May have to sell the X :-(
Do you have other substantial debt?
If your wife works too, and since you're newlyweds you won't have any kids yet, you can knock out a 120k home loan and that Evo payment with ease! The fact you already own the land gives you a huge leg up.
With that being said.. is there a "how much did you pay for your Ralliart" thread on here?
The only other debt we have is her car which is about 4200.00 or something... no major issue, but it's a crappy 02 Ford Escape and has constant problems. I actually have considered getting her a Ralliart since they are safe, AWD and have pretty much the same things my Evo has... plus there's 1500.00 off on the lancers, and I would have the 500.00 for customer loyalty. If they had more i'd buy one and get her one and we both would have lower payments.
With that being said.. is there a "how much did you pay for your Ralliart" thread on here?
With that being said.. is there a "how much did you pay for your Ralliart" thread on here?
Evolving Member
Joined: Sep 2009
Posts: 126
Likes: 0
From: PA
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.
Used Lancer Ralliart 2009 or 2010 Sportback model.
Newbie
Joined: Aug 2009
Posts: 53
Likes: 0
From: Austin TX
Hey fellas, FWIW, I was just turned on to Pentagon Federal Credit Union, and joined by going through National Military Family Association. Anyway, their loan rates range from very good to spectacular. I will be able to trim $1k/month off my current mortgage. I haven't compared car loan rates, so can't comment on those, but to the OP, check it out.
Newbie
Joined: Jul 2008
Posts: 74
Likes: 0
From: Ohio
Presumably if you are extending the term, you only borrow on the 5th - 8th 9 (or whatver ) year. DO NOT trade 0% 5 year for X% 7 or 8 years over the full term. It would be a very poor financial move. Normally I view cars as an expendable / wasting asset (since they are) but maybe you can put off the house build for a bit. I'd keep the car not necessarily because I'm an EVO fan (I am) but because after all the friction of loan fees, new terms, loss on trade in (or selling in distressed market ) you won't come out much ahead. Plus remember , you have THEIR money at 0%
The other thing to keep in mind is I think these will hold value well one we economic growth picks up again:
A) there will be inflation, the dollar is falling so even in this environment MSRPs on new cars will creep up
B) The X production is low since they skipped a model year and don't seem to be producing much for 2010.
C) Right now there are a lot of distressed sellers of EVOs, but they will find "stronger" hands to hold them with time
So in short, you have already taken the maximum depreciation hit, you have a great rate, new terms would be worse and there would be deal friction (selling at trade in , fees etc..).
Maybe I'm just reinforcing the decision you already made a few posts above to keep it, but that's what I would do.
The other thing to keep in mind is I think these will hold value well one we economic growth picks up again:
A) there will be inflation, the dollar is falling so even in this environment MSRPs on new cars will creep up
B) The X production is low since they skipped a model year and don't seem to be producing much for 2010.
C) Right now there are a lot of distressed sellers of EVOs, but they will find "stronger" hands to hold them with time
So in short, you have already taken the maximum depreciation hit, you have a great rate, new terms would be worse and there would be deal friction (selling at trade in , fees etc..).
Maybe I'm just reinforcing the decision you already made a few posts above to keep it, but that's what I would do.
Evolving Member
Joined: Mar 2008
Posts: 459
Likes: 0
From: Im in Reno trick.
Presumably if you are extending the term, you only borrow on the 5th - 8th 9 (or whatver ) year. DO NOT trade 0% 5 year for X% 7 or 8 years over the full term. It would be a very poor financial move. Normally I view cars as an expendable / wasting asset (since they are) but maybe you can put off the house build for a bit. I'd keep the car not necessarily because I'm an EVO fan (I am) but because after all the friction of loan fees, new terms, loss on trade in (or selling in distressed market ) you won't come out much ahead. Plus remember , you have THEIR money at 0%
The other thing to keep in mind is I think these will hold value well one we economic growth picks up again:
A) there will be inflation, the dollar is falling so even in this environment MSRPs on new cars will creep up
B) The X production is low since they skipped a model year and don't seem to be producing much for 2010.
C) Right now there are a lot of distressed sellers of EVOs, but they will find "stronger" hands to hold them with time
So in short, you have already taken the maximum depreciation hit, you have a great rate, new terms would be worse and there would be deal friction (selling at trade in , fees etc..).
