wear corvette racing skull hats and and team corvette jackets, sit around and talk about how awesome they are, and completely ignore any other car makes.
About 1% of the really fast guys are total douche nozzles and have egos the size of Texas.
Kinda the same in the Evo world; Hard-parkers vs performance guys.
2006 with 17,000 miles.
she loaned $26,000 on it.
i think if you have real good credit, sometimes you can talk them into 120% of high retail.
Newbie
Joined: Apr 2015
Posts: 32
Likes: 0
From: Columbus, OH
You can find a really nice Evo for 25k or under for sure. Just takes time.
I sold my single owner (me) 05 MR with 5speed swap, fully setup for track use, 75k miles and great condition about two years ago for $21k. I was fully expecting to go lower but the guy really wanted it and didn't counter my asking price.
You also need to act fast if you find a good one, I sold mine in under five days.
Here was my for sale thread so you can see what condition it was in:
https://www.evolutionm.net/forums/sa...d-swap-ca.html
I sold my single owner (me) 05 MR with 5speed swap, fully setup for track use, 75k miles and great condition about two years ago for $21k. I was fully expecting to go lower but the guy really wanted it and didn't counter my asking price.
You also need to act fast if you find a good one, I sold mine in under five days.
Here was my for sale thread so you can see what condition it was in:
https://www.evolutionm.net/forums/sa...d-swap-ca.html
Anything under $23k that I am seeing either is high mileage, beat, has problems, or is old and built. There was one red evo on her for sale that was spotless at $18k with 110 miles. It looked immaculate but I am finding that lenders/CU's are not really for anything with 100k + miles. And to be honest, I am not crazy about 100k miles either..
There was a clean white 9 on here that JUST sold with 91k miles. His asking price was ~$25k - the final price of which, I am not aware.
Clean, well maintained 05 and up Evo 8/9's are selling for 30 to 35k up here in the Northeast. Values have gone up at least 5k in the last year. Kids just aren't moving out these days and living check to check so they can afford the high monthly payment. Millennials... :rollseyes:
I don't see myself owning an 8/9 ever again. Would rather get a C6 Z06 for 39k than a used evo for 35k.
I don't see myself owning an 8/9 ever again. Would rather get a C6 Z06 for 39k than a used evo for 35k.
As far as a Z06 goes, dont get me wrong I love them - I have always liked Vettes. Hell my parents had a restored 77 when I was growing up. But I am looking at something for the purpose as both fun and a daily driver. A Vette can't pull winter duty, doesn't have 4 doors, and just overall isn't a practical DD. Again, I LOVE them (not as much as an Evo though) and always drool at the sound of a cammed LSx engine, especially when they bounce of the rev limiter .
TBH, I wouldn't pay $25k for an evo with 91 miles, either. Something tells me the sale price was reasonably lower. Not to say he couldn't have lucked out and found someone that happened to be willing to pay a lot. Just not $25k.