May have to sell the X :-(
IMO, hold on to it as long as you can at 0%, because you're a little upside down. Used car values are in the shatter, and used Xs are awful due to the 0%. You will be in better shape in a year, or in awesome shape in 2 years.
I want to get out of mine too, but will wait until I am a few grand rightside up and then get out of the sucker. In about 2 years, I'll be sitting really pretty.
I want to get out of mine too, but will wait until I am a few grand rightside up and then get out of the sucker. In about 2 years, I'll be sitting really pretty.
agree with above, RSX type-S is a great car with great gas mileage, but if you are young insurance may be high. But all in all it is a very reliable car, that's why I decided to keep mine, though I thought about selling it so many times.
look for a cheaper house. i forgot exactly much they charge per thousands you borrow but if you figure just for example not actual prices if you buy a house say around 170,000 you may pay 1400 a month so if you look for a cheaper house that would bring your payment down some as well and might be able to keep the evo.
Evolving Member
Joined: Mar 2009
Posts: 215
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From: NOVA
I understand what you are saying, but I don't buy coffee, I don't buy anything everyday like that... 120.00 isn't the end of it though.. the insurance would also go down, repair costs would go down.. I have to think about the big picture here. 120.00 is a cell phone bill, a trip to the grocery store, a months or more worth of gas... it's a lot more than it seems.
yeah I agree there is the cascade effect... i'm a bit tired today I just wanted to point out that I don't think selling the X is the right choice if your goal is to save $120 bucks a month.
Not sure if you need the AWD in MD personally, that would give you a bunch of options. But you'll save a lot on a USED car and get more bang for your buck.
Evolving Member
Joined: Mar 2009
Posts: 215
Likes: 0
From: NOVA
look for a cheaper house. i forgot exactly much they charge per thousands you borrow but if you figure just for example not actual prices if you buy a house say around 170,000 you may pay 1400 a month so if you look for a cheaper house that would bring your payment down some as well and might be able to keep the evo.
^ your getting jacked at that rate
i agree, me and my wife are in the process of building a house too. Buying/building a house is a big financial responsibility, that's why we try to save by not taking lots of upgrades and asking the builder to give us all the available incentives/discounts. Mods on the car are also on hold until our finances are stable. Furnishing the new house is also the other problem.
You should wait another 6-12 months before trying to buy a house. The housing market is getting another BIG deflation soon as more ARMs reset and more people go into default. And the value of the X will drop rapidly too.
Sell the car now buy a house in another year.
IMHO.
Sell the car now buy a house in another year.
IMHO.
Evolved Member
Joined: May 2009
Posts: 1,227
Likes: 4
From: NYC
Well guys, I got married on the 19th and my new wife and I have been looking at building a house, but it seems that my 516.00 a month payment may be a bit to much, so I am considering selling it after a few more months of payments since the selling prices aren't that high for the X's right now, as of Oct I will owe 26,9. I have thought of everything that I could possibly do... even a refinance, which would be stupid since I have 0%, but that would at least drop the payment.
So, I have started to think of other cars that I could get.. whether new or used, but in great condition and i'm not to sure of what to go for. If I can pay another 6 months or so I could refinance for 72 months since my credit is good and maybe get a pretty decent rate, but I may be better off buying someone elses X that has a few more miles on it for a lower price. I'd like to try to keep the AWD since it always comes in handy so a used STI could be possible, I didn't want to go the IX route, not because I don't love the car, but the safety rating is just horrible with them and i'm not putting my wife in any sort of risk... it has to at least have better than average safety.
I've also thought of going to route of a lightly damaged car of some sort and then just fixing it myself.
Anyway, just looking for some ideas on something that could get me around 400.00 a month or maybe even less.
Any other cars in mind? Doesn't HAVE to be AWD, but it would be nice.
