wow thats a whole lot of cash ur giving to the bank.

 

Don't ever be upside down with a loan. plain and simple. Put down $10k-$12k on a 4 yr loan with 4 percent interest or something like that. You still have the same $550 payment and you can offload the car in a year or two and still get cash back in your pocket.

Always think to put a third down or better - you might have to buy used.

 

Never trade in a unpaid car!!!!!period!!!! Learn my lesson when i bought my 2000 si. It was originally at 18k that went up to 32k with trade of a car that was'nt paid. Now my X is at $629 a month for 7yrs at 3k down, I guess $6xx is the average here. But again , dont do the trade.

 

Thanks again for everyone's input, I was able to talk with the dealership again. I was able to get a better trade in value of the 370Z. Do you think is better or still a no go?

Sales Price Evo X:$33,000
Cash Down: $5,000.00
Total Trade 370z: $25,000
Owe on 370z: $30,000
Sales Tax: $700
APR: 5.99%
Term: 84 months
Monthly Payment: $499.09

 

APR at 6% is just silly, let alone for 84 months.

84 months. 84 months. You're focusing too heavily on the monthly payment, and the 84 months proves that.

84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.
84 months.

From the monthly payment of 499.09, I can almost guarant-freaking-tee you said, at one point, "I don't want to spend over 500", and they're just going to screw with the numbers to make that happen.

Walk away.

 

Thanks

 

7 years. In 7 years, a baby goes from this:



To this:



Also, remind me never to type in "7 year old boy" in Google. Do not want.

 

Haha nice!

 

don't buy the car. you will be instantly upside down from 7 to 12 grand and 7 yrs is an awful long time for a car loan. you basically have three options.

1. keep the 370z
2. sell the car private party.
3. trade the car for something considerably cheaper ie; wrx, mazda 3, or something in that price range for no more than a 5 yr loan or you will get raped

 

In car buying 72 months is a no-no. If you cant afford the payment for sixty months then don't do it. I didn't even know you could do a loan for that long.

 

You shouldn't trade in your car for the Evo, period.

It definitely sounds like you can't afford either car IMO. A car payment more than $400 a month is just too high, and to finance a car for more than 5 years is just plain dumb. A lot of people here (including myself) got the 0% for up to 5 years from Mitsubishi. So the fact that you aren't going through Mitsubishi for the loan, and that crazy length of 84 months should be telling you the car is above your income bracket.

Keep what you got or trade it in for something less expensive than an Evo. Do you really want to be paying $500 a month for 7 Years?

 

no wonder the US put the whole world into a recession! 84 months for a car loan is so irresponsible!

 

i got mine for 2.99% and 60 months and i'm paying $574 a months.you paying too much for it then

 

u should use the 5,000 u have for down payment to pay down what u owe for the Z from 30k to 25k, that way your NOT upside down and when u sell it or trade it in your EVEN or NEUTRAL NOT upside down

just my 2 cents, either that or try and hustle someone on the street to buy your car for 30k but good luck with that 1

Either way i say you use the 5k to pay down the car, wait another 6-12 months to round up another 5k and then do the deal but, im telling from experience from dealing with my wifes 2 upside down car deal's WAIT!

 

Wait on the evo take the 5 grand and pay down the 370z and work on getting your credit score up. When I bought mine I payed 31k for it out the door and I put 9.5k down. My rule of thumb is down payment = a third of what the car costs.