Keep in mind when thinking about insurance. This car is expensive to insure.

For reference. I'm 31, clean record, with my insurance company for a long time so I have all sorts of discounts and accident forgiveness and so on.

I was paying $82 a month for full coverage on my Jeep, and the Evo with the same coverage runs $185 per month. 56% increase, so expect some bad insurance rates at your age.

 

27, clean driving record, USAA, cheap to insure part of the country, I also pay $180/month. My 2003 Evo 8 was $120/month. I checked whether it was cheaper to put it on my 64 year old mom's (also clean record) policy, and it was actually a few dollars more. I'm not sure there's anything short of exotics that cost more to insure as a daily driver than Evo X's, and I'm not even sure about that. People with GTR's definitely say they have cheaper rates, I don't know what it would cost to insure a Lambo or Ferarri or better on something other than a collector's policy.

As far as maintenance goes, yes, it costs. A clutch job (unless you do it yourself) will cost you something in the neighborhood of $1200 using a cheap clutch and a place with reasonable labor costs. Looking at 2008's, unless you find one with a reasonably new clutch, you will likely be having to get a new one in not too long with the car being that age, and not knowing how the previous owner drove it. You (hopefully) don't have to worry about the 60k timing belt service with X's that was a major expense on 8/9's. Expect to spend at least $600-$700/set on tires, and that's getting cheap (but good) Hankook's. Gas isn't cheap, and while you can do worse than an Evo for mileage, you can also do a hell of a lot better. I'm not sure what you're driving now to compare with.

Honestly, I don't think it's unreasonable to expect to spend $50-100/month average in maintenance (including fluid changes, but not gas). Obviously you won't spend that much every month, but when it's new clutch/tires time, that expense will be there.

And this is all assuming you don't plan to mod, and can actually stick to that plan...

EDIT: Just remembered you're looking at a 2008. Then you have to worry about the diff pins breaking and costing a bundle, or sending it in beforehand to have them strengthened, costing a lesser bundle with some downtime inconvenience.

 

a $300/month car payment is a bad idea while in college. Also, where are you going to park it while at school?

It's a better idea to take that 10k and buy a car, cash... you can get a decent deal that will last you through college. Once you get that job, then get what ever you want.

 

Are there any more reasonable cars I can buy that are still somewhat mod friendly and make decent power? A coworker of mine has the 2.0t Hyundai Genesis coupe and I was thinking of something like that or a BMW e46 330i/m3 which would both come out much cheaper.

Is the Hyundai Genesis a good tuner car to learn on? My coworker says it bothers him that the ECU is locked but I'm not sure exactly what that means.. I see people tune them and upgrade the turbos on them? Thoughts?

 

If a BMW broke it'd cost you even more than an Evo would to take care of, heh.

I don't know much about them other than that they are a dime a dozen, but a 350z maybe?

 

This is an awesome thread! I'll be in the same boat very soon. I have a high 600 credit score due to my credit card, but that will be paid off this week (woot! finally!), so that should bounce up to the 700s.

Not meaning to thread jack, but I'm confused on my situation. When I ordered my car (should be here in March), I did a preliminary credit check, and preapproval for a loan. Well I got denied because "I have little credit history", even though I've had my credit card for almost 5 years. Only reason I can think of is because I've never had a loan before, so this will be my first purchase.

Hopefully 6 months new employment + NO credit card debt + I make more annually than the car's cost = decent loan without a cosigner. Only time will tell though

Good luck to OP in getting their loan!

 

If you have 10k to put down, you might want to look at a Evo VIII. You should be able to find one around 15k. I don't know any dealership that would not approve someone with half down. Keep it till you get out of school, and if are not still loving it..then get an X.

N

 

Wow.. a card for 5 years and you didn't have enough credit..?! Did you use it often? Here I am trying to get a loan and my only credit is one card for a few months....hah. Sigh.

 

you most likely need a cosigner. I had credit history for over 8 years now and i still need a cosigner to purchase my new 2011 evo x at the dealer. credit score was at 720 though.

 

Yea, I used it to get a new computer when mine crashed little over 2 years ago. Ever since then, I've been trying to pay it off while still trying to survive when I was dead broke (being a college student was hard, haha). Now that I got a real full time job, it's finally going to be paid off (this week actually), so that will help with my score, as it will be paid off.

I'm going to try again and apply in about 3-5 weeks, so that I can have a loan in hand when the car comes in. All else fails, I can go with Mitsu, but I don't know if I want a loan with them.

 

Being a salesman I get this a lot. From a dealership standpoint what's killing you is age, no credit history, and income. Most dealerships have a first time buyers program or a graduate program for people with little credit history. The fact that you have 10k helps a lot but you being part time seals the deal. To a dealership that means that your job is expendable therefore you won't be approved. There is nothing wrong with putting money down to get to an affordable payment but it sounds like you might be extending yourself too far. An example, i make roughly 45k a year, my credit is solid high 7's with a paid auto and I'm putting roughly 18-20 k down depend ing so that way I make sure I can keep 2-4k in the bank just in case. I'm nervous as hell!! I've done the math and on my base pay I can easily afford the payment and insurance but the what-ifs (maintanence, accident etc.) could screw me if im not careful. I would suggest a mazdaspeed3 or gti or an older wrx for now if you want something sportier with not so bad maintenance and a much more affordable payment. For you I would suggest 8k down keep 2k in the bank and a payment no higher then 250 , 175-200 being a much better range. Good luck and happy car shopping!

 

That's roughly a 17k car btw depending on interest rate

 

I think people covered the reasons why getting an Evo would be beyond foolish in your situation, even if you could find someone silly enough to loan you the money. Forget the Evo, get that when you graduate and make some money.

I believe most lenders will be looking at having you taking something around a $150-200/mo car payment with your income. You can also count on a terrible interest rate, so you are probably not going to get more than $10k loaned to you. I'd start using that to pick out some ideas.

I also would not suggest blowing your whole savings on the down payment. You make no money. What is really cool and barely affordable now, will be a regular, junky car to you once you start making career money (not to mention cars usually get beat to crap in college parking lots). Keep a good amount in the bank for the things you don't plan on.

 

sounds like your cutting it too close. Gas is also expensive and the evo is not the most fuel efficient car.

Since your buying used you never know when something is going to need replacing and if you neglect the car its only going to come back to bite you even harder.

 

if you want a lower interest rate, get a good paying job. then buy things on your credit card and pay off entire balance every month. if you can do this for two-three years straight then you should have pretty good credit. this should also determine if you are financially responsible enough to purchase such an expensive car like an evo.

if you want lower insurance, do the steps above, grow even older and buy a house. then you should see around 100 per month for full collision and full comprehensive coverage.