So yesterday I drove a buddy of mine's Evo X. I was absolutely blown away and I totally want to get one now. Im in a bit of a pickle though as I bought a 2012 Mustang GT in December. Its a cool car, I just don't really feel like its for me though. I was wondering if anyone had any experience or knowledge as to wether I would be able to trade it in for an Evo X and keep my current or similar monthly payments? I'm paying $398/mo at 1.9% APR, and $186 for insurance. I'm willing to get a used one as i have now realized depreciation is my best friend/greatest enemy.

I think my car is worth less than what I currently owe as well since it was involved in a collision in a parking lot. Some *** hole rammed me. In a parking lot.

I'm hoping to hear some good news x__x

Thanks in advance for the input

 

I would have to say that you'll never come out on top when you're trading a 1yr old vehicle... Especially with your situation. If you don't enjoy your car as much as the evo, just trade the thing in and take a hit. You won't think about it at all when you're driving your new one

 

This sums it all up really. It does not make too much sense financially. You can always try and sell private party and then buy the Evo as that would be your best bet to get around the same payments.

 

Check into it man. Its hard for us to give you solid or even close numbers. We dont know how much your Stang is worth (cause of damage). The Mustang in my area is a dime a dozen. Along with the Camaro. They are everywhere so I would think trade in (in my area) wouldnt be as high as someone would like.

How much do you owe on the stang?
How bad is the damage?
Miles?
Options?

Paying $400 a month also doesnt help because we dont know how much money you put down at purchase.
I would take your car to a dealership and get an appraisal. Then you will know if you will have negative equity and by how much.
Then start pricing some Evo's, new or used, and start crunching some numbers.
I would assume you would get the same, or close to same, interest rate.

And a side note the Evo (as we know it) is coming to an end very soon. Your new car selection will start to dwindle down and the private party pricing will start to rise. If you really want one then now is the time to buy one.

What dont you like about the stang?

 

there's no way you'll have monthly payments that low, unless you bought a used X or put down $10k.

i'd also imagine that your insurance would be more expensive... but maybe not.

 

North of $500 a month plus insurance for any new Evo off the lot with 3 to 4k upside-down on top.

Believe me... I know...

But hey guess what... Get it!!! then later regret it!!!... but quickly forget it... behind the steering wheel of your Evo!

And Insurance will prob be cheaper cuz the Stang is a coupe... heck my wife's Eclipse GS Sport was $20 more expensive to insure than my Evo X!

 

Yea I would call up South Coast Mitsubishi, in SoCal obviously.. I was looking on their website today and they have a couple 2011's still with the SS and SL packages(HIDs, sound system, sunroof, and leather). I think they were listed at $32.9k brand new. They have some other 2011s too with different packages.

I understand the problem. And I understand not wanting to loose like 3g's.. but I couldn't live with paying 400 bucks a month for a car when I would rather have a different one. It's $3000. You can make that up eventually. I say make the trade if it is worth it to you..

 

I put $4k down at 1.9%(first car purchase too)
I owe about $24000. Carmax is willing to give me $21000.
The frame apron was damaged, Headlight, both fender panels, front bumper, and hood were replaced.
48xx miles, is daily driven.
Base model.

Ive been number crunching, and I could get pretty close. Insurance is also cheaper as well(7 airbags and 4 doors, awesome! ) Im gonna visit my local dealers and see if i could work something out. Like i said, I don't mind getting a used (1-2 years old) one.

Well, if it doesn't work out, I still have a Mini Cooper in the garage .

Its big, heavy, and just not as exciting to drive as the Evo. Its got amazing power, but its kind of unwieldy.

 

I'm already on my second evo X! Why don't you have one yet

 

Get a used Evo X stock. I'm selling mine at north cali . If you're interested, here' my email nexgenmax@yahoo.com

 

Financially, your screwed if you do it.

Used Evo $28k

$3000 negative equity

$31k financed

Great 4% used car rate

60 months

$570.91 per month.

72 months

$485 per month

 

Ya I am with the above, I think you will have a better shot selling your mustang outright. Another option maybe to make the mustang handle a bit better too. I am sure some suspension mods will make that thing move.

 

Cowboy up, buy (or keep and build) the car you want, and take the hit. Make sure you are getting what you want though and then never look back.

 

The more important question here, how did you get a 1.9% APR? I understand its new and all but geez. What are you? A magician?

Financially, I agree with above its not the best move. But is it worth it? In my opinion, honestly and truth be told, it absolutely is.

 

Any monthly payment is possible, it's just a matter of how much money you need to put down.

The fact of the matter s, if you've owned a car for 4 months, it's worthless than you owe no matter how good of shape its in! So you're going to have to carry negetive equilty in to your new loan, or put money down to compensate. Just remember, $1000's borrowed is about $20 a month.

So, you're looking to be at $400 a month on a car that is $35,000 + $3000 of negetive equity. that's $38,000, plus TTL. You'll be over $750 a month wih no money down. You're going to have to put a significant sum of money down to be at $400 a month.