Maybe I'm just reinforcing the decision you already made a few posts above to keep it, but that's what I would do.
The other thing to keep in mind is I think these will hold value well one we economic growth picks up again:
A) there will be inflation, the dollar is falling so even in this environment MSRPs on new cars will creep up
B) The X production is low since they skipped a model year and don't seem to be producing much for 2010.
C) Right now there are a lot of distressed sellers of EVOs, but they will find "stronger" hands to hold them with time
So in short, you have already taken the maximum depreciation hit, you have a great rate, new terms would be worse and there would be deal friction (selling at trade in , fees etc..).
Maybe I'm just reinforcing the decision you already made a few posts above to keep it, but that's what I would do.
Newbie
Joined: Aug 2009
Posts: 53
Likes: 0
From: Austin TX
The other thing to keep in mind is I think these will hold value well one we economic growth picks up again:
A) there will be inflation, the dollar is falling so even in this environment MSRPs on new cars will creep up
B) The X production is low since they skipped a model year and don't seem to be producing much for 2010.
C) Right now there are a lot of distressed sellers of EVOs, but they will find "stronger" hands to hold them with time
A) there will be inflation, the dollar is falling so even in this environment MSRPs on new cars will creep up
B) The X production is low since they skipped a model year and don't seem to be producing much for 2010.
C) Right now there are a lot of distressed sellers of EVOs, but they will find "stronger" hands to hold them with time
Newbie
Joined: Jul 2008
Posts: 74
Likes: 0
From: Ohio
+1
B and C appear accurate for the most part, but A is debatable. I personally believe that inflation is an almost necessary outcome of the current economic climate, but there are many who argue that it is not. But that's a macroeconomic issue; I think the transactional losses of a car swap by the OP dictate that he should keep the Evo.
B and C appear accurate for the most part, but A is debatable. I personally believe that inflation is an almost necessary outcome of the current economic climate, but there are many who argue that it is not. But that's a macroeconomic issue; I think the transactional losses of a car swap by the OP dictate that he should keep the Evo.
Nice cars in your sig !
Now back to car talk....
This is some of the best advice I have seen on this forum. but I would like to add one thing. The current housing market is still falling... meaning new homes are being built less and less still (dont listen to Obama) the housing market is far from getting better. What does this mean to you???? I will tell you... contractor bids, contractors that build houses are hating life right now because of lack of work and the work is still droping off... so a contractor will be more willing to settle on a lower cost to manufacture a new home. So you can still build a home for a good price in the near and maybe not so near future and keep the evo (along with not taking a loss on it) and still come out on top. but thats just my .2 as a former contractor.
Newbie
Joined: Jan 2007
Posts: 52
Likes: 0
From: Cali
Here is what Im doing:
Sold the evo for exactly what I owed. Drove my paid off 86 truck for 2 months and saved the $1000 a month the evo was costing me along with $300 per paycheck and took $3200 to honda and bought a 2009 Honda Fit. The payment is $260 a month, insurance is $92 a month and the gas is WAY less (35mpg and only 87 octane). So all in all it costs me around $450 a month to own the fit opposed to $1000.
Yes its not as fun as my evo but when you break down the numbers ($602 a month car payment, $175 a month insurance, $225 a month in gas) I am saving a HELL of alot of money.
Do I regret it? In some ways sure. Do I have ALOT more money flowing my way which i can spend on my family/drag car plus I have 100% less attention from the cops? Absolutely.
Consider it.
Sold the evo for exactly what I owed. Drove my paid off 86 truck for 2 months and saved the $1000 a month the evo was costing me along with $300 per paycheck and took $3200 to honda and bought a 2009 Honda Fit. The payment is $260 a month, insurance is $92 a month and the gas is WAY less (35mpg and only 87 octane). So all in all it costs me around $450 a month to own the fit opposed to $1000.
Yes its not as fun as my evo but when you break down the numbers ($602 a month car payment, $175 a month insurance, $225 a month in gas) I am saving a HELL of alot of money.
Do I regret it? In some ways sure. Do I have ALOT more money flowing my way which i can spend on my family/drag car plus I have 100% less attention from the cops? Absolutely.
Consider it.
