So, i've been saving up for a while towards a brand new evo x (2010). As we all know they arent out yet so im posting this thread to get some input on what you guys think i should spend my hard earned money on. My budget is 15k, and all of it is going to be spent either for the evo, or mods for it.

I know that its maybe not such a great idea to spend that amount of money during these tought economic times, but i look at it this way, you only live once.

So, what do you guys think i should do with 15k

Ps, only reason why i havent jumped on a 2008 is because WW isnt available.

 

why the hell do you need people to tell you what to do with your OWN money? Are you incapable of making a decision on your own?
Everyone has a different opinion and some will say this others will say that, only you can decide what you want to do.

 

you can get an 08 in wicked white

 

i'd spend about 5k of it on mods and 10k and paying off the car

 

Whats your problem? i was just asking to get some ideas on how much i should drop on the evo as a downpayment and use the rest towards mods, how do you come up with me being unable to make decisions? ... jeez. Anyways to those who arent ****, i was thinking on dropping 10k on the evo and using the rest towards mods. What mods do you think i should get?

 

Thats what i was initially going to do, and think im doing just that. Any ideas on suspension and shoes?

 

Exhaust, IC Piping, MBC, FMIC, Tune

Your one stop shop: www.buschurracing.com

 

Preface:
I'm a pretty conservative person when it comes to financial risk. Your risk tolerance may be higher. Just my opinion.

I think 15k as your max cash allocation to this is not enough. assuming you leave your self 5k for mods your looking at a 10k downpayment and a roughly 22k loan. You can use the link below to fine tune your monthly payments but i think your looking at a monthly payment in the 450 range.

http://www.edmunds.com/apps/calc/Cal...FdZM5QodJU1gYw


How does that fit in with your budget? What happens if you loose your job? What if your knock up your girlfriend/S.O.? Etc.


I think your in a similar position to me when i was debating between the evo x and the M3. Could i stretch and get an M3? Sure, but i would be saving no money, have nothing left over for modifications and be paying out the butt for insurance. So I jumped into an evo and haven't looked back. Maybe next time I'm due for a new car, i'll have some more cash saved up and can make a different call, who knows.

What i *can* tell you is that my payments are easy. I have them autodrafted out of my account and i dont even notice them.

Perhaps what you should do is pull emotion and the "I WANT IT" mentality out of this equation. Look at the cold hard facts and make the call. Maybe an evo 9 or a used '08 is the way for you to go.

Up to you though man, good luck either way.

 

once you mod, you might as well throw your warranty away cuz most if not all dealers are gonna blame the mods for any big engine/tranny issues. i say spend about 10k on the car and drive it stock for awhile. its still pretty fast stock. THEN u can mod away...

 

I'd personally drop the entire 15k on a "new/used" 2008 Evo X in the color of your choice. There's a lot of them out there for well under 30k, making the loan amount damn small. I realize you mentioned WW isn't available, but that's a big chunk of change for a color. Worth it? Maybe, but gotta consider that, of course.

I personally ended up buying a new 2008 RR GSR, but the dealer gave me a deal, plus gave me more than fair value for my trade in, so I was happy. I could have finagled more out of it, financially, if I would have private partied the car and gotten a "new/used" Evo X, but this was simpler IMHO.

 

This is a great answer. Not a lot of people take these ideas into consideration.

 

First of all, thanks for taking your time and replying.

The 15k that i have set aside for the evo isnt 'all' my money in the bank. Ive set aside money for those unexpected events (loosing job, knocking up my wife, accidently cutting my arm off.. etc lol.). Im currently in the IT field and work a full time job, im also going to school full time working for my bachlors in CE. I get paid fairly decent which is how i ended up saving for my car. I pay nothing for rent, my parents moved to Mexico for their retirement and left me our house (i know.. lucky..). Currently my wife and i are working, so enough income is comming in to justify the evo. As far as insurance goes, ive gotten quotes from a couple of insurance companies and they are all quoting me around 150 for a full coverage and uninsured motorist policy.

I wont be stressing my budget as much, i dont have CC bills at all, paid all of them off and the only bills i guess i could say is our appliances bill like gas, water, elec etc.

And yea, the ' i want it' mentality sucks.. Ive been 'wanting' to get an evo since the 8's came out but back then i was still in school and had no job. Now that ive saved up for it and see one driving on the street, i get that "omg.. so beautiful" feeling haha.

Oh, forgot to add i currently own a 1986 Civic 2 door hatch with a blue door.. Another reason why i need a new car .

 

You think South coast Mitsu makes a big deal about cars that are modded? because i think SC is going to be the dealer ill end up taking it everytime it needs to be serviced, would'nt want my warranty voided cause i took the Mitsu emblem off..

 

You could get an 08 in WW. South Coast hasn't had one for 7 or 8 months, and it's probably fair to assume there's no remaining new ones sitting on a dealer lot at this point. I've seen a couple come up used, but they typically pull a premium because of the color.

I can't fault the OP for not compromising on color: I didn't. But the sacrifice wasn't as large when I bought. Only Evostare can make these decisions.

As for the financials, I'd put down what you can. Who knows what the future brings, especially in this economy. If you buy new and can get 0% that changes things, but otherwise I'd put most or all of it down.

 

I think that you should go for it. It seems that you have saved for that specific cause, and have separate accounts for unexpected occurrences elsewhere.

I'm however a finance guy. I'm not going to sit here and do math, lol. But I will tell you that if your going to finance the car (which you are). I would suggest dropping the 15K on the down payment, that way you will pay less interest on the long run. Thats up to you, the difference on a 60 month loan with 7% interest is about $1,000. So that would be 1k that you pay extra in interest. Which might be immaterial off-course, I'm just giving you a point of view.

In any case, buy the car and have fun.