So, I have started to think of other cars that I could get.. whether new or used, but in great condition and i'm not to sure of what to go for. If I can pay another 6 months or so I could refinance for 72 months since my credit is good and maybe get a pretty decent rate, but I may be better off buying someone elses X that has a few more miles on it for a lower price. I'd like to try to keep the AWD since it always comes in handy so a used STI could be possible, I didn't want to go the IX route, not because I don't love the car, but the safety rating is just horrible with them and i'm not putting my wife in any sort of risk... it has to at least have better than average safety.
I've also thought of going to route of a lightly damaged car of some sort and then just fixing it myself.
Anyway, just looking for some ideas on something that could get me around 400.00 a month or maybe even less.
Any other cars in mind? Doesn't HAVE to be AWD, but it would be nice.
Sounds like you've got your head set on a performance car with awd.
Might be better to get something like a cheap honda or toyota and stick with that for a while. Where you are, awd isn't really needed. Hell I drove through numerous snowstorms in my fwd car to go snowboarding and never had a problem driving it at reasonable speeds with 6 inches of solid snow on the ground and all season tires. You wanna start your house off right, not have to cheap out on it to afford a car.
He lives in Maryland not Cali.
He lives in Maryland not Cali.
The only thing in real estate that's more common in California is jumbo loans (>~$740K) since Kal-lee-forn-yeah seems to have some of the most expensive dirt in the country.
Newbie
Joined: Aug 2009
Posts: 53
Likes: 0
From: Austin TX
To the OP, IMO if the difference b/t the evo and a cheaper car, once you factor in payments, fuel, tires, etc is 300-350 month, and that amount will make or break you in getting a mortgage, then you are too close to the edge.
If there's a takeaway point from this dismal downturn, it's don't borrow to your max. Banks don't have your best interest in mind.
Be sure to also check the calculators on whether it makes sense financially to buy or rent.
http://www.nytimes.com/2007/04/10/bu...T_GRAPHIC.html
Also note that lower priced homes sometimes do not offer a large tax benefit b/c of the tax benefits you lose when you itemize.
I've had a number of homes, and own 2 now.
Newbie
Joined: Aug 2009
Posts: 53
Likes: 0
From: Austin TX
Doesn't matter. ARMs are all around the country and the next wave of resets is gonna make a whole new round of bankruptcies and forclosures. And with good-paying jobs still very difficult to find, well you do the math.
The only thing in real estate that's more common in California is jumbo loans (>~$740K) since Kal-lee-forn-yeah seems to have some of the most expensive dirt in the country.
The only thing in real estate that's more common in California is jumbo loans (>~$740K) since Kal-lee-forn-yeah seems to have some of the most expensive dirt in the country.
Everybody points at the non-creditworthy peeps causing this mess, but now we will see credit-worthy people, who overspent, in trouble too, epecially in areas having double digit unemployment. Some of these ARM type products are mortgages that loaned out 105 or 110% of the home's then current value. Others went even more aggressive than interest only, and set absurdly low payments in the first few years, while allowing the unpaid interest to be added to the balance. Kind of like school loans.
Crazy.
yeah lol, I have some quotes for 150,000 and it's going to cost somewhere from 738-900 depending on who I go with, point, etc.
BTW I'm 31, so I don't pay a great deal on insurance, but like I said, I know that the maintenance cost is high on the Evo's so that's something for me to think about.
BTW I'm 31, so I don't pay a great deal on insurance, but like I said, I know that the maintenance cost is high on the Evo's so that's something for me to think about.
IMO, hold on to it as long as you can at 0%, because you're a little upside down. Used car values are in the shatter, and used Xs are awful due to the 0%. You will be in better shape in a year, or in awesome shape in 2 years.
I want to get out of mine too, but will wait until I am a few grand rightside up and then get out of the sucker. In about 2 years, I'll be sitting really pretty.
I want to get out of mine too, but will wait until I am a few grand rightside up and then get out of the sucker. In about 2 years, I'll be sitting really pretty.
How much do you think that sucker would cost to fix given BMW's high part cost!