View Poll Results: How good a deal is $31,600 for a new X MR?
GREAT - OMG! You haven't bought it yet?
68
70.10%
GOOD - That's better than most people get.
9
9.28%
AVERAGE - Nothing special, but not overpriced either.
6
6.19%
POOR - Keep shopping, you can do better.
14
14.43%
Voters: 97. You may not vote on this poll
POLL: Thinking of buying a base X MR for $31,600
Evolving Member
Joined: Apr 2002
Posts: 145
Likes: 0
My god.
I'll sell you an MR for 30,000 clear.
Just send me your bank a\c details.
I think the only person getting misdirection here is your good self.
I'll sell you an MR for 30,000 clear.
Just send me your bank a\c details.
finance guys are like magicians who use misdirection
Last edited by cannyboy; Oct 24, 2008 at 12:19 PM.
Evolving Member
Joined: Jul 2008
Posts: 211
Likes: 2
From: Fresno Ca
First off, the $31k price is bull**** since they are obviously sticking it to you on your trade-in. Sounds like you have bought into it though and are ignoring the big picture.
Secondly, given your history of cars and how long you keep them, why would you waste money on an extended warranty?
And finally with regards to big picture, its time to get your finances straightened out. Just because you can get a loan on something doesn't make it a good deal nor a good idea. Continually digging yourself a deeper hole is not a sustainable plan -- and given the current state of the economy, now would be a really good time to have some money in the bank and not worry about $900 car payments on a car that you owe $15-20k more on than you could sell it for. Frankly, thats just plain stupid!
Secondly, given your history of cars and how long you keep them, why would you waste money on an extended warranty?
And finally with regards to big picture, its time to get your finances straightened out. Just because you can get a loan on something doesn't make it a good deal nor a good idea. Continually digging yourself a deeper hole is not a sustainable plan -- and given the current state of the economy, now would be a really good time to have some money in the bank and not worry about $900 car payments on a car that you owe $15-20k more on than you could sell it for. Frankly, thats just plain stupid!
Newbie
Joined: Jul 2007
Posts: 25
Likes: 0
From: New Hampshire
Keep that 08 WRX...it's actually a pretty good car and if I was in your situation I'd definitely keep it.
Plus there will be more good deals on Evo X MR's out there in the future. You'd actually get a better deal on a used Evo X MR, 3 or 4 years from now than you would buying that new Evo X MR you have your eye on.
Plus there will be more good deals on Evo X MR's out there in the future. You'd actually get a better deal on a used Evo X MR, 3 or 4 years from now than you would buying that new Evo X MR you have your eye on.
Yah, I don't like to keep my cars long enough or put enough down so I've been upside-down for the last 6 
I'm trading in an '08 WRX I've had for just under a year and I still have quite a bit of negative equity from my '06 IX MR I bought 3 years ago.
Because of the monthly payments, the fact that I just got married this year, and because I've got a budget setup for the next 3 years to get my CCs paid down, I'll have to keep this one at least 3 years. Hope Mitsu doesn't tease me too much with something new (unless business explodes and I can get out from under this one sooner).
Here's more info just since you're curious:
2001 - Used VW Jetta GL
2003 - Traded for New Lancer ES, 0 down, ~2k upside down
2005 - Traded for New Lancer ES, 0 down, more negative equity
2006 - Traded for EVO IX MR, 5k down, MORE negative equity
2007 - Traded for Mitsu Raider to get out of the MR while the getting was good (preparing for the X)
2007 - Traded for WRX because the Raider was boring me to death and I was thinking that I wouldn't go for the X (but I would save 10k), $3.6k down
new - Trading for the X MR because I miss owning an EVO (or something as capable) and this deal looks too good to pass up
I'm trading in an '08 WRX I've had for just under a year and I still have quite a bit of negative equity from my '06 IX MR I bought 3 years ago.
Because of the monthly payments, the fact that I just got married this year, and because I've got a budget setup for the next 3 years to get my CCs paid down, I'll have to keep this one at least 3 years. Hope Mitsu doesn't tease me too much with something new (unless business explodes and I can get out from under this one sooner).
