Hey everyone! New to the Evo scene and just been looking for the best option to get an Evo for my next new car. Been looking around at new ones and on here a bit, my options are obvious in the following:

1. New - Expensive... 40k for loaded 2011
2. Used - Potentially beat on and repairs in near future?
3. Salvage - Rebuilding costs and salvage tag on it....

My brother and I were thinking about the salvage option as it would allow us to purchase a newer model without spending the insane amount of almost 40k right off the bat.

I was wondering if anyone has done this and how hard the process was and also the costs that were involved. Or on the other hand if there were any people who didn't do this for certain reasons. Thanks so much for everyone's help in advance!

 

Salvage cars can be hit and miss. I purchased an 05 STi last year with front end damage. Buying a damaged car through an internet auction and not actually being able to see the car in person is very risky. I got lucky with that car and it turned out to be a solid runner. I managed to find a jdm front end for it for cheap and in the long run worked out pretty well. I then decided I wanted an evo so I sold the STi with a fair profit and purchased my evo 8. On the other hand my freind purchased an Evo X and didnt have the same luck. Since these cars are pretty new, parts are hard to find and 95% of the time will have to be purchased from a dealer. Also these cars are going for big bucks at the auctions and it just doesnt seem logical considering its going to be branded as well. If I were you I would find a nice X with a clean title and not bother with the salvage cars. The X's seem pretty reasonably priced now. Some cars are worth buying salvage some are not! goodluck with your search.

 

If you are equipped to fix a salvage title car, then that might be worth it. Otherwise, purchasing an inspected, low mileage car is a very good bet. So many people elect to purchase new cars when they really can't afford it (I'm not talking about having the ability to produce money to purchase the car; I'm talking about the ability to sustain purchasing a $40,000 car when you're not even making $100,000/year).

I don't think I will every purchase another brand new car again for as long as I live. I'd rather have someone else pay for the instant depreciation and then I scoop up the car with less than 10,000 miles on it. There are always choices around.

 

I have found a few used ones and think the X edges out the IX for me but the IX still could be an option. What are we thinkin for too many miles? I found a few closer to 50k than 20k in miles and that makes me worry how much it has already been used before I even get it in my hands....

 

So you have to earn 100K a year to buy an X?

 

I am guessing he just means to be financially solid you pry should make more than the car is worth. Price is my factor here because I hate having such high payments per month with a mortgage and student loans and other junk.

 

A lot of people can afford that on a basic 40k/yr salary. the problem is how much of the salary is already allocated (ie credit cards, student loans, mortgages etc)

If i could do it again, i would have bought slightly used. People who keep receipts on everything are the ones to trust most. A paper trail is worth more than someone's word of mouth. Buy new if you plan on keeping her for 4-5 yrs. An Evo will hold its value more than most other cars.

 

I dont make 100k a year. I wouldn't buy a salvage car unless it was a race car with a full cage in it.

 

No, you don't have to (as many people here and everywhere are only happy to prove).

But there is something unbelievably silly about spending more than 40% of your annual salary on a depreciating asset (I'm not even talking about the higher price of gas, the much lower MPGs and the inevitable modding that most Evo owners experience).

Car financing was created to allow people who cannot actually afford to buy the cars outright access. And at its core, financing was also created so the car company gets more money from the car buyers.

Hence, someone financing a brand new $30,000 - $40,000 Evo is also paying much more than the "low price" they haggled.

Financing a house, on the other hand, is [usually] a better choice since houses are "supposed" to appreciate. Of course, if you bit off more than you could chew just before the housing market crash, you may have lost in this situation (I didn't; I bought a house last year and "saved" about $100,000 - $150,000).

Financing a brand new car only makes sense if you actually have enough money to pay off the loan (comfortably; I'm not talking about milking every last penny you have) at any moment if you wanted to BUT you choose to invest your money in assets that beat the financing % you received. Hence, my friend who financed his $100,000 Porsche Panamera (sweet ride; got to drive it yesterday) and my client who owns both the Panamera and a Bentley. They both, surprise surprise, make way more than $100k a year.

So although this scenario does not apply to all new Evo owners, here is what some people who purchase brand new cars (esp. Evos and the like) are actually going through:

a. Don't own a house or any property for that matter
b. Don't have maxed out 401ks
c. Don't have emergency savings for 3-6 months in advance
d. Live paycheck to paycheck (or mod to mod)
e. Don't actually have the cash to pay off the car (e.g. If you purchased a $30,000 new Evo and you don't have AT LEAST $30,000 in your bank account, you've just dug yourself a hole)

Of course, everyone is in a different situation so don't be offended if you do buy new cars but live comfortably and within your means. Congratulations. But if you do plan your finances responsibly, then you should also understand that what I say is fairly reasonable and financially correct.

I lived next to a friend/neighbor in my post-college years. Guy drove a used BMW 3-series and bought a new Audi RS4. Nice car, very nice. We were talking one day and we were talking cars like we always do. This time, however, I told him that it's silly to own two cars, especially the RS4, and still not own a home (he was living in an apartment with 3 other roommates). He ended up selling his RS4 a few weeks later as he took the advice to heart. Oh, and he made way more than $100k and I guess realized he was just pouring money down the drain.

 

This mentality is also why credit cards florished for all the wrong reasons. The RIGHT NOW mentality without building any financial worth is a huge reason why the economy tanked and still struggles.

 

100% agree

 

Had a friend buy a salvage once and that car ended up having problems all the time so I've always just stayed away from them. But like stated earlier you never know you could always find that one good one.

 

ehhh i wouldn't go near a salvage titled vehicle, unless it was fully built again with a full roll cage as previously stated

 

I actually drive a salvaged 08 GSR. Bought it from a guy that bought from the repair shop. It's been 6 months and 10 000km, no problems at all. Here in Quebec the DMV inspects all salvaged vehicles going back on the road. A great buy for a great price.

 

My main thought for the Salvage car would be a rear impact or side impact situation. Feel like the front impact most likely damages the engine and therefore causes tons of issues in the long run. But if everyone is thinking that a gently used one is a good thought I may go that way. I do plan on keeping this car for a long time and would consider turning into a track car in future if I got another daily driver. But I being tight on money already, I fell like the purchase of a new $40k Evo would be a little out off my means. Thank you everyone for your help with this! Seems like a great community that comes along with purchasing a great car!!