They were hosing you on the rate they could have given you that rate from the get go. I still think there was another thousand or so in there maybe more but you've got to push to get it out on these kind of deals. Dealers make money so many different ways when you trade in and finance thru them. You have to negotiate every step of the way with them on every aspect of the deal. You didn't get hosed but there is always more negotiation room. Enjoy the car!

 

30k out the door? You said they wanted 31k. That means you got the car for around 27500 which isn't a bad deal. Are you not telling us the truth?

 

Anything above 60 months is nuts. You think you are affording the car with having the payments at your current cashflow, but truth is, you can't really afford it. You should calculate what you will end up paying for the car by the time the loan is done. Odds are, you sell the car before the loan is paid off, but you will have paid so little into the principal that you will be upside down big time.

 

Generally this is true. However Evos hold there value so well it's ridiculous. If you we're buying a German car you'd be screwed in 6 months. My wife's 08 MR KBB's at $34,800 which is crazy for a 4 year old car. When I bought it it was next to an Audi A8. Being an Audi fan I know a base A8 new goes for $74k+. Both cars were 2008's. both were in the 20k mi range. The Evo booked at $35k the Audi booked at $41k. So in an Audi you lose $33k in the Evo you lose $6k I think he'll be alright equity wise.

 

Yeah all said and some I think they came down a total of 3k, ill have to look at the paperwork and double check to make sure I'm not mistaken..

I I don't mind the longer term, I actually prefer it because of the obligation to only pay a lower amount but I typically have always paid more to add to the principal. Honestly though I don't think I will ever want to sell it

 

You obviously don't understand the drawbacks of dragging out the loan. When its all said and done you will have gotten raped on that car. Also, what's your point coming on here asking for advice only to not listen to what we have to tell you?

 

I understand how loans work, maybe you missed the reasoning I had for taking the longer term with the lower payment. And also I've taken the advice given on here which I might add was very good advice as I was able to use to negotiate the price and financing even more than I thought I would be able to. Have had the car about 4 days now and I love it. Ive noticed people staring and snapping their neck around just like I do when I see an evo

 

I think I'll go an see if I can do a 15 year loan on a GTR, I should be able to afford the monthly payment.

 

75 months at 4.9% LOL

Isn't Mitsubishi well known for having 0% on like...everything?

 

There's a few new 2012 for sale in New Jersey for $29k sticker. IMO, it's worth it to buy Evo's new, even if it means spending $2000-3000 more over the span of a few years. The things I've seen uneducated Evo owners do scare me..

 

$600 difference on a $30k loan from a 5 yr to 6 yr loan at his rate $1300 from 5 yr to 7yr. That's hardly being raped. 4% more money? If you were borrowing at 15 or 20% that's different... Not like buying a car is an investment anyway. Lets act like an *** and tell the new guy what a jackass he is. I've been able to drive 17 years and I've owned 18 cars, who keeps cars for a full term of payments?

 

Not on Evo's. Generally manufacturers exclude "special models". Way to jump in on bashing the new guy...

 

I bought my evo on a 48 month 0% financing rate.

 

This is only true if you do absolutely no research on the residual value of the car, have terrible credit, and generally treat your cars like garbage.

I only finance 72 months, most the time I never put a CENT down because throwing a dealer $4k in cash upfront to lower your payments $60/mo isn't worth it. Cash in YOUR hand is better than cash in the dealers'. Besides, it's a simple interest loan and you can pay off toward the principal anytime without penalty when you feel so inclined.

Also, I have never been upside down on any car I traded-in and always fought for best market value, and even worked in things like free GAP to make the deal sweeter.

Sure the OP's deal is a little less than optimal(high mileage used sports car, down payment) but it's not TERRIBLE. That's just my thoughts, not trying to call you incompetent or anything!

 

"Generally" incentives aren't available on specialty cars. Not always the case, usually when they are it is on short terms 36-48 months.