Maybe you could trade your Z for somebody with an X on these boards. Tell us about your Z- base or touring, any options, what color, how many miles.

 

Are you fixated on the X? REALLY nice IX's can be found for 21-24k.

 

I assume it is 48 months, but what are your payments on the Z right now? And loan terms?

If it doesn't change more than 50 bucks and/or +1 year. I say go for it. I traded the Porsche in to get the STi and added 1.5 years and 20 a month (but save a bit on insurance and a bunch on maintenance, so it evens out).

 

Horrible idea. Keep the 370Z. That dealer is trying to kill you on trade, and they aren't giving you a good deal on the X. I would contact South Coast Mistu or one of the vendors on this board to see what the real value is.

Here's the important questions for us to help you out: What do you owe on that 370Z? What trim level? Options? Mileage?

IMO, 60 months is maximum you should ever go on a loan. If you go 72, you will be upside down for a long time. If you go 84, you will be paying chiefly interest for the first two years, and be ridiculously upside down, where the car is a 3500 pound weight shackled around your neck and drowning you in debt... Don't be that guy. If you already are in your 370Z, pay it rightside up and get out of it by selling it private party. Then save some cash so you can put $5k+ down on a car where there is no trade in and you can negotiate a good deal at a 48 - 60 month term maximum. 6.x% for 7 years is highway robbery. 7 years is a long freaking time. It would be akin to buying a 2003 Evo VIII when they first hit the states and just now paying it off. Screw that.

/rant

 

Thanks everyone for all your input, I have been thinking this over everyday since Saturday. Here are a couple of things, the reason why I choose the 370z over the Evo was because I was able to use the employee discount. I was able to buy the 370z for invoice cost. At that time, there was no new evos getting sold. The 370z I have right now is the base model without any upgrades, it has about 6,000 miles. I am also open to trading my 370z for a 2008 or 2010 evo. PM me if you know anyone or if interested.

 

Maybe you should clarify a few other things. Namely did you mean 84 months for the loan or 48 months?

If you meant 84 months... My next question is why the **** do you want an Evo that badly? It's not THAT cool of a car. Especially compared to a Z.

 

my guess would be because he lives in Washington state, and he can't drive the Z all year round... but he can with an Evo.

 

lol turbo the 370z upgrade the braking system willwood then do some suspension mods and you will not be wanting a evo. the fact that you bought the car and only put 6k miles on it and want out of it shows all of us that your decision making skills need improvement. You need to leave this evo x ideal alone until you pay the Z down more or attempt to sell it first. thats the only options you should be considering now if somebody wants to trade you there evo x will have higher milage in trade for the Z then i hope you guys can get a loan for each others cars when banks are not willing or trying to loan out to much money now a days.

 

Upside down on the Z turns into upside down on the X turns into upside down on the.... See the pattern? And any lease over 60 months is a very long time to be paying on a car. Heck even 60 months is a long time but it's a necessary evil with car pricing these days.

 

not at 7% man. trying looking out of state for a better deal.

you guys make 500/month sounds expensive. I'm paying close to 800 for my honda, but thats cause i still owe money on my Z.
waiting to get my evo next year.

 

Dr. Noize , I'll have to disagree with your the latest of your, albeit typically poignant, observations. It's not the term that matters; it's the rate. Then there are external factors such as the future cost of money (i.e. inflation). What seems crazy now (7%), 3 years from now might be short term cost of money if one waits (hint: this is more likely than you think). The smartest guy I know right now is trying to accumulate as much debt as possible in today's dollars due to the likely future cost of money. For example, if I could borrow at 1% for 3 years or 2% for 10 years, I'd do the 10 years all day and pay it as slow as possible. Paying down "good" rate debt is more or less a discipline technique to avoid investing it poorly(or consuming), not a sound financial strategy. It's more so true for houses which have positive carry and deductible expenses.

Now having said that I have no idea if the OP has the means to afford purchase of the asset or to service the debt. But the fact remains that talking about car loans in terms of payment or term makes no sense. It's debt servicing ability, alternative uses of the money (investment), the rate itself, and external factors (inflation) that matter.

 

Guess we're going to have to agree to disagree.

I can at least appreciate your side when referring to a house. In a car note, rates go up much more sharply when term lengths increase (I am sure you know this already). My whole point is that if you cannot afford a car on a 60 month note and have to buy it on an 84 month note, you really can't afford the car at all. The rate and term both grow, which makes it the epitome of bad idea.

Case in point:
You buy a car, put down some cash, and end up financing $27000. If you do that at 4.5% for 5 years, you are looking at a $503 a month. But say you looked at your budget and really only wanted to spend $400 a month. Voila, a 84 month note at 6.99% is only $407, and it fits neater into your budget. But if you pay the loan out, you paid $34200 for a $27000 car instead of $30100.

My point is that if you can only comfortably afford $407, you need to be financing $21,500 at 60 months max.

The OP is getting hosed. They are murdering him on the trade in offer, they are not giving him a good deal on the Evo, and they are stretching the loan out to infinity to make the payment try to hide those facts. Truth in lending on that deal is eye watering.

The smartest guy I know right now has zero debt of any kind other than his home mortgage which he has been paying triple or more on every month the last couple of years. He will have the house paid off by the end of the year.

 

84 months holy crap. unless it's 0% no thanks. if you can't handle 36 months i wouldn't buy the car. you're really leveraging your debt there...

6.99% is stupid high, they're taking you to the back seat with a smile on your face if you're even considering this.

 

btw my g/f's evo x with the sss package was less than what they're offerring you.

 

hire a midget to steal the 370Z and run it off a bridge. Hopefully you bought GAP insurance. if you didn't, go get GAP now, then hire the midget. After that, go buy the EVO X. problem solved.