Here's more info just since you're curious:
2001 - Used VW Jetta GL
2003 - Traded for New Lancer ES, 0 down, ~2k upside down
2005 - Traded for New Lancer ES, 0 down, more negative equity
2006 - Traded for EVO IX MR, 5k down, MORE negative equity
2007 - Traded for Mitsu Raider to get out of the MR while the getting was good (preparing for the X)
2007 - Traded for WRX because the Raider was boring me to death and I was thinking that I wouldn't go for the X (but I would save 10k), $3.6k down
new - Trading for the X MR because I miss owning an EVO (or something as capable) and this deal looks too good to pass up
Thread Starter
Newbie
Joined: Dec 2005
Posts: 52
Likes: 0
From: On the edge
To the contrary, I'm what's right with it. I pay my loans (and the interest) instead of crying about it and bailing out. I make healthy money, I spend healthy money, everyones happy.
Except you of it seems. You don't actually believe what you said do you? If so, you might want to go take a refresher course on economics.
Except you of it seems. You don't actually believe what you said do you? If so, you might want to go take a refresher course on economics.
Thread Starter
Newbie
Joined: Dec 2005
Posts: 52
Likes: 0
From: On the edge
LOL. I am sure that was the peoples thoughts when they were buying houses with ARM's and no money down. Don't worry it is budgeted for it!
At least the housing market didn't crash.
You are right go for it! This is the best deal I have ever seen. And it makes perfect econimcal sense.
At least the housing market didn't crash.
You are right go for it! This is the best deal I have ever seen. And it makes perfect econimcal sense.
Hello! ARM stands for ADJUSTABLE rate mortgage. So how do you budget a monthly payment for an arm? With little foresight and a lot of prayer since it will change on you regularly.
My auto-loan is not adjustable, but will go down as my credit improves and I refinance.
Either your attempt at sarcasm was based on ignorance, or I missed your point. If the latter is the case, I'd appriciate clarification because there must be a concept you're refering to which I don't yet understand.
Last edited by Sabba; Oct 25, 2008 at 02:31 AM.
Thread Starter
Newbie
Joined: Dec 2005
Posts: 52
Likes: 0
From: On the edge
Thread Starter
Newbie
Joined: Dec 2005
Posts: 52
Likes: 0
From: On the edge
You forgot your 2008 lancer GTS - https://www.evolutionm.net/forums/sh...d.php?t=257806
Last edited by Sabba; Oct 25, 2008 at 02:33 AM.
Thread Starter
Newbie
Joined: Dec 2005
Posts: 52
Likes: 0
From: On the edge
Guess there's a lot of us ignorant folk out here looking at the poll results. Some of you financial gurus out there should do some constructive posting (perhaps after reading the initial post of a thread), or start your own thread so the discussion isn't off-topic, then edumacate our simple minds on the economics of buying cars. I'd suggest that you include the following bits also:Why your interest rate doesn't matter in the long term if you're repairing your credit and refinancing every year or two into better rates.
Why negative equitity in the short term doesn't matter if your interest rates improve, your payment due drops, but you keep paying the same, and how this will help you pay down the negative equity before you've paid significant interest on it.
Why statements like the following are just plain shortsited in light of the fact that buying new cars too frequently is always going to be more expensive than keeping them for longer periods because the initial hit always taken with a new car. Also, how the cost of a new car, is the cost of the new car and negative equity is negative equity:
That evo is going to cost you $48,816 at 10.2% - Bad deal
Geeez. Can't we all just get along and stay on topic?
Newbie
Joined: May 2008
Posts: 14
Likes: 0
From: canada
although the car itself is a great deal, I voted poor just because of your current finances. Applying negative equity to a new loan is not smart, and with the amount you'll owe, you won't need a car loan, you'll need a small mortgage. Wait until the negative equity wears off before considering buying another car, otherwise you'll regret it down the road