wao
i would suggest you keeping the 370z
the trade in value is $#@%$
plus your interest rate is darn high

 

Wow! Eeven the cheapest 370Z retails for $29k and if you got a deal on that car, with tx tag and tile you might be back up to the $29k MSRP. Getting $23k trade in and rolling that into an Evo (which depreciates quickly too) for 84 months is ridiculous. I thought 72 month terms were crazy. It really does not sound like you can afford this car. When you extend your term to make the payment fit your budget, that means that you are living on the edge of your budget already. Not a good idea. What made you want to buy the Z and sell it within a years time?

 

I disagree. I don't think it's fair to say that he can't afford the car, as we all know that affording the car has a lot to do with how much money he makes, which he hasn't disclosed.

Unfortunately, due to a failed investment about 6 years ago, my credit was still in repair when I bought my Evo. I had to take the hit to help get my credit clean again. I'm at 15.9% and my payment is around $850. But that doesn't mean I can't afford it. Hell, I could afford another one of those payments if I needed to... Total cost of the loan after 7 years, something ridiculous like $70k. Is it worth it to me? Yes. And when I'm done paying it off, my credit will be in such good shape that I'll be able to get a great loan to buy another one.

 

I would wait another year, or get X with low miles, 500 bucks a month for 5 years sounds better, or it could be less if you putting down 5 grand.

7 years of payments? think about it.

 

Well, we all have different definitions of 'afford'. I bought my last car in cash. My motorcycle, I bought on a 5 year loan with payments of $175/month, but paid it off in 2 years. I prefer to give as little money to a bank in interest as possible as it's money you're just throwing away.

IMO, if you can't pay it off within a couple years, it's too expensive; especially on a depreciating asset. You factor in the money you pay in interest, plus the money you lose in depreciation, and it's easily over $20k in this situation. That would pretty much have covered my college tuition.

Plus, half the fun of owning these cars is modding them. IMO, its pretty damn stupid to spend any significant money modding a car when that much is owed on it.

 

wtf its crazy how some of you guys pay all that money for a mitsu. I pay $195 a month for my evo and i have headaches lol. Honestly i would never pay more than $350 for a evo X, the guy that pays over $800, geeez i could own a porsche 911 for that monthly payment.

 

dont rush, new evos can always be had

 

I'd say don't do it bro. Just wait a bit unless you make tons of money.

^^^And to this guy...DAAAMMMN

 

I cant believe trading in value for 370z is only 23,000. I will suggest you can sale your 370z in private party and get more money to pay the X.

 

Don't do it. Save up some money and sell the 370 private. Go get a car somewhere else later, for much less. You'll find another one.

 

370z for 23k???? pm me info on the car

 

Hmmmmmm, no, dont do it....

 

I would keep the 370 and pass on the Evo.

 

Go look for an '08. They maybe rare but I was able to find one and got it for $27,500 (GSR w/SSS Sticker was $37,ooo) I put a $2500 down payment and since this was my first loan that I have ever had I go 7.99% interest. Comes out to be $450 mth @ 72mths, but I will be paying it off in 4.

 

well, they are going to pay as little as possible for it
also, you'll find that dealers usually can get a bank to finance 125% of book value on a car, and you will also find that your "negative equity" from the value they give you for your trade in, wrapped in with the purchase price of the new vehicle will often total....125% of value

They are going to max out the available loan on the vehicle, it's their job to get you for every penny they can.